Posted To: Pipeline Press

Overhead on the phone line. “Uh, hello Morgan Stanley? Remember that $20 million MBS we sold you last month? Can we just forget that ever happened? Or renegotiate it?” Some LOs wish they could do that with locks. Lenders across the nation are swamped; slicing profit margins to the bones is the last thing on their minds as they manage to capacity. Everyone is making hay while the sun shines… few are concerned about the future refi world when everyone has a 30-year rate in the 2s or 3s. And how are those float down rate lock policies doing? Speaking of sun shining, here in the Sunshine State, Florida is seeing 1,000 people per day move in. Developers are bulldozing rural and natural habitats at the rate of 12 acres of land per hour! Animals and plants are being forced into…(read more)

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Source: Mortgage News Daily