[David] All right, let’s get over to Mr. Kittle, talk about the volumes that’s going on. I talked a little bit earlier. I’ve got some articles that I’m opening up here that talk about the early spring market didn’t bring us what we had hoped. The industry seems to be realizing at a six and a half to seven rate may be the new norm, and we’re just settling in on this, and more and more people are indicating they’re gonna be fine with this, and pipelines are reflecting it. There was a drop by the MBA app. The MBA’s mortgage applications fell week over week ending July 3rd, down 2.2%, but really not that big a drop.
[Kittle] If you’re sitting around waiting for rates to change either direction right now in this market after what we’ve acknowledged this morning, I think that’s pretty foolish. You gotta go out and do business where rates are, and everybody’s settled into where we are right now, and pipelines are pretty good right now. Pretty decent, yeah. Pretty normal. Considering all the things that could- still a huge demand out there for non-QM. Yeah. That’s where people are- Yeah are putting them. And there’s not a big enough spread, I don’t think. I haven’t checked it today, but there really isn’t that big of a spread between a three and a five-year and the fixed rate like, there has been in the past, in time past, yeah you can still get a little lower rate on a five-year or three-year if you’re gonna be there short-term. And I would encourage, if you’re a borrower listening here to look at it. And if you’re working for- And we do have more and more,
[David] And we do have more and more consumers listening to us. That’s which is amazing. I get contacted by consumers, “Don’t know so a lot of what you guys are talking about, but I really find this interesting. I’m interested in housing. We’re thinking about buying a house.” Or where they’re able to talk to their mortgage lender a little more intelligently, so been happening.
[Kittle] If your bank’s the sole lender, you ought to look into it. If you it’s a little bit of a risk obviously, because it’s gonna change. But if you’re a short-term in your house and you know you’re gonna move up soon or be transferred, now then you ought to look at it.
[David] There is, may actually be a very good time to be looking at that home at these price levels because they’re getting… There’s a lot there’s been downward pressure on it.
Alice Alvey, Master CMB
She handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.
Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.
She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.
Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!