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People in the industry use the terms interchangeably, but Washington State is warning brokers that they are not the same and other regulators could follow.
Did you know that wheat futures prices are at a 2-year low? And lumber prices continue to drop? Those numbers should help reduce inflation. During the conference in NY there was plenty of talk about external influences such as price increases on residential lending. But there are also plenty of issues within our biz that face lenders daily. For example, signing bonuses continue, albeit at a slower rate. Perhaps some of the economic bloom is off the bonus rose? Big signing bonuses come with big handcuffs. It stinks when a competitor takes your production but not your overhead, right? With the h...
My notes from the MBA’s conference this week continue, including talk about new home sales being +4.1 percent for the month (+11 percent year over year, bringing a smile to builders everywhere). Although most of the focus of the conference was on the secondary markets (although let’s face it, there isn’t a plethora of new investors or products), the primary markets continue to be a discussion topic. Some lenders have seen LOs move into the broker world, some have seen them come back. The transition to being a broker is not always “rainbows and unicorns.&#x...
For me, yesterday involved a trip from Connecticut to Northern California, with talk of a lack of inventory, relatively high mortgage rates, and loan level price adjustments still echoing in my head from the CMBA conference. There isn’t much one can do about rates or homes for sale, but one can always let the FHFA know what you think about pricing. Meanwhile, lenders are doing what they can to help borrowers. Credit unions, for example, are being creative. Last year, per Zillow, about 45 percent of mortgage borrowers around the nation used points to buy down the mortgage rate. LOs are w...
Financial report details challenges through 2022