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Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

A general discussion topic of those here at the MMLA conference in Michigan is the ups and downs we’re all facing. While mortgage applications drift down, and industry headcounts go down, and towns on Maui like Lahaina burn down, here’s something that isn’t going down: credit card debt. Talk to any underwriter or loan officer and they will tell you that loans have become more difficult, in part because of borrower debt loads, and sure enough credit card balances hit $1.03 trillion in the second quarter. And it ain’t going down. The number is up 4.6 percent from $986 billion in the preceding three-month period. For some good economist’s perspectives and interest rates in general, and one capital markets guy’s, tune in to “Unparalleled Insights into Trends and Bold Predictions” with Selma Hepp (CoreLogic’s Chief Economist), Michael Fratantoni (MBA’s chief economist), and Rob Chrisman” on Wednesday August 16th at

ITIN, AOT, Warehouse, Servicing Products; Rocket Changes, Conventional Conforming News; Fannie s $5 billion Net Income

Overheard last night at a bar here in Austin, Texas: “It’s hotter than the hinges to the gates of hell.” Not so hot, as residential lenders know, are volume and mortgage rates (which some believe may drift down during the final five months of 2023). No one can predict interest rates with any degree of accuracy or confidence, so originators should optimize the current situation with the cards they have been dealt, which aren’t always good. Speaking of which, an owner of a non-bank lender who was doing $40 million a month a few years ago and who is now doing $10 million a month wrote, “Rob, are you hearing that, in the acquisition of a lender, that all the premium is gone, and that deals are comprised of just an earn out over 2-3 years?” Yes, I am hearing that, for lenders doing $10 million a month. But every deal is different, and for companies that were doing $80 million a month and are now doing $30 million, then there might still be a premium

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