The expectation is that the Federal Reserve will increase rates by 50 basis points in the meetings scheduled for Tuesday and Wednesday.
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Hello, LOs!
Surging inflation once again is shaking the markets like a rag doll.
On Friday, the U.S. Consumer Price Index clocked an 8.6% increase year-over-year in May. Stock futures sank and bond yields soared. The expectation is the Federal Reserve will increase rates by 50 basis points in its meetings, scheduled for Tuesday and Wednesday.
What does this mean for the originations side?
The average 30-year conforming mortgage rate reached 5.6% Friday, up about 20 basis points over the prior week, per Black Knight'sOptimal Blue OBMMI pricing engine. With the spreads getting ridiculous, several LOs told HousingWire Monday that rate locks on the benchmark 30-year fixed were coming in around the 6% mark.
LOs – how has the volatility in the market during the past week or so affected your business? Are your prospective borrowers spooked? Also, based on the recent market shakeup, how much less volume do you expect to originate in 2022?
Mules are often called stubborn, but this hybrid species is really a workhorse. Lenders who want their hybrid eClose platform to be a workhorse can saddle up with IDS' Solitude Solution. Give your borrowers a smooth ride by going hybrid with IDS! Let's take a ride!
Many originators are outsourcing to third-party providers the responsibility of conducting the risk and data analysis. If you're interested in partnering with a provider, here are five things to consider.
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