To all those LO's looking at the million job opportunities out there. Here is a list of places you do not want to do retail at in my opinion:
GMAC
B of A
Chase
Prime Lending
Prospect
Freedom
Good places
Caliber Funding
Wells Fargo
or be a broker and own you own business.
Monday, January 23, 2012
Top Ten 7a Lenders in California
Here is the latest top ten SBA lender list for California. This list compiled from NAAGL shows the top lenders in California for 7a gross approvals for the 2011 year to date ending 09/2011
BankName BankStreet BankCity BankState BankZip # Loans AppvGross AppvSBA
CENTER FINANCIAL CORPORATION 3435 WILSHIRE BLVD, STE 700 LOS ANGELES CA 90010 254 230,642,800 191,588,020
WILSHIRE BANCORP, INC 3200 WILSHIRE BLVD LOS ANGELES CA 90010 253 183,096,700 153,569,240
AMERICAN HERITAGE HOLDINGS 7777 ALVARADO RD, STE 515 LA MESA CA 91941 741 160,761,300 132,478,560
SEACOAST COMMERCE BANK 678 3RD AVE, STE 101 CHULA VISTA CA 91910 204 151,010,600 127,518,085
NARA BANCORP INC 3731 WILSHIRE BLVD, STE 1000 LOS ANGELES CA 90010 129 130,198,000 108,235,225
HANA FINANCIAL, INC. 1000 WILSHIRE BLVD, SUITE 2000 LOS ANGELES CA 90017 127 125,580,000 108,045,200
CAPITALSOURCE BANK 633 W 5TH ST, STE 3300 LOS ANGELES CA 90017 93 105,033,000 87,728,550
HANMI BANK 3660 WILSHIRE BLVD PH-A LOS ANGELES CA 90010 71 88,580,700 66,771,000
PACIFIC CITY FINANCIAL CORPORA 3701 WILSHIRE BLVD, STE 401 LOS ANGELES CA 90010 143 87,379,700 72,365,575
OPEN BANK 1000 WILSHIRE BLVD, STE 100 LOS ANGELES CA 90017 83 84,555,400 70,079,390
BankName BankStreet BankCity BankState BankZip # Loans AppvGross AppvSBA
CENTER FINANCIAL CORPORATION 3435 WILSHIRE BLVD, STE 700 LOS ANGELES CA 90010 254 230,642,800 191,588,020
WILSHIRE BANCORP, INC 3200 WILSHIRE BLVD LOS ANGELES CA 90010 253 183,096,700 153,569,240
AMERICAN HERITAGE HOLDINGS 7777 ALVARADO RD, STE 515 LA MESA CA 91941 741 160,761,300 132,478,560
SEACOAST COMMERCE BANK 678 3RD AVE, STE 101 CHULA VISTA CA 91910 204 151,010,600 127,518,085
NARA BANCORP INC 3731 WILSHIRE BLVD, STE 1000 LOS ANGELES CA 90010 129 130,198,000 108,235,225
HANA FINANCIAL, INC. 1000 WILSHIRE BLVD, SUITE 2000 LOS ANGELES CA 90017 127 125,580,000 108,045,200
CAPITALSOURCE BANK 633 W 5TH ST, STE 3300 LOS ANGELES CA 90017 93 105,033,000 87,728,550
HANMI BANK 3660 WILSHIRE BLVD PH-A LOS ANGELES CA 90010 71 88,580,700 66,771,000
PACIFIC CITY FINANCIAL CORPORA 3701 WILSHIRE BLVD, STE 401 LOS ANGELES CA 90010 143 87,379,700 72,365,575
OPEN BANK 1000 WILSHIRE BLVD, STE 100 LOS ANGELES CA 90017 83 84,555,400 70,079,390
Friday, January 20, 2012
Purchase market
Well I can't make heads or tails on what these guys are really saying.
http://video.cnbc.com/gallery/?video=3000068596
That being said, houses are cheap as hell. There are many for sale, but rates are super cheap too? So does that make sense to buy today? Are you waiting for house prices to fall? But we also expect rates to eventually rise. But no one knows for sure.
You need to live somewhere and if you can buy today, you can cover a mortgage with rent today if you get the right mortgage with the right down payment.
If you feel confident in your own personal financial conditon - buy. If you are unsure, then hangtight...One thing is for sure with housing...pricing will NOT skyrocket anytime soon.
http://video.cnbc.com/gallery/?video=3000068596
That being said, houses are cheap as hell. There are many for sale, but rates are super cheap too? So does that make sense to buy today? Are you waiting for house prices to fall? But we also expect rates to eventually rise. But no one knows for sure.
You need to live somewhere and if you can buy today, you can cover a mortgage with rent today if you get the right mortgage with the right down payment.
If you feel confident in your own personal financial conditon - buy. If you are unsure, then hangtight...One thing is for sure with housing...pricing will NOT skyrocket anytime soon.
Thursday, January 19, 2012
You pay more for your mortgage so MBS prices improve? Thanks Government!?
From today's Rob Chrisman email. Clearly the change in pricing coming down the pipe is starting to wake up most of us originators. Frankly, this is no different than a business increasing prices to improve margins or cut losses. But in this case, since the government is there to prop up the market I am failing to see the point...Unless you read below.
Some Wall Street MBS analysts believe that it is likely that the g-fee needs to increase by another 15-45bp over the next two years (on top of the 10bp increase) if the FHFA changes g-fee level such that it reflects the risk of loss as well as the cost of capital allocated to similar assets by other fully private regulated financial institutions as required by H.R. 3630. The analysts note that conventional securities could be worth .375-.625 more because of g-fee increase's impact on current production, and older securities could be worth 1.5-2.0 points more since it will be more expensive to refinance, so fewer will do it, meaning that the securities are on the books longer.
Some Wall Street MBS analysts believe that it is likely that the g-fee needs to increase by another 15-45bp over the next two years (on top of the 10bp increase) if the FHFA changes g-fee level such that it reflects the risk of loss as well as the cost of capital allocated to similar assets by other fully private regulated financial institutions as required by H.R. 3630. The analysts note that conventional securities could be worth .375-.625 more because of g-fee increase's impact on current production, and older securities could be worth 1.5-2.0 points more since it will be more expensive to refinance, so fewer will do it, meaning that the securities are on the books longer.
Tuesday, January 17, 2012
Make no mistake, your payroll tax cut, that was extended, is being financed by an increase in Fannie Freddie Fees, or what's referred to as G Fees. The press noted 10 bps increase in cost...That is really nothing. The reality is the cost of a comparable rate today versus locking for 45 days can go up as much as 80 bps or .80% of your anticipated loan amount. There you go - enjoy you new tax.
G Fee Increase Read Here
G Fee Increase Read Here
Friday, January 13, 2012
Tuesday, January 10, 2012
MetLife - MetDead
No more MetLife mortgages...shocking.
http://www.bloomberg.com/news/2012-01-10/metlife-to-exit-origination-of-residential-mortgages-u-s-insurer-says.html
http://www.bloomberg.com/news/2012-01-10/metlife-to-exit-origination-of-residential-mortgages-u-s-insurer-says.html
Filed under...Obama trying to kill the mortgage market
Well the G fee increase of 10 bps is starting to trickle down to the consumer. Wells today announced changes to pricing due to the increase. To save $20 in payroll tax mortgage prices will rise up to 80 bps. Or slightly more than .785% of the loan amount. Put another way on a $400,000 loan the cost of a similar rate will cost almost $4000! Nice job congress!
Wells Fargo wrote "In order for a loan to meet the April settlements, it must close by Feb. 29. The G-fee increase will worsen prices by up to 80 bps depending on note rate." (An 8:1 ratio? Come on...) Continuing, "Wells Fargo Wholesale Lending is staggering the impacts of that increase by Rate Lock Period in an effort to offer lower rates to consumers in the market for as long as possible. On January 11 the G-fee increase will impact 45- and 60-day pricing. You must begin calling Priceline for Rate Lock Extensions rather than extending online for Conventional Conforming loans (extensions will not be available online for Conventional Conforming loans), on 1/31 the G-Fee increase will impact 30-day pricing, and on 2/13 the G-fee increase will impact 15-day pricing. Conventional loans locked prior to the dates above must fund by Feb. 29 - no standard extensions. If the loan extends, you will be charged 55 bps to cover the G-fee plus normal extension fees. Non-Conforming pricing is impacted since pricing is set as a spread to conforming base price."
Wells Fargo wrote "In order for a loan to meet the April settlements, it must close by Feb. 29. The G-fee increase will worsen prices by up to 80 bps depending on note rate." (An 8:1 ratio? Come on...) Continuing, "Wells Fargo Wholesale Lending is staggering the impacts of that increase by Rate Lock Period in an effort to offer lower rates to consumers in the market for as long as possible. On January 11 the G-fee increase will impact 45- and 60-day pricing. You must begin calling Priceline for Rate Lock Extensions rather than extending online for Conventional Conforming loans (extensions will not be available online for Conventional Conforming loans), on 1/31 the G-Fee increase will impact 30-day pricing, and on 2/13 the G-fee increase will impact 15-day pricing. Conventional loans locked prior to the dates above must fund by Feb. 29 - no standard extensions. If the loan extends, you will be charged 55 bps to cover the G-fee plus normal extension fees. Non-Conforming pricing is impacted since pricing is set as a spread to conforming base price."
Thursday, January 5, 2012
Rate go Down - Costs go Up - Just because the 10 yr drops doesn't mean mortgage rates will respond alike.
For Rob Chrisman today...
Fannie and Freddie will increase their guarantee fee on all residential loans being pooled by 10bp on April's Fool's Day, but most believe that this increase should start to reflect on mortgage applications in February, if not sooner. Other increases might be needed over the next couple years, especially if g-fees are raised to match what a non-government institution would charge for the risk. Some estimates that I have seen on this are another 15-35 basis points over the next two years (on top of the 10bp increase effective 4/1). Lastly, yesterday the commentary mentioned a buydown ratio of 2:1. As several astute readers pointed out, the actual ratio is closer to 4:1, so a 10 basis point increase could easily cost borrowers 40 basis points, or roughly .125% in rate. And all to support a two month payroll tax waiver extension! One can just shake their heads in disbelief...
A research piece from Morgan Stanley noted that, "The FHFA will need to increase fees again to "make up" for fees not collected in Q1. This increase would depend on how much issuance would occur in Q1 versus how much will be expected in Q2-Q4, meaning if issuance was expected to go up, the additional fee increase could be smaller. In addition, it is likely that the average fees collected for HARP loans will be lower in 2012 relative to 2011 due to reduction in the LLPA cap under HARP 2.0 from 200 bps to 75 bps, and the FHFA will need to "make up" that shortfall as well. There are two ways in which the FHFA could increase fees again: another across-the-board increase, and/or an increase in risk-based fees."
Morgan goes on to say, "As part of the HARP 2.0 program changes, 30-year HARP loans will have an LLPA cap of 75bps (loans with terms of 20 years or less will have a cap of 0. This presents a significant restriction on how many additional fees can be collected from those loans. Any across-the-board fee increase will get passed on to HARP loans as well, in our view. However, any risk-based fees are more likely to be capped at 75 bps. Any future risk-based guarantee fee increase, therefore, must take into consideration how many loans are likely to be refinanced through HARP versus the non-HARP channels."
Fannie and Freddie will increase their guarantee fee on all residential loans being pooled by 10bp on April's Fool's Day, but most believe that this increase should start to reflect on mortgage applications in February, if not sooner. Other increases might be needed over the next couple years, especially if g-fees are raised to match what a non-government institution would charge for the risk. Some estimates that I have seen on this are another 15-35 basis points over the next two years (on top of the 10bp increase effective 4/1). Lastly, yesterday the commentary mentioned a buydown ratio of 2:1. As several astute readers pointed out, the actual ratio is closer to 4:1, so a 10 basis point increase could easily cost borrowers 40 basis points, or roughly .125% in rate. And all to support a two month payroll tax waiver extension! One can just shake their heads in disbelief...
A research piece from Morgan Stanley noted that, "The FHFA will need to increase fees again to "make up" for fees not collected in Q1. This increase would depend on how much issuance would occur in Q1 versus how much will be expected in Q2-Q4, meaning if issuance was expected to go up, the additional fee increase could be smaller. In addition, it is likely that the average fees collected for HARP loans will be lower in 2012 relative to 2011 due to reduction in the LLPA cap under HARP 2.0 from 200 bps to 75 bps, and the FHFA will need to "make up" that shortfall as well. There are two ways in which the FHFA could increase fees again: another across-the-board increase, and/or an increase in risk-based fees."
Morgan goes on to say, "As part of the HARP 2.0 program changes, 30-year HARP loans will have an LLPA cap of 75bps (loans with terms of 20 years or less will have a cap of 0. This presents a significant restriction on how many additional fees can be collected from those loans. Any across-the-board fee increase will get passed on to HARP loans as well, in our view. However, any risk-based fees are more likely to be capped at 75 bps. Any future risk-based guarantee fee increase, therefore, must take into consideration how many loans are likely to be refinanced through HARP versus the non-HARP channels."
Wednesday, January 4, 2012
And if you thought there couldn't be MORE compliance changes, here you go...
Domestic Partnership and Civil Union Requirements
Policy & Addendum
Domestic Partnership and Civil Union Requirements
Policy & Addendum
Background
A number of states have enacted
laws that extend additional rights to people who are registered within those
states as domestic partners or who have formed civil unions. These state laws
have granted registered domestic partners and civil union couples the legal
rights and responsibilities that mirror those of married persons for purposes
of state law.
In order to meet our obligations
under the state Domestic Partnership/Civil Union laws, we are issuing the
attached Domestic Partnership and Civil Union Requirements
policy.
Effective Date
We will condition for these immediately.
States Where This Is Required
In order
to comply with state property laws, it must be determined during the applicant
process whether the applicant is a resident of a state with domestic
partnership or civil union rights or if the subject property is located in one
of these states. Therefore, Caliber requires a completed Domestic
Partnership Addendum to be provided by the loan originator and completed by
the borrower in the following states:
·
California – An executed California Combined
Disclosure (already required)
·
Delaware
·
District of Columbia
·
Hawaii
·
Illinois
·
Nevada
·
New Jersey
·
Oregon
·
Rhode Island
·
Vermont
·
Washington
Notes
·
If all applicants indicate that they are married
on the Loan Application, execution of the addendum is not required.
·
If any borrower is marked “Unmarried” on the
1003, an executed Domestic Partnership Addendum (CA Combined Disclosure in CA)
will be required PTD in the states listed above.
And we pass the savings on to you!
Hey way to go congress...Keep making it more expensive for people to refinance and purchase homes. That will help for sure.
You've been taxed!
Hey way to go congress...Keep making it more expensive for people to refinance and purchase homes. That will help for sure.
You've been taxed!
Monday, January 2, 2012
Droiiiiid.
There's an application for that! I guess in today's environment the phone is the new laptop and therefore primary connection to the internet. So it is no wonder there is an app for my blog... and this is my first Droid post.
I updated my site for a little more social sharing ease along with the basics. And that is my mission for 2012 more face time, more communication, less missed calls. Less internet, less email, more phone calls. More marketing and a better focused messages. Those are my professional wants for 12. What are yours?
The business continues to evolve for those of us left. Please make 2012 a great year...
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