Good news, rates have been falling for the most of this year. Bad news, rates have probably bottomed and will head higher. Last week brought a gale of game-changing news, contradicting recovery, and a whiff of panic. This holiday-short week was news-thin, and mid-July marks the beginning of an often sleepy season for markets and [...]

Today’s payroll flop — only 20,000 real jobs created in May — will take some time to settle all the way in. Immediately: 10-year T-notes are 3.22% (from 3.36% yesterday and 3.99% six weeks ago), and mortgages right at and some below 5.00%. The payroll report has confirmation: new unemployment has held high for five [...]

New Treasury Department guidelines will go into effect June 1; these guidelines will require loan servicers to verify applicant’s income and financial situation before placing them into trial modification. This will make it more difficult to get a relief from unaffordable mortgage payments, but if people make it into trial modification they are more likely [...]

What I hope to be able to accomplish with this blog is to make sure that borrowers (and Realtors) know that the loan officer is your advocate when preparing your loan for review with their underwriters and processing staff.  Loan officers have a responsibility to not only our employer but to our borrowers – a [...]

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