3 Jun, 2025

My cat Myrtle never seemed to listen, but heard lots. LOs can hear the difference, when dealing with a borrower, between “What is your rate?” versus “Can you help me?” Hearing is important, listening even more so. “Rob, are you hearing that the industry is ‘conferenced out,’ especially at the national level? The MBA’s National Secondary was a few weeks ago, this week is the MBA’s Chairman’s event, next week and following weeks are more conferences at the state level. My employees want to attend, but is there really that much new? They aren’t cheap to travel to or register.” There are a lot of events, and each one has a slightly different flavor and different geographic scope. And price point. Ask the organizers and choose wisely. There are also workshops, which are more personal, and in today’s episode of Advisory Angle at 11AM PT, STRATMOR Group’s Garth Graham and Sue Woodard share key insights from their recent Consumer Direct Workshop in Chicago, highlighting how top lenders are responding to shifting consumer behavior and market challenges. Tune in for practical strategies and real-world examples to help optimize your direct-to-consumer approach and stay ahead of industry trends. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with Cotality’s Molly Boesel on what’s driving the recent rise in single-family rents, why high-end rentals are outpacing lower-end growth, and how local events, new supply, and regional dynamics are shaping rent trends across U.S. cities.)

3 Jun, 2025

My cat Myrtle never seemed to listen, but heard lots. LOs can hear the difference, when dealing with a borrower, between “What is your rate?” versus “Can you help me?” Hearing is important, listening even more so. “Rob, are you hearing that the industry is ‘conferenced out,’ especially at the national level? The MBA’s National Secondary was a few weeks ago, this week is the MBA’s Chairman’s event, next week and following weeks are more conferences at the state level. My employees want to attend, but is there really that much new? They aren’t cheap to travel to or register.” There are a lot of events, and each one has a slightly different flavor and different geographic scope. And price point. Ask the organizers and choose wisely. There are also workshops, which are more personal, and in today’s episode of Advisory Angle at 11AM PT, STRATMOR Group’s Garth Graham and Sue Woodard share key insights from their recent Consumer Direct Workshop in Chicago, highlighting how top lenders are responding to shifting consumer behavior and market challenges. Tune in for practical strategies and real-world examples to help optimize your direct-to-consumer approach and stay ahead of industry trends. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with Cotality’s Molly Boesel on what’s driving the recent rise in single-family rents, why high-end rentals are outpacing lower-end growth, and how local events, new supply, and regional dynamics are shaping rent trends across U.S. cities.)

3 Jun, 2025

My cat Myrtle never seemed to listen, but heard lots. LOs can hear the difference, when dealing with a borrower, between “What is your rate?” versus “Can you help me?” Hearing is important, listening even more so. “Rob, are you hearing that the industry is ‘conferenced out,’ especially at the national level? The MBA’s National Secondary was a few weeks ago, this week is the MBA’s Chairman’s event, next week and following weeks are more conferences at the state level. My employees want to attend, but is there really that much new? They aren’t cheap to travel to or register.” There are a lot of events, and each one has a slightly different flavor and different geographic scope. And price point. Ask the organizers and choose wisely. There are also workshops, which are more personal, and in today’s episode of Advisory Angle at 11AM PT, STRATMOR Group’s Garth Graham and Sue Woodard share key insights from their recent Consumer Direct Workshop in Chicago, highlighting how top lenders are responding to shifting consumer behavior and market challenges. Tune in for practical strategies and real-world examples to help optimize your direct-to-consumer approach and stay ahead of industry trends. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with Cotality’s Molly Boesel on what’s driving the recent rise in single-family rents, why high-end rentals are outpacing lower-end growth, and how local events, new supply, and regional dynamics are shaping rent trends across U.S. cities.)

3 Jun, 2025

My cat Myrtle never seemed to listen, but heard lots. LOs can hear the difference, when dealing with a borrower, between “What is your rate?” versus “Can you help me?” Hearing is important, listening even more so. “Rob, are you hearing that the industry is ‘conferenced out,’ especially at the national level? The MBA’s National Secondary was a few weeks ago, this week is the MBA’s Chairman’s event, next week and following weeks are more conferences at the state level. My employees want to attend, but is there really that much new? They aren’t cheap to travel to or register.” There are a lot of events, and each one has a slightly different flavor and different geographic scope. And price point. Ask the organizers and choose wisely. There are also workshops, which are more personal, and in today’s episode of Advisory Angle at 11AM PT, STRATMOR Group’s Garth Graham and Sue Woodard share key insights from their recent Consumer Direct Workshop in Chicago, highlighting how top lenders are responding to shifting consumer behavior and market challenges. Tune in for practical strategies and real-world examples to help optimize your direct-to-consumer approach and stay ahead of industry trends. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with Cotality’s Molly Boesel on what’s driving the recent rise in single-family rents, why high-end rentals are outpacing lower-end growth, and how local events, new supply, and regional dynamics are shaping rent trends across U.S. cities.)

2 Jun, 2025

New Month Selling Trumps ISM Data

It’s not that this morning’s ISM data failed to help the bond market. In fact, it accounted for the highest volume of the day and the lowest yields of the day. But those yields were seized as an opportunity for seller to do what they’d already showed up to do earlier in the day. Bottom line, we had a bit of excess strength at the end of last week due to month-end trading and now a bit of a reversal as the new month gets underway. Yields are still nearer the lower end of the recent range, which makes today’s modest correction all the less threatening. 

Econ Data / Events

S&P Manufacturing PMI

52.0 vs 52.3 f’cast

ISM Manufacturing

48.5 vs 49.5 f’cast, 48.7 prev

ISM Employment

46.8 vs 46.5 prev

ISM Prices

69.4 vs 70.2 f’cast

Market Movement Recap

10:03 AM Slightly weaker overnight, but recovering a bit after ISM data.  MBS down 2 ticks (.06) and 10yr up 2.1bps at 4.425

01:20 PM More weakness into PM hours.  MBS down 9 ticks (.28) and 10yr up almost 6bps at 4.463

05:09 PM Modest recovery into the close.  MBS down 5 ticks (.16) and 10yr up 4.2bps at 4.446

2 Jun, 2025

Florida property values are assessed by County Property Appraisers, who use mass appraisal techniques. These techniques, while efficient, may not always reflect individual property nuances. Common valuation methods include:

* **Market Approach:** Compares a property to recent sales of similar properties.
* **Cost Approach:** Estimates the cost to rebuild the property, minus depreciation.
* **Income Approach:** Used primarily for income-producing properties, valuing based on net operating income.

Accuracy can vary significantly. Median sales prices in Florida increased dramatically in recent years (e.g., 20-30% in some counties during 2021-2022), leading to valuation adjustments. However, assessments may lag behind rapidly changing market conditions.

**Key Statistics/Data Points:**

* Appraisal accuracy is often measured by the Coefficient of Dispersion (COD); a lower COD indicates greater uniformity.
* Florida law provides homeowners the right to contest property valuations they believe are inaccurate.
* Homestead exemptions provide significant property tax relief to permanent Florida residents.
* Market values can be influenced by factors like location (waterfront, school districts), property condition, and economic conditions.
* Property assessments are used to calculate property taxes, a primary funding source for local governments.

2 Jun, 2025

Any lender or mortgage loan originator hoping for lower rates to spur business is learning that hope is not a strategy. “Rob, you’re always talking about inflation, so here’s an example of wage inflation: In the Bay Area we just paid a plumber $212/hour to install a kitchen faucet. Granted, he has decades of experience, but still…” The markets are “tariff-ied”: inflation is expected to increase, shipping is down, and growth has slowed… after all, someone has to pay for the increased cost of goods (although who knows what will happen given the back and forth in the courts). In addition, I have not heard a single person suggest that privatizing Freddie and Fannie would result in lower mortgage rates. Many believe that once released from conservatorship, Fannie Mae and Freddie Mac could need to hold more capital to absorb losses, the capital coming from increased guarantee fees charged to lenders. In addition, upon release, unless there’s an “explicit guarantee” or backstop from Congress, investors may demand higher returns to account for increased risk. But Treasury Secretary Scott Bessent said that Freddie Mac and Fannie Mae wouldn’t be released from conservatorship if doing so puts upward pressure on mortgage rates/mortgage spreads. Investment manager Pimco, and others, await. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with CHLA’s Scott Olson on the rising costs of credit scores, the monopoly power of FICO, and how increased competition, from VantageScore to new credit scoring models, could reshape the mortgage lending landscape.)

2 Jun, 2025

Any lender or mortgage loan originator hoping for lower rates to spur business is learning that hope is not a strategy. “Rob, you’re always talking about inflation, so here’s an example of wage inflation: In the Bay Area we just paid a plumber $212/hour to install a kitchen faucet. Granted, he has decades of experience, but still…” The markets are “tariff-ied”: inflation is expected to increase, shipping is down, and growth has slowed… after all, someone has to pay for the increased cost of goods (although who knows what will happen given the back and forth in the courts). In addition, I have not heard a single person suggest that privatizing Freddie and Fannie would result in lower mortgage rates. Many believe that once released from conservatorship, Fannie Mae and Freddie Mac could need to hold more capital to absorb losses, the capital coming from increased guarantee fees charged to lenders. In addition, upon release, unless there’s an “explicit guarantee” or backstop from Congress, investors may demand higher returns to account for increased risk. But Treasury Secretary Scott Bessent said that Freddie Mac and Fannie Mae wouldn’t be released from conservatorship if doing so puts upward pressure on mortgage rates/mortgage spreads. Investment manager Pimco, and others, await. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with CHLA’s Scott Olson on the rising costs of credit scores, the monopoly power of FICO, and how increased competition, from VantageScore to new credit scoring models, could reshape the mortgage lending landscape.)

2 Jun, 2025

Any lender or mortgage loan originator hoping for lower rates to spur business is learning that hope is not a strategy. “Rob, you’re always talking about inflation, so here’s an example of wage inflation: In the Bay Area we just paid a plumber $212/hour to install a kitchen faucet. Granted, he has decades of experience, but still…” The markets are “tariff-ied”: inflation is expected to increase, shipping is down, and growth has slowed… after all, someone has to pay for the increased cost of goods (although who knows what will happen given the back and forth in the courts). In addition, I have not heard a single person suggest that privatizing Freddie and Fannie would result in lower mortgage rates. Many believe that once released from conservatorship, Fannie Mae and Freddie Mac could need to hold more capital to absorb losses, the capital coming from increased guarantee fees charged to lenders. In addition, upon release, unless there’s an “explicit guarantee” or backstop from Congress, investors may demand higher returns to account for increased risk. But Treasury Secretary Scott Bessent said that Freddie Mac and Fannie Mae wouldn’t be released from conservatorship if doing so puts upward pressure on mortgage rates/mortgage spreads. Investment manager Pimco, and others, await. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with CHLA’s Scott Olson on the rising costs of credit scores, the monopoly power of FICO, and how increased competition, from VantageScore to new credit scoring models, could reshape the mortgage lending landscape.)

2 Jun, 2025

Any lender or mortgage loan originator hoping for lower rates to spur business is learning that hope is not a strategy. “Rob, you’re always talking about inflation, so here’s an example of wage inflation: In the Bay Area we just paid a plumber $212/hour to install a kitchen faucet. Granted, he has decades of experience, but still…” The markets are “tariff-ied”: inflation is expected to increase, shipping is down, and growth has slowed… after all, someone has to pay for the increased cost of goods (although who knows what will happen given the back and forth in the courts). In addition, I have not heard a single person suggest that privatizing Freddie and Fannie would result in lower mortgage rates. Many believe that once released from conservatorship, Fannie Mae and Freddie Mac could need to hold more capital to absorb losses, the capital coming from increased guarantee fees charged to lenders. In addition, upon release, unless there’s an “explicit guarantee” or backstop from Congress, investors may demand higher returns to account for increased risk. But Treasury Secretary Scott Bessent said that Freddie Mac and Fannie Mae wouldn’t be released from conservatorship if doing so puts upward pressure on mortgage rates/mortgage spreads. Investment manager Pimco, and others, await. (Today’s podcast can be found here and this week’s is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums, and close more loans. Hear an interview with CHLA’s Scott Olson on the rising costs of credit scores, the monopoly power of FICO, and how increased competition, from VantageScore to new credit scoring models, could reshape the mortgage lending landscape.)