August 27th, 2011 11:13 PM by Eric Fang
It was a crazy week. For the fixed 30 yr fixedand 15 yr fixed rate(loan <=417k), it touched the lowest rates for a few times, but only lastedfor about 30 minutes every day.
We will not accept loan applications with loan amount over $625,500 from now on. And those loanswill become jumbo loans after Oct 1st.
ARM rates are only 0.25% to 0.375% higher than the history low. We listed those rates highersimple because we will not submit the loans to Provident Funding for the next a few weeksor months, depends on the market.
Lender's volume is kind of high now. BUt we stillcomplete the loans within 30 days. For NYCB loans,we have a little bit problems for scheduling the signoff because of the short of hands from the lenderappointed escrow company. This company hired morepeople past a few weeks, but this issue will remainuntil those new hires know how to do their job.