Mortgage Blog

Sorry for not writing any blogs for a week.
Tis is mainly because of the family emergency.

There are too much news last week. First, the stocks
ups and downs because of the Euro news and QEIII
expectations.

QEIII may be good for the economy and the stocks,
it might not be good for the interest rates. The
interest rate went up around 0.25% to 0.5% the day
Fed announced the first QE. We don't know exactly
how the financial markets reacts to the possible
QEIII, but the interest rate indeed went up Friday
27th.

Another piece of the news is that Sandy Weill said
that mega banks should be broken up. And it is the same
guy who lobbied the congress to dismantle Glass-Steagall.
And they were successful. And I don't whether he should
do the samething if he were still citi CEO.

As for the loans turn-around time, some lenders are
still fast(closing of the loans within a month), some
other lenders are very slow. One reason was Wells Fargo
exit the wholesale market; another reason is that
current wholesale lender would prefer to "over-work"
their current staff, instead of hiring more stuff.

This is not good for the economy. We need the company
to hire more people. But it seems to me that they
are reluctant to hire more during the slow and weak
us economy.

Sorry for the "slowing" for the past money, one of my
processors will be back from vacatio next week.
We should have service and turn-around time as well.