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Thursday, June 30, 2022
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You may have heard the old saying, “If you fail to plan, plan to fail,” often attributed to Benjamin Franklin. It’s a great quote and something I often say to business professionals whom I coach or work with. So many people operate without the proper forethought, which often costs them more than just extra money.

Here’s a great anecdote on the topic. Melvin, age 92, and Martha, age 89, living in Florida, were all excited about their decision to get married. They went for a stroll to discuss the wedding, and on the way they passed a drugstore. Martha suggests they go in.

Melvin addresses the man behind the counter: “Are you the owner?”

The pharmacist emphatically answers, “Yes.”

Marvin: “We’re about to get married. Do you sell heart medication?”

Pharmacist: “Of course we do.”

Melvin: “How about medicine for circulation?”

Pharmacist: “All kinds.”

Melvin: “Medicine for rheumatism and scoliosis?”

Pharmacist: “Definitely.”

Melvin: “Medicine for memory problems, arthritis, jaundice?”

Pharmacist: “Yes, a large variety. The works.”

Melvin: “What about vitamins, sleeping pills, Geritol, antidotes for Parkinson’s disease?”

Pharmacist: “Absolutely.”

Melvin: “You sell wheelchairs and walkers?”

Pharmacist: “All speeds and sizes.”

Melvin: “Perfect. We’d like to use this store as our Bridal Registry.”

On Wednesday, the FOMC voted to raise the target range for the Fed Funds rate by 75 basis points from 0.75%-1.00% to 1.50%-1.75%. As a result, the United States Prime Rate is now 4.75%. As you could imagine, it was quite a hectic week as my team and I were fielding numerous calls from clients and prospects attempting to “lock in” and get interest rate guidance before the Fed “Rate-Hike.”

The rate hike should not have been a surprise to anyone, as the Fed has been very explicit with its plans to raise rates. What did come as a surprise to some (not to me, or the clients whom I spoke with Tuesday and Wednesday) was that the Fed increased the rate by 75bps versus the anticipated 50bps.

There was a credible leak, which many insiders became aware of on Tuesday. I communicated the impact of a 75bps hike to pending clients, telling them they need not lock in rates as we expect the market to improve after the Fed announcement. Thankfully we were right, and many of our clients benefited from the continuous dialogue and foresight we provided to them.

Special shout out and birthday wishes to Michael Cantor, Ami Dabah, Ilana Erdfarb, Isaac Farbowitz, Steven Finkelstein, Sarah Hammer, Analene Gloria, Chaim Goldfeiz, Ariella Herman, Mo Kanarfogel, Yossi Kapon, Benjamin Lebowitz, Aaron Moskowitz, Yonatan Pollock, Yoni San Solo, Kira Wigod, and Sharon Zwickler


Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected]

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