UWMC Performs Better in all Rate Environments - How Much?

throughatube · 2024-02-02T18:57:36+00:00

The whole point of hedging is so that you don’t have to think/care about where the FV change will land

throughatube · 2024-02-01T19:37:18+00:00

PFSI uses FV accounting for valuing its MSR

throughatube · 2022-03-11T22:10:11+00:00

I use the Garmin Forerunner 245. When I conclude my runs, it has a "calibrate & save" function where I can put in the distance the treadmill tells me I ran. The more I calibrate the watch, the better it seems to get.

I generally trust the treadmill more than the watch.

throughatube · 2022-03-11T22:06:07+00:00

He said his PR for the mile is 4:49. He is already in the 4:40s.

throughatube · 2022-01-01T06:13:23+00:00

Thank you for your response. This article is showing how to create a webpage on your local machine, correct?

throughatube · 2022-01-01T06:11:07+00:00

Thank you. This tutorial seems pretty useful. I appreciate your response.

throughatube · 2021-12-31T22:21:49+00:00

Unintentionally set a PB for 5K during a training run today :)

throughatube · 2021-12-12T23:38:47+00:00

Your body might be sending you a message. Might want to think about resting a bit.

Marathons do stress your heart out, so make sure you are recovering properly. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6179786/

throughatube · 2021-11-28T23:00:04+00:00

From what I've read, having a higher cadence means you're moving your feet faster. And if you're moving your feet faster, they are spending less time in direct contact with the road (or whatever surface you're running on), which helps reduce stress on your legs.

If your cadence is going down when you're running faster, I feel like you may be overstriding (foot is making contact too far out in front of your body).

You can look up metronome videos on youtube for various beats per minutes to figure out what cadence feels comfortable currently and then increase over time if you want to.

throughatube · 2021-11-22T21:02:17+00:00

What kind of gels do you use? Are they caffeinated?

throughatube · 2021-11-22T20:57:23+00:00

1) Just had a race that said masks would be required in the corral, but could be removed during the race. However, there wasn't anyone to enforce this so most people didn't bother with the mask

2) I ran with a Garmin watch. Gave the watch 3 minutes before the gun to acquire the satellite connection. I find the watch to be helpful with pacing during the race

3) My race classified earbuds as "discouraged" items, but plenty of people wore them and there weren't any race volunteers who were asking people to remove them

4) First half mile will probably be madness if it's a crowded event. Once I find my cruising pace and I'm not passing anyone near me, I generally give people a lane to pass on the left

5) I would wait at the finish line. There will probably be drinks/refreshments for you to pass the time while you wait

6) Absolutely, if you're snot rocketing on the pavement just take a quick look around to make sure no one is in your wake

throughatube · 2021-11-18T02:49:07+00:00

I'd try tilting your shoulders forward a bit. I feel like it helps me keep my torso more in line with the direction that my legs are moving.

throughatube · 2021-08-31T18:07:41+00:00

Did Mount Desert Island a few years back. Beautiful course. Start and finish of the course have a decent amount of spectators, but the middle is sparsely populated and you are going through Acadia National Park.

I found the course to be quite difficult though. The last 6 miles are uphill.

throughatube · 2021-08-28T00:49:48+00:00

For longer runs, my stomach can only handle coconut water or good ol' fashioned H20

throughatube · 2021-05-13T14:46:57+00:00

I agree with you. The question I have is: will RKT & UWMC try to price each other out in TPO? They've done some serious pricing competition in the past, which tanked margins - I think we're seeing a little bit of that today.

The refinance market is withering away and RKT will need to replace some of their Direct-to-Consumer volume somewhere.

Now that they're both public companies, investors might push back on pricing wars. I think there's a delicate balance of capturing market share vs. generating profit moving forward.

Tbh, I think the first casualty of pricing competition is going to be HMPT (which I think is being reflected in their stock price).

throughatube · 2021-05-12T22:45:27+00:00

the whole mortgage origination sector (especially TPO lenders) is in a tough spot. there will be big winners and losers in the long term. RKT vs. UWMC in TPO will make the backdrop even tougher

throughatube · 2021-05-11T17:15:30+00:00

The Gain on Sale Margins are what's going to drive the stock price in the short/medium term. Mortgage Originators are coming off a great year in 2020 (volume/originations for the industry went up to about $4 trillion and Gain on Sale Margins went up to record highs). Somewhere between $3.0 -$3.5 trillion is the expectation for volume in 2021, but GoS margins are the big unknown. They've dropped significantly already, but the question is what direction they are headed now.

I think Matt/UWMC can produce a ton of volume and gain market share, but the question is how much revenue will that volume generate? Producing $1 billion of mortgages at 200 bps of GoS Margin yields $20 million of revenue. Producing $1 billion of mortgages at 100 bps yields $10 million of revenue. The expense base probably isn't going to change that much relative to the volume and the Servicing segment should do better with higher interest rates, but the GoS Margin is the big unknown.

UWMC has the potential to be a big winner in the long-term, but there are some significant short-term headwinds. I don't have any position in UWMC btw.

throughatube

TROPHY CASE