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on Wed Sep 28 2016, 4:06 PM
Also, the link to Mortgagee Letter 2016-06 is incorrect and is pointing to the Single Family Housing Supplemental Documents Archive.
on Wed Sep 28 2016, 3:49 PM
Ditech's USDA announcement should have read " The Guarantee Fee is reducing from 2.75% to 1% and ANNUAL Fee is reducing from 0.5% to 0.35%.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Tue Sep 13 2016, 2:36 PM
Now you have me thinking what is it that Florida, Michigan, Texas, Ohio and California have in common that they lead all the States in foreclosures? Florida and California being at the front of the pack makes sense...there were previous runs on buying per speculation. In record numbers people were buying what they really could not afford...figuring they would flip them soon enough or at least in the notion housing prices could become even more unaffordable! Texas, Michigan, and Ohio had their share of speculation but were all particularly hit in hard economic times, I believe.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Mon Sep 12 2016, 12:31 PM
It seems we have survived higher rates by at least half a point at various times in the past several years...but not too high, of course! The challenge when prices get to where they are in my community is more and more potential buyers cannot afford to buy here, and you reach a point where prices are out of their reach. Compound that with rising rates and at some point prices have to fall. At least it generally works that way. I am sure some investors have stopped buying in our area as the prices generally do not suggest high enough in rent to recoup the cost, at least for single family homes and condos.
on Sun Sep 11 2016, 11:18 AM
Probably a lot of short selling of the 10 year treasury in the cash market on Friday. Maybe the shorts will cover on Monday and rates will come back down. Just a guess.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Sat Sep 10 2016, 12:02 AM
I'm guessing there are dramatically more than 6 in your audience here, MG, and if "sucks" is best verb to describe today's action (which it well may be), then the 3 offended readers will just have to cope with their dismay.
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
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
 

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