Bob Groody of Maxwell and Shant Banosian of Guaranteed Rate discussed the current state of creative financing tools for consumers at Inman Connect New York on Tuesday.
If you see me talking to myself, just move along. I'm self-employed, and we're having a staff meeting. Self-employed borrowers are certainly a target of non-QM lenders around the nation. Non-bank lenders continue to grapple with 2nd mortgage program availability and the HELOC edge that some portfolio lenders have, everyone is watching the housing market. And even traditional depository lenders are trying to adapt… like this headline about Wells Fargo possibly scaling back its mortgage business. (No, I don’t have a subscription.) All real estate is local, of course, but the rate of appreciation we’ve seen is unsustainable. “For sale” listings are up; eBuyers are on the run. The FHFA, whose numbers are used for conforming loan limits, tells us that U.S. house prices rose 18.7 percent over the last year, and up 4.6 percent from the fourth quarter. Certainly, the increase in mortgage rates have had an impact and changed buyer behavior. Las
I recently opened my slang dictionary to the page that defined the origin of, “Different ways to skin a cat” and left it near my cat Myrtle’s water bowl. She didn’t seem interested. Which is fine. Lenders probably interested in that either, instead more intent on programs, pricing, and the general movement of interest rates. The Federal Reserve is interested in global events, and global events have been important to our economy. The war in Ukraine is something that has upset the global commodity picture, while also threatening the global world more broadly. Fed Chair Powell gave us the roadmap last week. “We are raising rates expeditiously to what we have been seeing is a more normal level, which is something that we will reach maybe in the fourth quarter. But it is not a stopping point… Monetary policy works through expectations." There is a growing belief, however, that despite what happens with the overnight Fed Funds rate, 30-year