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Non-QM, Correspondent, Outsourcing, Income Verification Tools; Third Party Updates; $31 million Warehouse Settlement
âMy landlord told me that she would like to have a chat with me about the house’s sky-high heating bills this winter. I told her, âSure thing, whenever you want. My door is always open.ââ A key selling point for originators, in talking to potential clients on the fence about buying a home, is rent. Rents have been increasing, and thereâs no sense of permanency, but if you canât pay your rent, qualifying for a home loan is going to tough. LendingTree found that more than 8 million U.S. adults live in a household not caught up on rent payments. About 3.6 million adults are also living in households that are not being charged rent, primarily in Mississippi, West Virginia, Alaska, Arkansas, and Alabama. There are plenty of rent disputes in the courts, just as there are disputes and cases involving mortgage bankers. I bring this up because convicted former MBA Chairman Ron McCord and his Oklahoma-based company settled CapLoc’s allegations that they put fraudulent loans on a funding line settled for $31 million. Brad Finkelstein did a write up. (Todayâs podcast can be found here and this week itâs sponsored by MGIC. Since 1957, MGIC has insured more than 13.5 million mortgage loans with innovative products, tools and strategies that help customers solve problems and fuel growth. Explore tools and solutions to boost your business here. Listen to an interview with Tallulah Le Merle, where she flips the script and asks Robbie questions about mortgages.) Lender and Broker Services and Software
Bonds Rally on Month-End Trading and Friendly Inflation Data
Bonds Rally on Month-End Trading and Friendly Inflation Data Bonds began the day in unchanged territory and made cautious gains after reasonably friendly inflation data. PCE was a bigger factor than the Consumer Sentiment inflation expectations, but both contributed. Given our position on the calendar, we should also consider the impact of month/quarter-end positioning. It would help account for some of this week’s resilience in US bond markets relative to the suggestion of equities markets or EU bonds. Econ Data / Events Core PCE Inflation y/y 4.6 vs 4.7 f’cast, 4.7 prev Chicago PMI 43.8 vs 43.4 f’cast, 43.6 prev Consumer Sentiment 62.0 vs 63.2 f’cast, 63.4 prev 1yr inflation expectations 3.6 vs 3.8 prev 5yr inflation expectations 2.9 vs 2.8 prev Market Movement Recap 09:31 AM Roughly unchanged overnight. Moderately stronger after inflation data. 10yr down 3bps at 3.517. MBS up 2 ticks (.06). 01:10 PM Slow, steady gains all day. Some month-end bond buying is likely contributing. MBS up more than an eighth. 10yr down 4bps at 3.507 03:20 PM Additional gains before and after the 3pm CME close. 10yr down 6bps at 3.486. MBS up a quarter point.
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13 Tips for First-Time Homebuyers in Chicago
If you’re a first-time home buyer in Chicago, our expert guide can help you navigate the complex process of purchasing your dream home in the Windy City.
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