According to all the so-called experts and conventional wisdom, interest rates are on the rise because Donald Trump’s was elected to be the next President of the United States. We’re already seeing a sharp decline in refinancing activity and a drop in home sales. This is all because rates jumped up about 20 basis points in the last week. OMG,…
Now that all the so called experts realize that they called the Presidential election all wrong they are backtracking trying to explain why. The Clinton supporters are all pointing blame at whoever they can think of that may have done something wrong to cause their loss. The Trump supporters claim they knew he would win all along. Right! People at…
While Fannie Mae is talking about relieving lenders from some reps and warranties surrounding appraisals, Freddie is announced that it is doing away with the current traditional appraisal report. This is a bold move that leaves many up in arms. Not surprisingly, the biggest protesters are appraisers. Freddie says they may accept the use of automated valuation reports, supplemented by…
Today, to reach and service more potential homebuyers, lenders need to embrace technology with the use of an online application process. Millennials expect it, and others are starting to get used to it. However, with refinancing opportunities dwindling lenders need to once again concentrate their production attention on the purchase business. According to a recent Freddie survey, that business still…
This is a question that I hear quite often when auditing loans. The argument is that “the guidelines” don’t require them. I say better be safe than sorry. The “guidelines” do say the lender is required to re-verify the income used to qualify the loan. How else can you re-verify self-employment income other than with tax transcripts? Letters from the…
Today is the day to step back from all the hustle and bustle of our everyday lives, to set aside our differences and come together for one common cause. Not to stand behind the new President-Elect, although we should. but to honor all those men and women who have served us and our nation as members of the Armed Services.…
