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LO Products; December Events and Training; Servicing Sale With CRA Loans

Posted To: Pipeline Press

Thinking about locking a loan tomorrow during the National Day of Mourning for George Bush? With the bond markets closed, plenty of mandatory execution desks, like Wells Fargo’s, will be closed. Check with the specific investor regarding best effort, bulk, AOT, and other commitment options tomorrow. Even though the market will be closed, Federal Reserve banks will be open. Plenty of lender’s lock desks will be issuing/posting rates and accepting locks. Many companies will be funding loans on Wednesday, December 5. And are independent mortgage bankers making any money funding these loans? Yes, a net gain but only of $480 on each loan in the third quarter , down from $580 per loan in the second quarter and $929 a year ago, per the Mortgage Bankers Association. Lender Books, Products...(read more)