Jeff,
I hope the spring market is heating up for you. From my Presidential Mortgage Update email you can tell things keep changing for better and worse on home financing. The good news is that rates have stayed low and defied notions that they were heading up. Mortgage insurance companies are offering better options at 95% to steer buyers from the now more expensive FHA program. We still have the ability to offer the condominium “limited project review” for owner occupants putting down 20%. I have saved a number of condo transactions that other lenders could not close with this option. Higher conforming loan limits locally for FNMA and FHLMC will also likely expire in September, time to motivate buyers between $625,500-$729,750 loan amounts. Presidential Mortgage has offered me a fair compensation program in response to the Federal Reserve’s LO pay rules that started 4/6. Many loan officers are leaving the business or shifting firms because of this and the new licensing requirements and costs. I am happy where I am and feel I can best serve my customers and referral partners at Presidential Bank Mortgage. In house processing, underwriting and closing remains one of my strongest selling points. I appreciate that you keep me in mind for your clients financing and look forward to talking soon.
PS-We have some very good open house sheets and other related material now. I would be happy to show you some samples for your next open house.
Regards,
John Melnick II
Senior Loan Officer
11320 Random Hills Rd. Ste 100
Fairfax, VA 22030
703-460-5510-O
703-303-6434-C
703-277-2882-F
www.MelnickMortgage.com apply online
Presidential Mortgage is local loan service nationwide.
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