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The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home. Restaurants and food companies react to higher prices either by reducing their portion sizes or passing the cost on to the consumer. In real estate, does the modern definition of an “affordable” house mean 350 square feet for $130,000? Lennar thinks so. Owning a home has long been considered the quintessential American dream, but even with 84 percent of Americans saying they’d like to own a home one day, 51 percent who don’t own today worry they’ll never get there. 94 percent of consumers say owning a home is part of the American dream, but 49 percent say they can’t afford a down payment and 40 percent say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19 percent citing it as a roadblock to homeownership. (Today’s podcast can be found here and this week’s is sponsored ....
Jordan Peele met his famous comedy partner Keegan-Michael Key around 2002 at Second City in Chicago, and eventually performed this classic routine that every air traveler should see. This morning I head to Chicago, and from there to the MMLA event in Mt. Pleasant, Michigan. Given my time with originators last week, the email traffic over the weekend, lenders are very concerned about overcapacity and therefore overhead. On a micro level, staff that may have been held onto “just in case” volume picked up are being reviewed. On a bigger scale, owners of lenders and vendors have seen their values decline and mergers and acquisitions are definitely a topic. The latest example of this is Denver’s Proprietary Capital announcing plans to buy 100 percent of New Jersey’s American Financial Resources (AFR); employees and counterparties were told Friday. And on a macro level, this week the economic calendar features fresh updates on inflation, with both the July Consume ....
Well, what should we start with today? How about how California and Texas ranked highest on the United States Postal Service’s annual list of states with the most dog bites against its employees? Or how ‘bout Freedom Mortgage Corporation filing a notice of data breach after learning that confidential consumer data entrusted to the company was subject to unauthorized access, the result of a cybersecurity incident at one of the company’s vendors, Mortgage Industry Advisory Corporation (“MIAC”)? Data is critical in so many things, whether it is closing a branch, not caring if an LO heads to another company, or in determining that people can save money by buying books at Amazon instead of the local book shop. Along those lines, Saturday’s Commentary, noting the CFPB’s use of its funding to determine that different companies charge different prices, received, as you can imagine, a lot of responses. Think residential lenders have too many regu ....
If you’re staying here in Manhattan, space is at a premium. I don’t recall the last time my room had a bathroom where one could turn the shower on, flush the toilet, and brush their teeth in the sink, all for a nightly tariff that would more than cover the monthly rent in many places around the world. Although this conference is about all things capital markets, like screaming buybacks from the Agencies, especially Freddie Mac, the primary markets are also a source of conversation. “Good originators don’t always make good branch managers.” “Many LOs have high emotional IQs, so it is very difficult for them to let an LOA or processor go. If LOs were doing 20 loans a month, an LOA makes sense, but when they’re doing five?” “Forget volume: A roughly 67 percent drop in units in two years… How are lenders handling that?” Stay tuned for more topics from the hallways at the National Secondary! (Today’s podcast ....