tamara shamansky: Not a Happy Customer but an ECSTATIC one!!
- 02/12/14 11:30 AM
Not a happy customer but an ecstatic one! We recently had a borrower who was very dejected when he first called us. So much so that he said he almost didnt call us at all, as he had been denied from 5-6 other places before he reached out but said after hearing our commercials of how we can help even when others cant he decided to try. The result was those you dream of and work for every day... He calls in for not 1 but 2 loans and says... "I know my rental is off the table and I would be happy … (8 comments)
tamara shamansky: Mortgage Market Snapshot February 10th 2014
- 02/10/14 12:13 PM
Today was a relatively non eventful day. The bond market opened at a little gain of +15bps to trade the FNMA 3.5 coupon at 101.625 and throughout the day had given up that early opening gain to trade almost flat at 101.5 and then just before closing bell hit 101.719 for a healthy gain of 25bps for the day! I am not sure how much longer these levels will be around I hear so much chatter regarding rates at 5-6% by years end but I can say this... RATES ARE FANTASTIC and to miss out on this window of opportunity will only … (3 comments)
tamara shamansky: Mortgage Market Snapshot 01.30.14
- 01/30/14 06:40 AM
Mortgage Market Snapshot 01.30.14 We are now, one day away from Yellen, the new "chair" for the Fed, and against all statements made recently that should be putting pressure on rates, the rates still see a slight gain? It makes no sense to me but with the feds announcement yesterday regarding increasing the amount of bond tapering I would have expected a sell of at least 25-50bps (a bps is a basis point and represents 1/100th of a percentage point). Instead what do we see a small yet impressive, since its not a loss as one would expect, gain? I am … (4 comments)
tamara shamansky: Mortgage Market Snapshot 01.28.14
- 01/28/14 11:54 AM
Today brought us a big bag of nothing lol Actually the market is still trying to digest a definitive direction from the feds on rate and bond purchase position. If the feds come out to recant a previous position of tapering then expect rates to start to go lower. If the feds do nothing I dont see a whole lot out there right now to show any significant signs of improvement or deterioration. As always the decision to lock your loan will primarily be based on your tolerance for risk and what the potential reward can be. Over the next week I dont … (3 comments)
tamara shamansky: Mortgage Market Snapshot 01.16.14
- 01/15/14 11:48 PM
What a difference a day makes! After "almost" looking like I had no grasp on the market, which is easily done these days due to all the false numbers flying around, when it made a sharp turn downward yesterday the additional parts causing direction this week that I mentioned in yesterdays blog hit and now there has been the retracement of yesterdays sell off, I expected and called for! Those who sat tight and heeded my advice got some of those losses back! Here are the numbers driving up the bond prices (pushing down on rates, which is good for those looking to … (1 comments)
tamara shamansky: Mortgage Market Snapshot 01.15.14
- 01/14/14 11:41 PM
In an interesting result from yesterdays retails sales report, the numbers came in stronger than expected? I find this a touch hard to believe, as the day before I heard the exact opposite but we will deal with what the rest of the markets are dealing with from that. So you know that is only part 1 of the 3 key components that will drive rates this week. The others are, PPI (Producer Price Index) and CPI (Consumer Price Index) if these both come in at or above target expect pressure on rates and the cost of borrowing money to rise some. If they … (4 comments)
tamara shamansky: Mortgage Market Snapshot 01.13.14
- 01/13/14 09:58 AM
Well today brings in the mix bag news that makes us all scratch our heads. Unemployment numbers are going down! YEA but hold on... Jobs creation is also going down... hmmmmm, how can this be? Wait, yes I think I have it.... GOT IT! of course the unemployment numbers are going down, as more and more people are falling off the government radar for benefits they now DONT count into the unemployment numbers. You see my problem with rate prediction today is the fact that all the data we have to base it on is skewed with whatever the feds want us … (5 comments)
tamara shamansky: Mortgage Market Snapshot 01.08.14
- 01/07/14 11:47 PM
Today brings us some news that will likely put more pressure on the long bond. As economic data continues to come in at or above expectations (with exception to the never accurate and why do they even look at it when everyone knows its a joke, ADP numbers) combined with last months announcement by the feds that a slow but controlled taper of its MBS purchase program, will likely see yields have to rise to gain attention from investors and that means higher rates. Here are some of this mornings news driving this... After our first taper taster announcement of the … (6 comments)
tamara shamansky: Mortgage Market Snapshot 11.18.13
- 11/18/13 05:09 AM
Mortgage Market Snapshot 11.18.13 In yet another day of following what I called last week for the direction on rates, we saw the FNMA 3.5 coupon see further positive gains as it draws ever closer to the 102 trading window I am expecting it to hit. The new Fed Chair Yellen made it clear she is NOT going to undermine what is started and try to upset the apple cart so that message was received well and gave the coupon its strength so far today on otherwise non existent news. Fridays close saw the FNMA coupon end at 101.50 and currently is … (3 comments)
tamara shamansky: Its all in the delivery...
- 11/16/13 04:15 AM
Its all in the delivery... It amazes me how two people can say the same thing and get completely different results. I had a client I have been working with for a long time that finally found a home and is now under contract. The process is smooth and the loan is approved and we are moving up the closing date by over a week to accommodate the seller and during this process I get a very interesting email last night. "David, who is requesting the insurance be paid a year in advance? If its my insurance company I am going to … (6 comments)
tamara shamansky: Mortgage Market Snapshot 11.12.13
- 11/12/13 06:32 AM
Today's 1st trading session after a long holiday weekend brought little to no surprises. Very light volumes and the initial loss of 34bps rebounded to recover mos of that during intra day trading. What does that mean for rates??? It means how the rates looked on Friday the 8th is how they look today. No change to market and no surprises (which after Fridays large sell off for (what I believe is surely to rebound nonsense) of mixed message data is likely hit its top point and recovery should be coming this week. With that said NO ONE and I mean NO ONE … (2 comments)
tamara shamansky: Acknowledge or Ostrich?
- 11/09/13 06:18 AM
When it comes to getting a loan, for anything but especially a mortgage, I simply do not understand why someone would not be forthright with where they are at in terms of credit history? Do people really think in todays marketplace information is not readily available or will be uncovered? I look at it simply... If you want someone to take you seriously and work for you, do you think the best way to start this relationship is by not disclosing information? I cannot speak for anyone else but when I get a borrower who applies or at initial inquiry lets … (3 comments)
tamara shamansky: What is going on in the US these days?
- 11/04/13 12:23 PM
Does anyone else see this or is it just me? More and more I am reading reports of kids bullying kids online and in school, harassing them to the point some even take their own lives for feeling lost and insecure!?!? I read about Pro Sports Players who have domestic violence charges involving their girlfriends and wives? (these people are making MILLIONS to play a sport so what am I missing is life really that bad and is their wife or girlfriend really that threatening to them they feel the need to assault them???) I saw a report where an NFL player was … (3 comments)
tamara shamansky: Put the checkbook DOWN!
- 10/19/13 07:51 AM
A twist of one of my favorite movie lines in Young Frankenstein where Gene Wilder was stuck in the wall of the revolving fireplace and said "put the candle back" to move the fireplace and remove himself from being pinned lol. Anyway the purpose of this is not to reference a movie but to address an issue most people are not aware of. You can pay your bills on time and even show you have the money saved in a savings acct or other asset account for your purchase but if your checking acct has NSF (non sufficient funds) it is very likely … (9 comments)
tamara shamansky: Cant we all just get along?
- 09/30/13 05:53 AM
Cant We All Just Get Along... Those infamous words spoken by Rodney King sitting in the hospital, after the outrageous acts were performed by the few men from the LA Police Dept. It raises the question of truly "can we all get along"? You see its easy to get along with... people you do business with, especially if the interraction is short People you have similar and like interests with people you respect or hold in position of authority simply people you like But what happens when the transaction isnt pleasant or a disagreement occurs? Can we still be nice? Can we … (4 comments)
tamara shamansky: Just because you have a 580 score DOESNT mean you now can buy a home!
- 09/09/13 01:13 PM
580 Fico OK! OK I know this may seem a little talking out of both sides of my mouth since I am a hardcore advocate of helping out those others turn away (I can do the easy ones too so dont box me in lol) but just because you see me or anyone advertise "we can help to a 580 score", that alone doesnt mean you can buy because you have a 580 score! What that means is you have met (just barely but still met) that ONE requirement for the approval on the mortgage process there are still items like … (4 comments)
tamara shamansky: Loan Limits ARE coming down, Buyers Act Now before its too late!
- 08/30/13 05:15 AM
Many people,even those in the industry, are under the premise, false belief, that the current market and lending guidelines are a "set in stone" fixture. That perception could not be more incorrect. These elevated loan limits that many have benefited from and many others could benefit from, are set to expire THIS year 12/31/13! What does this mean to the consumer? Depending on what part of the country you live and how much home you are looking for it may mean little to nothing but for those who have taken benefit from increased loan limits in both FHA and conventional programs the window to … (6 comments)
tamara shamansky: What do you mean my debt ratios are too high?
- 08/29/13 01:55 PM
In the wonderful world of mortgage lending these days we hear lots of stories. Some funny, some bad, some gut wrenching and some just plain foolhardy. With that said this story is gut wrenching. I have a borrower I really like, nice, funny, ask for an item sand it comes over right away and has a positive can do attitude. Those traits make you always want to go the extra mile to help them but some things simply are not "fixable". The issue we ran into was income. During the prequalification I asked the borrower what they made and was told … (3 comments)
tamara shamansky: Mortgage Market Snapshot 08.19.13
- 08/19/13 10:44 AM
We have minimal economic data to come out this week and if the last 7 days are any indicator of what the "market" is expecting its likely not going to bode well for rates. Mortgage Rates have had a steady and non stop decline for the last 7 straight days, which is very unusual. Hopes against the recent unemployment claims (c0ntinuing and new) seem to be driving a piece of this bear run but I still have a huge issue that we are driving rates based on tainted data. Anyway here is the upcoming data the markets are trying to position themselves for … (3 comments)
tamara shamansky: Mortgage Market Snapshot 08.12.13
- 08/12/13 01:45 PM
Mortgage Market Snapshot 08.12.13 In yet another long line of 2013 chaotic bond movements, today held true to form as the market went from positive in bonds (better priced loans) to a fast sell off in its final 3 hours of trading and the long bond saw more than a 50bps loss as it closed at its daily low to end the session. The FNMA 3.5 coupon hit its daily high of 101.188 mid morning then in a fast turn started a non stop sell off that ended the day with the coupon closing at 100.688 Why? Where is this headed? … (10 comments)
Life, Lessons, Encouragment and a little market insight to boot, is a blog written by David Shamansky.
I write this as a daily informational and encouragement resource to others in the real estate and mortgage community.
Not a happy customer but an ecstatic one!
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