32 Burst results for "Mortgage Bankers Association"

"mortgage bankers association" Discussed on News Talk 1130 WISN

News Talk 1130 WISN

01:45 min | Last month

"mortgage bankers association" Discussed on News Talk 1130 WISN

"Who have additional underwriting guidelines and overlays or delays were very aggressive in our underwriting both purchases the renovation financing would be dabbling a little bit into new construction financing the refinances are naturally very busy in this market where interest rates have historically sold all of this is a privately owned company my offices are books field another office in Madison but word by eighteen different states it's privately owned by two individuals in Michigan mark Jones and Dave game they've been best friends for thirty six thirty eight years and they're still best friends the wanted to get your building right a great company mark Jones she's on the board of the mortgage bankers association a lot of things have been happening to the coal big issue with forbearances and people that make their mortgage payments he's been instrumental in working with the treasury to help consumers to make sure that if they can make a payment what do we do and how we make it work in the program is working very well we have five different renovation miles you can purchase a home or refinance your existing home with these renovation loans turn into your dream the way it works fundamentally as let's say you're going to yep it's home that's worth about two hundred thousand dollars right now we can approach the home for two hundred thousand dollars I need the kitchen is the master bath the garage needs work and the work has to be replaced siger theoretically put in a hundred thousand dollars in improvements what's the future value that home going to be three hundred thousand to eighty three can we make a new mortgage based upon that future value whether you're purchasing or refinancing your basically borrowing equity but you don't have yet to do your home improvements may have some people want to remodel their gonna draw their savings to try to get a home equity line partner for one K. it could be a Hodge podge of different sources of funds come together to.

Madison mark Jones mortgage bankers association treasury partner Michigan Dave
Fresh update on "mortgage bankers association" discussed on Colorado's Morning News with April Zesbaugh and Marty Lenz

Colorado's Morning News with April Zesbaugh and Marty Lenz

00:36 min | 5 hrs ago

Fresh update on "mortgage bankers association" discussed on Colorado's Morning News with April Zesbaugh and Marty Lenz

"Overcame. You'll meet all the people who worked so hard over those two years to make that happen. Best Litigators in America, A guy named David Boies. Who wass Mr Pretty. Okay, You know what's a Venezuelan? Your alarms Go soft. You know you recognize the name subscribed to hope in darkness today. Listen and follow this podcast for free on the I heart radio at number one for music, radio and podcasts, all in one Business and money News of 7 12 as we check in with Pat, and how low can they go? Let's limbo lower. Now, when we talk about mortgage rates, they've been a record or near record lows for some time they fell again last week. Ah, 30 year fixed rate mortgage now carries a rate of 3.6%. That is down eight basis points from the week before. The Mortgage Bankers Association says it's fueling a rise in mortgage applications. They were up over all by 6.8% last week. There's a new way to get your groceries at WalMart, grocery, shopping and delivery service. Instant CART will now be working with Wal Mart in some U. S. Cities. It's been delivering groceries for Wal Mart in Canada for a couple of years. The pilot program in the US starts in Los Angeles, San Francisco, San Diego and Tulsa. In addition to groceries, it'll deliver alcohol and electronic items from some Wal Mart locations. Demand for insta carte service has jumped in recent months as people stay home during the Corona virus, pandemic and people limit trips for groceries. GeneCo's LDA Fox News, Sumner Redstone has died at the age of 87. Boy, the term billionaire media mogul. You look that up in the dictionary is picture ought to be there. Made a fortune operating movie theatres in New England. Then he got into media ownership late in life, and he got even richer. He bought Viacom, Paramount Pictures and CBS. His current portfolio includes Viacom, CBS and its Library of pop culture titles. Thie United Kingdom is now in a recession after GDP there fell by 20.4% in the second quarter. That's the contraction is the worst on record. The two consecutive quarterly contractions mean the British economy is now technically in recession. Halloween comes early this year Candy Cos We're rolling out candy displays earlier than usual. Hershey's global chief of sales says they hope setting up displays earlier might lead to increased sales due to covert 19. The company isn't using as many Halloween theme wrappings because they're not sure how popular trick or treating will be and many families might just have small gatherings her, she said. His most.

Wal Mart Viacom Mortgage Bankers Association David Boies Mr Pretty Sumner Redstone CBS America Hershey PAT United Kingdom United States Canada New England Los Angeles U. S. Cities
U.S. housing starts and building permits rise

Bloomberg Surveillance

01:00 min | 2 months ago

U.S. housing starts and building permits rise

"John well one area in which demand has been strong is housing and what we're looking at this morning as a housing market struggling to keep up with demand housing starts coming up four point three percent nine hundred and seventy four thousand and an annual rate that's below what was forecast the they were looking at one million one hundred thousand and it is not that much better than we saw last month eight hundred and ninety one thousand starts last month building permits do show some optimism though one million two hundred and twenty thousand filed in the latest month of that is up from the one million seventy four thousand that were filed in the month of April so builders trying to get back on track but the problem here is both the ability to build many states just now re opening to construction and also whether or not they can get supplies supply chains interrupted but we did see the mortgage bankers association report this morning purchase applications hitting an eleven

John Mortgage Bankers Association
Fresh update on "mortgage bankers association" discussed on 10 10 WINS 24 Hour News

10 10 WINS 24 Hour News

00:30 min | 6 hrs ago

Fresh update on "mortgage bankers association" discussed on 10 10 WINS 24 Hour News

"That is time for Bloomberg MoneyWatch with Steve POTUS. Well, if you bought a used car, some clothing last month you likely paid Maur. The cost of living rose in July is those items and gasoline saw price hikes. The consumer price index rose 0.6% in July, matching the increase we saw in June. It was double the forecast of economists in a Bloomberg survey. It also pushed the annual rate of inflation upto higher than estimated 1%. The demand for mortgages increased last week after following the week before, the Mortgage Bankers Association says it's a loan application index was up nearly 7% while refi requests increased 9%. Application for mortgages to buy homes rose to gaining 2% as after falling nearly that much the week before. On Wall Street. After yesterday's late day selloff. SNP futures are ahead 24 points. NASDAQ Up 64 Dow futures gaining 285 Bloomberg Money Watch a 26 and 56 past every hour. I'm Steve POTUS for 10 10 wins. Winston's time. 8 57 Hi Carol from L A here when we rescued Sadie, our shelter said she was a lab mix. But that didn't seem right because of all of her energy, So we decided to test her DNA with embark. Turns out she's a border collie, Boxer and beagle mix suddenly say he made a lot more sense. Now we know she needs a lot of exercise, and we've even started agility training with her..

Bloomberg Steve Potus Sadie Mortgage Bankers Association Winston
U.S. mortgage applications rise for sixth straight week

Steve Cochran

00:34 sec | 2 months ago

U.S. mortgage applications rise for sixth straight week

"Home buyers are jumping into the market and that's driving up mortgage applications applications for loans to buy homes rose nine percent last week the sixth straight week of gains and they're up more than fifty percent since early April or April the mortgage bankers association says total application volume rose two point seven percent last week as refinance applications slipped two tenths of a percent revise our stills one hundred seventy six percent higher than a year ago the national average interest rate by the way for thirty year fixed rate is up one basis point to three point four two

Mortgage Bankers Association
Fresh update on "mortgage bankers association" discussed on Colorado's Morning News with April Zesbaugh and Marty Lenz

Colorado's Morning News with April Zesbaugh and Marty Lenz

00:38 min | 6 hrs ago

Fresh update on "mortgage bankers association" discussed on Colorado's Morning News with April Zesbaugh and Marty Lenz

"Reality limbo Lower now, Marty. Mortgage rates have been a record or near record lows for some time they fell again last week, a 30 year fixed rate mortgage Now carries an interest rate of 3.6%. That's the national average. It's down eight basis points from the week before. The Mortgage Bankers Association says that's fueling a rise in mortgage applications. They were up over all by 6.8% last week. If you put the money in Tesla's awhile back, Congratulations, you get a five for one stock split. It takes effect at the end of this month. Shares in the electric carmaker rose 6% in post market trading. After that announcement, stock futures this morning look like they did yesterday. Solid gains on the board for the opening Bell now futures up by about 274 points. Yesterday's rally, though, fizzled out by the closing bell that out down by more than 100. The NASDAQ fell by 185. Treasury Secretary Stephen Yushin says the White House is willing to put more money on the table in an effort to cut a deal with congressional Democrats on a new stimulus package. That's one of the few signs of progress in the stalled talks about rhetoric and finger pointing, picking up on both sides. The is fighting to reinstate limits on education related compensation for college athletes They lost. The Supreme Court did yesterday to postpone a measure ending limits on what benefits athletes can get from their schools, Colleges and universities. Khun give money to Athletes for computers, Musical interment study Abroad programs paid internships and more. The argues that compensating athletes blurs the line between amateur and professional sports. They do plan to appeal the decision by mid October. There's no business like show business, at least not for the highest paid.

Mortgage Bankers Association Marty Tesla Bell Supreme Court Khun Stephen Yushin White House
Economic Fallout From COVID-19 Is Hard On Landlords Too

NPR's Business Story of the Day

05:57 min | 2 months ago

Economic Fallout From COVID-19 Is Hard On Landlords Too

"Explored the uncertainty from a lot of different perspectives and nothing can feel more destabilizing. The Not knowing if you're going to be able to make your rent next month we've heard on this show about how much renters who've lost income from the current crisis are struggling today. We're going to hear from the other side of that relationship. The landlord my name is Marilyn. Jim I am a small mom and pop landlord in Seattle with my husband We live in a triplex with our children and our tenants. Our House was built as a single family home in nineteen twelve by an Irish immigrant. Who had eighteen children and so? It's a good sized home sometime. In the past it was divided into a triplex. They both have day jobs but they rely on the rental income they get from several properties around the city. You know my husband will be the guy who's pushing the lawnmower so our tenants know us get to know us very well. They see us. They know that our family lives here. And and You know it's it's very much a personal up close up front relationship but that relationship has taken on a new sense of gravity since the financial crisis triggered by the pandemic all. Her tenants paid late in April and then in. May One of her tenants couldn't come up with the money at all. We came to the table with some ideas of what we could do to help. Meet them in the middle and we've come up with a plan that will take us through the next two months and then we're going to check in again in June and reassess but you know my husband and I have also had the conversation of ultimately. How long is this going to last? How long can we last? They're worried because they don't have a lot of extra money on reserve to float their mortgages if their tenants can't pay. We're not hoarding money here. And so we don't have a large cushion to tap into to get through something like this or mortgage lender is only allowing three months of forbearance and they want full repayment. At the end of free months it's hard for us to think. How are we going to get through if Are Tenants get to the point? Where there are no longer able to pay. Npr correspondent. Chris. Arnold has been looking into the dilemma that Maryland yet and many small landlords find themselves in right now and he joins us. Hey Chris Rachel so what stood out to you in Maryland Story. Will I think a lot of people are in the situation? And th there's all kinds of landlords out there and I think people tend to think about landlords is like big mean faceless corporations or you know as people rubbing their hands together wanting the money but there's just a lot of mom and POPs who were regular people and they wanna keep good tenants and they want to help them but they do depend upon this rental income right because they're not be corporations. They got bills to pay to like their mortgage and Congress mandated help for homeowners and that includes small landlords like Maryland. Were in exactly the situation and so when you play the interview for me. The the big red blinking alarm light that I heard in it was. She said that her lender told her that if she skipped payments she have to pay them all back in just a few months in this giant lump sum doesn't make any sense in this crisis in this kind of big balloon. Payment thing is is absolutely not the way that this is supposed to work. Okay so how is it supposed to work but good question So we should say that this is four home loans that our government back so by Fannie Mae or Freddie Mac and a lot of people don't even realize that their home mortgages backed by the government and somebody but seventy five percent of all homeless in the country are and so as Maryland's I checked and experts at. I've talked to say that for the vast majority of people who were struggling financially in this outbreak for them the rules say that they should make payments again when they're able to and it should be the same monthly payment their payments should not go up no big crazy. Lump sum payments should just get moved to the back and of the loan term. Okay so if it's a thirty year loan now. It's a thirty year loan plus say six months of missed payments on the back end. If these are the rules Chris Wise Maryland hearing something different and can Marilyn just push back yes she absolutely can and I've talked to borrowers who have done that. And sometimes they get a much better answer. And here's what's been going on. And after a lot of initial confusion. The Mortgage Bankers Association says that the companies are dealing with this much. Better this better information out there but the current system has a complicated set of rules and it relies on on lenders. Who've got like call center workers working from home they have to interpret this complicated set of rules properly and borrowers are sort of at the mercy of their lenders getting this right and arguably. It's not really going that well for a lot of people look at what. Maryland's going getting all SPAN INFORMATION. So that's why there are growing calls from Congress to fix this. I talked to Steve. Sharp with the nonprofit National Consumer Law Center. It's so important. We believe for Congress to step in and clearly state through law that for folks who have covid nineteen forbearance the real default should be putting their mortgage payments at the end of the lowe. Okay so just make that. The default make it automatic. So there's confusion the payments. Just go on the back end right and and some members of Congress do WANNA do this. There's a bipartisan group of State Attorneys General who were pushing for this to the CEO of a mortgage company. I talked to likes the idea and I actually called up and talked to Maryland and her husband again and I. Currently they're using their tenants security deposit and the last month's rent to sort of make up some of the difference of the rent that they're not able to pay but that's not going to be able to go on for too much longer and Maryland said look at mean having the certainty of this default option would make them much more comfortable skipping mortgage payments so that they could afford to be more flexible with with their tenants. Yeah because then. We wouldn't even need to be talking about drawing down from the money that they already put on deposit with us you know we could leave that untouched We would definitely have a whole lot more flexibility to to really see you know if if they are drawing from their savings. Maybe they don't need to do

Maryland Congress Marilyn Seattle Mortgage Bankers Association Jim I NPR Chris Wise Chris Rachel Chris CEO Fannie Mae Arnold Lowe National Consumer Law Center Steve Freddie Mac
"mortgage bankers association" Discussed on WTOP

WTOP

01:57 min | 3 months ago

"mortgage bankers association" Discussed on WTOP

"NCUA morning news at twenty five and fifty five on WTOP let's get the lowdown on a pretty darn nice day Jeff play by the close the Dow is up five hundred thirty two points at two and a quarter percent gain the market's propelled higher by early signs of a promising covert nineteen treatment the S. and P. five hundred index ended the day up almost two point seven percent the economy shrank even more than expected in the first quarter and that's captured just a couple of weeks of the covert nineteen slowed out GDP shrank by an annual rate of four point eight percent of the forecast for this quarter could be more than thirty percent the ride hailing business is way down uber says it may lay off twenty percent of its corporate work force fifty four hundred jobs lift just laid off nine hundred eighty employees seventeen percent of its work force the slowing housing market may rebound quickly mortgage bankers association says mortgage applications to buy homes jumped twelve percent last week although contracts signed to buy an existing home in March were down twenty one percent just label WTOP news flood watch in effect for tomorrow as we expect a deluge details ahead its five fifty six and now the small business buzz package by the UPS store many small businesses still have not meaningfully address potential IT security risks and must be to be firm the manifests as fifteen percent of small businesses experienced either a hack virus or data breach last year and before the corona virus crisis sixty four percent were planning to devote more resources to cybersecurity inexpensive steps many are now taking or just limiting employee access to data for now I'm Jeff label at the UPS store we want you to know our doors are open and we're ready to help you any way we can the UPS store is in the central business that will be open for every in you rely on us for whether that's printing packing mailing.

NCUA mortgage bankers association Jeff
US oil rebounds, back in positive territory

KCBS Radio Morning News

00:47 sec | 4 months ago

US oil rebounds, back in positive territory

"Stand a rebound in the price of oil lifting the stock market today after two straight losing days Dow up three hundred forty one points to twenty three thousand five three hundred fifty nine nasdaq gaining one hundred seventy one points to eighty four thirty four has to be higher by forty seven points to twenty seven eighty three mortgage applications dipped over the past week following a big gain a refi apps due to low interest rates mortgage bankers association says that refi demand was down one percent in the prior week although still over two hundred percent higher compared to a year ago purchase applications rebounded on a two percent gain what were down thirty one percent compared to a year earlier and purchase demand is now at a five year low the association says mortgage demand is down over forty percent compared to a year ago in California and New

DOW California Mortgage Bankers Association
"mortgage bankers association" Discussed on KOMO

KOMO

02:11 min | 4 months ago

"mortgage bankers association" Discussed on KOMO

"Rates dropped to the lowest level ever in the mortgage bankers association's weekly survey the average rate on thirty year fixed dollar three point four five percent total mortgage application volume rose and it was driven entirely by revised but low rates did little for home buyers the spring housing market started early and seems to have ended early CNBC real estate reporter Diana olick the highest paid ESPN personalities are being asked to take pay cuts of fifteen percent during the shut down of sporting events according to sports business daily the paycheck protection program just about out of money as many small businesses haven't gotten any yet yeah the SBA continues to remain under the microscope businesses that held on to employees expecting that money are losing cash quickly Congress has yet to agree on any new funding the program was meant to give businesses forgivable loans quickly so they would have to fire people but Stanford professor Dave Dobson who advises small businesses all over the country tells CNBC's David Faber the program isn't working I know you're aware of about thirty one companies that have applied how many have actually gotten the funds that they need all of them applied in day one one has to catch the SBA is reporting how many loans have been approved but they are not recording interestingly how many companies have cash and that's the reason why they don't have the cash Stanford's Dave Dobson on CNBC Jessica Ettinger thank you it's twenty three past the navy reportedly is looking into whether eight can reinstate captain Brett crozier who was removed from command of the carrier Theodore Roosevelt after he publicly called for help finding a corona virus outbreak aboard the ship bill Michaels reports The New York Times is reporting a spokesman for the chief of naval operations says admiral Michael Gilday is looking into the possibility of bringing captain crozier back the spokesman said no final decision has been made but the admiral was reviewing the findings of a preliminary investigation into the events surrounding closures remove all the time says any decision to bring closure back could be overturned by president trump I'm bill Michaels it's twenty four after amid the virus there are viral stories when American morning continues.

Theodore Roosevelt president chief of naval operations professor Stanford ESPN reporter bill Michaels admiral Michael Gilday The New York Times mortgage bankers association Brett crozier navy Jessica Ettinger Dave Dobson David Faber CNBC
"mortgage bankers association" Discussed on KTAR 92.3FM

KTAR 92.3FM

02:37 min | 4 months ago

"mortgage bankers association" Discussed on KTAR 92.3FM

"Per the mortgage bankers association of the increase was led by a big comeback in demand for research our refinance loans as homeowners seize on opportunities to refinance and save refinance applications surged twenty six percent just last week now as Americans come to grips with the coronavirus business closures and layoffs U. S. homeowners are realizing that falling mortgage rates can allow them to shrink their monthly budgets by refinancing average our average rates on thirty year fixed mortgages recently hit a record low of three point two nine percent the nearly fifty year old weekly survey from mortgage giant Freddie Mac said so if you are a homeowner and have a refinance yet then here's another mortgage Mulligan the market is primed for extreme savings I recommend having a savings conversation today with the professional over at network capital the home of the ten day close one of the number one ranked lenders for two thousand eighteen per NerdWallet dot com they're charging no lender fees again this weekend and you guys get the opportunity to register and lock in a thirty year fixed three point two five percent what the three point three five APR it's quite easy to get approved here's the number eight hundred seven hundred eight zero six eight tell your friends tell everybody you care to see save some money to reach out to network capital the home of the ten day close the no lender fees special the fifty year low for thirty year fixed is available at eight hundred seven hundred eight zero six eight time to share some more recent results quickly yeah we could sneak this one and this is Joanne she's from San Francisco she listens to us on KSFO five sixty A. M. radio she wanna go from interest only to principal and interest and still pay less and trim some fat so all right you wanted it you got it so we went thirty year fixed down the twenty year fixed cutter the Askari fun next better payment in June close and twelve business days paid off the twenty five thousand credit card debts cashed out two hundred eighty four thousand so she could buy a rental property in Tahoe one of the fresh start credit repair trimmed a hundred and one payments of fat which is you know really almost eight and a half years and still paid six hundred and sixty seven last a month seven hundred and eighty three thousand over the life of the loan went from interest only to principal and interest this is what's out there all you have to do is make contact this tied in a ton of the trends and this can be you dial the number eight hundred seven hundred eight zero six eight great result we're going to talk more about trends John and the rest the folks in our capital are seeing stay with for.

Mortgage Rates Fall To Record Lows. Does It Make Sense To Refinance?

NPR's Business Story of the Day

03:36 min | 5 months ago

Mortgage Rates Fall To Record Lows. Does It Make Sense To Refinance?

"Many people across the country have been calling up mortgage companies this week. There many people asking for refinancing of their home loans. That's because mortgage rates have been hitting record lows. Npr's Chris Arnold been following all this and it's on the line. Hi There Chris a Steve. What's causing the drop in interest rates? Well stocks of course have been falling over fears about the krona virus. And that is that people are buying treasury bonds. It's like a flight to safety. Because Treasury safer investment and the Fed has also been cutting rates and all that is leading to the lowest mortgage rates on record over the past fifty years and how many people are trying to take advantage. Well we're seeing a very big jump that Last year I think it was three times the normal rate of mortgage applications and people are calling because they can save hundreds or thousands of dollars what we talked to Jay Farner. He's the CEO of quicken loans. In the last week we've probably had three record days. Yesterday was again a new record for mortgage applications. It really is one of those once in a lifetime opportunities. I I'm not certain while see rates likeness again. Ed this is maybe like the one silver lining in all these dark clouds around the economy. Because of this very scary corona virus and it's having this effect of lower rates so a lot of homeowners can save money refinancing. You can save money. Buying a house to all of that helps regular people and it helps out the the the the broader economy. I guess if you're running the Fed You're happy about this. This is why you've been cutting interest rates. You want to encourage economic activity in moment when a lot of economic activities seem to be disrupted in some ways. But how do individual homeowners know that? It's worth refinancing given that it ain't free right. Well I mean by definition mortgage rates are at record lows. That means anybody with a house has a rate that's higher than the rates. You can get today with the question is. Is it a big enough drop to make it worth it if you refinanced? So I talked to Mike Fratton Tony. He's the chief economist. The Mortgage Bankers Association. He worked up this estimate based on rates from last week. More than eighty percent of all homeowners with the mortgage could have benefited from refinancing. They could have saved at least half a percent in terms of the rate on their mortgage and then given that rates have fallen even faster. This week you know that just means that the vast majority of all homeowners at this point likely would benefit from refinancing and Steve is to put some numbers around this. If you can drop your rate by one percentage point that doesn't sound like much one percent but that going to be very big effect if you have good credit a year ago rates on a thirty year fixed rate loan were four and a half percent now there around three and a half percent so on a three hundred thousand dollar mortgage that changed that one percent change can save you two thousand dollars a year in mortgage payments. Some people could save a lot more so this can mean a lot of extra money in people's pockets any other factors that people should think about. Yes for sure I mean. One thing is Shop around two or three lenders right now because of all the turmoil in the markets. That's really important. You get a better deal if you shop around Next thing is the fees. Make sure that they're worth it and a lot of people don't understand this last one. I if you've been paying your loan for a long time. It's often not so good to go back and start over with a thirty year loan. Now you'RE GONNA pay a lot more interest so you can get twenty five twenty fifteen years even better. Those are better options. And when you say fees that can be several thousand dollars for refinancing Yes yes definitely pay attention Chris. Thanks so much thanks

Chris Arnold Mortgage Bankers Association Mike Fratton Tony FED Jay Farner NPR Treasury ED Steve Quicken
"mortgage bankers association" Discussed on WTOP

WTOP

01:50 min | 5 months ago

"mortgage bankers association" Discussed on WTOP

"Twenty five here and just play by opening bell five minutes away it looks like we'll start strong Dow futures up almost six hundred points and that's pretty much in line with fair value the US may take back its title as the world's largest automobile market car sales in China have plunged eighty percent last month on coronavirus shopper disruptions if you want to refinance your mortgage you get in an increasingly long line with interest rates still falling applications to refinance a mortgage jumped twenty six percent last week the mortgage bankers association says refinancing volume is now more than triple what it was a year ago Montgomery County has extended its E. scooter pilot for another six months but the county council is now considering some restrictions if approved they would limit the scooter speeds to fifteen miles per hour in Montgomery County and require riders under eighteen to wear a helmet bird lime and lifter currently the E. scooter companies operating in Montgomery County Jeff label WTOP news coming up after traffic and whether there's a new front runner in the race for the democratic presidential nomination nine twenty six C. AC I we encourage our people to invent their future and it makes all the difference using cutting edge technology to deploy these systems worldwide you know our company has offered us abilities to use our research and development funds to partner with other companies or within our own company other branches to make our technology smarter more advanced yes yes I really empowers the individual you can tell it's CC ID employees is six has number one asset they really invest and try to retain their top talents much as possible this is a job where you can make a change in the lives of the people in return it makes you more determined to do your job well and.

US China mortgage bankers association Montgomery County partner coronavirus
Low mortgage rates forecast for 2020

Real Estate Today

01:04 min | 7 months ago

Low mortgage rates forecast for 2020

"Total U. S. mortgage debt has reached a record fifteen point eight trillion dollars according to the federal reserve now that number includes not just homes it also counts farms multi family and commercial mortgage death but homes are the biggest chunk of that debt eleven point one trillion dollars there's a strong surge of people applying for a mortgage in the first full week of the new year according to the mortgage bankers association purchase applications were at the highest level in over ten years and the volume of refinance applications was double what it was just a year ago Joel Kahn associate vice president of MBA says it's a strong start to twenty twenty and he predicts that refinance activity will remain robust at least in the first half of this year even though rates are at least our forecast for rates is below four percent for rates to remain relatively flat bars do need a bigger rate instead of right now to come back to the market on the purchase side things are still supported for purchase market growth so we do expect purchase activity to continue to grow throughout twenty twenty Khan spoke in a video produced by the mortgage bankers

Associate Vice President MBA Khan Mortgage Bankers Association Joel Kahn Twenty Twenty
"mortgage bankers association" Discussed on KOA 850 AM

KOA 850 AM

02:16 min | 7 months ago

"mortgage bankers association" Discussed on KOA 850 AM

"As we check in with Pat that scary corona viruses it making the stock market said that in Bowling certainly seem to be what was ailing Wall Street at least yesterday the corona virus now has a carrier in the US and it threatens to disrupt travel and trade if it gets out of hand that as investors a bit nervous but then there's Boeing trading was actually suspended for awhile yesterday for Boeing stock because of the news that the company doesn't think federal regulators are going to sign off on the seven thirty seven actually until June or July of this year the aerospace company announced plans to temporarily halt production on the airplane for an undetermined period of time back in December this is one of the many delays to return the fleet to service after it was grounded more than ten months ago following two deadly crashes in Indonesia and Ethiopia the company is grappling with increased expenses stemming from the two crashes as well as a significant decrease in shares mark Mayfield NBC news radio how we may see a little bit of equilibrium regain today stock futures point to a rebound without futures up by about seventy points mortgage applications eased off last week after a strong start to the year mortgage bankers association says overall applications fell one point two percent last week refi applications and applications for loans to buy homes were both the two percent but are higher than they were at this time last year the national rate for a thirty year fixed right now at three point eight seven percent the big apparel company that moved to Denver not that long ago is looking to sell off some of its brand names the F. corporation is considering selling nine brands that generated eight hundred sixty five million dollars in revenue last year a company statement says we up wants to focus more on consumer clothing and less on occupational clothing so they're looking at the vesting the brands red cap VF solutions bowl work work right Walsh terra Kodiak work authority and for a small those brands represent about half of the company's work segment revenue the F. also makes Dickies timberland pro north face jansport smart will vans in eagle creek those brands are not part of this review and potential selloff X. money update coming up at seven twelve not watered Kaylee money news thanks Pat this is what it sounds like the plague free tap on Mike last night Larry Walker.

Denver Walsh NBC mark Mayfield Boeing Larry Walker Mike eagle creek Dickies F. corporation Pat mortgage bankers association Ethiopia Indonesia US Bowling
"mortgage bankers association" Discussed on WMAL 630AM

WMAL 630AM

01:45 min | 7 months ago

"mortgage bankers association" Discussed on WMAL 630AM

"The combination the rate the service the speed the guidelines the opportunity the news everything that's going on overseas trying to trade war the Iran situation all kinds of things are leading up to people to strike while the iron is hot but mortgage news daily said mortgage application activity exploded out of the starting gate during the first week of twenty twenty the NBA which is the mortgage bankers association said its weekly mortgage application survey for the week ending January tenth twenty twenty showed increases in every category dramatic ones in most as raid set new recent lows the market composite index a measure of mortgage loan application volume increased thirty point two percent on a seasonally adjusted basis from the week ended January third that was still in holiday hang over mode now the weeks the previous week's results include an adjustment for the new year's day holiday on an on a jet unadjusted basis the index was up sixty seven percent compared to the previous week now they also said the refinance index gained forty three percent from the previous week it was a hundred and nine percent higher than just the same week one year ago now refinancing accounted for sixty two point nine percent of all applications that was up from fifty eight percent the previous week no I like to use applications to recess like a gauge to weather now was a good time across the board customers are planned for really all kinds of cool ideas the say their family's money it's a new year it's a new decade in a lot of new year's resolutions are under way already we've been getting all kinds of cash all calls term reductions people are starting to find out that they can convert their adjustable rate mortgage into a fixed and in most cases get an improved interest rate Nelson incredible time.

NBA mortgage bankers association Iran Nelson
U.S. new home sales drop sharply, point to more housing weakness

WBBM Late Morning News

00:27 sec | 1 year ago

U.S. new home sales drop sharply, point to more housing weakness

"A minute the housing market may be a little healthier than we thought even with a drop of nearly thirteen percent in new single family home sales last month the government however revised its June reading to a level not seen since before the housing bust it's a signal lower borrowing costs might be bringing in more buyers than we thought the mortgage bankers association says the average rate on a thirty year fixed mortgage now has dropped to three point nine percent that's the lowest in nearly three

Mortgage Bankers Association Thirteen Percent Nine Percent Thirty Year
"mortgage bankers association" Discussed on WGN Radio

WGN Radio

01:39 min | 1 year ago

"mortgage bankers association" Discussed on WGN Radio

"Are down and so our mortgage applications figures from the mortgage bankers association today for total applications fell two point four percent last week applications for loans to buy homes were up to percent applications to refinance existing mortgages were off by about seven percent Ford Motor Company recalling about fifty eight thousand focus cars in North America because a software update that was part of an earlier recall was not complete recall affects twenty twelve through twenty fourteen and twenty seventeen focus models there's a problem with the gas tank that could cause the car to stall while the person is driving now WGN traffic with very Vandervell and the up and eat is about twenty two minutes to lake cook road a man looks good app and Kennedy forty minutes to the airport twenty eight coming in from here twenty locals as an hour forty five in from fifty three about a half hour from Mannheim and fifty two out down to fifty three Stevenson thirty six in from the tri state fifty five from three fifty five inbound side of the Ryan before thirty fifth left lane is blocked with an accident just reported bishop for it is heavy from cottage Grove fifty seven's looking good not too bad on the tells a little so seventy fifty fifty five on the tri state watch for new lane config figuration on eighty eight east bound between York and two ninety four and lake shore drive building into Jack's an accident in liberty bell Milwaukee and route one seventy six oversized traffic on demand get the traffic Chicago app approved by the mortgage experts cityhopper just search T. R. A. F. F. I. X. Chicago Vandervell from the ida traffic center reminding you to drive responsibly it really is a matter of life or death here's the forecast from the WGN Chicago weather center it's going to be mostly sunny hot and humid today some scattered thunderstorms this afternoon high near ninety four with the heat index.

cottage Grove T. R. A. F. F. Chicago lake cook WGN Chicago Vandervell Jack York mortgage bankers association Ryan Stevenson Mannheim Kennedy North America Ford Motor Company twenty two minutes forty minutes seven percent
Mortgage Applications, Refinances Surge After Interest Rate Drop

Sisters In Law with Janice and Davida Mathis

00:32 sec | 1 year ago

Mortgage Applications, Refinances Surge After Interest Rate Drop

"Mortgage applications are soaring interest rates fall to the lowest level in nearly two years. So what does that mean for you? NBC's Joe Linkin has details for buyers. It means more flexibility and choice for sellers. It's a good time to list the average price for an existing home is up three point six percents. Since last year. And if you're staying put low rates could be an opportunity to refinance this week's report by the mortgage Bankers Association shows overall applications were up nearly twenty seven percent last week refinances with a big driver

Mortgage Bankers Association Joe Linkin NBC Twenty Seven Percent Two Years
Mortgage Bankers Association, NBC And Ken discussed on Real Estate 101 with Mary Gill

Real Estate 101 with Mary Gill

00:36 sec | 1 year ago

Mortgage Bankers Association, NBC And Ken discussed on Real Estate 101 with Mary Gill

"Mortgage applications are soaring as interest rates fall to the lowest level in nearly two years. So what does that mean for you? NBC's Jolyon, Ken has details for buyers. It means more flexibility and choice for sellers. It's a good time to list the average price for an existing home is up three point six percent since last year. And if you're staying. Put low rates could be an opportunity to refinance. This week's report by the mortgage Bankers Association shows overall applications were up nearly twenty seven percent last week refinances with a big driver up forty seven percent from the week before in ninety seven percent

Mortgage Bankers Association NBC KEN Ninety Seven Percent Twenty Seven Percent Forty Seven Percent Six Percent Two Years
"mortgage bankers association" Discussed on WJR 760

WJR 760

01:54 min | 1 year ago

"mortgage bankers association" Discussed on WJR 760

"That's according to the mortgage Bankers Association. NBA spokesman Ravin rap Horst said in a company produced video the spring bind season remains strong purchase activity was up year-over-year for the ninth straight week reaching its highest level since April of twenty ten predictably as interest rates continue to hire. Refi activity drops slightly falling eight percent from the previous week with that dip in refi activity, total mortgage application volume fell three and a half percent. From the previous week homebuilders say excessive government regulation is a big reason. New home prices, keep rising speaking to the national association of counties, recently, housing and urban development secretary. Dr Ben Carson said county leaders could do a lot to help the thing that could be done. Whether it's a launch county or small county is to sit down and study those regulations and take the same kind of approach that we have in medicine, which is first do no harm. So look at the regulations is this causing harm when it comes to building affordable housing. And if it is let's change it. Carson says he's not anti regulation, but favors scrapping old regulations. As new ones are added a new report from economists at the Federal Reserve Bank of New York says the 2017 tax Bill may have. Hurt new home sales in two thousand eighteen their report suggests that the new cap on state and local tax deductions was a factor in a seven point six percent drop in new home sales. But Fannie may chief economist Doug Duncan says the tax Bill is not likely to have a significant effect on housing going forward. People had kind of a broad view of who might be impacted when in fact that the neighborhoods which are most impacted are fairly narrow in a subset of those markets. It's not everybody in those markets. So broadly, we don't expect to have a big impact on the market Duncan spoke to Yahoo. Finance.

Dr Ben Carson Federal Reserve Bank of New Yo mortgage Bankers Association Ravin rap Horst Doug Duncan NBA Fannie secretary Yahoo chief economist eight percent six percent
Lower mortgage rates drive increase in refinance applications

Marketplace with Kai Ryssdal

01:51 min | 1 year ago

Lower mortgage rates drive increase in refinance applications

"Funnily enough the last time I sat in this chair for Chi. We talked about how mortgage rates were dropping and that was good news for the spring home buying season C pay attention. And as it happens. Those dropping rates have also kicked off a wave of refinancing. Homeowners are happy a report from analysts black. Knight says some five million people could end up saving hundreds of dollars a month each but what about the banks who make those loans? Marketplace's Megan McCarthy Carino reports they're hustling the last couple of years have been tough for mortgage lenders with interest rates around five percent. Refinancing hit a twenty year. Low many lenders had to downsize with mortgage departments at Jp Morgan and Wells Fargo losing hundreds of jobs then last week rates are continuing to fall today. Edging very close to the three percent range on the thirty year. Fix interest rates dropped for the fourth straight week in the phones. Started ringing or deadly fielding more calls we've w seen increase in activity. But hey, that's what we're here for right? We love that. Avi. Mizrahi is a lender with cross country mortgage in Boca Raton, Florida. He says the Sasken handle the current load. But if the trend continues into the summer, they may need more help refinance applications shot up almost forty percent last week to their highest level in more than two years. According to Joel con with the mortgage Bankers Association is a big deal because we're actually seeing bars come back to the marketing particularly borrowers with bigger loans who bought in the last couple years when interest rates were on the high end, but will it really be enough to spur more hiring in the mortgage industry? Garin patriot with federal financial analytics, isn't so sure. Thanks expectation is that this is just a blip mortgage rates have already started bouncing back up this week with more increases predicted later in the year. So mortgage rate watchers might want to keep their seat belts. Buckled and be ready for more bumps.

Mortgage Bankers Association Mizrahi Megan Mccarthy Carino CHI Boca Raton Financial Analytics Jp Morgan Knight Wells Fargo Florida Joel Forty Percent Three Percent Five Percent Thirty Year Twenty Year Two Years
Mortgage rates fall to 9-month low

KCBS Radio Midday News

00:29 sec | 1 year ago

Mortgage rates fall to 9-month low

"Mortgage rates have fallen to a nine month. Low Freddie MAC reports that thirty year fixed rates fell six basis points in the prior week to four point four five percent. The lowest it's been since April mortgage rates have been steadily declining over the past two months after rising last year to a seven-year high. It's good news for the housing market as rising mortgage rates have been one of the key factors and weaker sales over the past year the mortgage Bankers Association. Reported this week that purchase applications soared seventeen percent

Mortgage Bankers Association Freddie Four Five Percent Seventeen Percent Thirty Year Nine Month Seven-Year Two Months
Food bank braces for impact of government shutdown

24 Hour News

01:01 min | 1 year ago

Food bank braces for impact of government shutdown

"That allowed par. For men to act unchecked for decades. KCBS news time nine twenty five. Move onto MoneyWatch. We're joined now by Jason Brooks. Investors are feeling good about the prospects for a trade deal after negotiations in Beijing were extended into a third unscheduled day. The Dow rose ninety one points to twenty three thousand eight hundred seventy nine the NASDAQ gained sixty points to sixty nine fifty seven and the s&p added ten points to twenty five eighty five oil surged above fifty two dollars a barrel its eighth straight game. The minutes of the recent fed meeting indicated growing wariness from the central bankers to keep raising rates in the face of increasing risks to the US economy. Many said the fed can be patient with future hikes corona maker constellation brands saw its stock plunge after cutting its full year earnings forecast, partly after it lowered the value of its four billion dollar investment indignation pop producer, canopy growth by one hundred sixty four million dollars. The mortgage Bankers Association reported huge gains in purchase and refi apps after thirty year fixed mortgage rates plunged. By ten basis points to four point seven four percent. Jason Brooks CBS news. Amazing deals for everyone or here. JC penney. Hurry

Jason Brooks FED Mortgage Bankers Association Jc Penney Kcbs Constellation Brands Beijing United States Producer One Hundred Sixty Four Million Four Billion Dollar Seven Four Percent Fifty Two Dollars Thirty Year
"mortgage bankers association" Discussed on MAD MONEY W/ JIM CRAMER

MAD MONEY W/ JIM CRAMER

03:23 min | 1 year ago

"mortgage bankers association" Discussed on MAD MONEY W/ JIM CRAMER

"Documented loans with little money down? Oh, that's what we didn't do six. I say, no, no, no, the fed has the authority regulates. He's non Bank lenders. They can make sure they play by the same rules as JP Morgan Bank, America. If there are at lawyers, reckless lenders, you know, raise rates. Yes. Seven down the fed has that power use it. What concerns me here is that once again reserve will miss the Mark just like it did in the ramp to the financial crisis in two thousand six then chairman Denver Nike could've said we will not tolerate unsound lending and disciplined the album like any map. Well, Kogi countrywide Lehman bear. If the feted simply use its regulatory authority. We might have avoided the worst of Singapore's crisis financial history. Why am I so worried about this because the housing numbers suggests sales are collapsing. It's classic and the running substantial behind last year's pace. According to the mortgage Bankers Association home sales are down eight point nine percent versus last month. It put nine the median home prices three point one percent lower than a year ago. Although there are pockets hitter far lower than that there's more than seven point four simple for months of supply. That's an amount that starting to move toward levels. We haven't seen since the peak. It doesn't years ago. So sales going down supply going up and rates going up. That's a recipe for disaster. No wonder pal to change his tune housing punches well above its weight in our economy, and it's only one part of the border. We just which includes autos. Thanks GM while gas higher in retail. But this other stuff pales in comparison to the housing slowdown. Let me read you part of a conference call from red fin the technology powered real estate brokerage group. They told us quote in our last call we said that the market was Winker the most analysts realized especially in high price coastal cities since then rising rates and high home prices have caused buyers to become cautious industry-wide trend that we believe will continue in quote, Reverend talks about sales declined by twenty percent place. Like, Seattle San Jose, Sacramento. Los Angeles, Orange County out. And that was three weeks ago since then things have gotten much worse. Let me remind you what happens at this point in housing cycle. When you get a great deal of housing in the Torian prices start coming down while mortgage rates. Go up that typically causes a collapse in pricing a sellers desperate to get out perfume buyers can actually afford these homes because they're swapping out of a cheap old mortgage pretty expensive new one at that point homeowners who want to sell have no choice, but to chase buyers further down if the non Bank lenders issued floating dead these sellers with floating rate mortgages, they'll the full on mass. If they can't find bars, it could be a mini version of the mortgage meltdown we had a decade ago. So while my larger tank with courses the pal deserves a ton of credit for recognizing he'd been way to Bush about the economy in early October and change his mind. It's now time for him to put on his regulatory hat Hanes crackdown. These non Bank lenders with firm enforcement, not higher interest rates, which will just push any troubled lenders over the edge make things worse. We know. What's happening? We see the ads. We know there's been no little little or no regulation to these guys. Is I'm not quite wolf the fed needs to crack down on these not Bank lenders before it's too late. Mr Chairman don't raise rates because of these near two wells wherever they may be raise hell. Stip? Thank you very much. Cape. Palley did the homework. Hindu different conclusion. What you had and that gives us mainstream mainstream. Not just Wall Street, and noon, we still invite. Thank you like say this simple market somewhere pumps out. Finding just you right here amid money OB gyn favorite. I will see you two zero.

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"mortgage bankers association" Discussed on Movin 92.5

Movin 92.5

01:46 min | 2 years ago

"mortgage bankers association" Discussed on Movin 92.5

"And the ad council over three hundred thousand veterans have received the care and benefits they've earned because paralyzed veterans of america was there if you need help with a claim or just navigating the system contact us at pva dot org wanna know how to build your dream home i lay the foundation we're not talking slab or bearing wall basement but finances and credit learn the basics of good budgeting and stick with them be responsible pay bills on time don't overextend yourself or mistake plastic for cash when you start that way owning your own home can only make your situation better but if you simply wanna home and don't i make sure you're ready for the responsibility you might be doing yourself more harm than good so where can you go to find out if you're ready the home loan learning center and everyone can get there because it's online at home loan learning center dot com it's free and brought to you as a public service by the mortgage bankers association they're you'll find online tools and calculators experts to answer your questions stories of people a lot like you plus simple explanations of the types of homelands available and why one is best for your situation lay the foundation for a lifetime of successful homeownership visit home loan learning center dot com receive a quote depends on membership eligibility product membership eligibility monthly savings restrictions apply are subject to change members paid for their participation united services automobile association and its affiliate san antonio texas seattle center of the universe side is no joke it's real standing proudly right there in fremont if you doubt this is obvious truth take it up with the scientists behind it back in the nineties they sat down at a fremont bar and discovered their neighborhood was in fact a center of it all you can't argue with science but if you do just know the delta is.

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"mortgage bankers association" Discussed on Movin 92.5

Movin 92.5

02:09 min | 2 years ago

"mortgage bankers association" Discussed on Movin 92.5

"You the reason to hang out as a family go out there and make the most of every moment you have with them that is cool to see them excited about being in idaho this is just way it's awesome you can leave all the other stuff at home and just be with your kids this is something remember for a really long time make this summer count start planning your idaho adventure at eighteen summers dot us some of the hardest things to do in life don't have to be an kaiser permanente believes managing your healthcare is one of them that's why we make certain lab results in prescriptions available online anytime and if you have non urgent health questions just send an email to your doctor's office whenever from wherever sounds easy right well that's because it is sure some things in life can be difficult kaiser permanente is helping wanna know how to build your dream home i lay the foundation we're not talking slab or bearing wall basement but finances credit learn the basics of good budgeting and stick with them be responsible pay bills on time don't overextend yourself or mistake plastic for cash when you start that way owning your own home can only make your situation better but if you simply wanna home and don't i make sure you're ready for the responsibility you might be doing yourself more harm than good so where can you go to find out if you're ready the home loan learning center and everyone can get there because it's online at home loan learning center dot com it's free and brought to you as a public service by the mortgage bankers association they're you'll find online tools and calculators experts to answer your questions stories of people lot like you plus simple explanations of the types of home loans available and why one is best for your situation lay the foundation for a lifetime of successful homeownership visit home loan learning center dot com dot com fourday day sale get select kroger brought her italian sausage for one ninety nine and select lay's kettle cooked potato chips for ninety nine cents with card and digital coupon at fred meyer remember the first time you drove home with your newborn how you went ten miles an hour under the speed on it and check the rear view mirror every three point seven seconds you.

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"mortgage bankers association" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:47 min | 2 years ago

"mortgage bankers association" Discussed on Bloomberg Radio New York

"That the nba the mortgage bankers association which represents the mortgage industry and lenders are saying that ultimately this provision could unfairly penalize smaller lenders it's it's wants the way it works exactly but at the end of the day they're they're worried that those smaller lenders may exit the market completely um but what's going on right now is this debate process and then you'll see the voter rama where democrats and republicans can offer unlimited amendments so it's possible that that that could get changed among many other things um again over the next 24 hours or so what are you going to be watching for than over the next 24 hours because you don't get to sleep i sleep not on the tax meat these days i think the the the trigger provisions that i was talking about earlier i think that that's a really key thing because you have bob corker who's really adamant that he needs to see that trigger provisioned to confirm that there won't be you know just out of control spending in and additions to the deficit but then you have people on the other side like pat toomey of pennsylvania he said you know that the provisions has restructured our a certain way because there are some who worry that if the trigger provision took effect when say we are entering a recession that that could actually really be very harmful the other argument against the trigger prevision is that for businesses they won't have certainty about what their corporate rate will be if there will in fact be tax increases starting in twenty twenty two and and the problem here's what with all this horsetrading you know if you give something to one senator to get a vote you risk losing the vote of of another seven exactly that's one of the key things and the other issue is how do you pay for it and we've heard from senate majority leader mitch mcconnell or from his staff rather that really if you want to offer an amendment and you want something that's going to cost money you then have.

nba mortgage bankers association pat toomey pennsylvania senator mitch mcconnell bob corker senate majority leader 24 hours
"mortgage bankers association" Discussed on The Bone 102.5

The Bone 102.5

01:40 min | 2 years ago

"mortgage bankers association" Discussed on The Bone 102.5

"Always welcome to look for the better deal avenue with free to give us a call we'd be happy to tackle each application see if we can give you a better deal the not what the bank scotch approved john so and i want to i want to touch on rao we get this alatas ya how do we not charge fees you know how how can we do it sheep and everybody else and as wanna talk about kinda what what makes up mortgage pricing and and i think that the very first thing is the the compensation and cost structures inside of the company and then we'll kinda combine that with greed how much profits of these big banks are trying to put together and so the first piece of that is the the commission structure is you know how much what what is there cost to produce alone and and in the industry this is a big metric that we that we all track and attractive my entire career up to rp funding and and it's the cost to produce alone in that's you know if if we're going to close to 100 loans how much is that gonna cost us in salaries office rent space in all these different factors that go in their paper computers and and the mortgage bankers association puts out a survey quarterly of the cost produce alone across the industry and i can tell you the ours at rp funding is half of of the industry average so we spend half as much to produce per loan as there at the industry and way we do this is we because we go straight to the consumer and we've taken the sales burden off of our employees we can pay them s commission per closing so wary the industry average is a couple thousand dollars in commission our guys get a salary and again i'm willing to give my salespeople a salary because i know our brand is strong enough i know that our rates are low enough and there with no fees that did the sales we were going to be successful in my model i wear it most mortgage companies you bring in a salesperson so it's easy which killed good luck.

john mortgage bankers association the commission thousand dollars
"mortgage bankers association" Discussed on The Bone 102.5

The Bone 102.5

01:41 min | 2 years ago

"mortgage bankers association" Discussed on The Bone 102.5

"Give us a call we'd be happy to take a look at your application see if we can give you a better deal than not what the banks gotcha approved john so and you want to touch on rao we get this alatas ya how do we not charge fees you know how how can we do a cheap and everybody else and as wanna talk about kind of what what makes up mortgage pricing and and i think the the very first thing is the the the compensation and cost structures inside of the company and then we'll kinda that with greed how much prophets of these big banks are trying to put together and so the first piece of that is the the commission structure is you know how much what what is there cost to produce alone and and in the industry this is a big metric that we the we all track an attractive my entire career up to defunding and and it's the cost to produce alone and that's you know if if we're going to close to 100 loans how much is that gonna cost us in salaries office rent space in all of these different factors that go in their paper computers and and the mortgage bankers association puts out a survey quarterly of the cost produce alone across the industry and i can tell you that ours at rp funding is half of the industry average so we spend half as much to produce per loan as rathi industry and way we do is we need to because we go straight that consumer and we've taken the sales burden off of our employees we can pay them less commission per closing so wary the industry average a couple of thousand dow closing commission our guys get a salary and again i'm willing to give my salespeople a salary because i know our brand is strong enough i know that our rates are low enough and there with no fees that did the cell going to be successful in my model i wear most mortgage companies you bring in a salesperson so it's easy which killed good luck to close a deal you'll get a paycheck if you don't closed deal you want at.

john mortgage bankers association dow the commission
"mortgage bankers association" Discussed on Knowledge@Wharton

Knowledge@Wharton

02:12 min | 3 years ago

"mortgage bankers association" Discussed on Knowledge@Wharton

"The mortgagebacked securities market i do think this is a good idea what i might be a good idea to have a common security nation platform into provides an additional stability to the infrastructure but i think it's naive to think that a competitive solution will be stable what we've seen in the mortgage market is it generally one of two things happen either a dominant firm emerges because it's not just the infrastructure but there's other pricing or service aspects that they can use to grow their market share or two there's a race to the bottom where people take advantage of the lack of a media see that we talked about in order to cut co coroner's quality of improve pricing slightly and take on more and more risk so it's very easy to grow your market share and a time when things are good and hide the underlying problems and so that's unfortunately is my fear what would happen in a a more competitive market the other idea that has been proposed i think this is by the mortgage bankers association that does dg as he should be transformed into utilities and that more gnc's should be created to encourage competition what's your view of that will certainly i favour the idea of them being turned into utilities which means that if you're going to have some dominant firms had basically have monopoly power they need to be regulated as to what prices they can charge in what activities they can engage it so that you tell the part on certainly supportive of once again on the competitive side the question is what are you gaining through that competition if you've already created utility that limits access returns what are you gaining from having more competition and then what are you risking and once again my views that you're risking a race to the bottom or a dominant firm are merging anyway and so why not just face up to the fact that this just isn't a market that meets the requirements that economists say or needed for competitive market and use one or the other types of solutions and so coming back to the solution that you proposed that you propose in your paper what do you see as the opportunities and risks inherent in your solution.

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"mortgage bankers association" Discussed on The Bone 102.5

The Bone 102.5

01:39 min | 3 years ago

"mortgage bankers association" Discussed on The Bone 102.5

"The ones who we we pay attention to and in really watch the quality of their decisions and so we all do it this way we used to do this way we don't need more but for whatever reason we would let the so the sales guy the sales guy would issue the preapproval all by himself or herself come on nobody else looking at it nobody else reviewing their work like this is how it still happens it at i would say 95 percent of our mortgage companies the sales guy just gets the issue the preapproval with no oversight and a lotta time some companies don't even have access to those files like you've got the luck the the sales guy has your file on his personal laptop and he's issuing preapproval letters and the main lender the lender who xi's gonna lend you the money has no idea is even done this and and so what happens is allowed these preapprovals g tonight and so i saw statistic that across the board for the mortgage bankers association something like a seventy one percent of loans that are that are preapproved ultimately get approved now were in that were in the mid nineties on ours right i mean somebody else had parison mike the fifties and sixties bringing down the average right and so and so this will see so it all depends on oversight so we have oversight one because all her lossers are sales guys work in the office they're all networks so we can see what they're doing we can see when the issue of preapproval and then what we do is we have our validation team inside of our underwriting department go behind them and double check their work and make sure the preapproval really should have been issued this is called oversight it's a check and balance you know and i had a loan officer once upon a time that just issued a bunch of bogus preapprovals this was back in two thousand uh this guy says i can two thousand eight two thousand miles in the early days when we first 11 yeah we first got going and as loan austria sheets and bogus preapprovals them and had those deals knock it approved and so.

mortgage bankers association officer austria seventy one percent 95 percent