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QC, Correspondent Tools; Webinars and Training; STRATMOR Interview on Referrals

“Affordable” means many things. There are residential lending industry jokes about making a loan on anything with axles or a license plate. (Like “don’t.”) Being “permanently affixed” is usually in the underwriting guidelines, which makes this story about someone having their driveway stolen very interesting. (In this clip a builder explains how the scam works.) There are plenty of trends in the builder world, one of which is “build for rent.” Instead of just having a house here or there, BFR homes are clustered together and form a community, much like an apartment community, and with many of the same amenities, essentially an apartment building as a defined community. This new “asset class” even has its own conference. The category is usually not a good thing for IMBs or small banks or credit unions. (Today’s podcast can be found here, and this week’s is sponsored by the STRATMOR Group, the data ....

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VA Cash Out, Processing, Referral Tools; PPP News; Mortgage Rates on the Move

Years on a trading desk and hedging locked pipelines teaches one that different things move bonds at different times. Right now, rates are still being driven by pandemic news… Yes, rates went up yesterday and this morning, but up until then, many analysts found it odd that the bond market, which drive mortgage rates, continued to seem to shrug off inflation news. The old adage, “Don’t fight the Fed” is true. The Fed has made its intentions clear, and no, rates don’t move up or down in a straight line, but no one should be surprised if mortgage rates are higher in six months than they are now. Lenders with marginal branches and MLOs are focused on making them better and increasing their revenue… or else. Speaking of revenue, thank you to Nevada’s Guy S. for pointing out the Internal Revenue Service (formed in 1862, officially named in 1918) explaining in a helpful list of tax tips shared online: “If you steal property, you must rep ....

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