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Lillian Bradley
on Fri Nov 27 2020, 4:01 PM
Hi all, I have seen comments from people who have already received a loan from Anderson Loan Finance. I really thought it was a scam and applied for a loan based on their recommendations because I really needed a loan. A few days ago, I confirmed on my personal bank account the amount of $12,000.00 USD that I had requested for a personal loan with a...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Nov 24 2020, 5:18 PM
Think it's ill advised to make blanket statements like "no purchase should take over 30 days to close." I just had an FHA loan where assigned appraiser took 30 days just to get appraisal back, client couldn't get accurate insurance quote until we had appraisal (it was a relatively unique property). Needless to say closing took over...
WN
on Fri Nov 20 2020, 7:26 AM
If your Lender is taking 50+ days to close a Purchase, You need to find another lender!! No reason it should take more than 30!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Nov 10 2020, 3:44 PM
It was a fluke and completely my fault. Fixed now.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Nov 9 2020, 4:22 PM
It was great to see MBS sell off less than treasuries, but that can't last forever. If anyone's waiting to see where rates are trending, the answer is "not down" to any significant degree.
H Sanders
on Mon Nov 9 2020, 3:50 PM
What is the deal with the 1% drop in 30 yr jumbo rates that seems to have happened on Nov 6? http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx. It doesn't seem to be a fluke because it didn't immediately recover today. What's the story with that?
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Nov 4 2020, 7:28 PM
Great points, MG. Given MBS' massive improvements today, have to anticipate the lenders who were stingy today will ease tomorrow. Definitely nice to still be writing loans with rates staring in the 2's for many borrowers!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Nov 4 2020, 4:12 PM
Thank you David
David Stroud
on Mon Nov 2 2020, 6:45 PM
I love the analysis. Thank you!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Oct 30 2020, 10:01 AM
It really only signifies that this is where the mortgage origination community is operating. The Fed will buy what's put in front of them. I suppose we could say that the Fed could have abstained and thus made life harder for mortgage rates, but if their goal is to provide accommodation via bond purchases, that accommodation is more effective if...
Jerry Kopensky, REALTOR
on Fri Oct 30 2020, 12:05 AM
Great article. I had a feeling that UMBS 1.50% did exist, but only as a shell awaiting an application. Could this signify where the Fed would like to see mortgage rates?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Oct 19 2020, 2:09 PM
Typo, yes. Fixed. Thank you!
Mike Smith
on Thu Oct 15 2020, 2:23 PM
Is this a typo? I can't make sense of Jann Swanson's assertion that: "The average loan size slipped to $ 319700 from $222,500...."
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Oct 14 2020, 5:56 PM
With all due respect to the MBA, as Matthew Graham has consistently noted, rates were definitely lower for much of August than they are now. Perhaps MBA was looking at rates for loans closed, not started, which would make sense because they would have been originated in July/August. Fannie/Freddie's new .5% refinance fee is certainly impacting rates...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Sep 30 2020, 8:23 PM
When rates are at/near all time lows, there's a lot more room for them to rise than drop further. I've been locking my loans sooner than later, there's something to be said for not losing sleep wondering if rates will rise.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 29 2020, 4:52 PM
I'm seeing rates at/slightly below last August's levels, especially for purchases. Had a client at 3% call me about refinancing today. Didn't make sense for him, but would have if he were at 3.375%.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Sep 25 2020, 2:28 PM
Does this count as early September? Is is clear and emphatic enough? http://www.mortgagenewsdaily.com/consumer_rates/954005.aspx And to be fair, we've been talking about this since early August. And when it was delayed, we immediately warned that it wouldn't take long for the fee to return.
Satish Agra
on Tue Sep 22 2020, 7:08 PM
Wish this news came begining of september than later after rates changed already.
thomas paulson
on Sat Sep 19 2020, 9:04 AM
Is this due to loans moving into delinquncy or because the loans are now being paic current?
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Kent Schrader
Mortgage Loan Officer, Assurance Financial NMLS# 70876
on Fri Sep 18 2020, 8:37 PM
Agree with the comments made, but feel the 8000 lb gorilla in the room is the slack in the economy that hasn't yet been realized due to Fed stimulus and the aforementioned Fed asset purchases. With so many businesses shut down or operating at losses, it is too soon to talk about a long term recovery. Few businesses can operate for long at 50% or...
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Sep 18 2020, 8:50 AM
I've warned about this from the beginning. It's not as bad as it was in early August, but it's definitely happening at more than a few lenders.
Ly Pham
on Thu Sep 17 2020, 5:50 PM
adverse fee doesn't apply to loans for Purchase, but my borker quotes higher rates across the board since Monday
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 15 2020, 7:49 PM
Betting/planning on rates dropping when they're already very near record lows, with a new .5% refi tax being added to boot, seems ill advised. I've been locking my loans early since this spring, and it's served my clients well so far.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Fri Sep 11 2020, 1:44 AM
I'm seeing the .5% "refi tax" coming back into play on rate sheets. Remember, lenders have to pay it on refinances over 125K on loans sent to Fannie/Freddie Dec 1 or later. Since the delivery process can take place several weeks after closing, to be safe, most lenders are adding the charge back in sooner rather than later. Pricing still...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Sep 9 2020, 4:49 PM
Pricing is steady for the moment, but we won't be able to avoid FHFA's new refinance "tax" forever. Time is of the essence for clients considering refinancing!
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 8 2020, 4:08 PM
That cost does (or will) apply to borrowers refinancing with new loans of 125K+, Eric. When FHFA initially announced it with no notice, and would have applied to a huge number of loans that lenders had already guaranteed pricing on. Due to this, pricing worsened on all loans, not just refinances. Now that the fee has been postponed until Dec 1 deliveries...
Eric
on Mon Sep 7 2020, 12:56 PM
Why should borrowers who aren’t refinancing (conventional loan seekers) be responsible to covering this fee with a higher rate? Why not put the refi fee only on the refi borrowers
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Sep 7 2020, 11:00 AM
If CFPB really wanted to deter these abhorrent practices, they'd ban offending lenders from doing VA loans. It would only take a couple of those for the industry to pay attention and start complying. Token fines aren't effective if lenders have already closed thousands of VA loans.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Sep 7 2020, 10:58 AM
Sadly, that's still a far too common practice, Jake. Unscrupulous lenders will push the envelope as far as they can, particularly when odds of any repercussions are low.
Jake Cadwell
on Fri Sep 4 2020, 5:04 PM
" Advertisements also created the false impression that the companies were affiliated with the government by using words, phrases, images, or designs that are associated with the VA or the Internal Revenue Service." Most of the IRRRL mailers I get do this
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Fri Sep 4 2020, 4:44 PM
If you knew gas was going to go up $.50 a gallon, you'd definitely fill up before it did, right? Same thing here. If you have ANY intention of refinancing anytime soon, get your loan going NOW, not two weeks from now!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Sep 4 2020, 11:34 AM
Yes
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Thu Sep 3 2020, 7:12 PM
Tomorrow will be interesting to say the least, between NFP jobs report and the Labor Day weekend. While lock desks can be reticent to chop rates before holiday weekends, it's important to remember than Fannie/Freddie's new .5% refinance surcharge will soon apply to most refinances. If you're thinking of refinancing, time is of the essence...
Harold Monroe
on Thu Sep 3 2020, 5:13 PM
Your statement above “Wherever he laid his hat was his home… And when he died, all he left us was a loan.” Oh, sorry, “alone.” This reminds me of the song “I want to get you a loan” from the group Heart. It would be great music-on-hold for mortgage companies!
Harold Monroe
on Thu Sep 3 2020, 1:38 AM
The last sentence of the article said "the only difference is that rates will have to drop roughly 0.125% (one eighth of one percent) farther than they otherwise would have". Does this mean that the .5% fee will cause rates to go up by 0.125%?
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Sep 2 2020, 5:49 PM
Homeowners have a pretty compelling reason to move quickly here, knowing that pricing for most refinances will worsen by .5% within weeks. Sure, we "could" pick that up with improving bond markets, but that's hardly a given. Thinking of refinancing? Now is the time!
Rob Brunswick
on Wed Sep 2 2020, 9:53 AM
LOL NO!
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 1 2020, 5:12 PM
My pricing improved noticeably today, was able to get some clients rates I couldn't yesterday. With Labor Day weekend and NFP looming Friday, I'll be looking to lock most loans before end of day Thursday.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Aug 31 2020, 5:14 PM
Thanks, MG, it's great we recouped nearly all the pricing we lost the last couple of weeks. Might be good for borrowers to note that pricing does vary depending on lock length, and most lenders have robust pipeline volumes, so are taking longer than normal to close loans.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Fri Aug 28 2020, 6:03 PM
Priced several loans out today, and we were still near August's best pricing. Not sure how much longer this will last, so getting as many folks going as I can while rates are amazing!
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Thu Aug 27 2020, 4:58 PM
Thanks to your astute analysis, MG, I've been locking my clients loans early for several weeks. Sure not going to start floating new ones now, given this continued move towards higher rates.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Aug 27 2020, 1:29 PM
Thank you Dean
Dean Chaney
on Wed Aug 26 2020, 10:07 PM
Yet again in layman's terms a complete summary of what happened, what is happening, and what might happen, with the proper dose of anecdotal input. I could not agree more with the approach to refinance now, refinance later if it makes sense to refinance later. One does not preclude the other, and the savings are immediate. Win now, maybe win but...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Aug 26 2020, 7:19 PM
Loan pricing is based on numerous criteria, including equity, location, loan size, loan purpose, credit score, property type, lender margins and more. Anyone who quotes a rate without first confirming all the pertinent details is not doing his due diligence.
John Marshall
on Wed Aug 26 2020, 6:04 PM
Its funny how things repeat themselves. Back in the 70/80's, it was not uncommon to pay 3 points for a rate. Later in the '80's people wanted to pay points. We would offer a quarter percent increase in the rate for every point. Now people are trying to market this. WOW. They need to understand IRS implications and consider how long you plan...
T O
on Wed Aug 26 2020, 5:05 PM
Great rate! Congratulations! I wonder how much location/state varies among rates. I was happy when we locked at 2.75 with $4700 in closing costs. Just had our appraisal. I think we just have to move forward....
Jimmy Kay
on Wed Aug 26 2020, 4:18 PM
contact your lenders again. Make sure to search for at least 10. also, lenders from the internet are a lot cheaper than banks or credit unions or local brokers 2.5% no point is back. Just contact some lenders, if your LTV is les than 75%, your credit is over 740 and you have stable W2 job over 2 years
Jimmy Kay
on Wed Aug 26 2020, 4:17 PM
It should go down It was unjustifiable for some companies to raise by more than .25% interest rate. all those rates locked last week will be seeking new rates and lenders will keep the price up to make up all the locks they burned. what a mess anyways, 2.5 with 1600 lender credit is back on at this one online mortgage company
Vogol
on Tue Aug 25 2020, 6:35 PM
JB Green - Great. I will contact your email next. Thanks a lot.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Aug 25 2020, 5:34 PM
Well, better for FHFA to fix this now than not at all. It'll definitely be interesting to see how lenders and investors adjust their rate sheets. Hopefully we'll get back down in the 2's for top tier scenarios again!
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 2.84%
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  • 15 Yr FRM 2.39%
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  • Jumbo 30 Year Fixed 3.25%
MBS Prices:
  • 30YR FNMA 4.5 108-14 (0-04)
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  • 30YR FNMA 5.0 110-18 (0-01)
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  • 30YR FNMA 5.5 111-29 (0-07)
Recent Housing Data:
  • Mortgage Apps 3.86%
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  • Refinance Index 4.51%
  • |
  • Purchase Index 3.52%
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