Broker, HELOC, Warehouse, Non-QM Products; LOS survey; Vendor News

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Posted To: Pipeline Press

Would you transfer a quarter million smackers if your boss told you to? Let’s just remind every lender, and every bank: you have the money and others want it. Here a scammer successfully “deep faked” a CEO’s voice to fool an underling into transferring $243,000. Yes, rates are great (Fed Funds are 2.25%, but the 2 year T-Bill yield is about the same as the 10-year T-Note, and the 30-year Treasury bond is yielding 1.95%), and pipelines (e.g., future income) are brimming, but all it takes is one mis-sent wire to wipe out a lot of profit. And speaking of profit, the 2 nd quarter was a good one for independent mortgage banks and mortgage subsidiaries of chartered banks: they reported a net gain of $1,675 on each loan originated in the second quarter. Lender Products and Services…(read more)

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