Announcement: Initial Disclosures acknowledgement required prior to Submittal Milestone
The following will be required at Loan Set-Up prior to having a new loan application submitted into Underwriting (Submittal Milestone) for a credit decision effective on Wednesday, 04/22/20.
Government FICOs Reduced
FHA / USDA down to 600 Credit Score
VA down to 620 Credit Score
Announcement: Lock Desk
Thursday, 4/9, Our Lock Desk will close at 10:00 AM PDT, and closed Friday, 4/10, for the Good Friday holiday. Normal hours resume on Monday, 4/13. There will be no rate sheet published on Friday.
Matrix Update: Chenoa Removes Conventional
Chenoa has temporarily suspended their Conventional program, however, Chenoa is still offering their FHA Edge and Rate Advantage DPA Programs.
Market Update, Friday, April 3, 2020
MBA, mortgage applications rose 15.3% last week, led by a 25.5% increase in refinances, while purchases were down -10.8%. Despite all the volatility in MBS prices, we have seen little movement in primary rates the past week as lenders struggle with full pipelines
Announcement Regarding Jumbo Program
Due to current market conditions, we are making the following temporary changes to our government products:
Market Update, Thursday, April 2, 2020
MBA, mortgage applications rose 15.3% last week, led by a 25.5% increase in refinances, while purchases were down -10.8%. Despite all the volatility in MBS prices, we have seen little movement in primary rates the past week as lenders struggle with full pipelines
Market Update, Wednesday, April 1, 2020
MBA, mortgage applications rose 15.3% last week, led by a 25.5% increase in refinances, while purchases were down -10.8%. Despite all the volatility in MBS prices, we have seen little movement in primary rates the past week as lenders struggle with full pipelines
Market Update, Tuesday, March 31, 2020
Last week’s reduction in interest rates have fueled a flurry of lending activity. Mortgage applications for refinances jumped to an 11 year high with a whopping 55% increase in just a week’s period. On the purchase front, many experts such as Joel Kan, a renowned MBA economist, predicts that prospective buyers will continue
Announcement Regarding Government Guidelines
Due to current market conditions, we are making the following temporary changes to our government products:
