Walking around Memphis yesterday got me to thinking, “I wonder what the part of my brain that used to store people’s phone numbers is doing now.” Maybe being used to store cool ads like the one in the joke section below, or lyrics of old songs? Thank you to VanDyk Mortgage’s Steve Richman who reminded me of Mott The Hoople’s “All The way From Memphis.” In 1973, when that song was released, the Fed Funds rate hit a high of 11.22 percent. Inflation can be harsh. Are you thinking about the price of food and gas a few months ahead of summer vacation season? You’re not alone. Millions of families are wondering what vacations are going to set them back this year, and possibly reconfiguring plans to spend less. Dramatic inflation can have that affect. I bring this up because, as was widely expected given the constant attempt to keep the U.S. economy stable, and battle against runaway prices, the FOMC raised the target range for the fed funds rate by 25 bps at yesterday’s meeting. But the marked upward shift in the so-called “dot plot” indicates that many Committee members believe that a “significant” amount of further tightening will be warranted this year. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor, AI that puts your underwriting on autopilot.) Lender and Broker Products In today’s market, originators are likely looking for investor partners who can drive efficiencies, provide trustworthy financing and help you drive cost out of your operations. AmeriHome Mortgage, the number one bank-owned correspondent investor in the country, and their parent company, Western Alliance Bank, invite you to access an exceptionally strong suite of correspondent lending and warehouse banking resources from one responsive team. In addition to its Agency and increasingly popular Non-Agency Portfolio suite of products, AmeriHome is now offering Western Alliance warehouse lines to their clients, both Delegated and Non-Delegated, for both Agency and Non-Agency business. This will be a powerful tool to reduce costs in a tight margin environment; by using a Western Alliance warehouse line and selling loans to AmeriHome, clients will be able to reduce warehouse line carry costs, loan payoff times, and funding haircuts, and benefit from a streamlined document review and credit approval process. Reach out to CLsales@amerihome.com for more information about what AmeriHome can do for you!
Source: Mortgage News Daily