California is home to approximately 39 million residents, which is about one-eighth of the U.S. population, more than the entire population of Canada, and accounts for 20-25 percent of residential loan production. Most California’s residents belong to ethnic minority groups; in fact, one out of every four Californians was not born in the U.S. Here in Northern California a fair number of people are in real estate and lending, so predictions about the Federal Reserve are of great interest. Primary dealer banks have pushed back their predictions on when the Federal Reserve will end its quantitative tightening process to the fourth quarter, according to a survey by the Federal Reserve Bank of New York. On that timeline, the Fed’s balance sheet would shrink from the current $7.764 trillion to $6.75 trillion… through securities maturing, mortgage loans paying off early, or the Fed selling those securities. The market expects this, which is a good thing. (Today’s podcast can be found here, and this week’s is sponsored by Truework. By connecting every verification method into one platform, Truework helps lenders eliminate process disruptions, maintain a competitive borrower experience, and reduce the fiscal impact of verifying income. Hear an interview with Smith, Gambrell & Russell’s Richard J. Traub on commercial real estate happenings and why those in the residential sector should care about the space.) Broker and Lender Services, Programs, and Software