The Six Most Important Things You Need to Know From the Mortgage World this Week.
Banks no longer reign over the U.S. mortgage market. According to Inside Mortgage Finance, nonbank lenders have surpassed banks in mortgage volume originated for the first time in 30+ years.
Shelter has a new “bank statement program” for self-employed borrowers that uses bank statement deposits only to calculate income and does not require tax returns.
The rate is higher for this program as are the qualification standards with 20% down, strong credit, and healthy cash reserves in the bank after closing all required.
After an annual report indicating that FHA is the healthiest it has been in years, there is growing talk of another FHA MIP reduction of as much as .30% sometime in 2017.
December’s Employment Report came in as expected with both job gains and the unemployment rate coming in right on target.
Wage growth, however, was much higher than expected with average hourly earnings 2.9% higher than a year ago, up from 2.5% last month, and the highest level since 2009.
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Shelter Lending Services
5780 Windward Pkwy, Suite 100
Alpharetta, GA 30005
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If you have questions about your mortgage needs, please contact our preferred mortgage lender – Jim Scheu with Shelter Lending Services at 404.906.6010 or click the blue banner just below to send him an email.
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The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. ©2016 Shelter Lending Services, LLC is an Equal Housing Opportunity Lender. NMLS#1033753 (www.nmlsconsumeraccess.org). This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to underwriting and property approval. 695 Mansell Road Suite 200, Roswell, GA 30076. James Williamson NMLS# 552530, AL:#59117, GA:#36174, TN:#120865. Georgia Residential Mortgage Licensee # 38779.