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on Wed Apr 24 2019, 2:00 PM
"Buyers who have been able to obtain small dollar mortgages across the spectrum [...] have comparable credit profiles to those of borrowers of mid-sized mortgages and their loans perform similarly." This research seems to point to the obvious. I assume originators would match the creditworthiness of borrowers of LB1s with those of LB6s and high balanced. Also, considering the pay ups for LB1s opposed to LB6s are higher, it would hint at them being more wanted, aka safer from default and prepayment.
Ted Rood
Senior Originator, Homesite Mortgage
on Wed Apr 24 2019, 11:44 AM
Since buyers obtaining mortgages on lower priced homes have similar scores to those buying more costly properties, is it possible that the prevalence of cash sales for cheap houses is because investors buy a higher % of them, and often eschew mortgages in favor of cash? That's my hunch.
on Tue Apr 23 2019, 12:04 PM
I feel the same way as Arthur and would love some feedback, we are doing training's on VA changes and just don't see that there is really a difference between type 1 and IRRRL
Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Sat Apr 20 2019, 1:43 PM
Ann, the 2 things you mention could have been included in the study...perhaps paying attention to the primary regional differences, and the prediction 90% of tax filers would take the standard deduction as opposed to 70% in the past are helpful suggestions. Particularly how the higher number of tax filers taking the standard deduction seems pretty important. I hope we get facts coming out on what the exact percentage was with this year's tax filers and how that affects sales from now on. I had only thought of how the new lower mortgage interest deduction limit would be an additional factor to include in predicting any reduction in home sales. Of course, the economy and the many different things that affect it almost immediately, short term and long term is the number one reason many of us look to mortgage news daily to help mortgage consultants better assist homebuyers. I think Jann's report here does emphasize that a drop in homebuying points primarily to higher income/higher property tax areas. If the NAR prediction of a strong quarter holds up, then it is due to sales primarily of lower to upper medium range priced homes. Ann, I do think, in your 2nd to last sentence you meant to say..."reduction in unemployment rate as opposed to reduction in employment rate?" Good comment, regardless.
on Wed Apr 17 2019, 9:45 PM
I think there are a couple things missing from the study. The feb 2018/2019 year over year numbers for existing home sales are more meaningful when broken up by regions. The Northeast sales increased, the south and Midwest were flat and the west was down 7.2%. So it's more of a regional issue, versus national. That is important. . Secondly, in the past, 70% of tax filers took the standard deduction, with the expectation that 90% wiill this year.. I think the economists in the study focused on high net worth buyers - only a portion of the population. In addition, it's very difficult to assess housing from 2009 through the present because there were so many variables after the housing crisis. Probably the most important was job numbers. The unemployment rate in 2013 averaged 7%, with black and Hispanic buyers around 13%. Home sales obviously would be down. Unemployment rate dropped to around 5% in 2016 - so makes sense that home sales would increase. Bottom line - increase in number of jobs created/reduction in employment rate has been the driver in increasing home sales. As for 2018, the strength of the economy and rise in the stock market has been an appealing place to put money - stocks go up, bond prices go down/yield increase. NAR is predicting a strong second quarter in existing home sales. Overall, this really has little to do with changes in the tax law.
on Tue Apr 16 2019, 8:41 AM
A few questions on this article: Are you trying to say that the race to the bottom will affect a non-banks ability to get credit from Warehouse Lenders? Next, are you saying that non-banks who are leveraging their MSR portfolio to receive credit have to worry about rates dropping as it reduces their asset and their ability to borrow. So the liquidity that you are referring to is Warehouse Line Credit, and possibly Dealer Credit if you are getting margin called on your TBA securities. Am I reading this article correctly?
on Mon Apr 15 2019, 4:51 AM
If you have no credit history or are applying for a no credit check mortgage, it is particularly important that you talk with your tampa home loan officer at the beginning of the process.
on Thu Apr 11 2019, 8:55 PM
What have you seen regarding a 'clarification from HUD on FHA loans' to DACA recipients ? I've been following this closely and have only witnessed side stepping.
on Sun Apr 7 2019, 3:39 AM
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on Sun Apr 7 2019, 3:24 AM
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on Wed Apr 3 2019, 4:54 PM
Feeling proud I locked my pipe last Thursday 28th at the recent low. After such a significant drop the bump back up was totally expected. But Good / better times still ahead. Sooner than later I think. Floating the wave back down...my two cents.
on Fri Mar 29 2019, 12:58 PM
Real estate does indeed need some fixing. Our company https://squarerise.com is doing research on this.
on Fri Mar 29 2019, 10:00 AM
Contra Nick Lands hopes for AI deleting us stupid apes with accelerationism I told him artificial synthetic stupidity is the future ASS for short computers are far too race realist noticers of HBD to be allowed to just notice shit willy nilly that would be like free speech being well free or association being free thinkers or feelers some thoughts and emotions just cnt be tolerated in a free society, or like property rights giving one free reign over ones property like lunch counters or real estate or social media companies, some types of property rights cant be allowed in a free market, alright maybe social media companies can be free a long as theyre free in the right way
on Thu Mar 28 2019, 12:26 PM
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Mar 27 2019, 5:07 PM
he's saying clients who need to close within 30 days are being strongly advised to lock while those with more time to spare can lock or float depending on their level of risk tolerance.
on Tue Mar 26 2019, 6:28 PM
Hi, " I'm locking loans closing within 30 days, still going by clients' risk tolerance for those closing further out. " What does this mean - is he saying that go out and get the locked-in rates now from lenders or if closing is within 30days, get these rates locked in now? What is the client risk referred here?
Ted Rood
Senior Originator, Homesite Mortgage
on Wed Mar 20 2019, 9:49 AM
The Urban Institute released the study and its conclusions. Whether they are accurate or not (I too feel they're ignoring economic conditions, which are vastly more important to defaults than appraisals), Jann was not the source for any conclusions.
on Tue Mar 19 2019, 4:51 PM
NO- the economy tanked and got better. There are massive issues at play here creating contrived markets by the GSE's very dangerous for consumers. These numbers are because the economy improved. Be careful reading stories from this writer. She needs to do some real life research
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