February 6th, 2010 12:18 AM by Eric Fang
It is one of the "slowest" weeks in the past two years.The loan volume was good, but I spent tons of time on RESPA 2010. Though I hated it, I made the decision to embrace the changes.
1)Have two news RESPA2010 purchases went closing with two lenders. Even the lenders made the mistakes. One lendertried to 'validate" my GFE and forgot the "owner" titleinsurance I disclosed, made the transaction in-complianceat the closing.
2)Tried to get a cash-out loan for my client with more 5financed properties. Still no luck to get a new lender.Rate & Term Refinance with up to 10 properties are ok.
3)Thanks for all the help of my clients. I completed to provide the lenders HO-6 insurance for those condo loans.
4)Though one lender has very good 5/1ARM Jumbo rates, they did require 6 payments made at the application.
5)I submitted a few Freddie Mac loans(We are the lenderson those loans, so the value should not be ugly low). I will let you guys how the values go next week. Both loans will have the appraisals next week. And our target LTV is 95%.
6)The good news for the past week is: the rate is back to good levels, though still not the best levels.My recommendation is: Lock the Rate if you can. You will not miss too much.