(Part 2
of 3 of quotes about marriage.)
I had
some words with my wife, and she had some paragraphs with me.
Sigmund
Freud
"I
would rather be a beggar and single than a queen and married."
Elizabeth
I
"I
married beneath me - all women do."
Nancy
Astor
"The
desire to get married, which - I regret to say, I believe is basic and primal
in women - is followed almost immediately by an equally basic and primal urge -
which is to be single again. "
Nora
Ephron
'Some
people ask the secret of our long marriage. We take time to go to a restaurant
two times a week. A little candlelight, dinner, soft music and dancing. She
goes Tuesdays, I go Fridays.'
Red
Skelton
'There's
a way of transferring funds that is even faster than electronic banking. It's
called marriage.'
Sam
Kinison
'I've
had bad luck with both my wives.
The
first one left me, and the second one didn't.'
James
Holt McGavra
Change
is all around us. The Wall Street Journal reports that the CFPB plans to bring
the largest online lending platforms under its supervision by 2017. In the
primary markets LendingClub said it expects loan losses on its loans will
increase and it is raising interest rates on some loans based on changing
credit risk. Avant said its online loan origination declined 27% in Q1 vs. Q4.
And Bank of America is now offering customers the ability to check their
credit score through the bank's website, supposedly through a link with
TransUnion. (BofA, by the way, says it settled another lawsuit -this time with FHLB of Seattle - for $190 million.)
We've
seen an abundance of job, training, and educational events - here's a new batch
worth a gander.
New
Penn Financial will be hosting a job fair on May 5th from 11:00am - 4:00pm
(PST) at the Newport Beach Marriott Hotel at 900 Newport Center Dr., Newport
Beach, CA. The national lender, a Shellpoint Partners Company, will be looking
for candidates with experience in the mortgage industry, and has over 100 job
openings in the greater Orange County area. New Penn will be filling roles for
Underwriters, Ops Leaders, Processors, Sales Managers, Loan Officers, and
Closers. For more information, please contact Aubrie
Cusumano. (For the Philadelphia area lender, this is one of several
westward expansions in 2016. Earlier this year, New Penn opened branches in Salt Lake City and Las Vegas,
and last year they opened an office in Pasadena. In addition to
appearances on the Inc. 5000 Fastest Growing Private Companies list for four
consecutive years, New Penn has been consistently recognized as a Top Mortgage
Lender by Scotsman Guide and has appeared on Mortgage Executive Magazine's
lists for Top Lenders and 50 Best Companies to Work For.)
Todd
Duncan's annual Sales Mastery Event was announced today. The event
will be held in Palm Desert, California from Oct. 4-7, 2016. It's the longest
running sales training event in the mortgage industry. Sales Mastery comes
back this year with a fresh new look, website, and theme for the event: Focus.
A completely new roster of speakers will be announced soon, that will include
yours truly. Whether you've attended Sales Mastery before or not, you should
check out their new direction. Click here for more info: www.salesmasteryevent.com
Richey
May & Co., the leading public accounting firm serving the mortgage
industry, will be hosting their 7th annual Mortgage Banking
Roundtable on June 8th in Denver, CO. The Roundtable is designed
to facilitate peer-to-peer discussion among CEOs and presidents of independent
mortgage banking companies from around the country on the most current topics
and trends affecting the industry. This year's event consists of a panel
discussion focused on cyber security and features Anthony Hsieh, founder
and CEO of loanDepot, as the keynote speaker and Bethany McLean, author of Shaky
Ground: The Strange Saga of the U.S. Mortgage Giants and contributing
editor at Vanity Fair, as the lunch speaker. For more information and to
register for the event, please contact Dustin Pfluger.
All employees of Fairway Independent Mortgage, not
just the sales professionals, are heading to AWI boot camps for the opportunity
to hear Sean Parnell and Ben Lunak speak - but also the Boot Camp
"experience" and witness several veteran initiatives, all of which
help to explain the "WHY" of giving back to those to have served this
nation to protect our freedom. Details can be found here: May 5 in Newark, Delaware and May 6 in Rehoboth Beach, Delaware.
MBA
Education is providing Loan Officer focused webinars. Click a link for
details on: Hiring Superior
Originators May 4th being led by
Pat Sherlock AND Close More Loans...
FasterJune 9th being taught by Deb
Killian.
How about this news out of England? The average
amount being lent or gifted by parents, multiplied by 300,000 adult children a
year receiving assistance for a house purchase, is enough to put the "Bank
of Mum and Dad" at the equivalent of a top 10 UK mortgage lender!
I travel around the country meeting plenty
of people age 19-35 (the definition of "Millennial" per the Census
Bureau). It's not hard to do, given that they outnumber Baby Boomers. Plenty of
them are hard-working adults who stretched while at school to afford an
education, and now have student debt. A fair number of them came out of college
to find no jobs during our credit crisis, and took part time or hourly jobs in
spite of fine degrees. And a fair number of them are looking at the housing
market thinking, "I don't know where I am going to be working in five
years, so how about I skip the entry level house, save for a nicer house where
I am going to stay put for a while, and I'll buy something later. But I sure
don't want a 90-minute commute twice a day in and out of a city..." Give
them some time.
Speaking
of student loans, as well as mortgages, The Financial Times reports that
"online lending group SoFi is offering institutional investors
slices of its equity in exchange for commitments to buy loans, as it tries to
lock down secure sources of funds. The new equity round, which could come close to the $1
billion SoFi raised in the biggest ever fintech fundraising last year, should
give the fast-growing student-loans specialist more firepower to expand into
mortgages, personal loans and wealth management products. But unlike the
group's last round in September SoFi is now targeting insurers, pension funds
and sovereign wealth funds in Europe and Asia, trying to tie them in to deeper,
more strategic partnerships."
Data show that very few millennials, people
aged 18 to 34, know what their net worth is. A survey found that 73% of millennials don't know the value
of what they own versus what they owe to others. Call me poorly informed, but I
would venture a guess that a) plenty of them don't have a huge net worth
suitable for tracking, and b) I am sure that sizeable portions of the Gen X
gang and Baby Boomers don't know their net worth either.
No,
it wasn't enough to go to every one of their sports events, and save every one
of their toys, and arrange their playdates instead of saying, "Just go
ring their doorbell." No, now we must track them. Ellie Mae has unveiled
its Ellie Mae Millennial Tracker - a new interactive online tool showing millennial loan trends in
the United States. The "new interactive tool provides insight into the
next generation of U.S. home-buyers based on Ellie Mae mortgage application
data." Not included, of course, are all cash buyers and those using a
lender that doesn't use Encompass. But the statistical sample should hold
water. In this era of Big Data "Searches in the Ellie Mae Millennial
Tracker can be tailored by borrower geography, age, gender, marital status,
FICO score and amortization type."
March
highlights included "Women were listed as the primary borrower on 31
percent of closed loans...men were listed as the primary borrower on 66 percent
of closed loans." Hang on, let me find my HP 12C to add those two numbers.
An
online tool, which will be refreshed with new data the first week of each
month, the Ellie Mae Millennial Tracker provides access to up-to-date
demographic data about this new generation of homebuyers. Searches can be
tailored by borrower geography, age, gender, marital status, FICO score and
amortization type. The Ellie Mae Millennial Tracker mines data from a robust
sampling of approximately 66 percent of all closed mortgages dating back to
2014 that were initiated on Ellie Mae's Encompass all-in-one mortgage management solution.
Given the size of this sample and Ellie Mae's market share, it is a strong
proxy of millennial mortgage indicators across the country.
"The
mortgage industry is poised to experience a monumental shift as more millennial
homebuyers begin to enter the market," said Joe Tyrrell, executive vice
president of corporate strategy at Ellie Mae. "There are roughly 87
million would-be homebuyers in the millennial generation and 91 percent of them say they intend to own a home one day.
Lenders must prepare today to meet their needs."
To
no one's surprise, "In March, the average primary FICO score for
Conventional loans was 749 vs. 692 for FHA loans for those using Encompass. And
since 2014, 37 percent of mortgages made to millennial homebuyers were FHA
loans and took an average of 44 days to close, and 60% were conventional which
took 43 days to close" for lenders using Encompass.
Seriously,
hats off to Ellie Mae for capturing data that is much more "real
time" than, say, the S&P/Case Shiller home price index with its
two-month lag.
Changing
gears to the day-to-day bond markets, rates went up slightly Monday despite
weak U.S. data. Go figure. The headline construction spending data missed
expectations (+.3%) but there were sizeable revisions to prior months. Revised
data showed total construction spending increased 1.0% in February after it was
previously reported to have declined 0.5%. The upshot of that positive revision
was offset by a downward revision to January, which saw a 0.3% decline in total
construction spending after a previously reported increase of 2.1%. And the
Institute of Supply Management's Manufacturing Index fell to 50.8 in April from
51.8 in March.
For scheduled
news today in the U.S. there is none. We ended Monday with the 10-year sitting
at a yield of 1.87% and in the very early going this morning it is down to
1.82% after an Australian central bank rate cut with agency MBS prices better
by a solid .125. During the last three months, the yield on the 10-year hit
a high on 3/11 of 1.98% and a low on 2/25 of 1.70% - very stable.
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