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 notsee the rate big jump within a day, instead the ratewent up 1% within the last 40 days.
My 2009 business was 50% better than 2008. I contributedmy successful to this black Wednesday. Instead of beingpanic, 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 allclosed smoothly.
I am doing the samething this time. I already accepted40+ 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 ratesagreed)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 yearof 2011.