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Here in Chicago, there are several restaurants that are “the place” to have afternoon tea. Tomorrow is the 250th anniversary of the Boston Tea Party. (And no, I was not working on a trading desk slinging MBS back then.) In those days, news traveled via word of mouth, rare newspapers, sermons, personal letters, or broadsides. People had time to think about things and contemplate. Nowadays, there are plenty of places from which to glean financial news. Unfortunately, the press is not one for putting good news in the headlines, and Navy Fed finds itself in the crosshairs of CNN breaking news of data on black and white borrower approval rates. Can regulators be far behind on this one? Industry vet Brian B. asks, “How much wealth was not created for minorities because of these actions? How did they treat other groups, i.e., single females, or Hispanics?” Lenders everywhere are interested in passing more costs on to borrowers regardless of race, and if so which co ....
Last week my son asked if I had seen the dog bowl. I replied, “I didn’t know he could!” The weather here in Palm Springs, California is much different than that of Anchorage, and yesterday’s Commentary’s mention of the fabled Iditarod prompted Fairway Independent’s Susan Hawkins to send, “I was there when I lived in Anchorage! Here are some photos.” Looks cold, which is to be expected. What is not expected is when a lender or vendor makes headlines. Huh? CoreLogic in the headlines again? Yup. What is also in the headlines is the move in interest rates: The bond market price selloff came after Fed Chairman Jerome Powell warned in his testimony that the "ultimate level of interest rates is likely to be higher than previously anticipated." So, any loan originator, or lender, praying for lower rates soon is likely to be disappointed. (Today’s podcast can be found here and this week is sponsored by SimpleNexus, ....
The MBA’s servicing conference is taking place, and it is an important subject, along with the impact of the 30bp cut in MIP for FHA borrowers. Owning servicing rights certainly helped the bottom lines for many lenders last year, some would say it “saved their bacon.” There are always those warning us of impending doom and gloom scenarios regarding the trillions of mortgages outstanding. But really, come on. We may see an uptick in delinquencies and foreclosures, possibly because the numbers are so low now there’s nowhere to go but up. Borrowers have outstanding credit quality, and huge amounts of equity. And investors and the government offer many loss mitigation options. The industry has other things to worry about. Meanwhile, owners of mortgage servicing rights continue to sell packages, large and small, for various reasons, not the least of which is to raise cash. For the uninitiated who’d like to know exactly what a “servicing package ....