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Contact Information
phone: (215) 631-8032
mobile: (215) 262-8032
fax: (215) 794-0506
Patrick Nolan
Mortgage Originator,  MCS Mortgage Bankers, Inc.
5230 York Road,  P.O. Box 740
Holicong,  Pennsylvania  18928
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Comments
"I don't get the "tight credit" conditions for first time homebuyers. The 620 FICO score borrower with 5% down mentioned in this article can still obtain an FHA 30-year fixed mortgage with 3.5% down with rates of 3.875% to 4.25% with a lender closing cost credit and seller assist so they only need the 3.5% down. DU will approve that loan in most cases with DTI ratios well in excess of 45%. In who's world can that be described as tight credit conditions?"    View Comment
"That would be the Governor of New Mexico and her husband as the Governor is Susana Martinez."    View Comment
"AOT = assignment of trade, selling servicing rights in batches to the Wall Street investment houses on loans the originator has delivered directly to Fannie or Freddie. Achieves better pricing then selling loans servicing released to the big aggregators. Bulk mandatories - originator commitment to deliver X millions of dollars of loans at X average coupon rate by a certain time period. If loans fall out you either replace them to meet the commitment or pay pair off fees for failing to meet the mandatory..."    View Comment
"The worst offenders are the news media that report Fannie / Freddie average rates for the past week and conveniently leave out the average points paid for that rate."    View Comment
"Massive & Better than fall/winter of 2010. Almost every loan transaction I have done in the past 2.5 years can be refinanced with no closing costs to a rate that is .25 to .375 better than the borrower currently has. 30-year fixed borrowers with loan amounts of $250K to $417K, and good credit, LTV, etc with 4.375% to 4.5% rates on their current mortgage can refinance to 4.125% (4.00% on days like this past Wednesday) If these rates hang around for awhile (and from what I'm reading it looks..."    View Comment
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