Mortgage Blog

Weekly Review

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 lender
tried to 'validate" my GFE and forgot the "owner" title
insurance I disclosed, made the transaction in-compliance
at the closing.

2)Tried to get a cash-out loan for my client with more 5
financed 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 lenders
on 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.


Posted in:General
Posted by Eric Fang on February 6th, 2010 12:18 AM



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