Please Note: JVM Lending is temporarily unable to accept new refinance applications. We have met our maximum loan volume capacity and are unable to process additional applications without sacrificing the 5-star experience to which our valued clients are accustomed. We sincerely apologize for this inconvenience.

We are still accepting new home purchase applications, and still have capacity in our purchase loan division.

JVM’s Blog

Whoever Has The Most Friends Wins; A Reminder That Hard Work Alone Doesn’t Cut It

NYU Professor, Scott Galloway, who I quote often b/c of his exceptional success in business, tweeted this: “People think of it as strong alpha males who deserve to win. That’s not what Darwin suggested, or what has been demonstrated. The most successful strategy in life is friendliness and cooperation, and we see it again and […]Read More

Appraisal Issues – Low Values, Delays & Why; When Summer = Spring

Our Social Media Manager recently noted a lot of comments on social media  regarding appraisal issues – both low values and delays. The conditions that foster these issues are worse than ever right now and I wanted to discuss a few reasons why. LOW VALUES: WHEN SUMMER = SPRING Spring is usually the issue. Appraisers […]Read More

Can You Be Too Old For a 30-Year Mortgage? Cheap PMI; Mortgage Calculators

A 90-year-old woman can still qualify for a 30-year mortgage even though it is very unlikely that she will be around to pay off the loan. This is b/c mortgage discrimination laws preclude lenders from using age to deny credit. The only criteria lenders can consider are income, assets, credit, down payment (equity), and collateral […]Read More

10% Down Jumbo Options; 80/10/10s; Rates Hit All-Time Lows – Yawn

RATES HIGHER THAN IN JULY DESPITE “RECORD LOWS” Housing Wire was reporting that mortgage rates hit all-time lows again last week – and I yawned again last week. This is why. Until the mortgage industry comes to grips with its capacity issues, the actual mortgage rates that most lenders offer will not fall further. We […]Read More

Mark Cuban Was Right; SF’s Death & Revival; IKEA & Honey Badgers

A few weeks ago I blogged about The Death of New York City, citing another blog by James Altucher that set out reasons why NYC is not going to recover: the loss of business opportunities; the loss of cultural events; and the loss of restaurants. I also mentioned how Dallas Mavericks owner and Shark Tank […]Read More

Will Prepayment Penalties Return?

A young couple was sitting in my office crying. It was around 2005, they were on a very tight budget, their rate had just adjusted to almost 10%, they had to refinance in a hurry for a variety of serious personal reasons, and they had just discovered that their loan officer had saddled them with […]Read More

Divorces Surge During COVID; Divorce Considerations That Affect Real Estate And Mortgages

FIRE CERTIFICATIONS NOTE: With wildfires still raging across California, underwriters are still requiring “Fire Certifications” for every property that is near a major fire. This is simply photo evidence that a property remains undamaged by fires. DIVORCES Divorces are surging as a result of the COVID crisis. Online inquiries have jumped over 30%, according to […]Read More

When Getting A Loan Is As Easy As Buying A Fridge At Best Buy

In 1999, I needed a new car. Not being particularly into cars, I asked a buddy, who was into cars, what kind of car he recommended. At that time, he said the best buy on the market was a Lexus GS400, and he gave me a detailed list of options and specs I should look […]Read More

Pay Cash For House Now & Get Financing After Close; “Delayed Financing”

Despite the COVID crisis, there seems to be more cash-rich buyers than ever right now in our three biggest markets – Bay Area, Austin, TX, and Dallas, TX. This is a result of several things, including the thriving tech economies of Austin and the Bay Area; the prevalence of cash-rich Californians taking their home equity […]Read More

Lender Credits For Closing Costs – When & Why

Most buyers understandably want the lowest rate possible when they lock in their rate. This is particularly the case when they believe rates are at an all-time low and when buyers believe they will keep their loan for 30 years. But, as I remind readers often, very few people keep their mortgages for more than […]Read More

“1% Closing Cost Credit Referral” How’s It Work? Compliant? No Free Lunch

One of America’s largest mortgage banks is offering a “1% closing cost credit referral” to real estate agents. The below paragraph was copied directly from an email that the lender sent to an agent we know: “I’ve attached your exclusive 1% closing cost credit referral. In order to reserve that for your new buyers you […]Read More

Fed: “We’ll Ignore Inflation & Keep Rates Low Forever!” Or Not

Media outlets are abuzz with news about The Fed’s new commitment to keep rates low pretty much forever and to also change its inflation targets. This WSJ article is just one of many I saw today discussing this. So what does this mean? The Fed will no longer give credence to what is called the […]Read More

Property Must Have Kitchen Even If It Will Be Gutted Right After Close

One of our clients is buying an investment fourplex in Texas. He intends to completely gut and rehab all four units as soon as we close. The problem is that one of the units has no kitchen b/c the tenant is using the entire unit for storage. As a result, the appraiser cannot give any […]Read More

Fannie/Freddie Yank Their 1/2 Point Refi Fee

On Saturday night my wife Heejin and I had a wonderful date at an outdoor Italian restaurant. The food and weather were perfect, and the ambiance was even better with overhead string lights, friendly passersby, and a saxophone player in the background. The only problem was that there were too few customers, and we would […]Read More

Fires, Hurricanes, Appraisals & Delays; Agent Resource Guide

In Friday’s Blog, I mentioned how we were losing Appraisal or Property Inspection Waivers (PIWs) b/c of the fires in NorCal, but I made an error. Underwriters are not always requiring full appraisals in lieu of PIWs in fire areas; in most cases they are just requiring simple inspections, with no value attributed, that certify […]Read More

No Appraisal Waivers In Fire Areas; Pest Reports Must Be Under 90 Days Old; Pre-Approvals Can Take 3+ Hours

Here are a few quick updates/reminders. APPRAISAL WAIVERS – NO MAS IN “FIRE AREAS” (Re-inspections too) We have been getting far more appraisal or property inspection waivers (PIWs) over the last few months b/c Fannie, Freddie and lenders in general have relaxed their appraisal standards b/c of COVID and b/c more and more past appraisals […]Read More

Death Of NYC; Life After Bandwidth; Trends We’re Already Seeing

LIFE AFTER BANDWIDTH – HIGH-END HOUSING SURGE There is a property near my home that was recently listed for $2.1 million; it immediately got multiple offers and will sell for well over asking. Interestingly, it was purchased for under $700,000 in the late 90s, showing what a great retirement investment real estate can be. But, […]Read More

3 Reasons Refi Rates Are Higher Than Purchase Rates

“The average rate posted on Bankrate.com for a 30-year fixed refinance mortgage was 3.39% Monday, well above the 3.14% on offer for a purchase mortgage, according to the personal-finance website.” That is a direct quote from this WSJ article about why refi rates are higher than purchase rates. As an aside, I love Bankrate’s “average […]Read More

Why COVID-19 Is Not Hitting Housing Prices

A few weeks ago, I blogged about why we are not seeing more foreclosures despite our severe recession and a huge number of delinquent borrowers. The reasons include: (1) borrowers have more equity and won’t abandon it; (2) lending guidelines have been much stronger since 2008; and (3) the housing market is on fire, making […]Read More

Fannie Mae’s New 50 Basis Point Fee Slams Refinance Borrowers

As I mentioned yesterday, Fannie Mae and Freddie Mac imposed a new fee of 1/2 point, or 50 basis points, on all refinance loans – catching the entire mortgage world completely off guard. What the new fee means in reality is that all refinance borrowers will now face 1/8 to 1/4 percent higher rates when […]Read More

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Our popular blog is written daily by JVM's founder, Jay Voorhees. The posts are always short and sweet, with an interest rate update and industry or business insights. Our blog is for general educational and informational purposes only, and should not be construed as advertising or relied upon as legal advice.