Orlando Mortgage Blog

Last Day Under Old Comp Rules

March 31st, 2011 5:48 PM by BILL WILBANKS

 

Well, couple big things tomorrow. The big employment number will be out in the AM and that always has a good chance of moving the market. Then the originator compensation rules change effective April 1st...no kidding and it has already begun to have an effect on what's available to quote to the consumer on rate and costs. Any more help from DC this week and we may have to get a second job. Haven't tried lobbying...apparently there's a lot of money in it if you don't care about the little guy but love special interest groups. Anyway, click this link to see some great market background information and supporting charts. 

A 6PM update: most of our lenders bumped their points by about 25 bps late today which will probably bump rates up to the next 0.125% so I'd expect that to carryover in the AM and the employment report is up in the air tomorrow too. We'll have to wait and see now. Thanks to all my customers that took advantage of the pre-compensation law changes effective tomorrow across the board, to lock your loans. For those that didn't I hope it works out for all of us. We tried to spread the word.

Posted in:General
Posted by BILL WILBANKS on March 31st, 2011 5:48 PM

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