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on Wed Nov 8 2017, 2:49 PM
If a Buyer gives up on getting qualified, they are giving up on their dreams, home ownership, and wealth building. Even if they have to re-group and come back a year later, it is always worth the effort for their long term retirement goals. That's for the great article.
on Wed Nov 8 2017, 2:46 PM
Great information. As a Realtor, I recommend that Buyers begin the process of improving their financial position and FICO score(s) about 6 months before writing any contracts. Those two things may get the Buyer a low interest rate loan, who can now purchase a better home.
on Wed Nov 8 2017, 2:43 PM
Interest rates are key to affordability with Buyers. Housing prices in the Douglas County, Colorado area have almost doubled in the past 7 years. When interest rates rise, that may force many potential Buyers out of the system and to stay in rental properties to affordability issues.
Robert Jubran
Mortgage Loan Originator, Regions Bank
on Mon Nov 6 2017, 11:10 AM
Great info!
brian dean
Senior Mortgage Consultant, FirstCal
on Fri Nov 3 2017, 11:30 AM
Has anyone else noticed the proposed tax deduction is ONLY on purchase loans so there would be no more refinances. It would never make sense to refi your mortgage and give up your tax deduction
on Tue Oct 31 2017, 8:54 AM
Home prices and wages differ little than they were in 2007. What is different is qualifying criteria. Tighter government regulations and more conservative lenders have cut the purchasing pool to a fraction of what it was 10 years ago.
on Fri Oct 27 2017, 5:50 PM
Landa is a horrible mortgage broker. I found the experience to be frustrating and maddening. They kept asking for the same information over and over. They changed their mind from day to day. I had to prove identity several ways. Had to prove my income several different ways. Had to prove my employment status several different ways. At the end of a two month process, we are still in limbo.
on Fri Sep 29 2017, 9:53 AM
Bravo Mr. Stevens! Spot on with setting the correct stage for where the real focus Ginnie Mae and regulators should be allocating resources. It's sad most media coverage seems to post a negative spin on just about everything - as an industry and just in general if you are in a position to inform, how about taking a more positive approach? Be part of the solution, not the problem...
on Tue Sep 26 2017, 3:47 PM
I am sooo stealing this:)
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Sep 13 2017, 10:58 AM
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Sep 13 2017, 10:58 AM
Oops, meant Equifax, not Experian.
on Wed Sep 13 2017, 10:57 AM
To Ted Rood - You mean "If Equifax isn't...." not Experian???
on Thu Aug 31 2017, 12:19 PM
I provide an ARM as an option depending on the customers goals down the road. It isn't always about where the current ARM rate is???!!! I think it's safe to say that it is always lower than any fixed rate most times, the 10 year ARM usually doesn't even make sense.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Aug 30 2017, 4:20 PM
I'm seeing a LOT more of my clients express interest in ARM's than the last couple of years. With 7/1 ARM rates about .75% under 30 year fixed rates, they're a great choice for many borrowers.
on Tue Aug 22 2017, 5:33 PM
I currently use Thomson Reuters Eikon but cannot get the volume to work for my daily charts. How do you get volume for treasuries on Eikon?
Ted Rood
Senior Loan Officer , MB Financial Bank
on Mon Aug 21 2017, 11:11 AM
Thank you for refraining from gratuitous eclipse references, such as "remains to be seen if bond demand will eclipse available supply" and "can only hope any gains today aren't completely overshadowed by distracted traders."
on Fri Aug 18 2017, 1:49 PM
Good article Matt. You obviously know the ground on which you are walking.
on Fri Aug 18 2017, 10:52 AM
Thank you ! I will share and pass it along
Jeff Statz
Chief Loan Officer, Mortgage Statz
on Thu Aug 17 2017, 5:05 PM
Lots of valuable material here! Thanks for the informative article, Matt.
on Thu Aug 17 2017, 4:43 PM
Great article! Something I've always been meaning to write... thank you for sharing!!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Aug 17 2017, 4:32 PM
Great info, Matt. This is a perfect piece to pass on to borrowers in the divorce process.
John Paul Mulchay
Sales Manager, Guaranteed Rate
on Tue Aug 8 2017, 5:36 PM
How about the Treasury let them keep their profits so they have increased capital reserves and phase out the conservatorship model?
on Wed Aug 2 2017, 6:18 PM
It was 1993 when Bill Clinton issued an Executive Order to lenders telling them to used "creative financing" including zero-down interest only ARMS, for people with poor credit and no down payment money in order to make it easier for them to buy homes, or face federal discrimination charges. Do we really want to go back to that?
Michael Gannon
Vice President, United Northern Mortgage Bankers Ltd.
on Wed Jul 26 2017, 12:52 PM
Rob what do you see most mortgage bankers grossing margin wise excluding LO comp on conventional or FHA loans?
on Wed Jul 26 2017, 10:40 AM
But investors lost their pants. Obama hoped to do same with the Banks, by giving them TARP money. if they fail to repay, put them in conservatorship, or nationalize them. Viva Socialism!
on Wed Jul 26 2017, 10:34 AM
But investors lost their pants. Obama wanted to do the same with all the banks, giving them TARP money hopping they never repay, and than put them in conservatorship, or nationalize them. Viva Socialism.
on Tue Jul 25 2017, 10:23 AM
So Ally is going to match a one man Broker Shop grossing 1.5bps per loan??? I highly doubt it
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Jul 14 2017, 1:17 PM
Agreed. I made a few edits for you. Thanks for the feedback.
on Fri Jul 14 2017, 8:49 AM
Please get competent authors or use editors before posting articles. This is full of typographical errors, incorrect language usage, and confusing sentence structure.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Jun 28 2017, 12:03 AM
My pricing today didn't reflect MBS' full losses today, the real question is what tomorrow's rates will look like!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Jun 28 2017, 12:01 AM
I can certainly see paring off Fannie's multi-family business, but further splitting their single family portfolio sounds like a sure recipe to increase overhead. How much more would be spent on management, administration, and facilities, and how would that overhead benefit consumers?
on Tue Jun 13 2017, 4:05 PM
Why not bring the fees paid to appraisers in line with the fees paid to fellow professionals while holding appraisers to the same rigorous and strict standards that other professionals are held to and require professional organizations to police their membership, especially those whom the organizations have designated as senior members, ASA and MAI for example. RICS has its registered valuer program in which the appraiser will be disciplined and removed from membership for egregious and unprofessional behavior. The applicant to the registered valuer designation must assent to the terms and conditions of RICS oversight as a contractual obligation prior to the application being reviewed. The problem with the American organizations is that the designations have become paper certificates that are of no worth to the appraiser's clientele as there is no third-party oversight of the appraiser's behavior by the sponsoring organization. If you study the Senate Banking and Finance Committee hearings in the Mid-1980s into the Freddie Mac 41B rule you will find that the professional organizations looked the other way. You would have thought licensing would have forced them to clean up their act. It hasn't and I have first-hand knowledge of it. I have also been told by clients that designations mean nothing as there is no real difference. So, pay us properly for the work we do and do not force us into half-pay sweatshops such as MetroWest, DS Murphy, Assurant, RELS etal. In exchange, demand from us report quality as befits a professional. As for the 'cash buyer' it may behoove regulators to vett the source of the buyer's cash. Respectfully, Steven Davis MRICS, Registered Valuer
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri Jun 9 2017, 1:21 PM
FHA generally allows to 47% front end...not much more then the conventional at 45% front end maximum, but it is something!
on Mon Jun 5 2017, 6:04 PM
Yeah, as far as I know, 45% front-end is max with just about any program.. 50% is definitely referring to back-end ratio.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri Jun 2 2017, 4:27 PM
I can't help but think the 10 yr bond yield is going to stay over 2.50 for a time along with a higher mortgage rates, and in no time at all I am proven wrong! I guess we should leave the bond yield direction and speculation on short term and long term rates to you Matt!
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri Jun 2 2017, 4:20 PM
I always inform people "do not use Zillow''s automated estimate to determine the value of your home." It often is not on par with a proper evaluation. Perhaps they could change their system but it never was designed as a substitute for either a realtor familiar with the area's sales or an appraiser's evaluation of value. Maybe they could eliminate it altogether. You can look at recent sales comparisons on Zillow and should be able to get a better idea from those what the value of your home may be. As a mortgage advisor & loan officer I search for recent sales via Title Companies' search engine and can get pretty decent idea: usually within $50,000. As a seller you should be able to get an accurate idea of value thru an experienced realtor. It is their job to know the current sales market for your home valuation.
on Wed May 31 2017, 3:01 PM
Can we clsrify the DTI reqyirement? Is this for front end only? If so, what wilk the backend ratio be?
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu May 18 2017, 11:59 AM
The fact that refinancing during that time was at least as much to blame as risky purchase loans and sloppy underwriting, seems to be the forgotten part of the mortgage lending industry's share of the economic crisis of 2008. That more than 80% of fannie mae or Freddie mac refinances were cash out refinances tells part of the story of the high risk involved. That people at the top failed to notice or refused to notice what was happening is what makes most rational people who went through those times realize certain regulations need to be in place and enforced.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu May 4 2017, 1:10 AM
It's not April 1, but thought for a minute it might be when I read of Nationstar's, uh, "creative" strategy to rebrand to "Mr. Cooper". Are they frantically recruiting male loan officers named Cooper, to complete the transformation?
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu May 4 2017, 1:07 AM
"Tight inventories" is the key. When there's more buyers than sellers, prices rise. In this case, can add "vastly" before "more", and "rapidly" after "rise."
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu May 4 2017, 1:04 AM
Wish my clients could find houses to buy, a sentiment all loan officers and realtors likely share. Have numerous buyers, motivated, realistic, and well qualified, but they're finding multiple offers, over list price, for homes they like. Great time to be a seller, not so much a buyer.
on Tue May 2 2017, 6:27 PM
Get NJ on the band wagon. They have prevented me from buying a house because they never credited my payments for 3 months. Why ? because I did not write the loan number on the check. I have lost many properties because of their error which they refuse to admit guilt. Appraisal fees lost, application fees lost, deposits lost. They also made me sell the property way below market value because they were threatening to foreclose meanwhile sending all letters to the wrong address. I am out so much money because of them. Some one needs to get them to pay up to the people whom they ruined their lives.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu Apr 27 2017, 1:20 PM
Most of us who have been around for awhile know the tax reform plan is too radical for many politicians tastes. What Congress ultimately comes in to agreement with the President will seem somewhat radical in view of what we have had in place, for the most part, for many years. However, it is hard to imagine a sufficient number of republicans are going to vote for a tax plan that clearly will increase the deficit dramatically. It goes against everything they preach. Then, we have a President who clearly agreed that the very wealthiest including himself, should be taxed at a higher rate....until he got elected!
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu Apr 27 2017, 12:57 PM
OK, I do not know about any of you guys, but I attended a CA State University 1975 on, at $90/semester and a community college just before that for free. It is the one other thing that Bernie said, besides promoting single payer health care, I would have to agree with. I think a lot of Mellennials agree..."free stuff, yes!" Now that our government has graciously assisted thousands upon thousands of students with these student loans to pay for far higher costs than I could have imagined back in the day, do we leave them hanging with often a lifetime of debt they can never seem to pay off? I or my younger brother (who had board and room at a UC campus for an "unbelievable" price by today's standards) could never have imagined the cost in proportion to what the average parent could help out with, and a part time low paying job. Student loans were all ready being made back then, and my brother for whom Dad paid for his board and tuition. took out a student loan to cover pot, beer and miscellaneous expenses a student might have. It was small enough and decent paying jobs were plentiful enough back then that he paid the loan back in a few years time. OK, maybe free college is too far from what could ever be agreed to other than maybe community colleges, but we could lift that burden from many of our Mellennials, & others. In fact they can apply for loan consolidations and reduced payments now, though many still may end up paying on their student loans until they are old and gray. As banks have forgiven debt with offering short sales to underwater and over financially burdened homeowners, what could be wrong with working with each former student that might be struggling, and forgiving at least some portion of the debt and/or reducing payments and making the loan interest free?
on Wed Apr 26 2017, 11:08 AM
I seen this both ways in my 20 years. I have seen people with 10-15 year old student debt, but that $900 a BMW payment was more important. Many of these do have the means to pay these back. They just treat them like yesterdays leftovers. Yes, now there are some that are really in a pinch, however I think this has become more political than factual in the past few years.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Apr 24 2017, 1:27 PM
The more immediate issue with tax reform is that it will (might/could) juice equities markets at the expense of bonds. Jury's out on long-term inflation risk due to money-printing. So far, not as scary as billed.

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