Today’s commentary: 100 percent the truth except for the stuff I make up randomly. I am not making up the Federal Reserve’s meeting this week with traders nearly certain that a 25-basis point rate hike will be announced. And I am not making up today’s nickname: Pi Day has come around once again, which is also, coincidentally, Albert Einstein’s birthday. (Albert had his share of quirkiness, including marrying a woman who was his cousin on his mother’s and father’s side.) Although pizza promotions have taken over this date, every year March 14 (3.14) celebrates the irrational number that we use to explain the relationship between a circle’s circumference and diameter, bringing joy to nerds everywhere. Pi is an irrational and transcendental number meaning it will continue infinitely without repeating. Wells Fargo sure hopes that its mortgage scandals won’t continue indefinitely. Wells, which represented the “gold standard” for many years in residential lending, in recent times has had its share of controversy, the latest being Wells Fargo’s retail channel being accused of approving fewer than half of Black applicants through a Bloomberg analysis of HMDA data. (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, and today’s features an interview with Candor CEO, Tom Showalter, on how lenders can understand the root cause of their manufacturing challenges.) Lender and Broker Products and Services
Source: Mortgage News Daily