NOW ACCEPTING NEW CLIENTS FOR BROKER, NON-DELEGATED CORRESPONDENT, DELEGATED AND BULK. REPLY & LET’S CHAT.

THIS MORNINGS QUICK LOOK

1.  MBS – MBS Update
2.  PRODUCT HIGHLIGHT –  Declining SE Income
3.  MARKETING – Micro Level Housing Costs

MBS Pricing, Market Conditions/Information Learning Something New Every Day

MBS UPDATE

I am really curious to see where the day starts after the weekend on both the 10 yr and the MBS. You will know around 10:30 EST if you sign up for the text service highlighted in yellow below.

The 10 yr is sitting at 145.5. as of close on Friday. It has not been that low since March 3rd. As a reminder low is good for rates typically. 

But the MBS is also down a bit which is bad for rates. The MBS has been trading in this window of rates with a few short exceptions since April 15th which is good for consistency in rates.

Today is a newsless day from the economic calendar perspective but Tue, Wed and Thu are fairly busy reporting days so I am sure we will have a bit of an up and down ride this week.

Just make sure you lock when you are on the up vs on the down. A few bps here and there can make a big difference in the margins you lock in at.

GET IMPORTANT UPDATES VIA TEXT PLUS DAILY MBS INFO
TEXT “I’M IN” TO 251-428-1564

FLAGSTAR JACK FREE MBS TRACKING SITE

Password is flagstarjack

Product Highlight of the Day Knowledge Gives You the Edge

SELF-EMPLOYED DECLINING INCOME SOLUTION

Many of the clients you work with will have declining self-employed income from 2019 to 2020 and likely current P&L’s to show they are back on track this year.

CONVENTIONAL
Declining income is usually a concern but if the industry makes sense then we can review but we will still only use the 2020 income for dti purposes using the lower of the two as long as they still qualify. P&L’s support they are still in business ytd but cannot use as income towards dti.

FHA
On FHA they actually have a hard rule of 20% decline no can do. Due to covid what we can do is again use just the 2020 income due to it being less BUT we can manually downgrade the loan and do a full review in order to overcome the 20% auto decline per FHA guides.

Hope this helps!

Marketing Opportunites Using Industry News Whatever is Happening Use it

HOUSING INCREASES ON A MICRO LEVEL

I saw this information from an actual housing development in Boise Idaho of a large new development community and the increases listed here are based on the same home model from 2019 to 2021.

Rather than just hearing cost of building going up I think below is really cool to see a side by side of the exact same house in the exact same neighborhood with the exact same builder and the cost difference. Could  be an interesting item to share.

Pretty crazy for sure.

Turn Times As Of This Morning Lookin Good!