Price, Fee, and Lock Changes; Libor Update; Yield Curve Inversion

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Posted To: Pipeline Press

I received a note yesterday from the CEO of a well-known lender. “Rob, I love it when our competitors, who are losing money, wait weeks or months, after making the decision, to actually have a RIF or cutback. Now is the time for managers to actually manage, not just ride the gravy train, and the longer they wait in lowering overhead the worse their financials will look. We’ll outlast them by being more efficient and making the same revenue on every loan funded, but having lower costs.” Hundreds of companies are indeed cutting back, but don’t make the press. The latest to actually publicize cut backs is HomeStreet Bank as CEO Mark Mason announced the cuts in a second-quarter earnings call . “…we took additional steps in the quarter to streamline our mortgage…(read more)

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