I Flailed About Like A Fish; No Transcripts Required
October 7, 2013
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Interbank Will NOT Require Transcripts for all conforming and High-Balance Agency loan transactions. In order to facilitate loan closings during the government shutdown, Interbank has amended its requirements for IRS transcripts, Social Security number validation, and verification of employment…email me for specifics.
I flailed about like a fish fighting in the boat after being pulled out of the water…and then gasping…trying to breathe. You ever had that feeling? It’s awesome! As I came into the house from grilling in the backyard to join neighbors and my wife, I attempted to sit on a bar-stool in front of the island in my kitchen. I missed… Falling down isn’t that bad if you’re even slightly prepared for it, you know, like when you can put your hand down to break the fall. But when you fall on your ass unexpectedly and with no way to break the fall, you tend to fall hard, very hard, and that’s exactly what happened to me. Yowza!
My tail hit the floor and that hurt real bad. There was a slight hesitation…and then my back spasmed and I couldn’t breathe…it threw me into the flailing fish-like action. My daughter was screaming…based on my reaction I think she thought my torso was severed from a Ninja attack…no doubt she will require psychiatric treatments. My wife tried to hold back her laughter…she’s been tormenting me all weekend. Aaarrrggg. You know those movies where someone is shot in the legs six times but still manage to run five miles to save the day…yeah, apparently that’s not me.
My Market Watch: Bonds Up – Gov’t Shutdown Remains – Fixed Pricing Improved Yet Again. The The 30-year Fannie Mae bond is trading higher about +16bps. But it was up higher earlier when rates were published and now it’s fallen about -12bps since then. Although this is not enough to warrant a mid-day rate change yet, Capital Markets has been trigger happy with mid-day reprices…as a price leader that tends to be the case since hedging is so critical. Be on the look out…if bonds fall much further you should expect a rate change for the worse.
The interesting thing is the government shut down has helped bonds tremendously. Why? It’s indirectly helped because stocks have been affected negatively. When traders pull money out of stocks they will typically invest in bonds instead. And when traders invest in bonds the price improves and Capital Markets improves our rates. Watch out when the government goes back to work…my guess we’ll see a reversal and rates will climb fast.
Government Shutdown Remains. It is now day 7…I reiterate my point that Obamacare is a valid law, enacted by due process. Again, if Republican leaders don’t like it, then they should work to change it using constitutional methods, not extortion. Whether you like Obamacare or not, and whether you are Democrat or Republican or otherwise, you should not excuse our leaders’ actions.
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