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loan: Rate future...scary! - 01/13/09 04:55 PM
Rates are great but not much purchase action mostly refi's. After the refi boom is done what is next...
Just my thoughts here...
The gov't can't keep buying bonds and paper, they run FNMA and FMAC so not only are they buying the paper but they are guaranteeing it.
It seems like they are burning the candle at both ends and the one who will get burnt is you and I.
At some point they will have to turn over control back to the private market and when they do this do you really think the investors will be ok making … (2 comments)
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loan: FHA loan limit is going to be raised to 417k... - 10/09/08 10:14 AM
10/02/2008 - "This morning, FHA Commissioner Brian Montgomery announced that the new HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1"This is a target date right now, not a set deadline. We still expect FHA to increase the "floor" on the origination fee from $2,000 to $2,500. A mortgagee letter will be published shortly that provides additional details.There was some debate within HUD to consider area limits at 115% of area median home value, with a floor of $417,000 and a cap of $625,500. Ultimately, the interpretation was determined that the new legislation … (1 comments)
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loan: Citi...Letter received from rep - 10/07/08 01:30 PM
Good morning.I have some rather sad news to share today. There is no more accurate was to say it.Later this afternoon you should be receiving some formal communication from CitiMortgage of their intent to dramatically change their way of doing business. This change will eliminate my position and all of the other account executive for the CitiMortgage Wholesale (broker) channel. Citi will be taking the 9,500 brokers it does business with today and reducing that number to the neighborhood of 1,000. They will then support those customers with an inside sales team going forward. I received this news minutes ago and … (3 comments)
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loan: The future of lending... - 09/30/08 03:20 PM
Many wholesale lenders as well as brokers are likely tobe closing down before the end of the year and into 2009as the Great Credit Crunch continues and the recession deepens.Futher than that, the falling home prices and furthur declingvalues in California in particular will leave very little roomfor undercapitalized wholesale lenders and high fixed costs brokers.Only the largest national lenders like Wells, Countrywide Bank,HSBC, Citi, Flagstar, B of A, etc. will survive as they do havetheir own in-house portfolio products that give them a betterprofit margin than selling Agency products. As you can see,most brokers prefer to work with these tier-one … (0 comments)
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loan: hello - 09/30/08 12:45 PM
test
… (0 comments)
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loan: Well folks another rocky day for mortgages... - 07/21/08 03:10 PM
It has been a rough Monday for the mortgage market. A big wholesaler has just dropped out of the market. Wachovia has suspended all wholesale operations. This is another big lender to pack up shop and will have a big effect on mortgage brokers and the market. I know a few people didn't like my last blog about rates going up but what can I say the truth hurts. We are about to see a classic supply and demand problem. If you think gas short up quickly wait until rates follow suit.
THe real deal is that there is there is … (8 comments)
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Nathan Goodman
Bozeman,
MT
More about me…
Guild Mortgage Company
Address: 1925 N. 22nd Ave. Ste. 103, Bozeman, MT, 59715
Office Phone: (406) 522-8800
Cell Phone: (406) 580-0149
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