Mortgage Banker Average Pay Is your company making more or less than $902 on each loan? The MBAA reports that independent mortgage bankers made about 50 basis points, or $902, on average, during the third quarter. This is down from the $1,358 profit during the second quarter. The lenders which make up the MBAA’s study
Leading Indicators
One top ex-secondary guy wrote to me and said, “Things I sort of miss hearing in mortgage banking: “What are rates gonna do tomorrow?” “Why is IndyMac a point better than we are?” Anything associated with “Did you hear what they said on CNBC this morning…….?” “How come I’m losing money on the hedge?” And
Do the “Alphabet Song” and “Twinkle, Twinkle Little Star” have the same tune? And did you just try singing the two songs? New Appraisal Regs On Way Out? Generally speaking, mortgage folks are a pretty optimistic bunch, although “trust but verify” is an approach that many use in their business lives. It turns out that
Guy at the bar: “I drink to forget’. Other guy: “Me too. Why do you?” That is a reminder that no one should forget that the economy moves in cycles. Tomorrow we will have the conclusion of the FOMC meeting, and the statement is widely expected to indicate an improved growth prospect for the economy
What were Adam’s first words to Eve? They were rumored to have been: “Stand back Eve, I’m not sure how much bigger this thing is going to get!” How big is the current fraud trend, or so it seems, going to become? Fraud continues to be everywhere in the newspapers. Obviously the risk of perpetrating
Fed Mortgage Rate Help Waning? Let it happen or make it happen, it’s up to you! Or, with mortgage rates, it is up to the Fed. The Fed’s buying mortgage-backed securities has kept mortgage rates low, right? And one way to attract private investors to buy mortgage securities is to make the yield attractive, right?
I am very happy that the markets have been rallying after the Treasury said it was going to help banks sell off their toxic assets. I’m no economist, but maybe you should stop calling them “toxic assets”. It makes me want to head off to K.F.C. and buy salmonella chicken and then head to GM
House Passes 90% Bonus Tax The House of Representatives passed a quick bill which places a 90% tax on the AIG bonuses, after the US taxpayer, in effect, paid for AIG’s gambling losses, and on bonuses received by the employee of any company that receives more than $5 billion in TARP money. Unfortunately for any
I was very disappointed to find out from the National Inquirer that Cher only has 3 years to live. (They even had a photo of a distraught Cher on the cover, which must have been taken right after she received the news.) I mention this because I knew a loan agent who would play “If
Here’s your financial vocabulary lesson for today: “Liquidity” – When you look at your investments and wet your pants. More Firms Close Mortgage Broker Channel First Federal of California is the latest lender to close their wholesale channel to brokers. I imagine the following announcement prompted yet another round of rumors and calls to the
Auto Bailout We’re supposedly going to hear of the auto bailout plan for the automakers, since the bailout fell apart last week in Congress. (Apparently the bailout fell apart because it was designed by the same people who make the Chevy Malibu.) This morning, however, we’re receiving news that the Bush Administration will be providing
These are exciting times! This story just came across the news wires: *SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP *PAULSON: TARP PIRATE EQUITY IS AN `INVESTMENT,’ WILL PAY OFF *KASHKARI SAYS `SOMALI PIRATES ARE ‘FUNDAMENTALLY SOUND’ *Moody’s upgrade Somali Pirates to AAA *HUD SAYS SOMALI DHOW FORECLOSURE PROGRAM HAD `VERY LOW’ PARTICIPATION *SOMALI
I decided that if overlays (restrictions on guidelines or pricing) are good enough for our investors, they’re good enough for my family! So last night I told my daughter, 14 years old but going on 24, that I loved her – but with overlays. “I love you, but when you glare at me there’s a
Up until recently I lay awake at night, wondering if I got cheated when I had to make my standard mortgage payment in February, since it only has 28 days. A California appellate court has rejected a class action lawsuit by Julie and Kenneth Puentes claiming Wells Fargo unfairly treated customers in its calculation of
Usually I stop at Starbucks every morning, on the way from my bedroom to my bathroom. I was a little surprised that they put one of their outlets in my house last year, kicking my daughter out of her room, but I guess they figured that it made sense financially. As it turns out, California,
FHA vs CONFORMING LOAN PRICING Loan agents often have trouble explaining to clients why why pricing on FHA loans (which are often securitized in Ginnie Mae pools) is different than conforming conventional loans. Looking at the basic security marketing pricing, Ginnie Mae securities have a better price than Fannie Mae securities, given the same coupon.
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