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Posted
17 minutes ago, LCHorn said:

It sounds like we're all going to be 1099 employees of Rocket at some point in the future.  It'll be like the Idiocracy Costco but for lending. 

Shot's fired somewhere?  I ain't working for Rocket I don't think, ever...

Posted

Rocket buying Mr Copper

 

Quote

The mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion, just weeks after acquiring real estate listing company Redfin.

Rocket Cos. said Monday that bringing Mr. Cooper Group Inc. into the fold will create a business representing one in every six mortgages in the United States and give it almost 7 million additional clients. The deal will boost loan volumes, the company said, while lowering client acquisition costs.

“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care,” Mr. Cooper Chairman and CEO Jay Bray, who will become president and CEO of Rocket Mortgage, said in a statement.

 

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Posted (edited)
32 minutes ago, BabaYaga said:

Mr. Cooper is the biggest bunch of clowns ever.  Rocket is barely better. I think this basically is Rocket admitting that they are getting assfucked in the broker channel and going a different direction. Any broker working with Rocket is a self loathing clown that hates themselves and hates money as Rocket's business model is to steal your client afterwards by bombarding them with calls and offers and the like.  

Edited by Wulaw Horn
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Posted
35 minutes ago, Wulaw Horn said:

Mr. Cooper is the biggest bunch of clowns ever.  Rocket is barely better. I think this basically is Rocket admitting that they are getting assfucked in the broker channel and going a different direction. Any broker working with Rocket is a self loathing clown that hates themselves and hates money as Rocket's business model is to steal your client afterwards by bombarding them with calls and offers and the like.  

My guess is LoanDepot is next.  Their stock dropped from $30+ to a little over a buck.  UWM or even PNMAC could be circling

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Posted

Finished 121 on the Scotsman last year- brokered loans. For context I think there’s about 60k brokers in America. Pretty exciting for me. Was a career goal when I started to make it. New career goal is 100M in originations in a year. That would be pretty solid for a 1 man shop. 
Thanks for all who let me help them. I really do love what I do and feel fortunate to do it. So much better than being a lawyer from a quality of life/happiness standpoint. 

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Posted
3 minutes ago, UTPhil2006 said:

10 year down to 4.14 which is about 4.5 month lows. 

If the tariffs are severe tomorrow should continue to fall. If they are a nothing burger or nobody believes him as far as long term my guess is sell off in bond market. 

Posted

I'm starting to see more houses pop up for sale in my neighborhood.  Some of that is surely seasonal, but I'm wondering if people are also assuming these rates are pretty much set in stone for a while.

Posted

I think people’s life changes that necessitate moving/buying/selling can only stay pent up for so long. Life moves on regardless of rates. And so eventually people just say fuck it, it’s time.

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Posted
4 hours ago, Wulaw Horn said:

New career goal is 100M in originations in a year.

Good luck with that.  I couldn’t get past $50m without hiring someone.  

Posted
23 minutes ago, LCHorn said:

Good luck with that.  I couldn’t get past $50m without hiring someone.  

I’m doing 11M this month. I have a 3rd party ops manager- is that what you mean?  Or another LO?  I think I did 58M last year. 65M if you count my construction loans and out of state shit. We shall see. 

26 minutes ago, LCHorn said:

Good luck with that.  I couldn’t get past $50m without hiring someone.  

Also I said I wanted to be you when I grow up. 

Posted
6 hours ago, Wulaw Horn said:

Finished 121 on the Scotsman last year- brokered loans. For context I think there’s about 60k brokers in America. Pretty exciting for me. Was a career goal when I started to make it. New career goal is 100M in originations in a year. That would be pretty solid for a 1 man shop. 
Thanks for all who let me help them. I really do love what I do and feel fortunate to do it. So much better than being a lawyer from a quality of life/happiness standpoint. 

Congrats, on the sex

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Posted
58 minutes ago, Wulaw Horn said:

Or another LO?

Another LO.  My partner did $43m the year before we teamed up and he was hitting a similar wall getting past that.  Mine was 2019 and I think we did $78m that year (my name was on about $45m of it) and I was pretty much on-call or actively working that entire year except for maybe one weekend in February.  We started interviewing that fall but I don’t think we onboarded anyone until December.

 

1 hour ago, Wulaw Horn said:

 I think I did 58M last year. 65M if you count my construction loans and out of state shit.

All that said, I didn’t hit nearly that last year so maybe I should hope to be you when I grow up 😉

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Posted
48 minutes ago, Wulaw Horn said:

MBs up 33 points. Moved back to 5.5 coupon. Maybe it’s happening?  

If you jinx it I will send Jon Singleton to your home 

Posted
28 minutes ago, BrazilHorn said:

I am not far from that house and 

1) they wan way too much money for it (this is 2nd or 3rd time they’ve listed it)

2) they made oddly specific design choixes on interior that will limit IMO buyer pool. 

Honestly, its a pretty fucking ugly house. There's got to be a better way to spend $7M on real estate in the austin area. 

Posted
56 minutes ago, Wulaw Horn said:

MBs up 33 points. Moved back to 5.5 coupon. Maybe it’s happening?  

I'm working on a loan for a tech employee and need RSU income to qualify.  Stock is down 15% from close yesterday and getting worse.  I don't know if that's representative of a massive sell-off but I'm guessing that's happening, at least early. 

Posted
3 minutes ago, Blotto said:

Honestly, its a pretty fucking ugly house. There's got to be a better way to spend $7M on real estate in the austin area. 

This is the Surly real estate thread equivalent of "ugly knees, would not bang". 

  • Haha 3
Posted
46 minutes ago, BrazilHorn said:

I am not far from that house and 

1) they wan way too much money for it (this is 2nd or 3rd time they’ve listed it)

2) they made oddly specific design choixes on interior that will limit IMO buyer pool. 

nice humble brag... 

Posted
35 minutes ago, LCHorn said:

I'm working on a loan for a tech employee and need RSU income to qualify.  Stock is down 15% from close yesterday and getting worse.  I don't know if that's representative of a massive sell-off but I'm guessing that's happening, at least early. 

Move lenders? Especially with the way this week has been rate wise 

Posted
3 hours ago, LCHorn said:

I'm working on a loan for a tech employee and need RSU income to qualify.  Stock is down 15% from close yesterday and getting worse.  I don't know if that's representative of a massive sell-off but I'm guessing that's happening, at least early. 

Stock Market is down less than 3%, so that 15% is super sensitive to something tariff related or there is something else going on.

Posted
3 hours ago, UTPhil2006 said:

Might be that time if you've bought in the last two years or so to call your mortgage guy. Lucky for y'all I bug yall anyway 

What’s your rate range today on a sub 80% LTV, top credit, jumbo, 30 year fixed refi?

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Posted
3 hours ago, LCHorn said:

I'm working on a loan for a tech employee and need RSU income to qualify.  Stock is down 15% from close yesterday and getting worse.  I don't know if that's representative of a massive sell-off but I'm guessing that's happening, at least early. 

image.thumb.png.eb835c3add55a2f63a7fb8b42176dd41.png
 

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Posted

The operation this guy runs (First American Financial) seems like a decent sized operation. $7B in revenue, ~20K employees. 

https://www.independent.co.uk/news/world/americas/virgin-voyages-caribbean-cruise-assault-kenneth-degiorgio-b2726275.html

Quote

It says agents then spoke with Nichol DeGiorgio, who explained what set off the confrontation. She “stated that during the cruise an unknown male was dancing barefoot on the dance floor and [that she] told him, ‘Look, we are all grown-ups here, can you put your shoes on?’ The male responded, ‘Shut up, you f**king bitch.’” After that, an infuriated Kenneth DeGiorgio assaulted the shoeless M.A., the complaint contends.

Nichol told the agents that “she should not have told the unknown male to put his shoes on,” and that the barefoot man “never touched her,” according to the complaint.

Finally, the FBI “attempted” to interview Kenneth DeGiorgio, the complaint states.

“After being advised of his Miranda warnings, DeGiorgio requested an attorney and refused to answer any questions,” it concludes.

DeGiorgio was arrested and charged with assault within the maritime and territorial jurisdiction of the United States. If convicted, he faces up to a year in prison.

who cares about wearing shoes on a f'n cruise. 

Posted
22 minutes ago, Blotto said:

The operation this guy runs (First American Financial) seems like a decent sized operation. $7B in revenue, ~20K employees. 

https://www.independent.co.uk/news/world/americas/virgin-voyages-caribbean-cruise-assault-kenneth-degiorgio-b2726275.html

who cares about wearing shoes on a f'n cruise. 

Oh there's gonna be bubbles burst.  Rocket just bought a company for dollars 

Posted
5 minutes ago, jimmyjazz said:

Any Travis Co residents out there get an appraisal yet?  I got a letter from a dispute firm today which made me think the numbers are leaking out there.

I can run this for y'all 

Posted

Unfortunately rates are falling in the exact manner I said the would, if they did.  Apparently a 100 point decrease in the Dow roughly translates into a 1 basis point decrease in the 10 year.

Posted
On 4/1/2025 at 10:26 AM, Wulaw Horn said:

Finished 121 on the Scotsman last year- brokered loans. For context I think there’s about 60k brokers in America. Pretty exciting for me. Was a career goal when I started to make it. New career goal is 100M in originations in a year. That would be pretty solid for a 1 man shop. 
Thanks for all who let me help them. I really do love what I do and feel fortunate to do it. So much better than being a lawyer from a quality of life/happiness standpoint. 

I sent you a PM about hitting your next goal.  

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Posted

We've been looking for our next home in Houston for some time now, we just put an offer in last night on a place we really like and was under our budget even. Only downside is the sellers are aggy /s

 

Last time we closed on a house was 4/20/2020 and oil was negative. I wonder what new economic calamaty will be ongoing while we close on this one lol

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Posted

I’ve been in meetings all morning and come out to a bond market that’s lost all of its gains from last week-I thought this the upside of my 401-K falling 20% was at least rates were going down.  

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Posted
Just now, LCHorn said:

I’ve been in meetings all morning and come out to a bond market that’s lost all of its gains from last week-I thought this the upside of my 401-K falling 20% was at least rates were going down.  

They're down like a quarter point from February, at least ¯\_(ツ)_/¯

Posted

Down 60 bips today.  Down 175 bips since Friday at noon!

I was afraid that we were going to have more than 3 or 4 hours to get deals in and locked when the market go advantageous for refinance people. Nope, didn't need to worry. Was making my calls all that morning and then lost 1/2 a point in interest rate over the next 2 days. 

This is so much fun. I just pinch myself every day that I get to get up and keep rolling the same boulder up the same hill only to see it go backwards when we get near the top (inflection point) in the market.  Fun stuff. 

@UTPhil2006 you go ahead and take a bath with a toaster

@LCHornyou go ahead and slit your writs. 

I will do a swan dive off the skybridge in front of an 18 wheeler when I'm up at UWM next month.  That seems like a fun suicide pact, right?

On a serious note, it's discouraging to have stuff snatched away from you at the last minute, but whatever. Put on pants and do it all over again tomorrow I guess. 

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