Mortgage Brain Candy

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Mortgage and Lending - Hancock Mtg Partners - Corportate NMLS#229844
Yesterday (October 15th, 2014) was a great day for mortgage interest rates… if you were able to catch a low rate and get it locked in between 9am and about 1:30pm CST.    Here’s a chart of the 30 yr 3.5% bond market yesterday.       Here’s how the same bond market opened up so far this morning:  ...
On Friday August 8th Fair Isaac Company announced that their updated FICO 9  scoring system will FINALLY be doing some good for consumers.  This is the first change to their scoring system in about 6 years. The 2 specific areas that this will help out on are: Medical collection reporting Limited/...
A recent study of many large and small mortgage lenders found that lenders (and /or borrowers) are being careless with personal and financial data.   The study found that nearly 70% of surveyed lenders encouraged faxing sensitive data and more than 40% were given the option of sending information...
The TBWS/NREP show quite a while back really slapped me in the face.  Us “mortgage folks” who are trying to help finance homes are asking ourselves… WHY ISN'T MY PHONE RINGING LIKE CRAZY RIGHT NOW???  Rates are at ALL TIME LOWS and Home Prices are back to what they were in 2002!  So WHY? Frank an...
I’m getting this question from many home-owners recently along with current purchasers who are comparing our special “no monthly MI” to options they hear from other banks and mortgage companies.  The HOMEOWNERS PROTECTION ACT has 2 main points that homeowners who have loans with “monthly MI” shou...
There are a handful of things that are going to have a major impact on qualifying for a home loan in 2014.  First of all there are new major guidelines changes this month that are called Ability To Repay (ATR) and the new definition of a Qualified Mortgage (QM).   They're ominous and the impact i...
Yeah… *sigh*.   Another great move to help the housing market right?  (please read that with my sarcastic tone) Announced late last week on Dec 6th in ML 13-43 HUD has elected to change the limit for FHA loans from $365,000 for single family homes in the Twin Cities market down to $318,550.  It d...
  Rates went up quickly earlier this summer… but when the Feds said they’re not going to start TAPERING their buying of MBS (mortgage backed securities) on September 19th rates slid back down.  Many “mortgage guys” out there were Chicken Little and thought the sky was falling and the world was en...
Home prices are trending up but here in my home state of MN… I still hear the question “I’m underwater on my home and want to know what can we do?”.   We (at iLoan) have addressed this with many home-owners and are trying to guide real estate agents when they’re asked as well in the last couple y...
    How about YOU choose the term you want? Does an 8, 10, 12, 15, 20, 22, 25 or even sticking with that 30 yr term sound good to you for possible options?  Often times I have past clients who call me back to check on rates and refinancing.  After going through different options and I show them t...

Steven Brand

NMLS# 261849
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