I trust you are well, as well as your loved ones. This is truly an unprecedented time, but one I believe that is coming to an end soon.
Two things of importance. One is that my last e-mail that went out to most of my client base was responded to by many and they are smiling big time as they jumped on the application recommendation and got unprecedented rate locks and are now working through the last days of closing.
Others responding later are in application mode while we watch the market and price daily for opportunities in the most robust but unpredictable daily swings. Rates are not as low as they were 4-5 weeks ago for that few days but they are really close. Anyone sitting or gambling on rates dropping a lot lower may be disappointed, but heck, I have been wrong before. : ) But I have always been more conservative and preferred the bird in hand when it makes sense, than gambling. Does a gambler just have a feeling, or do they understand the mortgage bond market and know implicitly how it works and can read the tea leaves? Hmm…. If you have something that needs to be done on your mortgage, I would move on it now, not wait.
Secondly, I have an attachment that is a redacted internal memo on the latest “forbearance” action taken by the Federal Government in short called the “Cares” act. Please know that though this may sound good and be helpful in extreme situations for borrower’s, be very cautious on doing it. There are often consequences to certain things that may be helpful in one respect but possibly damaging on the other.
Please feel free to contact me with any questions or client needs.