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Matt Joy, Princeton Wholesale
- Feb 12, 2020
- 3 min
It’s your mind. Make it do whatever you want.
I would be lying to all of you if I said I was a bit rusty when it comes to writing this blog. I’ve been pontificating (big word alert!) about what to write since the last blog was published. It’s tough because I could obviously talk about the January Jobs Report coming in above the estimates and how that’s helping keep interest rates down, or the fact that the refi market is here to stay because of the Coronavirus. But, what’s the fun in that? You’re getting pumped full of t
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Matt Joy, Princeton Wholesale
- Jan 28, 2020
- 3 min
Mamba Mentality
My last blog post was 232 days ago… it was a Monday and I wrote about the refi boom that was on the horizon. I don’t want to toot my own horn, but I kinda nailed that post and that prediction. That said, everyone could see what was happening and what was in store for us… I’m no Nostradamus, but I do know that a lot of mortgage professionals (Brokers and Loan Officers) took advantage of the opportunity and had arguably one of the best years in the industry since 2007 ($2.31 tr
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Matt Joy, Princeton Mortgage Wholesale
- Jun 7, 2019
- 3 min
Is this just another drop in the bucket?
As the summer months start to take shape it appears as if there is a refinance storm brewing. The Wall Street Journal published an article yesterday that touted strong phrases like “trade tensions” and “dark economic outlook”. Now, most people would read this article and *gasp* at the fear that our strong economy looks more like that picture of flabby Arnold Schwarzenegger… but not the mortgage industry. Every single one of us is waiting in the wings licking our chops with dr
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Matt Joy, Princeton Mortgage Wholesale
- May 8, 2019
- 3 min
MI Oh MI!
Are there any other lenders out there that are frustrated by losing deals over MI premiums? What about you MI companies? Are you frustrated that some of the largest lenders in the country steer their MI business to specific MI companies because they offer discounted rates in exchange for volume guarantees? Earlier this week we lost a deal despite having better pricing for the borrower, enough spread for the broker to make full lender paid comp and cover the origination. Do yo
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Matt Joy, Princeton Mortgage Wholesale
- Apr 12, 2019
- 3 min
The Secret Sauce
Price. Service. Technology. Efficiency. I don’t care what order they are in. I don’t care which one is valued the most. I don’t care how many different synonyms you can come up with that fluff up the meaning of these words. The reality is… EVERY mortgage lender touts these 4 words as their “differentiators” in some form or fashion. Look, even we did it. We took the words service, technology, efficiency… bundled it up and presented it as “The Effortless Mortgage”. The way in w
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Matt Joy, Princeton Mortgage Wholesale
- Mar 31, 2019
- 3 min
March… in like a lamb out like a lion!
You know, just when I thought our industry had gone soft… the week of March 25th, 2019 happened, and we totally redeemed ourselves (think Harry Dunn in Dumb & Dumber)!! Let’s take a look around the industry and see what the heck has been happening! March 25th – Goldman Sachs issued its first MBS (since before the crash) with a mix of prime jumbo loans & Fannie/Freddie eligible product March 26th – Anthony Casa declares war on retail lenders claiming they are overcharging vete
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Matt Joy, Princeton Mortgage Wholesale
- Mar 22, 2019
- 2 min
Where have all the Jumbo’s gone?
In 1997 Paula Cole came out with the smash hit “Where have all the cowboys gone?” and as I sipped my cup of Folgers (don’t judge me… boujee coffee just doesn’t do it for me) and read this Wall Street Journal article I couldn’t help but sing the catchy tune. WSJ reported that jumbo mortgage originations have dropped 12% over the last year and are down 27% from their post-crisis peak in 2017 (data was provided by Inside Mortgage Finance). This has created a ripple effect at the
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Matt Joy, Princeton Mortgage Wholesale
- Mar 15, 2019
- 2 min
Around the horn… or considering the month maybe it’s around the clover?
Okay, so I’m working out getting back into the swing of things with the blog and what I’m realizing is that developing brand new content is exhausting… especially considering the fact that writing about the mortgage industry means re-purposing the same thing over and over again. So… with that in mind. Let’s just take a quick spin around the horn and look at what happened this week. First and foremost, let’s take a look at the 10-year Treasury Note. We’re sitting around the mi
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Matt Joy, Princeton Mortgage Wholesale
- Mar 12, 2019
- 3 min
My fellow Millennials…
If you do a quick Google search with the key words “Millennials” & “Mortgage” you’ll find stockpiles of articles, analysis and data trying to figure out what OUR (I’m a millennial… FYI) ultimate impact will be on the housing market. Now, we’ve already started to see a shift in buying power as Business Insider reported that Millennials control 42% of new mortgage loans by dollar volume… surpassing Gen X’ers (these are the 90210, Melrose Place & Real Word crowd) at 40% and the
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Matt Joy, Princeton Mortgage Wholesale
- Mar 5, 2019
- 3 min
Oh my… it feels good to be back!
Our last official blog was written 77 days ago… which makes my last official post 104 days old. It’s been way to long since I’ve taken to the blog, but now that I’m back let’s catch up. The last time we talked I was rambling on about mortgage servicing, UWM and “whole-tailing” …well it looks like nothing has really changed in 104 days. The wholesale lending giant made an extremely aggressive move to kick off the new year and adjusted their pricing so that they could proclaim
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Matt Joy, Princeton Mortgage Wholesale
- Nov 21, 2018
- 4 min
Turkey for me, turkey for you!
As we set out on the eve of the 2018 Holiday Season, I like to bring in the holiday spirit by listening to Adam Sandler’s classic, The Thanksgiving Song. Adam reminds us that Thanksgiving is for all of us and that there is plenty of turkey, stuffing and mashed potatoes to go around. If you’re already thinking… get to the point Matt! Hang in there with me… it’s only the first paragraph. My favorite part in Sandler’s song is when he sings “Turkey for me, turkey for you!” howev
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Matt Joy, Princeton Mortgage Wholesale
- Oct 5, 2018
- 3 min
Trick or treat
I feel like I haven’t spoken to everyone in a while. I apologize for being so distant… trust me, it’s not you… it’s me. It’s been a crazy few weeks with travel, Q4 planning and trade shows (man I’ve become that person… blah). In all honesty though, starting something from scratch has not been easy. A little over a year ago we opened the doors at Princeton Mortgage Wholesale and since that day, everything has been a whirlwind. You wouldn’t believe how quickly the seasons chang
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Matt Joy, Princeton Mortgage Wholesale
- Sep 11, 2018
- 2 min
Why is everyone freaking out?!
It comes in waves. When things are good… our industry’s media publications produce enough fluffy content to make you sick to your stomach. Not like the fluey sick to your stomach, but the “I ate 2 bags of Fun Dip and a sleeve of Oreo’s” sick to your stomach. AND then, when things are bad (let’s just say tough because it’s not bad… or at least that bad) our industry can create enough negative energy to make you want to wrap up in a blanket in a hoodie & sweatpants… lay on the
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Matt Joy, Princeton Mortgage Wholesale
- Sep 4, 2018
- 2 min
Pumpkin Spice… purchase season?
It’s September… Pumpkin Spice Season is in full affect. Cheerios, Pringles (what?!), Oreo’s, Ice Cream… you name it and they have created a pumpkin flavor for it. It’s not just food either… Febreze, candles, booze… it’s really incredible how fast this trend spiraled out of control. You know what else has spiraled out of control… housing prices, and as a result I have a feeling that we’re going to need realtors to start encouraging sellers to drop the price of their homes, so
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Frank Granata, Princeton Mortgage Wholesale
- Aug 21, 2018
- 2 min
Whistle while you work… or is it whistle while you try to find a full-time job?
Home prices are up, inventory is down, lets increase rates a little bit and see what happens. I imagine that’s how the conversation in Jackson Hole went yesterday. With a rate hike coming in September I think I’m officially a believer in this 2020 recession theory. I’m also starting to question whether the Feds are in on it. It’s easy to turn on the news and see that unemployment is at an all-time low. However, there is an interesting conversation about underemployment going
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Matt Joy, Princeton Mortgage Wholesale
- Aug 20, 2018
- 2 min
Is the Multi-Family Housing bubble ready to pop?
The Wall Street Journal is covering a story that could quite possibly topple the multi-family housing market (yikes… that’s heavy for a Monday Morning). I think the start of every week should include a cup of coffee, federal search-warrants, fraud-conspiracy indictments, and mortgage backed securities made up of bad loans. If you didn’t know it you’d think I was talking about 2008 but unfortunately, I’m not. We’re smack dab in the middle of what appears to be the biggest “woo
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Matt Joy, Princeton Mortgage Wholesale
- Aug 16, 2018
- 3 min
Why can’t we be friends?
It’s no secret that our industry has compressed as a result of the refi market drying up. We’re in a full-blown purchase market and there are no ifs… ands… or buts about it. Realtor relationships are gold, every borrower is price sensitive, timing and service are CRUCIAL and for Loan Officers and Brokers alike… your comp is being affected… whether you’re a broker and you’ve been reducing comp (going to borrower paid comp or just straight up lowered your lender paid) OR if you
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Matt Joy, Princeton Mortgage Wholesale
- Aug 13, 2018
- 2 min
Brokers continue to flee from “Whole-tail” lenders, while paychecks are getting smaller… wait, what?
There has been a large movement happening inside of the Wholesale Lending space and if you haven’t been following the BRAWL Movement (Brokers Rallying Against Whole-tail Lenders) …let me catch you up to speed. Late last year, mortgage brokers took arms against wholesale lenders who were stealing their customers. If you happen to follow any brokers on LinkedIn, you’ll find some pretty amazing videos of them tearing up their contracts with alleged “Whole-tail” lenders. Well… it
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Matt Joy, Princeton Mortgage Wholesale
- Aug 7, 2018
- 3 min
NEWSFLASH: Buying a home is stressful. Oh… and what does Zillow’s entry into the mortgage industry m
Did you know that the word mortgage comes from the Old French (spoken language from the 8th century to the 14th century in Northern France) words mort gage or “death pledge”? Yep. That’s right. A mortgage is a death pledge and sometimes it can feel as scary as it sounds. According to a survey conducted by Homes.com nearly 40% of Americans say that buying their first home was the most stressful moment in their lives. Not having a child, getting married or interviewing for a ne
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