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Non-QM, LOS Admin, Ops, MLO, IT Jobs; Broker, Sales Tools; QC and Compliance Dec 28 2020, 8:09AM
Congress and the press have been talking about a second stimulus plan since the summer. The bill signed by President Trump last night keeps the U.S. Government running through next September, including USDA housing programs. For ordinary citizens we hope that it is not too little, too late. Did you know that, driven by stock market gains, the current net worth of the 4 richest U.S. citizens is double the entire net worth of the lowest 50 percent of the U.S. population? Fortunately, many lenders and vendors help their communities in numerous ways, and this Commentary highlights them in our Saturday Spotlights. (For information on being featured, contact Anjelica Nixt.) What about Goodwill? Do you think it is an organization owned by churches, or a non-profit? Nope. Goodwill Industries is a privately held, not-for-profit company which has come under fire for pa
Christmas Eve: Bus. Dev., MLO, AE Jobs; Verification Tool; Disaster News; What is Build for Rent ? Dec 24 2020, 8:12AM
New Homes Sales tumbled over 11 percent in November. Does that mean no one wants new homes, they’re over-priced, or there aren’t any to buy? One has to look at statistics critically. Housing stats tell us that bigger isn’t always better. Per the Census Bureau, the average square footage of new homes sold in the U.S. dropped from 2,724 in 2015 to 2,518 in 2019. Despite the decline in average square footage, the average sales price of new single-family homes sold in 2019 was $383,900, up from $272,900 in 2010 (not adjusted for inflation). 69% of new single-family houses sold last year were purchased using conventional financing (and other types of financing excluding Federal Housing Administration (FHA), Veteran’s Administration (VA) or cash purchases), up from 58% in 2010. Lest we forget, conventional financing is a mortgage loan
Correspondent, MLO Jobs; Digital, Trailing Doc; FHA s Foreclosure and Eviction Moratorium Extension Dec 22 2020, 8:28AM
I hope that everyone had a happy solstice yesterday, with a few folks writing to suggest that “It is the shortest day, of the longest year, of our lives.” Given my background in capital markets I am regularly asked how some lenders offer lower rates than others. Freddie Mac’s survey has continues to point to mortgage rates dropping, even when “rates” aren’t doing much. The answer is simultaneously simple and complicated (borrowers can pay plenty of points to buy it down, or the lender calculate the value of servicing differently), and one of my commentaries from earlier this year spells it out well. I encourage you to skim through the “How are Mortgages Priced” section, or pass it along to any MLO pointing at some of the headline-grabbing rates in the market (like 1.99 percent for a 30-year fixed!?!). Mortgage pricing, o
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