With the election and the economy supposedly improving, the Fed raised rates in December. That was expected. With that raise also came an increase in mortgage rates. That was also expected. However, now that things have settled down a little, mortgage rates have once again come down a little. According to Freddie Mac, the 30-year fixed rate dropped to 4.12%,…
With the CFPB cracking down on Marketing Services Agreements (MSAs) many lenders exited such agreements with Realtors and Builders. These are Agreements that were intended to increase business to the lender and provide some additional income to the Realtor and Builder. For some, it was nice while it lasted. For others, they were glad to see the MSAs go away.…
The MBA’s Mortgage Credit Availability Index (MCAI) increased for the fourth consecutive month in December. The MCIA is a barometer on the availability of mortgage credit using certain guidelines from institutional mortgage purchasers. With a base of 100, the higher the index value the more available the credit. A lower value indicates a tightening of mortgage credit standards. The MCAI…
Local boy makes good. According to Jerry Schiano, CEO of Plymouth Meeting, Pennsylvania’s, New Penn Financial, the weather may change a little when the Millennials start buying homes. The change? As he puts it, a humongous hurricane of air sweeping across the country caused by the simultaneous exhaling of tens of thousands of business people dependent upon the sale of…
With the New Year comes the rise in interest rates and the decline of the refinance. That means that lenders need to concentrate their attention on Realtors and Builders for new business in the New Year. Hopefully, originators remember how to do that. This brings us back to good old customer service. Customers, the Realtors, builders, and buyers, require attention…
If you’re football fan, you saw a great college football game that decided the National Champion on Monday night. Alabama is considered to be the best college football team in the nation. Some believe they are good enough to compete with some pro teams. Don’t tell that to Clemson. They beat Alabama 35-31 in a hard-fought game that went down…
