Instead of the two-party system, how about the "I want to party" system!? Today, as one critic put it, is when the fate of the nation is determined by several bridge clubs in Ohio. Many states, like here in Kansas, saw little or no presidential advertising as one or the other party wrote them off. But let's not forget the Congressional elections, which may have more of an impact on the looming fiscal cliff. And in terms of the stock and bond markets, they're pretty much stagnating until tomorrow when the results are known - if they are even known by then (think Gore versus Bush). No market likes uncertainty, but betting on rates and which way things will go is like putting your money on black or red at the roulette wheel at this point.
"Rob, yesterday's commentary had the note, 'An LO inside of a mortgage bank is not supporting the bank by brokering out a loan - they are supporting themselves.' Actually, there's a good chance the LO is also supporting their client. That shouldn't be lost in the equation, because any banker who successfully retains and grows his/her book is an asset to the bank that employs them. A brokered client may become a repeat/banked client, or generate banked referrals. Efficiency measures are great until they become so extreme that they restrict the agent from being able to do the right thing to help a client. This is how a relationship business grows into an evil empire, IMO. Fine lines here need to be regarded in the interest of the bigger picture."
A Capital Markets person from the Southwest wrote, "Brokering is viewed as a real negative at our company by the MLOs. As difficult as it is to warehouse lend (meet agency and investor requirements for manufacturing quality), brokering is even harder. Each wholesale company has their own AMC policy, their own disclosure policy, 60-90 day turn times, and underwriters that don't condition like ours. I am frankly surprised that anyone is still brokering at all..."
Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/11062012-jobs-election-roulette-loan.aspx
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