QC, Marketing and Sales, Credit/Profitability Products; Tax and Credit Info for Disaster Areas

Things are always changing. No bagpipe player I saw growing up looked, or played, like this. The MBA’s forecast for 2023 volumes changed, and here’s the latest by the MBA on 2023’s originations: $1.8 trillion. Technology is always changing. No, this Commentary is not produced by ChatGPT, nor will it ever be, unlike lesser publications. But if you’re a teacher, like my daughter with her classroom full of 7th graders, or a professor, how do you know that the paper turned in by a student wasn’t produced by AI? (Speaking of which, thank you to everyone who wrote yesterday that egg-laying chickens were killed by the “flu” not “the flue”… I should have caught that.) Economic conditions are always changing as well, and yesterday’s Federal Reserve Open Market Committee change of 25 basis points higher for its targeted overnight Fed Funds rate (what banks charge one another for overnight deposits) certainly sent a statement: “Sure some banks had some issues and mismanagement that we are well aware of, but we don’t see a crisis, and we’ll continue with our match against inflation.” [Fed Funds chart.] (Today’s podcast can be found here and this week is sponsored by Black Knight, Inc. As a premier provider of innovative, high-performance software, data and analytics for mortgage and home equity lending and servicing, Black Knight, Inc. is transforming the mortgage industry through its best in class solutions. Hear an interview with Black Knight, Inc.’s Mike Vough on the current MSR market and the evolution of duration calculations and servicing valuations.)
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