Rates
Well another interesting week in the world of mortgage rates, and of course it all came down to the Federal Reserve!
Rates previously had been trading in a pretty narrow trading band, since about August 25, with fluctuating by .125 here and there, but this week we knew all heck would break loose!
On Tuesday, rates sold off, causing many lenders to scramble and increase rates by .125 to .25, anticipating that the Federal Reserve was going to increase the Fed Funds rate.
Wednesday we were pretty much flat, then on Thursday, the announce came as a kind of shock, the Fed was NOT going to increase rates in September, their concern was China. BUT…They did indicate they would like to see the Fed Fund rate at .40 by end of the year, which means increasing rates in October and/or December meeting.
This caught some traders off guard, causing the stock market to sell off and investors flood into the bond markets for safety.
In the end, Friday, rates almost peaked at their best levels since June 22nd, and setting us up for a narrow trading channel again.
The concern is China and their potential collapse, does the Fed know something we don’t?
Watch rates care fully, as I have indicate before, just lock them, We have not seen enough sway one way or another to float, that is unless you know China is collapsing, then float.
TRID Training
Received even more TRID training before the new Loan Estimator and Closing Disclosure is released on 10/3.
We have a new acronym for the magic 6 items we need to initiate the requirement to disclose:
B orrower’s Name
S ocial Security Number
P roperty Address
I ncome of borrower
L oan amount sought
E stimated Value
So Yep, we need the BS PILE.
Once we get the BSPILE we have to disclose to the borrowers with in 3 business days or be dead.
Non-Public Information rules
Simple rules, certain people can not know private or confidential information about the borrowers, i.e. Social Security Number.
But it has come up in other state, not “yet” in Idaho, that buyers agents are not allowed to be in the closing room with the borrowers, due to NPI info being disclosed.
I.e. the 1003 application has the borrowers SS# on it, confidential info. Would a Realtor sitting at that closing table have access to the SS#, well the answer is YES.
Something to think about and watch for in the coming months!
New Title Closing Form
Well title is getting into the business of creating new forms as well for the TRID release in October. Looks like the CFPB didn’t consult title when creating the Closing Disclosure, so title had to create another form called the ALTA settlement Statement.
Link to this new form is here, probably want to take a peek at it, I am guessing that this is the form which you Broker will need to review prior to closing of the transaction:
ALTA Closing Statement Link HERE
Thanks Sally Lyle with Stewart Title for showing me this!
Lead Generator
Well it seems like more and more Realtors are changing brokerages each and every day, that is GREAT! But do your past clients know? The moment you get new business cards with your new logo (AND PLEASE DO NOT FORGET TO GET A NEW HEADSHOT! The 80's are long gone and so is that hairstyle!), you need to send out a very personal letter in the mail with all of your new contact info and business cards. And then run a "Special" how about a FREE CMA?
Then a week later, you should be sending them emails, with all of your new info as well.
Didn't move recently, have you redesigned your logo, business cards, made some SWAG, another GREAT opportunity to get mailer out to your past clients!
Finally update that 80's picture, BINGO, another GREAT opportunity to send info to past clients!