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“What do you call a bovine with a stutter that makes chocolate milk? Cacao.” Speaking of sweets, hats off to Byte’s booth at the conference for dishing out some amazing s’mores brownies here in Philadelphia. (They will be my breakfast on my flight out this morning.) The brownies are sweeter than the upcoming credit report cost increases (there is definitely a shift to lenders having borrowers pay for credit reports up front, not eating the cost of reports run on loans that don’t fund), the search by IMBs for HELOCs and 2nds and jumbo outlets, the talk of distant future EPO (early pay off) penalties when rates decide to drift down, and continued over-capacity and cost cutting until then. That said, there is good news for existing homeowners trying to build net worth: house prices hit another peak in September per one measure. (Today’s podcast can be found, after 8 AM ET, 5 AM PT, here: Sponsored by nCino, maker of the nCino Mortgage Suite, built ....
What’s our Federal Reserve concerned about? I was in a restaurant last night in Truckee, California, and was shown the table and handed the menu. When the waiter came back five minutes later, he said, “While you were deciding, we raised our prices.” Okay, a little inflation exaggeration humor there, but things are certainly always changing. Remember when everyone thought Amazon or Zillow were going to take over lending? Zillow is shuttering its closing and title services division. Something else that always changes is the population: 10,000 people a day turn 62, and many are eligible for a reverse mortgage, and so many lenders and LOs see reverse being a growth field. (Carol Ann Dujanovich, VP/Director of Reverse Mortgage Operations with University Bank, is featured on today’s 30 minute Rundown at 12PM PT on what’s made its Reverse Platform successful over the years.) (Today’s podcast can be found here and this week’s is sponsored by Gal ....