Blog of the Mortgage

First can I say this: Hot Damn! That was some fast actin'. Frankly I've never seen any government decisions made so quickly, unless of course it surrounded War or Terrorism.
So, I guess we're officially at War with the Housing Market? :)
This has turned out to be one very busy week. I'll cover this in points since the information is ALL relevant to us going forward.
All of the Nitty Gritty Details are posted on my site:
Education Station
1. OFHEO has acted on HUD's recommendations and posted their list of Increased Loan Limits. OFHEO guides FNMA/FHLMC in policy decisions so this was the next step.
2. FNMA released their updated LFKAJ guides (that's Loans formerly known as jumbo).
  2a. Funny: FNMA is calling these Jumbo Conforming!
  2b. The Rate Sheet Fee adjustment is going to be
   ....25% (for Fixed Rates) .75 for ARMS! That's
   GREAT!
  2c. These Changes are allowed for loans funded
  after  4.1.08
  2d. Some Highlights: No Cash-out
                                        Rate& Term: 75/95 & 660 FICO
                                        Purchase:  90/90  & 660  fico
                                        over 90% must be 700 fico
                                        Manual u/w only (for now)
                                        45% DTI Max
                                        2 Months PITI (for O/O)
                                        Appraisal Required
3. FNMA is following FHLMC on the updated LLPA's (that's loan level price adjusters). So, if you have 81% LTV & 640 FICO...2.00% ADD to fee.
   3a. They also updated all of their cash-out and 
   2nd,Investor, Units adjusters. It's getting VERY
   Expensive for under 700 score..unless you use FHA
   -which we do.
   3b. these changes are coming June 1st.
4. JOBS today.. SUCKED! -63,000.. (that's a minus).
5. So Mortgage Backed Securities are up 128bps as of 11:24a(est)
6. I'm no longer brining a ratesheet into the field. It's always invalid by noon -just kidding. But seriously. I can't keep up with this.
7. FINALLY: We at Franklin American are awaiting our direction as to ALL of the changes coming and will keep you posted as the news comes.


You've probably read some or all of what I've had to say over the last couple of months but if you haven't you can keep abreast of the change(s) and my commentary on my Blog Here:

Other Updates: Posted Here on Education Station:

With our Turn times at Just 2-3 Days and pricing as hot as it is you can't go wrong!
Posted by Raoul Badde on March 7th, 2008 8:34 AMPost a Comment (0)
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