Financial Update by Maurice Soussé

Interest rates are holding steady this week at record lows. Take a look at the 15 year fixed rates. While that payment may not be good for everyone, it is a great way to pay a mortgage off quickly with rates that are incredible.

A major player in the mortgage market decided to leave the wholesale arena. Wells Fargo Bank called it quits with mortgage brokers Friday after a settlement with the Department of Justice. Wells has been a good partner of ours for many years and luckily, as a correspondent lender/banker, we have the ability to continue our work with them through a banking channel. This move in the market place will hurt many brokers as they were one of the last major banks to work with brokers. Chase, Wells, B of A and Citibank have all closed their broker divisions. Our move as a company to become a banker a little over a year ago was a great blessing. We are able to underwrite and close our own loans while selling paper to these great partners along with a variety of other investors as well. More than ever, we are confident that our experience and resources can help you with your clients’ needs for a mortgage.

Jimmy Dean said I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.

Have a blessed weekend.