Shelter Six:  Good News for Borrowers Exiting Forbearance

May 25, 2020 by · Leave a Comment

Mortgage purchase volume was up for the 5th week in a row and, after being down 35%, is now at nearly the same level as a year ago. Moving in the right direction, the National Association of Home Builders’ Housing Market Index rose 7 points in May. Also moving in the right direction, mortgages in […]

Shelter Six:  Forbearance Figures Better Than Anticipated

May 18, 2020 by · Leave a Comment

Federal Reserve Chairman Powell repeated last week that the Fed will do everything in its power to support low rates and support the economy as needed. Amid speculation, Powell did make it clear that the Fed is not considering negative short-term rates at this time. Mortgage purchase volume was up 11% last week over the […]

Shelter Six:  Most Believe Job Loss to be Temporary

May 11, 2020 by · Leave a Comment

Last week’s Employment figures were very bad (20.5M jobs lost in April), but the very important silver lining is that 78% believe their job loss to be temporary. It is refreshing to see some mortgage guidelines loosen back up slightly. The maximum Debt Ratio on Shelter’s FHA/VA loans expanded from 45% to 50% last week. […]

Shelter Six:  Federal Reserve Doing What It Takes to Keep Rates Low

May 4, 2020 by · Leave a Comment

The key takeaway from last week’s Federal Reserve meeting is that the Fed is going to do whatever it takes to keep rates low and stable during the pandemic. Shelter is proud to roll out a new “hybrid” eClosing process that will enable buyers to electronically sign 90% of closing docs prior to closing. Only […]

Shelter Six:  Mortgage Markets Have Stabilized

April 27, 2020 by · Leave a Comment

There were no dramatic mortgage product changes last week and it feels like things have stabilized in the mortgage world. Riskier programs have either been eliminated or tightened up significantly, but Conforming loans remains strong with few changes and a more streamlined process. The Federal Reserve meets on Wednesday and investors will be closely tuned […]

Shelter Six:  Good Mortgage Options Remain

April 20, 2020 by · Leave a Comment

The economic data rolling out for March has not been good, but it has not been nearly as bad as the Unemployment and job loss figures suggest that it could have been. Conventional Conforming programs remain as strong as ever with few changes and a more streamlined process allowed during the pandemic. Jumbo options are […]

Shelter Six:  Still Plenty of Strong Conventional Programs Available

April 13, 2020 by · Leave a Comment

On Thursday, the Fed announced $2.3 trillion of aid to help midsize companies and local municipalities (the initial round of aid was for individuals and small businesses). Conforming lending is stronger and more streamlined than ever, but riskier programs with lower credit scores or higher LTV’s have either disappeared or tightened up greatly. The perfect […]

Shelter Six:  Jumbo Blend is Ideal Jumbo Solution

April 6, 2020 by · Leave a Comment

Conforming remains as strong as ever with few changes, but FHA/VA has tightened up with a higher minimum credit score, lower max Debt Ratio, and 2 months of required payment reserves. Most non-banks have lost Jumbo, and the banks still offering are doing so with extremely strict underwriting, such as 20% down, very high credit […]

Shelter Six:  Mortgage Industry Continues to Find a Way

March 30, 2020 by · Leave a Comment

The riskier side of the mortgage industry is changing drastically. The Non-QM industry disappeared overnight last Monday. Rates have surged on low-down payment loans. Few lenders are still doing Jumbo loans or purchase-money 2nd HELOC’s. FHA minimum credit scores are increasing. The mortgage industry has been extremely resilient over the last few weeks though and […]

Shelter Six:  Mortgage Rates Experience Wild Ride

March 23, 2020 by · Leave a Comment

Mortgage rates have been on a wild ride over the last few weeks, experiencing both all-time lows and all-time surges during this time. Two Sundays ago, the Federal Reserve aggressively slashed short-term rates to zero, but it is critical to understand that this does not directly influence mortgage rates. Mortgage rates dropped as the stock […]

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