How low can we go? 30 yr fixed at 3.75% with no fees...

[aquabliss]

Wow what timing.  I started my Refi process today with owning.com, signed my e-docs and uploaded my verification docs literally 10min ago.  My agent says he thinks we can close by end of August.  Hoping that happens and I can avoid this basis point fee. 

 

[usctrojancpa]

Wow what timing.  I started my Refi process today with owning.com, signed my e-docs and uploaded my verification docs literally 10min ago.  My agent says he thinks we can close by end of August.  Hoping that happens and I can avoid this basis point fee. 

As long as you lock in your rate before Sept, you'll be fine.

 

[Cares]

Wow what timing.  I started my Refi process today with owning.com, signed my e-docs and uploaded my verification docs literally 10min ago.  My agent says he thinks we can close by end of August.  Hoping that happens and I can avoid this basis point fee. 

As long as you lock in your rate before Sept, you'll be fine.

I'm talking to my lenders and any lock tomorrow with settlement after September will have this 0.5 adjustment. Not lock rate before September.

 

[usctrojancpa]

Wow what timing.  I started my Refi process today with owning.com, signed my e-docs and uploaded my verification docs literally 10min ago.  My agent says he thinks we can close by end of August.  Hoping that happens and I can avoid this basis point fee. 

As long as you lock in your rate before Sept, you'll be fine.

I'm talking to my lenders and any lock tomorrow with settlement after September will have this 0.5 adjustment. Not lock rate before September.

Really?  That's pretty crappy, at least give people some notice.  I guess on the bright side it'll slow down the refi train for lenders.

 

[Cares]

Wow what timing.  I started my Refi process today with owning.com, signed my e-docs and uploaded my verification docs literally 10min ago.  My agent says he thinks we can close by end of August.  Hoping that happens and I can avoid this basis point fee. 

As long as you lock in your rate before Sept, you'll be fine.

I'm talking to my lenders and any lock tomorrow with settlement after September will have this 0.5 adjustment. Not lock rate before September.

Really?  That's pretty crappy, at least give people some notice.  I guess on the bright side it'll slow down the refi train for lenders.

Honestly though this only translates to maybe 0.125% or 0.25% in rate for most refi borrowers. So for my clients that have extremely small margins will have to take the hit in rate or pay cost. No room to absorb this 0.5 adjustment.

Purchase loans are not affected.

 

[OCLuvr]

Are they hinting towards a potential housing foreclosures?
? Fannie Mae and Freddie Mac said they would impose a new fee to insulate themselves from losses on refinanced mortgages they guarantee, a sign of potential turbulence in the housing market and a move likely to generate pushback from lenders.?

 

[yes2]

The way i am reading is the fee is for loans delivered to Fannie.
"applies to loans delivered to Fannie/Freddie in September and thereafter" not sure if this applies to jumbo or portfolio loans. Any thoughts?

 

[usctrojancpa]

The way i am reading is the fee is for loans delivered to Fannie.
"applies to loans delivered to Fannie/Freddie in September and thereafter" not sure if this applies to jumbo or portfolio loans. Any thoughts?

Fannie/Freddie don't buy jumbo loans so it'll have no effect on those rates...jumbo refi rates suck anyhow because most of the lenders for those loans are bank/direct lenders and they don't want anymore refi business because they want to keep their focus on purchase loans.

 

[Cares]

The way i am reading is the fee is for loans delivered to Fannie.
"applies to loans delivered to Fannie/Freddie in September and thereafter" not sure if this applies to jumbo or portfolio loans. Any thoughts?

So yes you're right. I spoke with a lender rep, basically any loan sold from lender to Fannie/Freddie after August 31st will have the 0.5 adjustment. Because of this, the lender is adjusting all of their rate locks starting tomorrow to pass on this 0.5 fee to the broker/correspondent.

 

[sgip]

Most lenders do not have overnight lock protection. If it wasn't locked, it's now .125 to .25 higher.

This same thing occurred in 2012. Within 90 days pricing floated back down. This is an adjustment and the market will be in flux for some time.

Wonder what Rocket Mortgage's stock will be doing tomorrow?

My .02c

 

[Cares]

Most lenders do not have overnight lock protection. If it wasn't locked, it's now .125 to .25 higher.

This same thing occurred in 2012. Within 90 days pricing floated back down. This is an adjustment and the market will be in flux for some time.

Wonder what Rocket Mortgage's stock will be doing tomorrow?

My .02c

I have a lender that can be locked until midnight but I don't have any files with them right now. Most were 5pm or 9pm lock deadline.

 

[eyephone]

The way i am reading is the fee is for loans delivered to Fannie.
"applies to loans delivered to Fannie/Freddie in September and thereafter" not sure if this applies to jumbo or portfolio loans. Any thoughts?

So yes you're right. I spoke with a lender rep, basically any loan sold from lender to Fannie/Freddie after August 31st will have the 0.5 adjustment. Because of this, the lender is adjusting all of their rate locks starting tomorrow to pass on this 0.5 fee to the broker/correspondent.

It?s a a trump silent refi tax.

 

[aquabliss]

Most lenders do not have overnight lock protection. If it wasn't locked, it's now .125 to .25 higher.

This same thing occurred in 2012. Within 90 days pricing floated back down. This is an adjustment and the market will be in flux for some time.

Wonder what Rocket Mortgage's stock will be doing tomorrow?

My .02c

I have a lender that can be locked until midnight but I don't have any files with them right now. Most were 5pm or 9pm lock deadline.

Whoa, talk about "by the skin of my teeth".  I literally got an email from my owning.com agent at 9:05p that said "Confirmed, locked rate/APR at 2.625%".  We'll see what it is in the morning, and I hope mine holds.

 

[Cares]

I am a little surprised Owning has not updated their website to reflect the new 0.5 adjustment. If you can get 2.5% 30 year fixed from them at no cost it is a steal now. 2.5% is below par.

 

[sgip]

They assume a very low loan to value on their website. At that level the LLPAs aren't as heinous.

Also, ad rates aren't always deliverable rates.

My .02c

 

[Cares]

This whole thing is honestly just a tax on the consumer. Borrowers are going to eat up the cost in the form of a rate increase. In this competitive environment with the aggressive rates from Owning and LenderFi, brokers cannot really absorb this cost.

 

[serial refinancer]

the only blunder is that i heard they use SLS loan servicing which i have discovered is a terrible servicer. can anyone shed light on this, perhaps who is your servicer now for Owning? 

 

[qwerty]

My owning loan will be serviced by mr cooper starting next month. Not sure if they are part of SLS

 

[Cares]

My owning loan will be serviced by mr cooper starting next month. Not sure if they are part of SLS

Mr Cooper services their loans. I've had them a few times until I refinanced away. They were previously Nationstar.

 

[potsticker]

I was told that Cash Call is not locking rates today. They are trying to figure things out and will try to begin locking rates tomorrow.