The industry clearly chafes at some of the refs, including Ability To Pay, which determines by fiat a relationship between documented income and the size of a mortgage payment one is allowed to take out. Note that “documented” part because it is important.
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Total cost of writing a mortgage averages $8.8k, which (if you express costs in basis points of the total loan value) allocates 6bps to software and 200 to employee compensation, with about half of that going to the originator (sales rep).
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Quote: One seasoned and cynical executive defined mortgage banking as “the systematic transfer of loan revenue and shareholder capital from shareholders to loan officers [sales reps], who bear no risk with respect to repurchase, prepayment, or regulatory actions.”
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I could seriously quote this book to you all day, but the mortgage needs paying, so: just go read it.
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End of conversation
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I'd say tech hype can be useful for technical execs in non tech companies, because they can use it to convince other non technical people to finally give them the higher budget they needed the whole time. What do you think?
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