Financial Update by Maurice Soussé

I hope you are having a great weekend so far. This weekend FNMA is changing over their underwriting system to FNMA DU 9.0. This change will bring about a few more restrictive rules that make changes to appraisal and income documentation. The changes come primarily to income and appraisal issues where they will require a bit more information and tighten up the “streamlined” review of properties and most times require a full 2 years of tax returns for borrowers.

This week was a roller coaster on rates with increases on Wednesday and Thursday and then a decrease back to Tuesday levels late Friday afternoon. Overall rates are pretty flat from last week. Our underwriting times are catching up and getting a bit faster as we have two divisions for underwriting; one for purchases and one for refinances with purchases taking full priority.

The positive quote of the week comes from Sheryl Adams and we can all use this suggestion: “Energy is equal to desire and purpose”.

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