Good Morning,
I have had some people ask me if the current crisis that faces our country has affected my business.
The answer is “yes” so far. I lost a loan the other day because the buyer backed out. He was concerned about his job.
I also lost a couple of Alt Doc loans last week due to the wholesale investors temporarily halting all funds until the market stabilizes. This was due to them having to take deep discounts upon selling their loans to the secondary market. They lost money.
…and, the rate market is all over the place right now.
Based on all data I have read the low rates will return. I’ve heard anywhere from two weeks to two months. When they do, if you are our client we will be reaching out to you to let you know of potential opportunities to refinance.
That’s it for today.
Thanks for reading!
Brett