G-Fee, Anti-Steering, Market Volatility
September 13, 2012
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My Schedule…and A Little Extra: |1| Interbank now requires you to use Interbank’s Anti-Steering Form. To be clear, starting today, any other form will be rejected. However, for all other disclosures you can use the one found in Point or Encompass. |2| I learned yesterday that any increase resulting from the G-Fee will be absorbed by Interbank. That is, our pricing will go unaffected. So, in a matter thinking, when the fee hits our pricing should actually improve compared to other lenders that adjust their pricing. Again, the G-Fee is a government-imposed fee affecting all lenders in pricing Fannie and Freddie loans…here’s a link to the official FHFA announcement. |3| Tomorrow, Friday, I will be unavailable…I’m taking a day to spend with family. I will have information about coverage tomorrow morning…. |4| I am making appointments to visit brokers/bankers for October…if you would like me to visit you, please email me the days and times you prefer. |5| Fantasy Update – I dropped the Titans defense and picked up the Jets…not sure why I drafted the Titans defense in the first place. I am concerned about Pierre Garcon’s injury and Marshawn Lynch’s injury…but I’m not dropping them…yet.
My Market Watch: Rates are a little better than yesterday but the market is all over the place…it’s going to be a wild day. The Fed makes its announcement today regarding quantitative easement and everyone is listening. Stocks rose as the Fed said it will buy mortgage-backed securities and keep interest rates “exceptionally low” through the middle of 2015 to bolster the economy. That sounds like good news for Bonds too, right? I don’t think traders know what to do with this information…should they invest in stocks, or bonds? My Disclaimer
My Fun Stuff: If you would like to laugh, watch this. If you would like to get choked-up, watch this.
My Schedule: Working from home this morning and out this afternoon. As a general rule, I am not answering my phone before 10a to allow time to research the market and respond to trailing emails. If it’s urgent, text me at (619) 549-9797. | Tomorrow, Friday, I will be unavailable…I’m taking a day to spend with family. I will have information about coverage tomorrow morning….