Mortgage Blog

I closed 5 loans this morning. But indeed I tried hard and
all get them done.

Among the 5 loans, 4 of them from the lender Provident
Funding, and all the rates expire today, and the lender
did not review the funding until Friday and Monday.
I had to get all prepared over the weekend, including
the VOE and escrow assets. But I am glad that those loans
closed, especially with very good rate, 3.75% for high-balance
loans(2 of them; other 2 loans with 3.875%).

And we closed another loan with citi mortgage, who will exit
the wholesale market soon. I have one loan left after morning's
close. With AE's help, I can get the loan approved this
morning, signed the loan docs this morning and funded the
loan this morning. If citi can work all the loans like this
one, they can stay at the market, and the stock performance
would be better.

I feel much better after those loans funded. Especially
we might not be able to get the rate f 3.75% for high-balance
loans any more.