This morning’s jobs report showed 173,000 jobs created in August. Well below the 217K expected. Unemployment rate drops to 5.1%. While I still don’t think the Fed will raise rates in September, I wish they would do it and get it over with already and then step aside for a while.
Transaction of the month: $3MM cash out on an owner occupied residence that was just completed. Borrower attempted to secure the loan with their own relationships and was unable to get is approved because of the recent completion and amount of cash out. We stepped in and closed within 45 days.
Have a great labor day!