Nature “always bats last.” Terrible flooding in Pakistan, flooding in Mississippi impacting its drinking water supplies. Severe temperatures in China, a hot summer in the Western U.S. Fortunately, this year’s hurricane season in the U.S has been tepid, so far, and fires in the West have been limited. Certainly, storms can impact borrowers and lenders, as can documentation problems or appraisal delays. What percent of your clients don’t close on time? In retail news, if you’re a Chase customer buying a new home or an investment property, you may be eligible for the Chase Closing Guarantee. “We promise an on-time closing in as soon as three weeks or you’ll get $5,000.” As summer winds down, in many second home areas like Florida, concerns in places include investment property and 2nd home price adjustments. Of course, it is not in Freddie or Fannie’s charter to help 2nd home or investment property financing as the focus is on first time home buyers, underserved segments of the population, and affordable housing. There are 16 million vacant homes in the USA. This means there are more than five times as many vacant apartments as there are estimated homeless people. If you want to squat for a while, head to Vermont, Maine, or Alaska, but steer clear of Connecticut, Washington, or Oregon. (Available here, today’s podcast has an interview with MCT Chief Administrative Officer, Chris Anderson, on the benefits of a centralized lock desk. This week’s podcast is sponsored by MCT’s Hedge Advisory. As the industry leader in pull-through analytics and best execution with the highest staff-to-client ratio, lenders of every size trust MCT to manage risk and optimize profitability in their mortgage loan pipeline management.)
Source: Mortgage News Daily