Every customer should receive a written analysis; it helps take emotion out of the equation. I do it for all my purchases and refinances. Yes, we have lots of long discussions, but hearing and seeing are two different things! The point of an analysis (particulary for refinances) is for a consumer to know the interest costs and principal reduction between a new loan and the original loan at it’s current balance. (you may need to …
Is there any good news today? I guess at least people who have filed will begin collecting some income. The mortgage world is in flux and the challenges are coming faster than we can deal with. We play a very important role as mortgage professionals by helping people make the right decisions; what’s in their best interests. This week I told three customers NOT to refinance. If you are submitting 100% of approvable files you …
Fannie Mae issued guidance today in their Lender Letters 2020-03 and 2020-04. We have reviewed the information and produced a video of highlights for you. We do not provide legal or investor advice. As with all transactions, please consult with your investor’s guidelines, compliance departments and underwriting standards and overlays. deb@cloes.online (866) 256-3766
As I write this I know the mortgage business will change. This post is not meant to provide financial or legal advice. Things will continue to change and the ONLY intent is to provide information that MAY apply to your circumstances. We are in a very uncertain time. Facts and a sense of control can help overcome fear and help you plan your finances. I promise you will learn something valuable if you read this in …
Loan locked, Loan Estimate out, Intent to Proceed signed, appraisal inspection scheduled for today. What could go wrong? And then the call…customer letting me know she canceled the inspection. No, she didn’t want 0.00% 30 year fixed! She and her husband are both physicians working in an E.R. where there are two active Coronavirus patients. She is 8 1/2 months pregnant due in April. Yesterday her doctor told her she may be delivering…this week! When …