With our without the storm damage, here in the U.S. there are 41 million potential trick-or-treaters (children age 5 to 14; see joke at bottom) across the United States. And they can be ringing doorbells or throwing toilet paper rolls at 115 million occupied housing units across the nation in 2011 - thanks to the Census Bureau for those numbers.
My wife said, "I think we should do something really scary for the kids this Halloween." I said, "We could take them to your mother's." Some think the future of our industry is scary - but it isn't. Our industry continues to evolve. Companies are certainly interested in moving into the void left by Wells wholesale, Bank of America, and MetLife. We can look for Nationstar, which some call "Wells-lite" due to the hiring of ex-Wells wholesale employees, to be a presence in the correspondent channel in 2013. And not the onesy-twosy best efforts business model, but an entire new correspondent lending channel with 100% mandatory and AOT execution with a goal (from what I've heard) of $24-30 billion in the first year. Redwood Trust has signaled its intention to move into the agency channel in addition to its success in jumbo securitization. And don't expect the existing correspondent lenders to continue to watch their best clients divert their pipelines to the agencies while doing nothing. We've already seen Wells beef up their operations centers. We can expect 9 of the top 10 correspondents (in the 2nd quarter: Wells Fargo, Chase, U.S. Bank Home Mortgage, Flagstar Bank, BB&T, Franklin American, Ally/ResCap (GMAC), SunTrust, CitiMortgage, and PHH) to lower their margins, remind clients about sales caps, pay attention to rumors of Fannie raising its minimum net worth to $5 million, increase operational efficiencies, and watch clients retaining servicing to grapple with capital issues. Are we having fun yet?...
Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10312012-mortgage-lending-fema-sandy.aspx
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