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Recently, the U.S. District Court for the District of Minnesota declined to dismiss a national bank’s complaint against a mortgage bank for losses in connection with mortgage loans. ....
In the press, here’s some information on the hit the Fed’s balance sheet has taken give the bond market selloff. And here at the MBA’s annual, some of the talk is about new products and about cost cutting. Yes, lenders are looking for new products, or help in exploring the viability of rolling something new out. For example, at the Capital Markets Committee meeting Sunday, I spent some time with Susan Brown, CMB, Founder & CEO of CoreSGB which helps lenders roll out construction loan products. In terms of cost cutting, I’ve spoken to a few owners who challenged their department heads to cut their costs 15 percent instead of the usual 10 percent, and brainstorm with others in doing it. We all know that net basis point goals (like aiming for 75 to 105 bps) have pretty much gone away. But if you’re “only” hitting breakeven, then unintended events can bring you to large losses quickly. If a company is seeing operational excessive ....
There’s a splendid joke about the definition of an economist being someone who “will know tomorrow why the things they predicted yesterday didn't happen today.” Everyone’s warning everyone about everything these days: Recessions, plagues, housing collapses, overnight rates near 5 percent. The bigger the prediction, the bigger the headlines. No one has a crystal ball, but one thing for sure is that with the increase in both short and long-term rates, independent mortgage banks are seeing even less revenue. For example, their warehouse line costs have gone up. Optifunder’s Mike McFadden noted, “Rob, although every contract is different, with different covenants, with the migration from LIBOR, most warehouse lenders have resorted to some sort of SOFR as the reference rate. Each warehouse lender, however, has resorted to different terms or sources of SOFR (which is something Optfunder helps sort through). In general, many warehouse lines ar ....
Why aren’t there 103’s on rate sheets? With 30-year mortgage rates firmly in the 7 percent range, the market has moved too fast for any kind of substantive premiums for lenders or MLOs to offer borrowers. Put another way, there aren’t any securities trading at prices like 101 or 103 that offer above par pricing that can be passed along. And with volumes continuing to decline, it will take a while for the secondary markets to catch up with the primary markets. As one fellow capital markets vet wrote to me, “I don’t even see premium pricing in the capital markets. There have been days where at best I saw par pricing on 6.5s, maybe 50 bps above. Even high-quality borrowers with FICOs above 780 and reasonable ratios need to bring money to the table. On that note, anything to add would be a nod to LLPAs in general, and the LLPAs that were handed down by the FHFA over the last year for 2nd homes and investments… With high bond coupons trading right o ....