Mortgage Blog

Revews My Posts after Black Wednesday of 2009

December 16th, 2010 3:13 PM by Eric Fang

May 27th, 2009(see my posts) was a black Wednesday
for the Mortgage industry. The rate went up 0.5% within
one day. And this time is differnt, we did not
see the rate big jump within a day, instead the rate
went up 1% within the last 40 days.

My 2009 business was 50% better than 2008. I contributed
my successful to this black Wednesday. Instead of being
panic, I called that the rate would be lower again
(you can read those blogs after May 2009) and collected
lots of loan application from those believers. When
others were worrying about the rates, I processed the
loans and had them submitted to the lenders and patiently
waited for better rates. And indeed they were all
closed smoothly.

I am doing the samething this time. I already accepted
40+ loans when the rate was high. None of them locked yet.
And I already submitted some ARM loans(appraisals ordered,
I will refund the appraisal fee if I can not get the rates
agreed)for those loans. In the next a few months, let's
check and see whether my decision is correct.

If I am lucky again, there will be another beautiful year
of 2011.


Posted in:General
Posted by Eric Fang on December 16th, 2010 3:13 PM



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