mortgage news: You're Looking Out for Veterans? - 09/14/17 03:20 PM
You're Looking Out for Veterans?
 
     In today's issue of "I love my business but sometimes hate my industry", I read today that there's a federal investigation into the "churning" of VA loans, which, if you've been in the mortgage industry for more than a few months, falls into the "duh" category.
 
     Churning, for those not familiar with the jargon, is strategically issuing someone a mortgage loan, then repeatedly offering refinance options to close several loans from the same borrower, generating fees on each and every transaction, in a relatively short period of time.  While, of course, there are some very … (21 comments)

mortgage news: Here Comes the Appraisal Waiver for Purchase Loans! - 08/23/17 11:22 AM
Here Comes the Appraisal Waiver for Purchase Loans
 
     This past week, Fannie Mae announced they'd be joining Freddie Mac in allowing for appraisal waivers on purchase loans.  For a while now, it has been possible to do refinance loans for people without an appraisal, and it's actually pretty typical for "clean" loans - those with low risk borrowers and plenty of equity.   Now the news comes that this loan feature will be allowed on conventional purchase loans, too.

 
The Good
 
     The good news about being able to perform a mortgage for a purchase money loan with no appraisal is … (39 comments)

mortgage news: FHA Mortgage Insurance Reduced January 27 - 01/09/17 11:01 AM
FHA Mortgage Insurance Reduced January 27
 
     HUD has announced that as of January 27, 2017, all FHA loans will be subject to a reduced PMI rate, saving home buyers and home owners potentially thousands of dollars over current rates.
 
     For those with FHA loans set to close prior to 1/27, it would be wise to hold off if possible to take advantage of the reduced rates, as the changes will be effective for all loans closed with funds disbursed on or after January 27, but loans closed in the interim are subject to current rates.  
 
     Why they … (34 comments)

mortgage news: What the Brexit Means for Mortgage Rates - 06/24/16 05:24 AM
What the Brexit Means for Mortgage Rates
 
 
     A short while ago someone posed the question "what happens to our markets if the UK leaves the EU?".  Well, in a major surprise, we're seeing that unfold today.
 
 
     The DOW is (as of this writing) down more than 500, Japan's markets were crushed overnight, and both Sterling and US Treasuries plunged as a direct result of members of the UK voting to leave the EU via referendum.
 
 
     As for mortgage rates?  They are reaping major benefits and coming down - currently down between .125-.25 from yesterday, after rising throughout the … (24 comments)

mortgage news: Market on the Hump - 4/29/15 - 04/29/15 07:56 AM
Market on the Hump - 4/29/15
 
 
     Happy Wednesday everyone.  Traders and the Fed alike are proving my long held beliefs that they really have no idea what they're doing in many instances, as rates have moved up over the past week in spite of some very poor economic reports. 
 
     Consumer confidence is in the tank, the GDP was riding the strugglebus throughout Q1 of this year (no surprise there, as everyone outside of Florida & California seems to just recently be thawing out).  Housing starts aren't helping inventory (again...winter wouldn't have allowed a huge jump in that number even if … (11 comments)

mortgage news: Market on the (over the) Hump - 4/1/15 - 04/02/15 02:11 AM
Market on the Hump - 4/1/15
 
 
     I know I know, I'm a day late.  Story of my life.  But it's still early(ish) so I wanted to recap the market movements at the mid-week point to help you (and your clients) understand what's going on.

 
     For those that like things condensed (except soup....nobody likes that), here's the gist of what I'm I'll be rambling about for the rest of this blog post:  RATES ARE BACK DOWN!!  Right near historic lows, on mixed economic news, some technicals, and investors still not knowing what the heck they're doing … (7 comments)

mortgage news: FHA Mortgage Guide Updates - Deferment & Interest - 02/24/15 06:13 AM
FHA Mortgage Guide Updates - Deferment & Interest
 
 
With FHA loans seeing a resurgence in the marketplace thanks to the recently reduced mortgage insurance premiums, it's once again important to keep up to date on the program changes, which happen pretty often as the program changes with the marketplace.  Today I'll focus on 2 updates - one which is already in effect, and another that lenders (and borrowers, and real estate agents) need to be aware of when pre-approving buyers or submitting loan files.
 
 
Deferred Debts
 
 
     In the updated FHA lending guide, there is … (10 comments)

mortgage news: Weekly Wrap - Mortgage Market Update 10/13-10/17, 2014 - 10/18/14 03:08 AM
Weekly Wrap - Your Mortgage Market Update
 
 
October 13-17, 2014
 
 
     Go home traders, you're drunk.  Columbus Day is NOT that kind of holiday.  I feel like I've used "volatile" to the point where it doesn't get the point across.  Pardon the language, but to really express this week, I feel "batshit crazy" is about the only phrase that does it justice.  We saw some historically wild swings in the stock & bond markets, some of which made sense, some of which didn't, and some of which were probably a long time coming.          In … (9 comments)

mortgage news: Monday Market Forecast - August 11-15, 2014 - 08/11/14 04:58 AM
Monday Market Forecast - August 11-15, 2014
 
 
 
     In last week's forecast, we were pretty accurate predicting the direction of rates.  Amidst extreme volatility, we're seeing that rates aren't certain of a direction to go - they are waiting to be pushed in one direction or another, and letting ecomonic news, market indicators, global politics, and auction results do the pushing.  The problem is, all of these indicators are pushing in different directions.
 
 
 
     This week, we'll see more of the same indicators trying to move rates.  The situation in Ukraine has yet to be … (24 comments)

mortgage news: Weekly Wrap Mortgage Market Update - July 7-11, 2014 - 07/13/14 10:01 AM
Weekly Wrap - Your Mortgage Market Update
 
July 7-11, 2014
 
 
     These reports will start going out each Friday to discuss market movements & trends throughout each week, but I'm starting this one off on a Sunday to discuss what happened in the mortgage market over the previous week.
 
 
     The week of July 7 included several market movers, including stock market movements, several Treasury auctions, the release of Fed minutes, various economic reports, and troublesome reports in the global economic & political climates.
 
 
     The week began with little market movement.  The stock … (4 comments)

mortgage news: Never Trust the Media on Mortgages - 07/03/14 11:03 AM
Never Trust the Media on Mortgages
 
 
     I personally rarely, if ever, trust the media on anything, as I assume they haven't properly fact checked, confirmed statements, or anything else that journalists used to have to do to be called journalists or reporters.  I'm not positive that EVERYTHING they report is wrong, but after this screwup, it's hard to take 'professional' news people seriously.
 
 
     Today, I read a report on MSN (you can read it here, but it's not worth the half-second it'll take to open the screen) that rates are continuing to fall.  Last week, … (4 comments)

mortgage news: They can't be trusted - 11/07/13 04:52 AM

They Can't be Trusted - We need to turn off mainstream media
 
BREAKING NEWS FROM CNN MONEY, November 5, 2013 - BANKS ARE NOW OFFERING HOME LOANS WITH JUST 5% DOWN!
 
This is so much better than earlier this year when banks were offering home loans with...5% down.
Immensely better than 2012 when banks were offering home loans with...5% down
And we're all blessed to be well beyond 2011 when banks were offering home loans with...5% down.
 
     In a recent article, CNN Money actually made this a headline.  I don't encourage you to read the article, … (4 comments)

 
John Meussner, #MortgageMadeEasy Costa Mesa, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) Ambassador large

John Meussner

#MortgageMadeEasy Costa Mesa, CA 484-680-4852

Costa Mesa, CA

More about me…

Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

Mobile: (484) 680-4852

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