Non-Agency Product; Fannie/Freddie Updates; VA IRRRL Reminder/Clarification

That mortgage prices change every day, and often during the day, is about as surprising as sheriffs finding marijuana on Willie Nelson’s tour bus. Price changes have an immediate impact, and I knew that I’d receive plenty of phone calls from “the street” when a CEO told me to increase prices when the market hadn’t moved. Correspondent and wholesale investors have ratcheted up margins in the last month or so in order to slow volume down due to capacity constraints. Freddie Mac and Fannie Mae can easily encourage, or discourage, lenders from originating certain products. Now the jungle drums are saying that Freddie Mac will tweak its pricing for some lenders in order to lessen its competitiveness, pricing that it put in place leading up to the implementation of the...(read more)

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