“Hey Chet, since you’re the new guy here with the park U.S. Geological Survey in Hawai’i, you’re going to be the one placing the live cam on the volcano for our YouTube feed. Splendid! We’ll be behind you all the way.” (Apply to mortgage banking however you see fit.) Scooting back to lending, I am occasionally asked about high balance conforming conventional loans, and why so much of the country doesn’t care about them (to be somewhat blunt). The MBA put out a fine map showing “high-cost areas” defined by the FHFA as “areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit.” The loan limits are permitted to be higher than the baseline loan limit until a ceiling of 150 percent of the baseline limit is reached. That said, remember that 20-25 percent of the nation’s home loans come from California. (Today's podcast is brought to you by SimpleNexus, an nC
As Florida’s homeowners, insurance companies, and companies that service loans in Hurricane Ian’s path, brace for the storm, lenders nationwide continue to grapple with a very, very difficult environment. Everyone wants a decent HELOC. Servicing sales have dropped. Buydown loans are back in vogue. (Ask your investor if they buy them, but Planet Home, AmeriHome, and Northpointe jump to mind.) Everyone wants a viable ARM product, at a fixed rate program with some points back. There are many asking if the days of paying 125-150 basis points to IMB LOs are numbered. There is a lot going on as we wrap up September. In fact, some would say it’s pumpkin spice season again, which can only mean one thing: it's time for the 2022 MBA Annual Conference. I spotted Garth Graham and David Hrobon from STRATMOR on the attendee list, who told me their schedule is quickly filling up. Any lenders considering their options as a seller in the current market should reach out to l