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Yesterday I listened to the CFPB’s Rohit Chopra discuss home loans. Today I head from Nashville to Chicago, both known all over the world. Here, the United States has everything: mountains, forests, plains, rivers, swamps, tropical jungles, glaciers, beaches… I could go on. But apparently there is a certain attraction for some in Italy, Mexico, Costa Rica, Portugal for U.S. citizens, and those are the top countries for Americans buying real estate abroad. Back in the U.S. of A, the subject of a lack of inventory continues to be discussed from coast to coast. What if the “big companies” sold their holdings? Well, Invitation Homes is the largest single owner of single-family rental homes in the United States, managing more than 80,000 homes. But why should they, or any other corporate homeowner? Speaking of big numbers, among unmarried people ages 18 and over who have never been married, widowed or divorced, regardless of their sexual orientation, the odds of ....
As Wells Fargo was smacked upside the head with a $3.7 billion fine by the CFPB, sports news included Mat Ishbia and the Phoenix Suns, and the Senate passed the Improving Access to the VA Home Loan Benefit Act of 2022, and the Federal Housing Finance Agency (FHFA) Office of Inspector General released a report with a really long name because that is what bureaucrats do (FHFA Could Further Combat Appraisal Bias by Ensuring That Complaints Are Filed with State Authorities and Ensuring the Enterprises Use Appraisals That Comply with Federal Law), the industry is grappling with continued higher rates. Not that lower rates would release the unicorns from their pens and spread rainbows through the industry, mind you, but they might help. The economists from Redfin (who have seen their stock plunge 94 percent in less than two years) believe that there is a decent chance rates gradually going down to 5.7% by the end of next year. Q1 will be ugly. Seems like after a year of losses in 2022 next y ....
I was walking down North Wabash in Chicago yesterday and a beggar (is that politically correct?) yelled out at me, “You’re the reason this country has to put directions on cereal boxes!” Simple things like cereal boxes, shampoo, or soup didn’t used to have directions, but things are always changing. Including our industry. Another non-QM company appears to be exiting: As one AE wrote, echoed by a few others, “Athas Capital Group is shutting down its doors. We will be open for about two more months to fund out our remaining loans in the pipeline. But we are not allowed to submit any newer loans.” For confirmation or details, you should contact Athas Capital or your AE. Certainly the Agencies (namely Freddie Mac and Fannie Mae) are always changing, and Chicago is one of six cities (along with Atlanta, Baltimore, Detroit, Memphis, and Philadelphia) that are targeted by Fannie Mae for an Equitable Housing Finance Plan. Freddie has a similar plan wi ....
My friend David had his id stolen and now he’s just Dav. Having anything stolen is not a laughing matter, and since we’re in the money business, lenders and vendors are often the target of cyber-attacks. If you want the FBI’s take on them, the Texas MBA is hosting the “Anatomy of Cyber Attacks” webinar next Wednesday, April 13th. (More upcoming events below.) Some MLOs think that interest rates have stolen their livelihoods, but really, did you think 30-year mortgage rates were going to stay in the 2s forever? Or overnight fed funds near 0 percent? As of Friday’s close, the market has priced in a 70 percent likelihood of a 50-basis point hike versus 30 percent for a 25-basis point hike. The question remains whether the Fed will be able to achieve its desired soft landing whereby inflation eases back towards their target without impeding economic growth. Rising prices continue to put pressure on all areas of the supply chain which will likely me ....