In the press, here’s some information on the hit the Fed’s balance sheet has taken give the bond market selloff. And here at the MBA’s annual, some of the talk is about new products and about cost cutting. Yes, lenders are looking for new products, or help in exploring the viability of rolling something new out. For example, at the Capital Markets Committee meeting Sunday, I spent some time with Susan Brown, CMB, Founder & CEO of CoreSGB which helps lenders roll out construction loan products. In terms of cost cutting, I’ve spoken to a few owners who challenged their department heads to cut their costs 15 percent instead of the usual 10 percent, and brainstorm with others in doing it. We all know that net basis point goals (like aiming for 75 to 105 bps) have pretty much gone away. But if you’re “only” hitting breakeven, then unintended events can bring you to large losses quickly. If a company is seeing operational excessive costs, management needs to nail those down. Many lenders have used COVID to rid themselves of brick-and-mortar locations, keeping employees but letting go of the locations and expensive leases. Robin is cost-effective app that allows employees to book space to work within the office. (Today’s podcast is available here. This week’s 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. Today’s features an interview with TMS SVP of People, Bryan Crofford, on investing in their people.)
Source: Mortgage News Daily
