Here’s something that’s kind of interesting. Half of all zero net energy homes have been built in California. “Cali,” a nickname despised by residents, has bold goals for all residential new construction to achieve ZNE (zero net energy) by 2020. Other states? Low energy costs are a barrier to generating ZNE demand. One-third of homeowners report having a monthly electricity bill less than $100, so while many households recognize the value of ZNE, the immediate financial incentives are not there yet. As California goes, so goes the nation
With the upward trend in rates, many lenders have reached out with questions about extending long-term interest rate locks to borrowers. Besides the competitive benefits, long-term locks may provide access to new sources of production, but they present unique risks for secondary departments. Learn about the opportunities, challenges, and hedging best practices for managing a pipeline of long-term locks in MCT’s latest whitepaper.
Late June’s economic indicators continue to point to moderate-to-strong GDP growth for the second quarter.The Conference Board’s Leading Economic Index was up by just 0.2 percent in May and though the index shows solid growth, it is unlikely that economic activity will accelerate into the second half of the year. Unemployment insurance claims remain especially low below the 220,000 level. Housing data in May and June was mixed with existing home sales declining 0.4 percent while new home sales were up 6.7 percent. Supply continues to remain tight and higher prices combined with higher mortgage rates are squeezing the budgets buyers and potentially keeping some on the sidelines. Meanwhile the National Association of Home Builders’ builder confidence survey weakened by two points to 68 as concerns about materials prices due to new tariffs are increasing.
The 10-year closed 2bps higher as confusing signals on global trade keep coming from the White House. The third estimate for Q1 GDP contained a downward revision to 2.0% (expected 2.2%) from the second estimate of 2.2%, attributable to downward revisions to private inventory investment and personal consumption expenditures. The GDP Deflator was revised up to 2.2% (expected 1.9%) from 1.9%. Personal spending was weak in the first quarter, but a pickup in personal spending now has many Q2 GDP forecasts increasing in expectations.
The Tax Cuts & Jobs Act eliminated the deduction for business entertainment expenses incurred after December 31, 2017. While this rule may sound straightforward, there is currently a potentially significant tax difference between entertainment expenses that a company pays directly to third party vendors from the treatment of entertainment expense that it reimburses to its employees. The mortgage tax experts at Richey May have provided some guidance to lenders in their latest blog on how to handle business entertainment expenses; read more here or contact their tax professionals.
Radian is on a mission to provide stellar mortgage insurance rates and top-notch partnership capabilities. Radian was first to market with BP Single rate reductions and have now decreased its BP Monthly rates. With multi-borrower rate adjustments, better pricing is available across all its mortgage insurance programs including, Monthly, Single, and SplitEdge. Radian also makes it easy to compare rates side-by-side, calculate mortgage payments, and much more with the Radian Rates App. Learn more about Radian’s mortgage insurance solutions and partnership capabilities at radian.biz/MIssionSuccess.
The Virginia Housing Development Authority is searching for a Director of Homeownership Lending to direct and manage all activities related to the homeownership originations line of business for VHDA including its satellite and mobile offices. Among other duties, this person will lead and manage a highly motivated, professional mortgage lending staff of 50+ associates, establish and implement short and long term strategic plans for the Homeownership Originations division, and design and implement homeownership programs that address identified housing needs throughout the Commonwealth. The ideal candidate will have 6+ years executive management experience in the mortgage lending field, and a knowledge of investor/secondary market requirements, mortgage lending and compliance regulations as well as mortgage lending best practices. Hiring Range: $128,0645 – $166,482 + potential bonus + benefits. “VHDA is one of the nation’s premier housing finance organizations. Our mission is to help Virginians attain quality, affordable housing, which we accomplish through our public-private partnerships.” Interested parties should contact Recruiter Lila LaCroix. VHDA is an Equal Opportunity Employer.
- CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
- FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
- VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
- REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
- JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing
- FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
- MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
- COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
- ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate
Mortgage Broker vs. Mortgage Lender
You can obtain a loan from either a Mortgage Broker or a Mortgage Lender. Lender is a financial institution that makes loans available directly to the borrower, Brokers connect borrowers to lenders were they have the ability to offer competitive rates and loan products. A direct lender offers mortgages, including commercial banks that offer a slew of services and mortgage banks. If you decide to obtain a mortgage through a direct lender instead of a mortgage broker, you will need to apply individually to each lender. This can be a time-consuming and frustrating process. The primary benefit of a mortgage broker is that they can shop with many lenders and get a variety of quotes, rates and loan programs. If you use a direct lender they only have access to their products and rates. A mortgage broker is able to shop a multitude of products and rates, as well as specialty programs such as Bank Statement Program, Unique Investment Programs, Hard Money Loans, Housing Events (Foreclosure, Short sale, Deed in lieu or Bankruptcy). If you don’t want to go through the hassle of contacting various banks, a mortgage broker might be a better option for you.
One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!