Do you have a favorite song that you play while commuting to work and back? I have a Spotify list of all the classic rock anthems- a bit of The Doors
, Led Zeppelin
, The Who
, etc. The drive used to be hectic but I had a little world of music to give me company. Post-2020, my drives have usually been to the malls, holidays, and mortgage conferences around the country. Statistics show that the number of people who work from home has increased by 159% since 2009
. Well, add a few residential Loan Officers to the list who could be working from home for a significant number of years. This news was published by the American Association of Residential Mortgage Regulators (AARMR) in their collection of best practices for permitting employees of nonbanks to work remotely.
warehouse lending division sent out a text message, saying funding advances for Non-QM mortgages will require advance approval at the heels of the closing chapters of Sprout and First Guaranty Mortgage. It was quite a cryptic message. Flagstar’s spokesperson confirmed that the process of reviewing Non-QM loans will be under scrutiny and going for a makeover. This poses a pertinent question-where is Non-QM headed? Flagstar’s message could give an inkling of the headwind that is about to arrive. I mean, a few months ago one of the biggest Non-QM lenders in the nation was doing great and suddenly it closes shop? Many of the challenges that the Non-QM traders are facing can be traced to the behemoth called inflation. Inflation adds a lot of stress and uncertainty to the repayment capacity of borrowers making the loans riskier. We just have to wait and see where the tides turn. Meanwhile, pay close attention to inflation.
The nation’s third-largest home lender, Wells Fargo
funded $34.1 billion of first liens in the second quarter, a sequential decline of 10.1%, according to earnings figures released Friday morning. A year ago, when compared originations slipped 35.8%. In a supplemental table on revenue and earnings, Wells Fargo noted that home lending was on a downhill by 53% year-over-year and 35% from the first quarter, blaming the results on “lower originations and gain-on-sale margins, as well as lower revenue from the re-securitization of loans purchased from securitization pools.”
Recently I learned a new word in Yaghan, a language that is historically spoken in Chile and Argentina- Mamihlapinatapai
. Roughly translated it means “looking at each other hoping that either will offer to do something which both parties desire but are unwilling to do.” This word is the most succinct in the world listed in the Guinness Book of Records. Honestly, I think this word can be used in our day-to-day business lives as well. For instance, let’s say my client is willing to collaborate with us for our Vaultedge Income Analyzer
, yet wants me to take the first step by offering a discounted price, and I am anxiously waiting for the client to yield and shake hands. And we are waiting…I just snapped out of my nightmare, to be honest! Most often our clients do not take long to accept our partnership, our products are simple to use and even simpler to explain. You can schedule a call with us to know how we do it!
Well, the Western Secondary Conference is just around the corner and I am prepping myself to meet the giants of the Secondary Market world. And the rest of the week was busy scheduling calls with the whos who to catch up for a cup of coffee at the conference. How was yours?