Posts

“You Have All The Documents, Now Fund The Loan!” Closing Process Misconceptions

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We had a particularly tough transaction in July when a final records check found a foreclosure (not on the credit report) that had only been seasoned for 6.5 years instead of the required 7 years. This made Fannie Mae/Conforming financing impossible, and it forced us to restructure the loan – which delayed the transaction. We […]Read More

Interest Rates/Mortgage Industry Update; When NOT to File Taxes

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Interest rates have come back down but they are still about 1/4% to 3/8% higher than where they were when they bottomed out on March 9th. This is because the mortgage industry is still trying to fend off excess volume brought on by low rates and a surge of refis. And – it is also […]Read More

Appraisal Relief’s Here, But Limited; Purchase Appraisals Going Well; Interest Rate Updates

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Fannie and Freddie released “Appraisal Relief” guidelines yesterday that consisted primarily of waiving interior inspection requirements. They agreed to accept “exterior inspection” and/or “desktop appraisals” in lieu of full, traditional appraisals. But, the relief is turning out to be more limited than we hoped. LIMITATIONS Appraisal relief is only available for conforming (Fannie and Freddie) […]Read More

Stocks Down; Rates Up; DELAYS Caused by Coronavirus and Refi Boom

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NORMALLY – WHEN STOCKS FALL, RATES FALL (BUT NOT THIS WEEK) The Dow Jones stock market index peaked at 29,551 only 1 month ago (on Feb 12th). As I type this on March 13th, the index has fallen to 21,362 – a staggering 27% drop. Initially, as everyone knows, mortgage interest rates plummeted along with […]Read More