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How do get get a HELOC? Just call the same lender your home is through? 

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7 minutes ago, flapgreen said:

How do get get a HELOC? Just call the same lender your home is through? 

Does not need to be your same lender and usually is not.  Most major banks offer them whether your bank with them or not.

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On 3/26/2020 at 2:56 PM, Sandeman said:

I've emailed my banker at WF. Let's see what she says.

My mortgage lender (not WF) has said a cash-out refi comes at a higher rate than a standard one. We are currently at 3.625 (refi'd in December). If we wanted $200k, would we have to take on a higher rate or is there another way of going about it?

 

On 3/26/2020 at 4:24 PM, Chadstroma said:

Yes, cash out costs more than a rate/term refi. At 3.625% right now you are best off doing a HELOC. You may want to advance on it right away and deposit the cash in the bank. In the deteriorating conditions banks may lower those line amounts after issue.  

I respectfully must say the bolded may not be the case. It might be, but takes further delving into.

You should analyze the blended rate of your current 3.625% vs Heloc and compare that to a new first mortgage cash out, since Sandeman is requesting a sizeable cash out it might be best to do a first mortgage cash out, just depends on how much is owed on the first mortgage and rate on the HELOC. Good chance Chad is right here, but I'd do that blended rate comp to make sure.

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1 hour ago, Chadstroma said:

https://www.mbshighway.com/mortgage-crisis.html?fbclid=IwAR1BeDNYdDJSJnKaJZQBrBGJM43UC9NVp59k6S-YsgvhSsxrpSrNGVGXCkc

An excellent run down in understandable language to explain what is happening right now from an industry leader Barry Habib. If you are interested in understanding the mortgage market right now, this is a must read. 

I met Barry in February in Vegas, went out to eat dinner with him and his group. That guy is awesome and while he did not predict Coronvirus he was pretty adamant we were heading for a major recession.

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41 minutes ago, flapgreen said:

How do get get a HELOC? Just call the same lender your home is through? 

Usually best options are found at a Credit Union or community bank. Failing that out of the bog banks US Bank tends to have the best terms (at least they did when I worked there and again a couple of years ago when I shopped equity options for my own home)

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22 minutes ago, menobrown said:

 

I respectfully must say the bolded may not be the case. It might be, but takes further delving into.

You should analyze the blended rate of your current 3.625% vs Heloc and compare that to a new first mortgage cash out, since Sandeman is requesting a sizeable cash out it might be best to do a first mortgage cash out, just depends on how much is owed on the first mortgage and rate on the HELOC. Good chance Chad is right here, but I'd do that blended rate comp to make sure.

Agreed. I am eyeballing it and making assumptions on certain numbers. I don't disagree with anything here. 

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22 minutes ago, menobrown said:

I met Barry in February in Vegas, went out to eat dinner with him and his group. That guy is awesome and while he did not predict Coronvirus he was pretty adamant we were heading for a major recession.

Barry is a solid good guy and very smart. He is right more than he is wrong on interest rates and related market info. I respect him greatly. 

I sold about 20% of my stock positions in my IRA based on information from him back in Nov. (Wishing I sold more now- lol) 

No one could call the virus but a recession was coming. This just got us into it fast and furious. 

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On 3/26/2020 at 12:19 PM, tommyGunZ said:

closing today - was 7 years into a 30 @ 3.75, refi’ing into a 15 @ 2.875.  Fingers crossed that there are no hiccups.  

Anybody else getting similar rates? 

 

Did you get cash out?

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1 hour ago, Drunken Cowboy said:

Anybody else getting similar rates? 

 

Did you get cash out?

Similar rates, likely a tad higher, are possible now depending on variables on a 15 yr term. 

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3 hours ago, Drunken Cowboy said:

Anybody else getting similar rates? 

 

Did you get cash out?

No. We’re fortunate that our loan to value is less than 50% and we have good credit, so really no hurdles. I just hope we didn’t move too early.  Rates could be stupid cheap later this year.  

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14 hours ago, Chadstroma said:

Usually best options are found at a Credit Union or community bank. Failing that out of the bog banks US Bank tends to have the best terms (at least they did when I worked there and again a couple of years ago when I shopped equity options for my own home)

First Interstate has the best terms now from what I've found but they're a smaller bank and not in every market. They're still going up to 90% LTV and my rate just dropped to 3.15% lol  

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Posted (edited)
4 hours ago, CR69 said:

First Interstate has the best terms now from what I've found but they're a smaller bank and not in every market. They're still going up to 90% LTV and my rate just dropped to 3.15% lol  

I'll check them out to see if they're around Nashville.  Also found a couple community banks in a suburb of Nashville that I'll check into. 

Edited by flapgreen

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1 hour ago, flapgreen said:

I'll check them out to see if they're around Nashville.  Also found a couple community banks in a suburb of Nashville that I'll check into. 

I’m a long time Citibank customer and went with them for my HELOC. Rates seemed the same as others I could easily find, and I liked the convenience of having the HELOC account show up right besides my checking and savings account on Citibank’s website,  so I can easily transfer in or out as needed, and set up auto-transfer payments monthly to pay down a bit extra principal to pay it off a little quicker.  

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I’m officially a homeowner. Just closed. 

2.75%, 15 years. 

🥳

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I am trying to refi using VA. Right now I am thinking of using one of two companies. I have paid for one VA apprasial who is coming tomorrow.  My question is can I use the one apprasial for both refi places instead of having to pay for two.

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2 hours ago, rustycolts said:

I am trying to refi using VA. Right now I am thinking of using one of two companies. I have paid for one VA apprasial who is coming tomorrow.  My question is can I use the one apprasial for both refi places instead of having to pay for two.

With VA the appraisal follows the borrower so you can switch lenders. They'll fight you on it but we do it all the time when taking deals from other lenders in the area. 

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Looks like my refi will be on hold for awhile 

we had to go FHA and the appraiser wrote up a few required repairs, one of which was my deck appeared to not have adequate protection from the elements.  2 years ago we stripped all the stain and now just keep a natural wood look with clear Thompson’s water seal 

he said once it’s done he can verify, problem is I need 2 days of 50 deg temps and no rain and in Michigan that will probably be May or June 

keep trying to work with the broker on having some sort of contingency written in that I do it later but he just keeps telling me it needs to be fixed.  :wall:

 

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2 hours ago, Dan Lambskin said:

Looks like my refi will be on hold for awhile 

we had to go FHA and the appraiser wrote up a few required repairs, one of which was my deck appeared to not have adequate protection from the elements.  2 years ago we stripped all the stain and now just keep a natural wood look with clear Thompson’s water seal 

he said once it’s done he can verify, problem is I need 2 days of 50 deg temps and no rain and in Michigan that will probably be May or June 

keep trying to work with the broker on having some sort of contingency written in that I do it later but he just keeps telling me it needs to be fixed.  :wall:

 

Yea.... no power to change anything on FHA inspections lender or broker. If not "as is" then must be fixed before closing, no way around it. Sorry bud. 

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I am hearing from reliable sources Wells Fargo has suspended VA and increased their min FHA credit score to 680. Until any meaningful relief is brought to the mortgage industry, a min 680 on government backed loans will be the new standard overlay. Currently, there are a few wholesalers still doing 580 but I think it is a matter of time before they raise them. Some wholesalers have stopped operations completely on the wholesale side. 

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On 3/10/2020 at 7:38 AM, One said:

Locked yesterday morning. 

30 year fix,  2.875 - no cash out 

Previously at 3.875

On 3/26/2020 at 9:23 AM, One said:

I just finished mine. Everything went great. 

Whats funny is Saturday my wife had us sign our loan docs in the driveway.  She didn’t want the notary in our house. 

My loan funded yesterday.  

Had to sign a form saying my wife and I were essential employees. 

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5 minutes ago, One said:

My loan funded yesterday.  

Had to sign a form saying my wife and I were essential employees. 

New forms are popping up with all new lenders. As well as new procedures and overlays (overlays are rules on top of the minimum rules put in place by Fannie, Freddie, FHA, VA and USDA). Often with no notice.

We had one lender we a similar document that asked the title companies to ensure the borrowers signed a doc that said they were still employed and no cut hours etc but because of the wording it seemed to suggest some liability on the title companies behalf- they refused to sign. The lender rewrote the document to make it clear that they just needed to make sure the borrowers attested to the employment and hours. 

It sucks to be a loan originator right now. Luckily most of my clients understand are are rolling with the punches with me but it still sucks to to be the one throwing things at them last minute or telling them about all the new hurdles they will need to jump through. One client expressed frustration then said he understood and it wasn't my fault and then promised to never do another loan during a pandemic again. I laughed and told him that I would hold him to that promise. LOL 

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1 minute ago, Chadstroma said:

New forms are popping up with all new lenders. As well as new procedures and overlays (overlays are rules on top of the minimum rules put in place by Fannie, Freddie, FHA, VA and USDA). Often with no notice.

We had one lender we a similar document that asked the title companies to ensure the borrowers signed a doc that said they were still employed and no cut hours etc but because of the wording it seemed to suggest some liability on the title companies behalf- they refused to sign. The lender rewrote the document to make it clear that they just needed to make sure the borrowers attested to the employment and hours. 

It sucks to be a loan originator right now. Luckily most of my clients understand are are rolling with the punches with me but it still sucks to to be the one throwing things at them last minute or telling them about all the new hurdles they will need to jump through. One client expressed frustration then said he understood and it wasn't my fault and then promised to never do another loan during a pandemic again. I laughed and told him that I would hold him to that promise. LOL 

Has business slowed down much?

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25 minutes ago, Chadstroma said:

I am hearing from reliable sources Wells Fargo has suspended VA and increased their min FHA credit score to 680. Until any meaningful relief is brought to the mortgage industry, a min 680 on government backed loans will be the new standard overlay. Currently, there are a few wholesalers still doing 580 but I think it is a matter of time before they raise them. Some wholesalers have stopped operations completely on the wholesale side. 

We're still doing 600+ but the pricing is brutal under 640. We also service all of our own government loans so that helps. Our team did $13m last month and have $18m on the log for April. Fortunately about 75% of our clients are either retired or in the healthcare industry right now. 

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On 3/31/2020 at 1:09 PM, RJS113 said:

I’m officially a homeowner. Just closed. 

2.75%, 15 years. 

🥳

Stupidly low rate.  That's awesome.

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3 hours ago, Chadstroma said:

Yea.... no power to change anything on FHA inspections lender or broker. If not "as is" then must be fixed before closing, no way around it. Sorry bud. 

We actually do a lot of escrow holdback and to follows but we also retain the servicing. We typically use them for purchase transactions where there's a deadline and protect our ops team though.

In this scenario if he was going to pay someone to do it, we'd just get a copy of the estimate then hold 150% in escrow then pay the contractor once the work was complete and refund the remainder to the borrow or apply it towards the principal. But since it's a small job and he's likely to do it himself it makes more sense to just wait for it to be done. 

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50 minutes ago, CR69 said:

We actually do a lot of escrow holdback and to follows but we also retain the servicing. We typically use them for purchase transactions where there's a deadline and protect our ops team though.

In this scenario if he was going to pay someone to do it, we'd just get a copy of the estimate then hold 150% in escrow then pay the contractor once the work was complete and refund the remainder to the borrow or apply it towards the principal. But since it's a small job and he's likely to do it himself it makes more sense to just wait for it to be done. 

Actually,  yes. You are right. Possible on broker side too depending on the lender. 

I tried to do this before and was not able to. I assumed it as an FHA guideline back then. I looked into it and it isn't a FHA guideline so that means it was an overlay. Good to know moving forward. Learn something new everyday if you are open to it. Thanks for the info!

That all being said, I wouldn't be surprised of more lenders not allowing for it these days. 

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14 hours ago, Chadstroma said:

New forms are popping up with all new lenders. As well as new procedures and overlays (overlays are rules on top of the minimum rules put in place by Fannie, Freddie, FHA, VA and USDA). Often with no notice.

We had one lender we a similar document that asked the title companies to ensure the borrowers signed a doc that said they were still employed and no cut hours etc but because of the wording it seemed to suggest some liability on the title companies behalf- they refused to sign. The lender rewrote the document to make it clear that they just needed to make sure the borrowers attested to the employment and hours. 

In PA, courthouses are closed and many don't have adequate online searching capabilities, so it's next to impossible to perform an accurate title search in those counties. The Title Companies are now requiring the insertion of a provision excluding coverage for any defects in title and/or any liens that an actual title search would have disclosed. In other words, "Sure, Lender, we'll insure title, but if it's defective, we aren't paying anything." Not sure how well that's going to fly.

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9 minutes ago, apalmer said:

In PA, courthouses are closed and many don't have adequate online searching capabilities, so it's next to impossible to perform an accurate title search in those counties. The Title Companies are now requiring the insertion of a provision excluding coverage for any defects in title and/or any liens that an actual title search would have disclosed. In other words, "Sure, Lender, we'll insure title, but if it's defective, we aren't paying anything." Not sure how well that's going to fly.

I don’t think it will. Wild times. 

10 hours ago, Chadstroma said:

Actually,  yes. You are right. Possible on broker side too depending on the lender. 

I tried to do this before and was not able to. I assumed it as an FHA guideline back then. I looked into it and it isn't a FHA guideline so that means it was an overlay. Good to know moving forward. Learn something new everyday if you are open to it. Thanks for the info!

That all being said, I wouldn't be surprised of more lenders not allowing for it these days. 

We haven’t received any guidance yet but I’m assuming we’re going to see some higher credit, lower DTI and/or additional reserves here real soon. I don’t see us stopping escrow holdbacks but would certainly expect to see to follow conditions go away.
 

Always enjoy learning things from you (I’m guessing you’re in the MBS and Mortgage Coach FB groups too?) so glad I could return the favor 😀

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3 hours ago, CR69 said:

I don’t think it will. Wild times. 

We haven’t received any guidance yet but I’m assuming we’re going to see some higher credit, lower DTI and/or additional reserves here real soon. I don’t see us stopping escrow holdbacks but would certainly expect to see to follow conditions go away.
 

Always enjoy learning things from you (I’m guessing you’re in the MBS and Mortgage Coach FB groups too?) so glad I could return the favor 😀

All lenders will eventually until something changes. It isn't a lender issue but a secondary market issue. You either keep them on the books or sell and are on the hook to make payments to investors even if you are not getting the payments from the borrowers. 

I don't think I am in those groups actually. I am in a crap ton of groups though. Prob too many.

And thanks, glad to hear I have added value. I learned a long time ago that lending is an always learning profession since there are many moving parts and is constantly changing... right now the change is by the speed of light.

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3 hours ago, apalmer said:

In PA, courthouses are closed and many don't have adequate online searching capabilities, so it's next to impossible to perform an accurate title search in those counties. The Title Companies are now requiring the insertion of a provision excluding coverage for any defects in title and/or any liens that an actual title search would have disclosed. In other words, "Sure, Lender, we'll insure title, but if it's defective, we aren't paying anything." Not sure how well that's going to fly.

Yea... in one hand you can understand how the issues make it harder for title to do their jobs... on the other, it is like title expects to get paid for absolutely adding no value at all. 

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Just now, fruity pebbles said:

How are 15 and 30 year rates looking in the real world right now? And are brokers caught up yet on refinances? 

They are about 25-75 bps above where they were that set off the recent refi boom. Depending on the day and type of loan etc.

Yes and no. Yes in that capacity isn't much of an issue right now. No in that turn times are still higher but that is more about the issues of navigating the crisis. 

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9 minutes ago, Chadstroma said:

They are about 25-75 bps above where they were that set off the recent refi boom. Depending on the day and type of loan etc.

Yes and no. Yes in that capacity isn't much of an issue right now. No in that turn times are still higher but that is more about the issues of navigating the crisis. 

Are you still of the opinion rates drop further?

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4 hours ago, fruity pebbles said:

Are you still of the opinion rates drop further?

I believe so. 

There is major disruptions happening in the mortgage industry from both the virus and the economic medicine being put into place to address what is happening. 

If the markets were behaving like they normally do, mortgage rates would be well below 3% for the avergage conforming loan. 

Once the crisis is over and we are in recovery mode with normalization I do believe rates will drop from where they are currently. 

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Posted (edited)
On 3/27/2020 at 5:33 PM, DMXATF23 said:

And Mr Cooper just suspended operations...

@Chadstroma

One...Does this mean I don't have to pay my loan 😂

I assume someone will tell me where to send the payment?  Also I have a home going under contract that they are financing.  Will there be an impact?

Thanks dude.

eta - I'm not seeing anything indicating they closed up shop.

Edited by BassNBrew

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2 hours ago, BassNBrew said:

@Chadstroma

One...Does this mean I don't have to pay my loan 😂

I assume someone will tell me where to send the payment?  Also I have a home going under contract that they are financing.  Will there be an impact?

Thanks dude.

eta - I'm not seeing anything indicating they closed up shop.

No luck, even in receivership (the company fails) you need to pay your mortgage. What this means is that they are no longer actively lending. They are a crap lender and I would never do business with them as they operate now, so I am not following to closely so I am not sure if that is all lending or just wholesale. They are a large servicer (the company that takes you payment etc). 

No companies have failed, of any size of significance at least, to this point. It seems the resolve is to not allow any to fail. However, many large servicers are under tremendous cash flow issues right now. 

Continue to make your payment as normal. 

 

VERY IMPORTANT: IF YOU CAN PAY YOUR MORTGAGE AND EVEN IF YOU MAY QUALIFY FOR DEFERMENT- PAY YOUR MORTGAGE!!!! Deferment has historically never ended well for the consumer. If you defer three months, then on the fourth month you owe all 4 months worth of payments and though the bill allows for it to not hurt your credit that does not mean it will not hurt your ability to refinance or get a new loan later. It should be an absolute last resort with no options left to buy time for you to figure out a payment or do a quick sell. 

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9 minutes ago, Chadstroma said:

No luck, even in receivership (the company fails) you need to pay your mortgage. What this means is that they are no longer actively lending. They are a crap lender and I would never do business with them as they operate now, so I am not following to closely so I am not sure if that is all lending or just wholesale. They are a large servicer (the company that takes you payment etc). 

No companies have failed, of any size of significance at least, to this point. It seems the resolve is to not allow any to fail. However, many large servicers are under tremendous cash flow issues right now. 

Continue to make your payment as normal. 

 

VERY IMPORTANT: IF YOU CAN PAY YOUR MORTGAGE AND EVEN IF YOU MAY QUALIFY FOR DEFERMENT- PAY YOUR MORTGAGE!!!! Deferment has historically never ended well for the consumer. If you defer three months, then on the fourth month you owe all 4 months worth of payments and though the bill allows for it to not hurt your credit that does not mean it will not hurt your ability to refinance or get a new loan later. It should be an absolute last resort with no options left to buy time for you to figure out a payment or do a quick sell. 

Thanks man.  I won't be feeling the pain for 3 months as I'm paid in arrears based on commission and thus far 2 of my 4 tenants have paid.  My biggest concern was getting a payoff on another home that I'm negotiating a contract on.

I only have one loan left with them.  In the 2000s I had numerous loans with Countrywide when I could call them up and tell them how much I needed and they were funding me three weeks later.  Those loans were spread all over the place and several ended up with Nationwide who then became Mr. Copper.  I will say they have the most straight forward statements and easiest online payment transactions.

Do you do business in NC?

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1 hour ago, BassNBrew said:

Thanks man.  I won't be feeling the pain for 3 months as I'm paid in arrears based on commission and thus far 2 of my 4 tenants have paid.  My biggest concern was getting a payoff on another home that I'm negotiating a contract on.

I only have one loan left with them.  In the 2000s I had numerous loans with Countrywide when I could call them up and tell them how much I needed and they were funding me three weeks later.  Those loans were spread all over the place and several ended up with Nationwide who then became Mr. Copper.  I will say they have the most straight forward statements and easiest online payment transactions.

Do you do business in NC?

Oh yea.... good ole' Countrywide... almost took down BofA because of all the crap they did. Mozilo, their CEO, should have been thrown in jail for the crap he pulled. Mr Cooper doesn't seem to have any issues as a servicer that I have heard. They are absolute poo for doing a loan through their wholesale for sure. I assume the same for their retail. Speaking of ghosts of old. Mr. Cooper is actually WaMu... or as I put it, the ghost of WaMu. The holding company left over after WaMu failed and was handed to Chase (another travesty of the old 2008 crisis) had some insurance reissuance that they operated in run off for many years. Apparently that was actually pretty lucrative because they eventually bought a mortgage company (can't remember the name right now) and renamed it Mr. Cooper. 

I do not do business in NC but know a couple of guys that I can connect you with. 

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5 hours ago, Chadstroma said:

No luck, even in receivership (the company fails) you need to pay your mortgage. What this means is that they are no longer actively lending. They are a crap lender and I would never do business with them as they operate now, so I am not following to closely so I am not sure if that is all lending or just wholesale. They are a large servicer (the company that takes you payment etc). 

No companies have failed, of any size of significance at least, to this point. It seems the resolve is to not allow any to fail. However, many large servicers are under tremendous cash flow issues right now. 

Continue to make your payment as normal. 

 

VERY IMPORTANT: IF YOU CAN PAY YOUR MORTGAGE AND EVEN IF YOU MAY QUALIFY FOR DEFERMENT- PAY YOUR MORTGAGE!!!! Deferment has historically never ended well for the consumer. If you defer three months, then on the fourth month you owe all 4 months worth of payments and though the bill allows for it to not hurt your credit that does not mean it will not hurt your ability to refinance or get a new loan later. It should be an absolute last resort with no options left to buy time for you to figure out a payment or do a quick sell. 

We haven’t worked with them for a years+. Interestingly,  our UWM AE and team lead were replaced this week, curious if maybe a margin call has caused them to cull their ranks?

this whole thing couldn’t come at a worse time either: we quite literally JUST got our lender’s license weeks before this hit.

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I close in 10 days on a 30 year, 2.875% refi, no points (also no credit).  Bank and lawyer assure me we are on track...fingers crossed

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I probably have a couple hundred in equity in my home. Current rate is 3.65%. I want to do a new deck/patio/firepit, have some exterior and interior paint i would like, need to update 2 bathrooms etc. I was going to do this stuff over time and pay cash, but maybe I take out some cash at low rates to do them or an addition?

How would one do that?

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8 minutes ago, Leeroy Jenkins said:

I probably have a couple hundred in equity in my home. Current rate is 3.65%. I want to do a new deck/patio/firepit, have some exterior and interior paint i would like, need to update 2 bathrooms etc. I was going to do this stuff over time and pay cash, but maybe I take out some cash at low rates to do them or an addition?

How would one do that?

Start with the bank where you do the most business with as there's often rate discount for existing customers.  You're looking for a line of credit vs. your equity.  Usually they are running a promotion where they will cover the closing costs and appraisal.  When I say usually, I suspect now isn't one of those times.  

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39 minutes ago, wilked said:

I close in 10 days on a 30 year, 2.875% refi, no points (also no credit).  Bank and lawyer assure me we are on track...fingers crossed

Nice!  Mind sharing what lender and what state?

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1 minute ago, Lacey said:

Nice!  Mind sharing what lender and what state?

American federal, MA

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46 minutes ago, wilked said:

I close in 10 days on a 30 year, 2.875% refi, no points (also no credit).  Bank and lawyer assure me we are on track...fingers crossed

I just recorded on my 30 year fixed @ 2.875%.  Hit a few snags on the way,  but it went through   

Good luck, @wilked!

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10 hours ago, DMXATF23 said:

We haven’t worked with them for a years+. Interestingly,  our UWM AE and team lead were replaced this week, curious if maybe a margin call has caused them to cull their ranks?

this whole thing couldn’t come at a worse time either: we quite literally JUST got our lender’s license weeks before this hit.

UWM makes a lot of people moves, I wouldn't take that as a sign of anything. I think they are positioning themselves to kick rear after crisis versus during crisis. 

Congrats.... (sort of). Are you a member of AIME? 

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5 hours ago, Leeroy Jenkins said:

I probably have a couple hundred in equity in my home. Current rate is 3.65%. I want to do a new deck/patio/firepit, have some exterior and interior paint i would like, need to update 2 bathrooms etc. I was going to do this stuff over time and pay cash, but maybe I take out some cash at low rates to do them or an addition?

How would one do that?

Simple cash out refi or equity loan or line of credit. 

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Jumbo/non-conforming market is getting brutalized today. Wells Fargo suspended their entire product line, at least with respect to buying jumbo loans originated from other lenders. My bank halted any new locks on jumbo loans.

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1 hour ago, menobrown said:

Jumbo/non-conforming market is getting brutalized today. Wells Fargo suspended their entire product line, at least with respect to buying jumbo loans originated from other lenders. My bank halted any new locks on jumbo loans.

Yes, Wells is a huge outlet for jumbos on correspondent lending and saw the same thing earlier today. As I mentioned before... this is what we will see... some just do not know or do not understand. I have seen bankers and association talking heads trying to say the opposite or that they are still doing business because they are strong, etc... they are either lying or ignorant. 

Non-QM is basically dead. Jumbo has been on the ropes and is definitely on life support. Government backed is being hospitalized. Conventional has a cough. 

I sent a message to a friend of mine at a large regional bank who posted on his Facebook a whole "Hey realtors and buyers my bank is strong and we are still doing jumbos and FHA down to 620". I sent him a message to make sure he hedges that with a lot of clear communication that that can change at any moment without notice and without ability to fund loans in place. He told me he got off a conference call that the bank leadership was saying how they won't change and will continue to lend etc because they service their own loans. I told him that is it isn't a lender thing and I don't know know who was talking but they don't understand or are lying. The servicing your own loans is actually a BIGGER liability now. He is a good guy. A competitor in my market but a good guy. Hopefully he takes my advice and at least warns his clients there could be trouble ahead on loans he does in the 'danger zone'. 

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