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TPO, CRM, MSR Cash Flow Analysis, Credit Bureau Cascade Products; Non-QM Program News; Another Data Breach

“I’ve had $8,000 in my bank account and I’ve had $8. Let me tell you, the $8 lasted longer.” $42 billion in deposits didn’t last long in Silicon Valley Bank. Until lunch, basically, as money was silently transferred to other depositories in a matter of hours. Western Alliance is in the headlines today, and at another “headline” bank, First Republic Bank’s stock price plummeted down but has leveled off since, although the stock is trading at such a discount to book value that there is talk of a buyer coming in, or the government finding one. The financial turmoil that erupted from the collapse of Silicon Valley Bank, Credit Suisse (CS), and others roiled the markets but has since simmered down. And the situation makes the job of central banks around the world attempting to engineer a soft landing to avoid a recession more difficult. Events in the banking system might also "contribute to significant tightening in credit con ....

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U/W, LOS, Fair Servicing Products; New Loan and Servicing Products; Webinars and Training

I happen to be visiting Manhattan this week. Besides the news about the subway shooting, the overall “hum” of this place being unmistakable and I mention this for two specific reasons. First, the bartender trainee at the restaurant last night was from Turkey. It was her first night on the job, and she had graduated from law school in Turkey but this newly minted attorney had decided to come to the U.S. and earn money! Second, in speaking to the manager of Javelina (which I’d recommend, although the habanero queso has quite a bite), the lion’s share of its revenue comes from delivery service business, and she is thinking about shutting down the expensive actual brick & mortar restaurant and strictly doing takeout and delivery. I found both tidbits interesting from an economics perspective since a) The U.S. continues to be land of opportunity, and b) the changes brought on by the pandemic will continue to change the business landscape. Speaking of ....

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