Apr, 25: Thoughts on tracking construction loans; Powell/Warsh/Trump; The life of a notary; Saturday Spotlight: NEO Home Loans

In the United States, as the industry dissects the credit news this week, in a month it will be Memorial Day, honoring those who died while serving (not veterans, and not veterans who eventually passed away). Looking at the holiday calendar, Christmas and New Year’s Day holidays considered to be federal holidays in many countries… but not all countries. In fact, those days are not ones that most people observe worldwide! There are 5.5 billion people who live in a country where December 25 is…

Apr. 24: Cap. mkts, LO jobs; Retention, HELOC, digitization, secondary platform, CRA products; lottery psychology; FHA delinquencies

“Home is where you know exactly how far to turn the knob to get a perfect temperature shower.” “Home” conjures up varied thoughts depending on who you ask; even those who prefer ‘van life’ will call their van a home. But things aren’t cheap out there: With housing costs consuming up to 50 percent of the median income in some states, the personal-finance company WalletHub released its report on the States Where People Spend the Most & Least on Housing to highlight where homeownership is least…

Motion, Not State: The “F-16” Problem in Mortgage

The F-16 was designed to be aerodynamically unstable. Without fly-by-wire systems making continuous corrections, the aircraft literally could not fly. This instability was not a flaw but a deliberate design choice. An unstable airframe, properly controlled, is extraordinarily agile, always on the edge of chaos, continuously caught by a system that manages motion, not state. The instability is the feature, and it shows. Over half a century since entering service, the F-16 remains one of the…

Apr. 23: Tech job; Specialty AI, pooling, correspondent products; Lender responsibility opinion; webcast specialty shows coming

Does it bother you when you read, “Meta plans to start collecting U.S.-based employees’ mouse movements, clicks, keystrokes, and occasional screen snapshots to train AI agents that can better learn how humans use computers.”? (I wouldn’t want them watching me play Tetris.) But face it: we’re in a people business. After over 40 years in this industry and capital markets, I’ve learned that the best conversations are… with people. For example, a flyer could have been sent out yesterday instead…

Apr. 22: Hedge mgt., LO jobs; MBS execution, AI, DSCR, processing, HELOC products; Hedge funds, Treasuries, & mortgage rates

It’s a dog eat dog world out there. You gotta stay up on the news. Baltimore homes being stolen? Yup. As noted yesterday, today we have a press conference with HUD Secretary Scott Turner and U.S. Federal Housing Director Bill Pulte announcing “a significant development in the U.S. housing finance system” at 12:45PM ET. Rumors run the gamut from “operationalizing” VantageScore to moving control of the FHA & VA programs under Pulte and the FHFA. Meanwhile, the capital markets have a lot on…