salem: Many Changes
- 07/31/09 03:30 PM
Change in the lending industry is our new favorite word. It seems as though we get one new process under our belt (HVCC-appraisals) and now we have new changes to learn and digest as well. July 30, 2009 the new HERA law and the MDIA disclosure processes have become effective. In a nutshell, the new dislcosure process tells us when we can order the appraisal for a borrowers transaction and collect fees for the appraisal. We must wait 3 days from when your lender sends out your initial truth in lending statement (TIL) before we can request your appraisal and collect … (0 comments)
salem: Market Update, Its going to be a Wild Ride!
- 10/29/08 11:58 AM
After just returning from Disneyland with my family, this market reminds me of "Mr. Toads Wild Ride" or for older Disney fans, "California Screamin' ". Rates are going to be volatile this week. We will likely see many rate changes throughout the day. Last week rates hit a low of 5.75% but this morning we are at 6.375%. The Feds are meeting this week and most analysts believe they will lower the Fed rate by at least .5%, unfortunately, this rate is not directly tied to mortgage rates. Rates worsened again today because mortgage bonds continue to slide and remain near their widest … (4 comments)
Change in the lending industry is our new favorite word. It seems as though we get one new process under our belt (HVCC-appraisals) and now we have new changes to learn and digest as well.
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