Soylent Green Is People_IHB
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Jumpcut - 5 days or so for appraisals. Yes, if the value is low on a conventional we run an Automated Value Model (AVM) to see if this is really far off, and if so a second appraisal can be ordered. Once a lender gets a bad taste in their mouth from a low value appraisal, getting turned around is akin to a miraculous event. It happens, but so do faith healings every so often.
Google HVCC or look at the comments on ML Implode by lenders running into this buzzsaw.
USC Trojan - One rate sheet at 8:00 and a reprice for the better by 10:00. Let's hope I am right on the rate direction. This makes 6 improving ratesheets in 48 hours.
Conforming -0- point was at 6.0%, today at 5.75
Jumbo Conforming -0- point was at 6.625, today at 6.00%
All assuming 45 day rate locks, 20% down, FICO's above 740 and SFD purchases. I'd list all of the disclosures, mouse print, and weasel out clauses but who has the time...Equal Housing Lender.
My .02c
Soylent Green Is People
Google HVCC or look at the comments on ML Implode by lenders running into this buzzsaw.
USC Trojan - One rate sheet at 8:00 and a reprice for the better by 10:00. Let's hope I am right on the rate direction. This makes 6 improving ratesheets in 48 hours.
Conforming -0- point was at 6.0%, today at 5.75
Jumbo Conforming -0- point was at 6.625, today at 6.00%
All assuming 45 day rate locks, 20% down, FICO's above 740 and SFD purchases. I'd list all of the disclosures, mouse print, and weasel out clauses but who has the time...Equal Housing Lender.
My .02c
Soylent Green Is People