Ahhh…another industry change while volume is at an all time high! Just what we need in 2021! We started talking about the new URLA in 2018; and then it changed…and then it changed again. Finally! After several years of the GSE’s designing formats, revising (adding and deleting) data points, and changing implementation dates…March 1, 2021 is upon us. So is…the URLA, the URLA-Additional Borrower and the Lender Loan Information. Bye-bye Co-Borrower! By now you probably know that …
Don’t Try to Outsmart the Markets Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows …
You wouldn’t know we were in the middle of a pandemic based on the housing market. That conforming limit keeps creeping up. It all seems crazy from when I started in the mortgage business in 1994, the conforming loan limit was $225,000. Fast forward 26 years…the 2020 limit was just increased another 9.0% to $548,250 for 2021. Checkout the Loan Limit Geocoder. Now, all we need to know is…what will Fannie and Freddie be doing come …
Don’t Try to Outsmart the Markets Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows …
Money laundering is a huge problem for financial institutions and monitoring compliance and reporting is a challenge. As I read through FinCEN’s recent announcement, it became clear…the law is not really clear! Because real estate transactions are large in dollars, they are one of the easiest places to “clean up the money.” If you think Anti-Money Laundering regulations are vague or too complicated, now is your chance to help clarify how current regulations may be …
Don’t Try to Outsmart the Markets Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows …
Don’t Try to Outsmart the Markets Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows …
My analogy to guidelines these days is they are like trying to hold jello in the palm of your hand. Squishy, slippery, moving; slipping through your fingers! Patience is a virtue! We need to understand that underwriters spend MUCH more time determining the amount of income that can be used for qualifying, how consistent it is or will be, the job status of employees, viability of employer’s business and documenting the file to meet secondary …
Don’t Try to Outsmart the Markets Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows …
Recently a mortgage loan originator in another state contacted me for help. He was stuck with an underwriter and was challenged by how to calculate the self employment income. In that conversation he told me how helpful it would be to originators to have a “loan advisor” to consult with. He encouraged me to set up Advisory Sessions and they are now available to any originator who knows the value of time. In addition to …