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September 4th, 2020 12:02 PM
I was thinking a lot recently. My business in August was 25% better than July. Then I realized that I would need to slow down. So I started going back to the Gym(with masks), and started workouts. My personal trainer said that I looked like losing some weight and so slim now. I know why, I did not do much abs recently. Si I went back and started exercising as regularly as before.

I did not run much either, though I biked a lot. I would follow a schedule and train for the virtual San Francisco Marathon. Then at least we can "pretend" everything is normal.

Jumbo rate starts getting better, especially those 30 year fixed. Around 3.125% or better, depends on the loan amount, LTV. So the size of the loan would be picking up.

Still hold those tech stocks I picked up in March, April time, NVDA, FB, QQQ, NKE, GOOG, MA etc. All at comfortable level. Will hold it for some time.

And surprisingly, I purchased FNF recently. I think the Refi will help FNF, and anyway, there is 4% dividend, you know, I like dividend so that I can hold it longer.

Still keep reading books, around 1 hour per day, really enjoyed. I think I would write some notes, or share it with some others.  

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Posted by Eric Fang on September 4th, 2020 12:02 PMLeave a Comment

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August 25th, 2020 11:59 AM
It means that it is going higher. We can not do some low rates now, like 2.5% for 15 yr fixed etc. And 3% for 30 Yr fixed high balance now.

I know some people might get better rates, like some clothes sale on the black Friday, you might get some Exceptional good rates. But some people might get hurts. I do not know how many lenders will "void" those very low rates when FHFA charged 0.5% fees. It squeezed the profit margin, and make the lender unwilling to close the loans. 

Please let me know when the lender tell you that they were busy, and your rate expired, so they could not get those rates for you?

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Posted by Eric Fang on August 25th, 2020 11:59 AMLeave a Comment

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August 22nd, 2020 2:26 PM
The interest rates started going up(or paused the trend of going down). So do not expect the rate will go down too much from here. One of the main reason was because of the news below:

Yes, the government wanted their share of the booming refinance.

This morning I got an email from a client: I will pull the trigger if the high balance loan rate is 2.875% or lower. But I told him that it might be hard. 

The question to me is : why you set up a goal for 2.875% or 2.75% or lower: How did you get the target? 

The reason for my question was actually, personally I think those rates are very very good rate. Just grab whatever you can get. You can not get those rates all the time. Those are cheap debt. 

A few months ago, a client complained that he missed the good opportunities of the coming back of the stock market this year. And he thought that the market would go lower. And it did not. But for me, I do not even care whether the marker will go further lower or not. I divided my cash into 4, and purchased 25% as the market went down 10%; then another 25% as it went down 20%; and another 25% when it went down 30%. And I still have the rest of the cash on hand.

I told my clients to stay with the lender for 6 months after the closing. But still there was one person refinanced within the 6 months. And we would get the penalty if the loan gets closed soon. 

Did not run much the last week because of the heat and wild fire, not sure whether I can run more next week since I will fund 15 loans in the next 6 business days of this month. Very busy the end of the month.

But I still continue the reading and I really enjoy it. This week I started : How to Live: Or A Life of Montaigne in One Question and Twenty Attempts at an Answer by Sarah Bakewell. This is a good book, especially after a weekend running or biking.

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Posted by Eric Fang on August 22nd, 2020 2:26 PMLeave a Comment

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August 17th, 2020 8:31 AM
Some of you might have already known that the government wanted to share the profits from the refinance business. Basically they wanted to have 0.5% for each loan. And because of that, the rate will go up around 0.125% for each loans. The rental rates has not been stablized yet. 

See the link below.  

For me, I am still doing great, for my exercise and business. I rode bikes a lot recently, mainly because that it is too hot. I will be back to running when it cools down a little bit. For the refinance business, June business increased 25% from May; And July's business increased another 20%. August is expected to have another 20% increase. The only problem is that I am no longer young any more. Otherwise, I can finish the twice of the volume. On the one side, I am missing the old days when I have endless energies. And on the other side, I am still happy about what I accomplished.

Glad to talk to a few of the clients. The basic topic was : do not think too much about the refinance rate. The mortgage business is only very very tiny part of your financial picture. You will need to think BIG, think the long run and think for the future.

Two things are for sure now: 1)The debt is cheap. When the interest rate is below 3%, borrower as much as possible. 2)Do not be afraid of the financial markets. If you take a look of the RE market, the stock market 20 years ago, everything was cheap. Just purchase it, and keep it. This is for long run. If you purchased a house in the bay area, it does not matter how much you paid for it. 300k or 400k purchase price, it does not matter. Right?

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Posted by Eric Fang on August 17th, 2020 8:31 AMLeave a Comment

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July 31st, 2020 6:34 PM
The Good:

This past week, home loan rates hovered at all-time lows in response to uncertainty surrounding the economic impact of COVID-19 and the realization that the Fed will keep rates low for a very long time.

The 10-year Note yield has moved convincingly beneath .60% for the first time since March 9th and that could lead to a further decline in yield in the days, and potentially weeks, ahead. This means that mortgage-backed securities, the driver of home loan rates, will have room to improve even further.

Housing continues to be the bright spot in the U.S. economy. Pending Home Sales soared this week and the real estate community has boosted their sales forecasts for 2020, suggesting the good times in housing will continue for the foreseeable future.

The Bad:

Stocks hate and Bonds love uncertainty. There was plenty of it this past week.

On Thursday, President Trump issued a tweet suggesting the election will be delayed until people can vote in person safely.

Technology shares, which have risen sharply since the lows in late March, experienced sharp price losses midweek as CEOs from Apple, Google, Amazon, and Facebook were gathered for an antitrust hearing and "grilled" by lawmakers on Capitol Hill. The hearings elevated fears that further regulation, and potentially the breakup of some very large companies like Amazon and Google, are in the future. Come Thursday, the argument that these firms are too big might have become stronger as each firm posted very strong corporate earnings and guidance, sending their Stock shares to all-time highs heading into the weekend.

Congress, which can never seem to agree on anything, is at it again this week as both sides are not even close to coming up with a new stimulus measure to further help the economic recovery. There is likely to be a resolution, but it's unclear as to when and how significant it will be.

The Ugly:

Gross Domestic Product (GDP), which measures U.S. economic output, came in at -32.9% for the second quarter. This was the worst quarterly economic decline in U.S. history. The markets were expecting an ugly number so the market reaction to this backward-looking data was a bit muted.

On a brighter note, it appears the recession ended in the second quarter while the third quarter is likely to show the largest increase in GDP in U.S. history. This is also expected as the economy improves sharply from what essentially was a shutdown for most of the U.S. economy.

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Posted by Eric Fang on July 31st, 2020 6:34 PMLeave a Comment

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July 13th, 2020 8:24 PM
I am working on one loan for 750k with the rate 3.125% for 30 yr fixed. But this rate requires FICO over 800. And some good rates for 15 yr fixed as well.

Too busy for the past a few weeks. I still kept reading, that's the way I got relaxed. Still on the track of finishing "The Story of the Roman People" series. Will finish Volume 14th this week. And will complete the last volume next week.

The only other thing I was not doing well is running. Since I did not run too much, and I ate too much when I work long hours, and eat a little bit more(I like chocolate too), so I gained a few pounds. I need to work on the running this week.

Loan volume was up 40% from May to June. And it is expected that volume will inncrease another 10% to 15% for July & August.  

My biggest problem and challenge is : how to balance the life, the time with my family, my reading, my running etc.

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Posted by Eric Fang on July 13th, 2020 8:24 PMLeave a Comment

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June 28th, 2020 1:43 PM
Almost half of 2020 will be over next week. And I spent most of the time working on loans. I know this is not right, but I do not have much choices.

My loan volume is up 42% in June compared to May. But I can still close half of the loan volumes, compared to 2009 to 2013. Mainly because of the capacity from the lenders, the escrow company, and I can not hire assistants either.

Finished 10 half marathons after May 21st(The link is here). I got a little bit schedule problems recently. Since I was busy for the loan funding, I could not just go out for the running from 7am and back to home 9am, then fund the loans. I still need the time to reply the other emails, lock the rates, etc.

I still have 32 locked loans needs to be closed in July. I always told myself that I had enough loans, and I need slow down, spend more time for the reading, spend more time with my family and also on running. And yes, biking as well.

Finished The Beginning of the End -- The Story of the Roman People vol. XI last week, that means I already finished 11 of 15 books. I can finish the whole volumes in the monthly July.

I did not go out for the running this Saturday. I started reading the book: 

????:???,????. I am surprised that Amazon has some books in Chinese. And I enjoyed the beautiful Saturday morning with such a book. I did not like go to museums before, but I think I have much better sense now after those history books, etc.
By the way, I like ???? as well.

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June 12th, 2020 12:52 PM
I completed 7 Half Marathons starting May. Finished one this morning with 1:51:40. It was good, and I think my body was still tired, mainly because of the long hours on the loans. Plan to improve the time a little bit tomorrow. I will run another half tomorrow, one more on Sunday. Here is the link:

Plan to finish page 90 of the book Wolf Hall by Hilary Mantel. I like it so far. Since I just read the Story of Roman People series, and the book: My friend Machiavelli -- The Rise and Fall of Florence. So they are about the same era. Not difficult to read. My cheating strategy was : I read one chapter in Chinese, then one chapter in English, so that I do not have to check the dictionary all the time.

And definitely I would finish the book: The Century of Wise Emperors - The Story of the Roman People vol. IX by this weekend. So far 2/3rd finished.

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June 11th, 2020 1:13 PM
Finished 40 pages of Wolf Hall. Then that's 1/15th of the book. And I should finish finish the first 60 pages by the end of today. And completed 5/9th of the Book  The Century of Wise Emperors - The Story of the Roman People vol. IX. On the track to finish the reading by this weekend.

Lenders will not allow me to lock more than 6 loans per week. So I have plenty time to read more books. And maybe I can run 3 half marathons(tomorrow, Saturday and Sunday), and still keep the weekly mileage over 50 miles?

Life is not good if you just keep working for money, but not enjoying yourself. Reading is one of the things I like to do, other than running and travelling. I hope we can travel again, maybe sometime next year?

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June 9th, 2020 10:19 PM
I completed 15 pages yesterday. and planned to do the same thing today. If I can keep reading for 15 pages per day, then I can complete the reading the end of July. And I will finish all the 15 volumes of "The Story of Roman People".

15 pages seems like easy, but it is hard to do it everyday. Especially when it was written in British English. But I like to finish this books about Henry VIII and Thomas Cromwell. Especially after I finished the book: My friend Niccolò Machiavelli.  Both of them were about 16th century. And you can find some dots connected. I will talk about it next time, hopefully tomorrow.

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June 7th, 2020 11:25 AM
For lots of my clients, they would like to stick with me for a long time, even 10 or 15 years. And they know I would provide some "extra" advice on the investment, the RE purchase etc. 

I got an email today from one of my clients. He planned to purchase another property, and asked about the interest rates for 5% down. I told him to think about his goal and strategies. The reason was that he just did two refinances, and he paid down both his rental and his primary. If his goal is to purchase more properties, then why he paid down those loans. He needs to keep the cash on hand. Though we do not make money on those cash, but we can use them for the extra investment opportunities. If he kept the money, he could make 20% down, and get good rates for the future purchases.

I have a good CPA, and he worked for me for almost 20 years. At the beginning of covid-19, he emailed twice and called one to get PPP loan(I did not apply since my business was not affected). And I asked him about whether I need a payroll for my wife, and whether I need an LLC for my rental properties. He gave me very good advice.

A few years back, a lot of people told me that we could not find good financial advisors. One of the reason was that they are "expensive". And even if we happened to have the chance to get a very good one, we might think they are expensive and choose a cheap one. And you know , most of the time, the service is cheap for a reason.

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June 1st, 2020 12:39 PM
I do not time the market. And it is 1st day of the month again. Seems like no good stocks to purchase. I will get some T. At least the dividend ratio is still over 6%.

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May 30th, 2020 11:43 AM
This year is so different. First, the CoronaVirus changed everybody's life. People can not tarvel, and we can only work from home, kids can not go to school, and stocks crashed and the recovered the most of it. And the interest rate is lower again, got very busy most of the time. But still we have to balance our life.

The past week was the last week of May, so I know I would be busy since the lenders would (have to) fund lots of loans the end of the month. It was ok, i only funded 9 loans. But it got me very nervous. So I ran a half marathon last Monday(Holiday), and did not run anything at all from Tuesday to Thursday, just wait for the emails from the funder, the escrow officer and the borrower to confirm the employment was ok. And I got relaxed Friday, so ran another half marathon yesterday. And finished another half this morning. The finish time for the three halves were: 2:07:45(Slow ), 1:55:44 (Friday), 1:53:55(Saturday). Plan to run another one tomorrow. Hopefully it will be under 1:50. Not the fastest(my fastest was around 1:33), but it is ok since I was so busy, and ran 4 halves in a week.

Glad to finish another book during the week. I know I was so busy and tired, but the reading calms me down, and I can sleep very well after the readings. Finished the book: The Infamous Emperors - The Story of the Roman People vol. VII. And Will start the new book this week: Crisis and Conquest - The Story of the Roman People vol. VIII. Still on the track to finish the 15 books by the end of July.

Wow. Locked more than 10 loans last week. Have to work more loans this weekend and will get them locked in around 2 weeks. But I still prefer more to reading than the books. I know you think I am just kidding. But that's my true feeling.

Yesterday I talked to one of my friends about my investment, and I told her I am investing like a machine now. Next Monday will be the day to purchase a stock a fund. I remembered that purchased WORK May 1st. Should I add more positions or just QQQ? That's a good question. I will let the market decide Monday.

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Posted by Eric Fang on May 30th, 2020 11:43 AMLeave a Comment

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This normal might be abnormal to some people. Basically, running, working and reading.

Finally finished reading the book: The Story of the Roman People vol. VI. I am so glad that I finish 6 of the 15 volumes. Reading is very similar to the running, once you stepped out of the door, the rest would be easy.

The interest rates are improving. Locked 6 loans today, plan to lock another 6. I am not young any more, that's why I paced my work load pretty well. About 10 years ago, my record was "locked" 21 loans in one day.

But starting today, I plan to run 50 to 70 half marathons this year, until we can race marathons again. Here is my first one this morning, the finish time is 1:46:58.



LapDist (mi)TimeAvg (min/mi)Max (min/mi)Avg HRMax HRAvg SPMMax SPMGain (ft)Loss (ft)kCal

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Posted by Eric Fang on May 21st, 2020 10:31 PMLeave a Comment

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May 19th, 2020 1:00 PM
Struggled with the running recently. It was not that I could not run. I think the main reason was the schedule. 

For the morning time, I normally focused the funding of the loans. So I would send out emails to make sure the borrower stays on the job, and would get the insurance updated to get it prepared for the funding. So then I decided to run in the afternoon and evenings. But normally I could not do it since I felt tired by then.

The stock market is crazy. Sold half of my NVDA holdings. Planned to sell FB, but it went up another 2.5%. So I would wait a little bit more.

Here are the running splits for today, not bad. Will run a half marathon Thursday.



LapDist (mi)TimeAvg (min/mi)Max (min/mi)Avg HRMax HRAvg SPMMax SPMGain (ft)Loss (ft)kCal

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Posted by Eric Fang on May 19th, 2020 1:00 PMLeave a Comment

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May 7th, 2020 9:54 AM
Reading is like running. The first step is to tie the shoes and walk out of the door. For the reading, it is good just to start, whether you can understand or not.

I planned to read 15 volumes of  The Story of the Roman People by Nanami Shiono a few years ago. I could not even finish the volume I. Then I started to read the brief history of European, and understood some basics, and this time it is getting better. And at least I finished Volume IV. I know I can finish it in June.

Purchased 400 shares of WORK last Friday, and it went up around 16% since then, I kicked myself for not purchasing more. Then I thought I did it right since my strategy was to get some share beginning of the each money to average down the risks.

Ran 10 more miles today, It was about 15 seconds slower than yesterday. But that was right, since my heart rate was about the same. So my body felt that I was tired this morning. We need to listen to our body. Here are the paces:



LapDist (mi)TimeAvg (min/mi)Max (min/mi)Avg HRMax HRAvg SPMMax SPMGain (ft)Loss (ft)kCal

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Posted by Eric Fang on May 7th, 2020 9:54 AMLeave a Comment

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May 6th, 2020 4:20 PM
Finished another good run this morning for 10 miles. I think I can still run 3:20 marathons once the marathon season is back. Here are the paces:



LapDist (mi)TimeAvg (min/mi)Max (min/mi)Avg HRMax HRAvg SPMMax SPMGain (ft)Loss (ft)kCal

Finished The Story of the Roman People vol. IV this morning. Can not read Roman series all the time. I have to switch to another book after finishing one. So I started: WHO ARE WE? today.

It is actually a very good book. It talked about the American Identity. The first story went back to soccer game in LA in 1998. The game was between USA and Mexico. And a guy was booed just because he brought a US flag, and yes by by the Mexicans in the US. It talked about the origins of WASP, the civilization activities, the co-exist of the Latin culture and US Western culture etc.Just started.

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May 5th, 2020 11:42 AM
Last two weeks were the busiest two weeks for me.I closed 13 loans during the two weeks. Thought the funding process was slow, but at least we are closing. And I closed 4 more loans this week.

I did not run yesterday since I planned to focus on the funding, and then ran 10 miles today, and the pace was good. I had 6 miles with pace around 8 minutes per mile. Since I do not have race within the next 6 months, the pace was not bad.

Submitted 7 loans within the last 2 days, and originated two more yesterday. Sometimes, I think 2 loans per week is perfect, so I do not have to be too busy, and have enough time for the reading.

Plan to finish 15 volumes of "The Story of the Roman People" by the end of next month. I finished volume III, and completed 1/3rd of Volume IV. I am happy with the life for more reading. Check my reading list this year:

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April 29th, 2020 1:07 PM
I locked two loans for my clients. I recommended them to lock for two reasons, 1)They have 3.5% to 3.625% rate. So One person saved $650, another $350 per month.  2)If we miss this opportunity, then we might need to wait for another two months.

And once you have 3% for 30 yr fixed rates(APR 3%), then you do not have to worry about whether the rate is going to higher or lower in the future.

Stock market is crazy now. For one of my accounts, the YTD return is even positive now. One lesson I learnt was that you have to pick up good company stocks. they recovered back so fast.

Ran another 7 miles today. Really enjoyed the running. Not too fast, not too slow.

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April 28th, 2020 12:25 PM
CA will extend the shelter in place for another month. What does that mean for the mortgage rates? It might be a little bit better, but we still can not change the fact that the whole industry still are short of hands, and short of liquidity assets.

My life changed a little bit. I locked over 20 loans for only 2 days beginning of March. Then I could not lock the rate any more. After that, I only locked one loan for purchase , another for 15 yr fixed 2.875%. I was a little bit frustrated because I could not lock the rate(The rate went up higher, and also the lender only allowed us to lock the rate when the loan approved). Then on the other hand, I was happy that I could not lock loans since otherwise my life quality would be much worse(I had to work extended hours, it is not good for health), and also borrowers would not be happy because the shelter in place.

April would be the first month that I could finish reading for more than 10 books. It is a big accomplishment for me. I really enjoyed the reading and hope to read more and more.

My San Francisco Marathon postponed to Nov 15th. That might be my first marathon this year. I will take it easy for this one.

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April 27th, 2020 10:06 AM
It was a very productive week of last week. Finished running 53 miles, though it is a little bit slow, but it was good since I do not know when the next race would be. The link for the running blog is here. 

I am so glad that I finished Volume II of The Story of the Roman People. The total volumes for the book series is 15. I am glad that I can finish volume II. And it the rate does not improve in the next two months, I would finish them all. 

Berlin Marathon was cancelled this year. I know I did not have any plan for major marathons this year. Still very sad that those great marathons could not take place. I think people will appreciate more of the races next year. Yes, I will register more and put a list some time this week.

The rate did not improve today. Let's keep funding the loans, and keep reading. This week's plan was to finish:  A Victor in Disarray - The Story of the Roman People vol. III.

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April 24th, 2020 10:00 AM
The rates are getting better. We should see the targeted rates around end of May.

Finished running 8 miles today. Felt so good. And surprisingly, I lost a few pounds. I think I will enjoy the race when the race season is back.

Mountain to Beach Marathon race director emailed me back that I can defer this year's race to next year. And Mesa Falls Marathon will let me know mid of July. San Francisco Marathon said that we will not cancel until you hear from us later. And I hope Coronavirus pandemic will be gone soon. I told my wife that we should be ok sometime in July She said that we are too optimistic.

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Posted by Eric Fang on April 24th, 2020 10:00 AMLeave a Comment

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I know it sounds like crazy. But I indeed finished on Saturday. The finish time is 4:19:59. It was not perfect. But it is good enough.

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April 17th, 2020 9:31 AM
The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.

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I finished 8 miles today. Total 22 miles for this week. Here is the link

My mile 4 & 5 was ok, the pace was 7:43 and 7:55. Then I thought whether I need to keep the pace for the next two miles, or just a little bit slower. And as you guessed, I started a little bit slower. So mile 6 at 8:22, Mile 7 8:36, mile 8 8:53. The reason mainly was that I have another tempo run of 6 miles tomorrow. I do not have to run too fast, and instead need to focus on my schedule.

Same for the other stuff, like reading and investment. I manage my wife's retirement account for her. And promised her for total 50% return for the next 5 years. As of yesterday, it was almost break even for this year. What I did right was that I liquidated last year, and gradually purchased when the market was down. It was not perfect, but still better than expected. And my idea was to purchase 5%, 10%, 20%, 30% down. And now, I do not much cash in this account now.

Same for the other accounts, I would assume that the market will go down another 20%(just assume, it could be or not). Then I would split my money (other than cash) into 4, and will purchase more if the market is 5% down or more. Then I would wait for the rebound. I could be right or wrong. But if we check it 10 years later, any purchase would be right. 

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Posted by Eric Fang on April 15th, 2020 10:22 AMLeave a Comment

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April 14th, 2020 10:53 AM

Wells Fargo, the largest lender and servicer in the nation, originated $48.0 billion of home mortgages in the first quarter, a sequential decline of 20.0%, according to results released before the opening bell Tuesday.

On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.


In its first quarter earnings statement, Wells noted that to date, it has deferred payments for 1.3 million consumer and small business customers, a universe that includes residential mortgagors.

Meanwhile, JPMorgan Chase, one of Wells’ closest competitors, reported $28.1 billion in new originations during the quarter, a sequential drop of 15.6%. Its retail/correspondent balance was almost equal at $14.1 billion to $14.0 billion, respectively.

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April 10th, 2020 11:44 AM
The demand would be strong this year(after ConoraVirus):
1)Low Mortgage Rates
2)High demand from Millennials
3)Low Inventory
4)New construction will boom.

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April 9th, 2020 1:13 PM
Got the news from some lenders. They will improve the rates from the current level. But not sure whether it will go as low as the beginning of March. Let's wait and see. 

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Posted by Eric Fang on April 9th, 2020 1:13 PMLeave a Comment

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Lenders might not get you loan if you have  forbearance with mortgage lenders.
 Right now, lender will ask the following questions:

1) Are you still employed as stated on the loan application? 

2) Have you experienced a reduction in income since completing the loan application?

3) Do you still have the ability and intent to make the mortgage payments required under this transaction?

4) Are you currently under any forbearance agreement on any mortgage?

5) Have you applied for forbearance from any mortgage payments? 

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Posted by Eric Fang on April 8th, 2020 1:19 PMLeave a Comment

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I still close a lot of loans every month. But I do not work too hard till 1am or 2am as I did 10 years ago. I know it is not good health if I continue to do so. And 10 years later, if I reflected how hard I worked on the loans, I would regret the time I spent on "making" the money.

Sometimes, we would think how enough is enough. How much money is enough for our daily needs, how much food we need to consume, and how important is the readings, travel in our daily life.

Recently, I found it was very interesting for more readings. 1)We do not understand when we read some books. We are not familiar with the subject, or the person names, etc. Or we could not even remember what we read. 2)If I had the time and read the books the second time or third time, you will find that your reading is so different. Mainly that's because you understand more and have those dots connected.

And now I am reading some books which I do not understand at all. Sometimes, I think it is good that we can remember some basics.
A few days ago, we I read the book : Educated: A memoir. The author had a class in Cambridge, and they learnt "positive freedom" and "negative freedom". And I am so proud that I knew this was from Isaiah Berlin. Then I realized that more readings do help me understand more.

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Posted by Eric Fang on April 7th, 2020 6:10 PMLeave a Comment

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