Jeff Leinan News Today

Even with the government-sponsored enterprise's statement that full appraisals are no longer required to prove value, industry participants say they will remain a tool for lenders to use when needed.

Hey, why wouldn’t you want to join the Mortgage Action Alliance? It doesn’t cost you a penny, and there’s strength in numbers. Signing up takes about 90 seconds. And the information you receive is much more reliable than mine! The U.S. Census Bureau produces some reliable information, unless you’re some conspiracy theory nut, and they have information that loan officers love: where most owners are free and clear of any home loan. And 30-year rates, which probably won&...

This is about the time you stop saying “Happy New Year” to people because you’ve forgotten who you’ve said it to and who you haven’t. Lenders and vendors are not forgetting the second half of 2022 as they plan for 2023, and widespread travel and entertainment cutbacks are standard fare. It is hard to justify spending $3-5k for each person to go to a conference just to “wave the company flag” when you just went through another RIF and you’re...

Plaza Home Mortgage Inc., a wholesale and correspondent mortgage lender, has added a Jumbo Preferred Program that features both fixed and adjustable rate mortgages (ARMs), competitive rates, and loan amounts up to $3 million, the company said.  Plaza’s program can be used for primary, second home, and investment properties, as well as for single-family, 2-4 unit and condominiums. Borrowers can have debt-to-income ratios (DTIs) up to 43% and FICO scores to 700 (fixed) and 720 (ARM). The progra...

As the rising rates shrink the number of potential customers, mortgage brokers are seeking these products in order to keep business up.

Greetings from wintry Chicago where mortgage rates, as they are across the nation, are back to May 2019 levels. Did you know that the name "Chicago" comes from either a Native American word for wild onion, or a striped skunk, depending on one’s mood. Here you don’t have to go too far for a wiener: There are more than 2,000 hot dog stands in the city of Chicago, more than the number of Burger Kings, McDonald's, and Wendy's restaurants in the city co...