Does anyone pay with cash anymore, or actually have the money in their bank account? Credit card debt is now $1.1 trillion. There is even a credit card just for automotive repairs! With those “Buy Now Pay Later” arrangements being added to the FICO reports, MLOs are asking, “What are delinquencies like? Will these add to, or subtract from, my pool of eligible borrowers? To the surprise of no veteran LO, it turns out that nearly half have experienced payment problems. Want to do a client with a high credit card balance (and paying 28 percent on it) a favor? Of course you want to put them into a cash out refi, but if that doesn’t work, for $1 have them join American Consumer Council which gives them access to membership in normally off-limit credit unions. Some, like UFCU in Austin, will accept transferred balances into an account where the rate can be only 9.9 percent. Hmmm… 9.9 versus 28. (Questions can be directed to UFCU’s Michael Jones.) (Today’s podcast can be found here and this week is sponsored by Optimal Blue. OB bridges the primary and secondary mortgage markets to deliver the industry’s only end-to-end capital markets platform, helping lenders maximize profitability and operate efficiently so they can help American borrowers achieve the dream of homeownership. Today’s has an interview with Covius’ Pete Pannes on how M&A is shaping the title industry across firsts, seconds, and defaults.) Products, Software, and Services for Brokers and Lenders