In the halcyon days of late…January, 30-year fixed-rate mortgages were about 3.77%. Today, that number is about 110 basis points higher.
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Hello, LOs!
In the halcyon days of late…January, 30-year fixed-rate mortgages were about 3.77%. Today, that number is about 110 basis points higher. By the time you're reading this, it might be well into the 5s.
It makes me wonder: how many of your borrowers locked a rate in the high 3s, low 4s a month or two ago and are now scrambling to find a home to buy? Rates are rocketing up faster than they have in a decade, and bidding wars are still the standard in markets from coast to coast.
LOs – are your borrowers requesting rate extensions? If so, what is your lender charging? And how many days will they extend locks? Are your clients buying mortgage points or using that cash to enter a more competitive bid? Let me know anonymously by emailing me at jkleimann@housingwire.com.
And make sure to check out our latest HW+ story on the non-QM turf wars now that the big IMBs are pouring into the space.
In the first couple months of 2022, we're already seeing vast improvements! Start expecting more from your AMC. Whether it's turn times, on time rates, or communications updates -- if you're not seeing improvements, you're working with the wrong AMC! Learn more!
Non-QM is expected to make a resurgence this year, and originators should look toward non-QM lending to help restimulate their business. This white paper will cover the five key steps lenders and brokers can take to have a successful 2022 using non-QM.
Chasing purchase business, the big IMBs are moving into non-QM products. The legacy lenders in the space say their new competitors won't be able to do it at scale.
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