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This morning I head off to Orange County to the IMN Non-QM Forum where homeownership and home finance option discussions will be center stage. Did you know that June is “Homeownership Month”? Ginger B. reminds us that, the average homeowner will move up to 12 times in their life and on average will own 3 homes in their life, and the median distance between the homes people purchased and those they moved from is just 15 miles. Create a customer for life with your service! Affordable housing fans should know that Habitat for Humanity and Wells Fargo recently partnered on building 350 affordable homes. Certainly, housing is a complicated issue, whether your involve non-profits, public and private corporations, and the U.S. Government. Attorney Brian Levy, in his most recent Mortgage Musings, questions the effectiveness of the federal government’s housing policies. At the city-level, in the last few months I’ve spent a fair amount of time in New York City. Affor ....
With the yield on the risk-free 10-year Treasury note hitting 3 percent for the first time since 2018, you deserve some cutting-edge humor. Two hats were hanging on a hat rack in the hallway. One hat said to the other, “You stay here; I'll go on ahead.” In our lending biz, some companies are thinking it is best to “go on ahead” with someone else. Garth Graham, Senior Partner at STRATMOR, fresh off the Planet Home Lending Home Point deal, fired off this note to me. “In a market like this, we expect to see industry consolidation. Planet Home Lending is being opportunistic as being one of the first to seize scale benefits in the TPO space. Planet could double its market share in correspondent, and likely be a top 5 or top 10 player this year. Management is taking advantage of the market dynamics in a way I expect to see others follow. The M&A market is very hot, similar to the numbers from 2018. In 2018, there were 33 deals, then it s ....