START EACH MORNING WITH EASY TO READ MBS UPDATE
TEXT “I’M IN” TO 251-428-1564 – IT’S FREE
TRACK MBS ALL DAY EVERY DAY WITH THIS LINK
FLAGSTAR JACK FREE MBS TRACKING SITE – PW – flagstarjack

THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – MBS UPDATE
2.  PRODUCT HIGHLIGHT – VA Seasoning Changes
3.  MARKETING – A Stiff Drink Of Hot Cup Of Tea

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

MBS UPDATE

Mortgage rates have been on quite the ride over the last couple weeks. As you can tell from the graph below with Fridays close the last time rates were this good was October 4th. 

It is early morning right now so I nor anyone else has a clue what the impact will be over the weekend and how we will open. Sign up for my MBS TEXT SERVICE above and you will know though before rates come out this morning.

Last week we broke through 3 ceilings and they were pretty big ceilings at that and we have not seen that in a long time. LIkewise the 10 year dropped through 3 floors as well. 

This all comes with the FED’s announcing tapering which should have had the opposite effect. But the jobs reports, inflation numbers being pseudo accurate or inaccurate due to supply chains is causing all kinds of mis-directions. 

Bottom line is this. Nobody knows where rates are going to go yet. All agreed rates will increase due to tapering. It is just a matter of supply and demand. The FED is reducing their supply of purchases but if the economy is unsure then people flood to the bond market which creates the demand again. 

The clear answer is we do not know but we are hitting up against another ceiling and anything can happen. Again, I will send out a text update this morning on what happened over the weekend. That was a HUGE swing on Friday to the better and those usually do not stick but hey anything can happen.

Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition

VA FORBEARANCE CHANGES

Ginnie Mae (The Folks Who Guarantee Govt Loans) announced October 29th that effective immediately they are requiring the seasoning rules to apply to all VA loans for loans that have been modified.

Due to one of the options coming out of forbearance being a modification loan which means terms and conditions and payments have been changed that triggers waiting period for all loans that fall under the seasoning rules.

Note Date Of New Loan Must Be On Or After:
#1 – Date on which borrower has made at least 6 monthly payments
AND
#2 – The date that is 210 days after the 1st payment due date of current loan.

Ginnie Mae has provided guidance that this DOES NOT apply to FHA and USDA loans.

This DOES impact all loans currently not closed that are in the pipeline.

Marketing Ideas And Opportunites Little Things That Can Make A Big Impact

A STIFF DRINK OR A HOT CUP OF TEA?

It was Sunday night November 7th. Yep, last night. 

The football games were over, the 3 year church anniversary preparations were complete and the knowledge of Monday morning is fast approaching.

I felt like a good movie. I ended up actually watching two. The first one was The Holiday from 2006 with Cameron Diaz and the second one was Love Hard 2021 Netflix. 

But here is the interesting thing. It was about 5:30 PM before the movie started and I said I will have a cocktail and sitback and enjoy the evening so I do. Gin and tonic if you are curious. Then I started the movie. There were fireplaces and snow and sweaters and country scenery and I found during the movie that I wanted to just replace my cocktail with a warm cup of hot tea. It was the moment, the experience, it was the ambiance of what I was experiencing. It was a hallmark moment and hey I love hallmark and heck yeah a good cry can go a long long ways. I felt at home as I watched the movie and I had completed my cocktail by the end of the movie.

I said, well that was beautiful and I think I will watch another. So, I started Love Hard the movie and it was really good by the way. Both were. But it was different, it was fast paced although a love story but I was not curling up next to the fireplace and I said to myself I am not sure if I want a cup of hot tea or possibly a refill. No big deal either way but what did the moment command?

It was at that moment that I realized how much it is up to us to write our own story. How much it is up to us to dictate our own ambiance. The world around us sets our mood, it sets our tone, it sets us up for the next step in a long journey. But it is up to us to decide what we will listen to, what we will watch, what we will allow to decide whether or not to have a cocktail or a hot cup of tea.

As you decide what you are going to do today I encourage you to decide who you are and what you will allow or not allow to be part of your life. So much of our world steers us towards one way or the other but ultimately we all have the choice to decide what channel we watch. 

You decide today how you will impact the lives around you. You decide today whether they will experience a refreshing cocktail or a warm cup of tea next to the fire.

Neither is right, neither is wrong. But one is you. Be you today and impact those around you with your drink of choice.

Turn Times As Of This Morning Lookin Good!