Recently in Reno I overheard someone predict, “Forget Wikipedia. How about someone create ‘Liquorpedia’ with an encyclopedia of alcohol and drink recipes?” Remember when many “experts” predicted that a) Amazon was going to enter the lending biz and trample everyone, and b) Costco, after announcing it was offering mortgages to members, was going to drive any remaining lenders out of business? Neither has happened, and in fact, Costco has ended its mortgage “perk” for members. (There’s even some Costco humor in the joke section.) Meanwhile, Zillow, which has ended its iBuying business, is watching its stock hit multi-year lows, mimicking nearly every lender’s stock price. And why not? We’re seeing the highest 30-year mortgage rates since 2009, firmly in the 5s, and little inventory for sale. Rate and term refis have nearly vanished, and last week’s move by our Fed has short term rates predictably moving higher for the rest of 2022. (Mortgage rates perhaps not so much, and here’s “A Primer on the Federal Reserve and Mortgage Rates.”) Today’s podcast is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Today’s has an interview with attorney Marty Green, an attorney with mortgage law firm Polunsky Beitel Green, on what the latest Fed meeting means for the housing market. Lender and Broker Products and Services The most critical decision for businesses is knowing when to stay the course vs change direction. As the homebuyer market pivots to purchase, community banks need to adjust their strategies to succeed in 2022. Fortunately, SimpleNexus’ comprehensive digital homeownership platform helps lenders win in any market. On May 11 at 3 pm ET, tune into SimpleNexus’ free webinar discussing ways lenders can seize more opportunities by evolving their sales strategies, focusing on underserved markets, and leveraging a mobile-first tech stack that reduces costs and elevates borrower experiences. The choice is simple: dwell on the declining refi boom or register and look to the purchase-heavy future.
Source: Mortgage News Daily
