Mortgage Blog

Weekend Review(August 27,2011)

August 27th, 2011 11:13 PM by Eric Fang

It was a crazy week. For the fixed 30 yr fixed
and 15 yr fixed rate(loan <=417k), it touched
the lowest rates for a few times, but only lasted
for about 30 minutes every day.

We will not accept loan applications with loan
amount over $625,500 from now on. And those loans
will become jumbo loans after Oct 1st.

ARM rates are only 0.25% to 0.375% higher than
the history low. We listed those rates higher
simple because we will not submit the loans
to Provident Funding for the next a few weeks
or months, depends on the market.

Lender's volume is kind of high now. BUt we still
complete 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 lender
appointed escrow company. This company hired more
people past a few weeks, but this issue will remain
until those new hires know how to do their job.

Posted in:General
Posted by Eric Fang on August 27th, 2011 11:13 PM



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