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Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Aug 25 2016, 2:45 PM
The critical question unanswered here is whether there will be LLPA caps on these products. It's great to have reduced documentation requirements, but if the pricing hits total 400 bps, it's going to be difficult to help many folks. Has the potential to be great, but the devil is in the details. One "inadvertent" effect may be making it harder for Congress to wind down the GSEs, but not like that idea was getting much traction regardless.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Aug 17 2016, 3:26 PM
Thanks Jannette!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Aug 16 2016, 12:56 AM
Over $600,000,000,000 in outstanding MBS with coupons of 4% or above? Wonder what % of those are performing, and why on earth any borrower with adequate credit/qualifications hasn't refinanced out of those horrific rates!
on Sat Aug 13 2016, 1:28 PM
Only a few times I am asked. Either right at the beginning - and then we don't work together, but they don't get the house either, or near the end. At the end, I usually act surprised and ask 'was there something about my level of service that they didn't like'. I never see Redfin listing signs and rarely see a Redfin offer. I explain the pitfalls to my sellers regarding discount brokers (afterall , they pay the commission) and if buyers don't see the advantages of a professional working for them diligently, then I don't want to spin my wheels trying to explain it to them. There are those that know, and those that will find out later. Maybe years later, but they will find out.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Aug 10 2016, 5:27 PM
Hi psuvp84.. Loan pricing, particularly for jumbo and investment properties, can vary widely. The biggest thing to remember is that "no points' doesn't mean "no costs", and you want to look at total costs of the transaction. Your pricing will also be heavily dependent on credit scores and equity. Do you know your scores? What is the approximate loan to value? What state is the property in? Is it a single family residence, or a condo?
on Wed Aug 10 2016, 10:06 AM
Would it be wide to refi a rental property 30 yr fixed jumbo mtg from 4.25% down to 3.875% no points( plan on keeping place 10 yrs approximately) I would consider putting additional funds down to lower loan amount being financed....Was looking for rate to go to 3.75%, but not so sure its going to happen (jumbo,no points ,investment property )
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu Aug 4 2016, 3:52 PM
In saying most will require a 20% down payment with a 620 fico score, while making note of exceptions in first time buyer loans that resemble a conventional loan, I was referring to conventional loans.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu Aug 4 2016, 2:39 PM
One might also note in regards to minimum fico scores required in qualifying for a FHA or fannie mae conventional loan that most banks have raised their FHA minimum fico score requirement to 620 or 640, and most will require 20% minimum down payment for a 620 fico score (some first time buyer programs resembling conventional loans the exception.) Nevertheless, I have as many other mortgage loan originators have, assisted many of those home buyers who had been through a foreclosure, bankruptcy, or both and really wanted to own again. They really wanted to own their home so much so, I would have myself alarmed when the minimum wait from their foreclosure, short sale or bankruptcy was up. Had we taken too much risk in bringing these people back into homeownership so soon? I do not think so for the most part based on sound underwriting. People generally always meet the mortgage payment on their home as it is so important to them. I know that that 2008 began the economic collapse that brought a lot of people into loss of income if not loss of jobs as well. However, the lack of sound underwriting of many loans and rampant fraud in loans and on wall street were major contributing factors. I think among those 12,000 new homeowners a month cited, an unusually high percentage will not default on their homes as long as they own them.
on Tue Aug 2 2016, 12:49 PM
I've worked in the Mortgage Industry ~ 20+ years and have seen a lot of change. TRID's implementation in NC I believe has only increased the cost of Closing with increases in Attorney fees, etc. and added time to the lending process. The HUD-1 form had 3 pages and now we have 5 pages. Very few read the fine print or details and even worse never ask questions regarding the LE or CD. I'm not sure Frank/Dodd really achieved their goal.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Mon Aug 1 2016, 5:01 PM
Yep, got to sell clients on the idea they will not necessarily bit hit with some temporary bumps on their LE ion one or more fees which help we the lender not to become liable for under estimating. We have to become more of qualify sales people then just professional mortgage planners and loan officers who provide smart mortgage planning to go with a low rate and low fees (low fees by the time the CD is issued for final docs, anyway!) On a "no closing cost" refinance we may have to explain why we show some remaining costs for the borrower to have to pay! Fortunately for us if we get the estimate from title and escrow in time we will put in the amounts they give us, otherwise we must inflate them a bit on the LE. We almost always inflate the appraisal cost on the LE.
WN
on Thu Jul 21 2016, 9:52 AM
I have been an LO since 1998,, back then people expected to pay 1% Origination and 1% discount, to secure the best rate. Now, not so much.. I think I have closed 1 loan in the past 5 years that wanted to pay 1pt to get lower rate...regardless recoup time
Robert Jubran
Mortgage Banker, FirstBank Mortgage
on Thu Jul 7 2016, 3:50 PM
Great info...Thanks!
Robert Jubran
Mortgage Banker, FirstBank Mortgage
on Thu Jul 7 2016, 3:46 PM
Great info...Thanks!
on Thu Jun 16 2016, 5:46 AM
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on Thu Jun 16 2016, 5:46 AM
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on Thu Jun 16 2016, 5:46 AM
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on Thu Jun 16 2016, 5:43 AM
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on Thu Jun 16 2016, 5:43 AM
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Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri Jun 3 2016, 1:23 PM
Now that qualified buyers are actually qualified buyers and fraud is highly unlikely compared to some of the lending practices leading to the near complete collapse of the economy by 2008, one can say that eventually there will not be enough first time buyers who can afford homes at current housing prices. In spite of the tough competition from investors, eventually their numbers dwindle and the possibilities open up a little more for the first time buyers. In certain markets demand is still easily higher than inventory, but buying modest, though upgraded, 1970s era 2 bedroom condos with a little balcony or enclosed patio for $425,000 into several hundred thousand dollars will get too high and chase buyers away, who really wanted a house in the first place! They might finally decide to commute another hour to go along with the hour they were already going to have to commute! At least people in a market like I just described can usually see warning signs from some other region in their State that gets hit with a housing bubble before their region does, if they look for it.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Wed Jun 1 2016, 12:35 PM
There are always bubbles but predicting them is no easy feat. San Francisco was a good example to use of how much higher people are willing to go in their income to housing expense ratio. Obviously, being one of the most densely populated cities, there will be limited room to increase housing. The city has been creative in allowing for increased housing if falling far short of demand. The huge increases in both rents and home purchase prices in San Francisco has caused more pressure on Oakland and other East Bay city prices. However, we in the business, notice decreasing competition for housing in some parts of the extended S F Bay area. Back when the real estate market began to slow down substantially by 2007, San Francisco was the last to slow down quite a bit. I have heard of parents in Marin County which gets spillover of San Francisco home searchers, say to parents who gave up looking to buy in their beloved community,that they miss being able to do some of the things, like traveling, they used to as a family. The high monthly housing expense they took on from a home purchase in the past few years, is a burden but I think it will pay off in the long run.
Eddie Knoell
Loan Officer, Signature Home Loans Presents The Eddie Mortgage Team
on Fri May 27 2016, 1:25 AM
Nice posted AQ. Very informative!
on Tue May 24 2016, 10:19 PM
Really, how many loan officers pull credit and run a scenario through DU or LP and go ahead and submit an application they know isn't going to be approved? Those official numbers look much better than they really are because most people who can't qualify are saved the expense and brain damage of applying by considerate loan officers.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri May 20 2016, 4:55 PM
Yeah, or folks were trading on the block sales of Eurodollar futures (that's 10k contracts each in EDZ7 and EDZ8 at 98.59, specifically) that immediately preceded the spike in 10yr Treasury futures volumes and triggered commodity trading advisor stop-losses AND furthermore served as a cue for black-box momentum trading. All of the above was exacerbated by actual cash sales in Treasuries on the part of a big, unnamed fund, not to mention the general anxiety/jumpiness and impressionability of bond markets leading up to Fed minutes the day after Lockhart and Williams basically warned everyone what was coming. The ^TNX is a synthetic index that won't ever move until after all the real trading has already happened. If there were really inside information to be traded upon, then stocks and oil would not have been rising at the same time considering they tanked following the release of the actual information. If you want to more fully explore the rabbit holes of which I speak, you'd be better served by other sections of this site, such as: http://www.mortgagenewsdaily.com/mortgage_rates/blog/
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri May 6 2016, 12:56 PM
Positive news once again from Fannie Mae. Often we heard the voices from Congress that wanted to shut Fannie Mae and Freddie Mac down! Yet the housing industry is a big part of the continuing positive direction of the economy. Few Millennials, many whom had gone through credit challenges via the recession, have the cash reserves to put very much into a down payment on a home, However, many have the desire to own their own home, the consistent work experience and income, and have at least saved enough for a 3% or 5% down payment. Regardless of having profits dragged down by their previous mistakes now years behind their "current better practices", they are clearly now part of the economic success in the USA. If we can just get more Americans spending power boosted without discouraging more and more new entrepreneurial pursuits, we could get more people into owning their own homes.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue May 3 2016, 8:16 PM
Dear Conflicted Consumer, You sound pretty well versed in the mortgage world, and kudos to you for asking about the ethics of changing lenders. That being said, your comment that you have a decent rate and are now being quoted .5% LESS IN RATE is a red flag to me. Sure, rates will vary slightly from lender to lender, and they do move from day to day. However, a difference of 1/2% is remarkably huge, and a bait and switch offer, or a lender who pays their originators pennies on the dollar are the only two rational explanations I can think of for that large a gap. If you were my client, I'd hope you'd: bring me your LE from the second lender (and if you don't have an LE, you really don't have much) to review it, and also research "new cheap rate lender" to see what the company, and loan originator's reviews are. "If it's too good to be true, it probably is" comes to mind, and lender B offering a rate .5% under lender A (who you say you're basically happy with) sure sounds iffy to me. If you ended up switching lenders, and wanted to send some pizzas or something to the first lender, it would be a nice gesture. Not sure I'd do anything financial, that might be against their policies.
on Tue Apr 26 2016, 10:05 AM
HUD's idea of a resolution to Fidelity's lending is to force them to an agreement that does exactly what they are saying they are in trouble for "discrimination"? How does this make any sense, if Fidelity denied applicants based on credit or job history, legally, they did all they were supposed to. Now they have to give loans to "minorities" that don't qualify for their underwriting guidelines. These agreements are what are holding back lenders, along with the stated: ".... companies do their best to help their clients in spite of the palpable fear of making a mistake in a loan file." The lender did everything correct and still got punished for it. The Gov't agencies have too much power, especially when it is misguided and they enforce illegal actions. "Under the agreement, Fidelity will make investments and community development loans in predominantly minority census tracts where at least 40 percent of these loans will specifically promote affordable housing. For this purpose, the Bank has committed to earmarking at least $500,000 each year for two years, for a total of $1 million."
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Apr 14 2016, 4:21 PM
Good luck, Jaime. Hope he's a MND loan officer, so at least as knowledgeable as those here!
on Wed Apr 13 2016, 1:38 PM
Thank you for your comments everyone! I have gotten some more info and am in touch with someone. Ted - it sounds like you are correct in that it is quite difficult to actually get approved for one of these extenuating circumstances and requires more effort and documentation than even was required for the short sale itself to happen. I think I have a new game plan now with the LO I am in touch with - thank you again to all who replied to help!
on Mon Apr 11 2016, 3:33 PM
How do I go about finding lenders that will allow only a 2 year wait period on conventional after short sale? My short sale was due to medical reason so may possibly qualify for the extenuating circumstances. Thank you so much! (I am in the Phoenix, AZ area)
on Fri Apr 8 2016, 2:37 PM
Rob- Re Condos: Any hope that FHFA or Fannie/Freddie themselves will take the initiative to create approved Condo lists similar to HUD&VA? That would make life so much easier for all involved, cheaper for borrowers, etc. Lacking that, it seems like lenders are doing a lot of redundant work that shouldn't be necessary. Thx.
Frank Ceizyk
Mortgage Consumer Advocate, Escape From Pottersville
on Fri Mar 18 2016, 12:24 AM
I completely agree with you Larry, and if the mortgage industry adopted "I am going to be a mortgage consumer advocate first and a profiteer second" as its mission statement and then acted accordingly, the dialogue about our industry could credibly change to one of trust. I have heard some originators discuss the idea of 'residual compensation' for long term loan performance and retention. This would certainly take some of the pressure off of mortgage banks to constantly be releasing new products in the name of driving volume and profits, and motivate loan officers to become more focused on long term financial mortgage planning, rather than short term profit goals. Providing the best rates and terms for borrowers with a financial plan in mind would reduce prepayment risk, as loan officers would be working for both the initial commission, plus the residual income for performance and length of time that loan stays in the MBS pool. While this may seem like a distant pipe dream, I fear that if we don't reform our industry to provide a more comprehensive financial planning and education component as a value added service, the Rocket Mortgage model will replace us as consumers choose speed and immediate convenience over a longer term financial mortgage wealth plan that requires more time and effort.
 

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