Posts

Refi Boom Over? Record Appreciation; Affordability Crisis? Not Here

PANICKED LISTING AGENT; PURCHASES HARDER THAN REFI’S I got this text last week from a panicked listing agent: “Jay, my listing is supposed to close Friday and the lender went MIA; how fast can you close?” I get texts and emails like that all the time, but have been getting them slightly more often lately, […]Read More

What Happens When Entire World Wants to Refi? RATES WAY UP; Turmoil; Service Way Down

In January and February, interest rates dropped as much as 1/2 percent over the course of a few weeks and the mortgage industry experienced a refinance boom like it has never seen before. The result is now higher rates, confusion, turmoil and utterly inadequate capacity. Lenders are not even close to being able to handle […]Read More

Why ALL Lenders Must Pay Appraisers Extra and Promptly!

AGENT SENDS COMPETING LOAN OFFICER TO US FOR ADVICE An agent we know well recently referred another loan officer to us to get advice in regard to how to finance a Site Condo (a stand-alone unit on a condo lot) he had listed. The loan officer was having great difficulty obtaining financing for her client/buyer, […]Read More

Beware of Lending Delays; Layoffs & Unexpected Refi Boom

2018 was an absolutely horrific year for the mortgage business. Interest rates were up significantly, all but wiping out most of the refi business. And overall purchase volume was down to boot. As a result, there was massive over-capacity in the mortgage industry so everyone started to compete with lower interest rates to maintain market […]Read More