"Just a spoonful of sugar helps the medicine go down" (singing). We saw Mary Poppins in NYC on Wednesday. What a wonderful presentation! Highly recommended. Of the 2 dozen or so Broadway plays I have seen, this has to be the best one. Diego, my 5 year old was ecstatic . We have been singing this song for days!!!!!
My sugar this year to help the medicine go down has come in 2 doses. ONE , an epidural, when Pablo was born. And the other, chocolate. Partly because I was pregnant for half of 2010, but also because days at the office have been so stressful! Did all that chocolate really help ease the pain of all the increased regulations, rules, and extra paperwork? Really, I think it must have. In that moment anyway! Supercalifragilisticexpialidocious! That is what you say when you just don't know what to say (according to Mary Poppins).
There were so many lessons learned in Mary Poppins. Really such a great story about what is important in life: Family. At the end of the program, Mary Poppins 'flew' into the crowd and went up, up, up to each level of the theater. I was in tears!!!! Why? Was it because I was so happy the Mr. Banks had reconnected with his family? Or that Mrs. Banks had renewed her love with her husband? OR that Jane and Michael, the kids, were not so naughty after all? Whatever the reason, we left the theater singing and skipping through the (freezing) streets of New York City.
As you enjoy the holiday season with loved ones, may you always remember to give:
Your heart to friends and family.Service to a customer.Charity to all.A good example to every child.Respect to yourself and God.
On behalf of myself and my team at Patriot Bank Mortgage, we wish each and every one of you a safe and joyful holiday!
Jennifer Hernandez
RATES as of December 24, 2010 (UP FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.625% APR 3.361%
7/1 ARM 3.875% APR 3.549%
5/1 ARM 3.625% APR 3.509%
7/1 ARM 3.875% APR 3.668%
10/1 ARM 5.375% APR 4.636%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Monday, December 27, 2010
Monday, December 13, 2010
Interest Rates, Holidays, & Markets
Have you finished your shopping, ?
So, every Wednesday, Fernando and I have date night. Once a month, we use date night to review our budget and cost from the prior month. So this Wednesday we went to Las Ventanas (GREAT restaurant at Hwy 6/Grisby!), and I made sure he had 2 sangrias and a tequila shot before I told him how much I spent on clothes last month. He took it like a champ (for the most part). Doesn’t he understand that I could run into the bank President on the elevator? I MUST look good and professional at all times. And that means matching purse, shoes and jewelry. (SMILE). It sounded good at the time.
Maybe we could give the executives at Fannie and Freddie a tequila shot and they would start making ‘sensible ‘ exceptions on loans! Did you read the CNNMoney.com headline on Thursday? “Eight Million in Assets and Can’t Get a Loan”. Currently, that very well is true. We have to prove a recurring income, so if his assets produce capital gains and interest income each year on the tax return, we are ok! It doesn’t? Well, that is a problem. You see, assets can be spent, and quickly. Market changes can erode capital. We still have borrowers that try to reason with us that since they are putting 50% down, the lender should not care about anything else. Well, unfortunately, that is not the case. They don’t want to foreclose! Look at the mess we are in now! Foreclosures are expensive and time consuming. They don’t’ want your property, no matter how much equity there is. To read more about the article: http://money.cnn.com/2010/01/20/real_estate/mortgage_woes_for_wealthy/index.htm?postversion=2010012009&iid=EAL
Let’s talk about values. Some trivia first. Did you know that Atlantic City is the #1 city for appreciated values at 30.2% ? While on the other end, Las Vegas is 41% BELOW the market. Interesting those are both gambling cities and on opposites side of the spectrum.
We had a jumbo loan come back this week $200,000 below the sale price. Ouch. The borrower paid the difference (I know, that NEVER happens) We lucked out, and we are closing in 15 minutes, so I am typing really fast). A point I would like to make though, is that the nation’s top servicers came out with a Quality Initiative Report this week. Here is a summary of some interesting information for you (it will make a point about the importance of collateral):
Key Drivers of Loan Defects**Undisclosed mortgage liabilities**Collateral : Improper selection of comparables and unsupported adjustments**Insufficient or unverified income; inaccurate calculations**Excessive Seller Contributions or MI Coverage
Top Repurchase Reasons (that is when the servicer demands we , the originator, repurchase the loan)Serious Delinquency and…1. Misrepresentation of income2. Misrepresentation of employment3. Misrepresentation of appraised value4. Undisclosed debt5. Insufficient asset documentation
TX is the top state for Fraud, with collateral being the number one issue
Do you see a consistent message here? COLLATERAL. That is why underwriters are so concerned about appraisals. Fannie passes the pressure down to the servicers (Wells, Chase, Citi, BOA), and they pass that pressure down to us (lenders), and we pass the pressure to the underwriters to be sure we have a loan that will not be repurchased. Furthermore, we demand the appraisers approach comparables a certain way. And even furthermore………………….we are REQUIRED to do an automated appraisal review on every single appraisal (most clients /agents don’t even know we do it) But our investors require this or they will not purchase the loan. So imagine having to run a zillow.com (equivalent) on every single property! You can imagine some of the responses we get. Appraisals are the single, number one issue with all lenders right now.
I hope you found this week’s update informative!
By the way….we can still squeeze in a purchase (conforming) to close by 12/31 if you need it. But we need the contract Monday or Tuesday.
Enjoy the weekend!
RATES as of December 10, 2010 (UP FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.625% APR 4.756%
30 year ( fixed ) 5.250% APR 5.370%
15 year (fixed) 3.875% APR 4.099%
15 year ( fixed ) 4.625% APR 4.828%
5/1 ARM 3.500% APR 3.288%
7/1 ARM 3.750% APR 3.463%
5/1 ARM 3.375% APR 3.408%
7/1 ARM 3.625% APR 3.539%
10/1 ARM 5.000% APR 4.379%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
So, every Wednesday, Fernando and I have date night. Once a month, we use date night to review our budget and cost from the prior month. So this Wednesday we went to Las Ventanas (GREAT restaurant at Hwy 6/Grisby!), and I made sure he had 2 sangrias and a tequila shot before I told him how much I spent on clothes last month. He took it like a champ (for the most part). Doesn’t he understand that I could run into the bank President on the elevator? I MUST look good and professional at all times. And that means matching purse, shoes and jewelry. (SMILE). It sounded good at the time.
Maybe we could give the executives at Fannie and Freddie a tequila shot and they would start making ‘sensible ‘ exceptions on loans! Did you read the CNNMoney.com headline on Thursday? “Eight Million in Assets and Can’t Get a Loan”. Currently, that very well is true. We have to prove a recurring income, so if his assets produce capital gains and interest income each year on the tax return, we are ok! It doesn’t? Well, that is a problem. You see, assets can be spent, and quickly. Market changes can erode capital. We still have borrowers that try to reason with us that since they are putting 50% down, the lender should not care about anything else. Well, unfortunately, that is not the case. They don’t want to foreclose! Look at the mess we are in now! Foreclosures are expensive and time consuming. They don’t’ want your property, no matter how much equity there is. To read more about the article: http://money.cnn.com/2010/01/20/real_estate/mortgage_woes_for_wealthy/index.htm?postversion=2010012009&iid=EAL
Let’s talk about values. Some trivia first. Did you know that Atlantic City is the #1 city for appreciated values at 30.2% ? While on the other end, Las Vegas is 41% BELOW the market. Interesting those are both gambling cities and on opposites side of the spectrum.
We had a jumbo loan come back this week $200,000 below the sale price. Ouch. The borrower paid the difference (I know, that NEVER happens) We lucked out, and we are closing in 15 minutes, so I am typing really fast). A point I would like to make though, is that the nation’s top servicers came out with a Quality Initiative Report this week. Here is a summary of some interesting information for you (it will make a point about the importance of collateral):
Key Drivers of Loan Defects**Undisclosed mortgage liabilities**Collateral : Improper selection of comparables and unsupported adjustments**Insufficient or unverified income; inaccurate calculations**Excessive Seller Contributions or MI Coverage
Top Repurchase Reasons (that is when the servicer demands we , the originator, repurchase the loan)Serious Delinquency and…1. Misrepresentation of income2. Misrepresentation of employment3. Misrepresentation of appraised value4. Undisclosed debt5. Insufficient asset documentation
TX is the top state for Fraud, with collateral being the number one issue
Do you see a consistent message here? COLLATERAL. That is why underwriters are so concerned about appraisals. Fannie passes the pressure down to the servicers (Wells, Chase, Citi, BOA), and they pass that pressure down to us (lenders), and we pass the pressure to the underwriters to be sure we have a loan that will not be repurchased. Furthermore, we demand the appraisers approach comparables a certain way. And even furthermore………………….we are REQUIRED to do an automated appraisal review on every single appraisal (most clients /agents don’t even know we do it) But our investors require this or they will not purchase the loan. So imagine having to run a zillow.com (equivalent) on every single property! You can imagine some of the responses we get. Appraisals are the single, number one issue with all lenders right now.
I hope you found this week’s update informative!
By the way….we can still squeeze in a purchase (conforming) to close by 12/31 if you need it. But we need the contract Monday or Tuesday.
Enjoy the weekend!
RATES as of December 10, 2010 (UP FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.625% APR 4.756%
30 year ( fixed ) 5.250% APR 5.370%
15 year (fixed) 3.875% APR 4.099%
15 year ( fixed ) 4.625% APR 4.828%
5/1 ARM 3.500% APR 3.288%
7/1 ARM 3.750% APR 3.463%
5/1 ARM 3.375% APR 3.408%
7/1 ARM 3.625% APR 3.539%
10/1 ARM 5.000% APR 4.379%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
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