Dec 21 Long Beach Mortgage Rates Report: December 21, 2007Leave a comment »I've been telling my Long Beach readers to lock their mortgage rates, at application, since November 14, 2007.
I'll take a little break from my usual analysis and rely on some of the great mortgage bloggers to help me out. Consider this collection of advice:
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Dec 16 Long Beach Real Estate-Prevent Mortgage Fraud-Foreclosures2 comments »
Are YOU in Trouble?
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Dec 13 Experienced Long Beach Mortgage Consultants Are StressedLeave a comment »Long Beach loan originators aren't in a credit crunch; we're in a time crunch. Loan demand, at the originator level, is at an all-time high. Never, in my 14 years of originating loans, have I seen so many people who need mortgage financing. Supply, as we all know, is just not there.
Borrowers want money and lenders are reluctant to loan it out. This is where the problem lies.
Life as a loan originator, in 2004, was a walk in the park. There were few incentives to ask a borrower for income documentation, appraisers gave you value plus 15%, and underwriters practically processed your files for you.
Today, experienced Long Beach loan originators are essential. The problem, now, is that the inexperienced have infiltrated the underwriting departments...and it's causing a logjam. PMI companies, long eschewed in the days of 80/20 loans, are busy. They need to hire underwriters to help them keep up with the increased demand. High LTV loans are still needed and the second mortgage market has collapsed (and will get worse).
Where did the PMI companies turn to find underwriters?
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Dec 12 Long Beach Mortgage Rates Report: December 13, 2007Leave a comment »Last week, mortgage rates dropped fast and rose as quickly. When a fixed-rate loan is at 5.5%, we think it makes sense to lock-in the rate, even if you have to pay a little discount fee, to get that rate (depending on your expected hold time). That rate was available for one day only, last week. Those of you who were ready to act quickly, will be closing at that rate this week. We still favor locking fixed-rate mortgage rates, at application for rates under 6% (while paying the standard 1% origination fee). Today, that mortgage rate would have been 5.875% for an APR of 6.125%
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Dec 07 Long Beach Mortgage Rates Report: December 7, 2007Leave a comment »We pause before our usual Long Beach Mortgage Rates Report: Today is the 66th anniversary of the attack on Pearl Harbor. That attack was the first ever on American soil and was the trigger for American involvement in World War Two. 1,177 crew members lost their life on the USS Arizona making it the largest lost of life on an American warship. I ask you to pause for a minute and keep those sailors and marines in your prayers. Veterans, did you know that your VA loan could be refinanced, to a fixed rate loan, with no income verification and no appraisal? It's called the VA Interest Rate Reduction Loan. Watch this 13 minute video, released by the VA (just click the "Thinking of Refinancing?" link). We are still maintaining our lock-in at application posture for mortgages. The much awaited jobs report came out today and the data looked better than expected. While the declining housing market may be a drag on the economy, the jobs data tells us that its reach, while far, isn't throwing us into a recession.
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Laurie Manny
(562) 212-5420
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