Pi Day has come around once again, which is also, coincidentally, Albert Einstein’s birthday. As I head to Lexington for the MBA Kentucky Education Conference, led by Alan Thorup, Matt O. sent, “I have an idea: We organize a 10k race in San Jose and call it ‘The Bank Run.’” (While we’re on sports, a moment of silence for Dick Fosbury who revolutionized the high jump in the mid-1960’s). High jumpers have a soft pad to land on, not so with some bank stocks Monday. Western Alliance Bancorp, supplier of warehouse lines to many an independent mortgage banker and parent of AmeriHome, First Republic Bank, Metropolitan Bank, PacWest Bancorp, and First Horizon. Fortunately, many have “bounced” but these are all non-money-center banks seemingly causing risk to the U.S. financial system. In Banking 101 one learns that borrowing short (by holding customer deposits) to lend long (by purchasing long bonds and MBS) to improve returns is bad business. (Today’s podcast can be found here and this week is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Hear an Interview with AIER economist Peter C. Earle on the FOMC’s crystal ball and what to expect from future meetings.) Lender and Broker Services, Products, and Software SimpleNexus, an nCino company, kicks off its fifth annual user group conference, SNUG, today at Utah’s Snowbird ski resort, where lenders will “Level Up” with innovative mortgage technology and strategies for market success. As a special treat for those unable to attend, SimpleNexus is announcing two of its 2023 Nexus Awards winners right here and now. Arvest Bank has clinched the Captstone Award, enterprise category, for its use of SimpleNexus to bring its mission to life, and Service First Mortgage has been honored in the SMB category in recognition of its early adoption of and collaboration on eDisclosure integrations. Keep your eyes peeled on LinkedIn throughout the week for additional Nexus Award winners!
Source: Mortgage News Daily