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November 9, 2021




(NMLS) Nationwide Mortgage Licensing System
  • Wholesale Mortgage Broker Michael James Hansen:344532

(CDRE) California Department of Real Estate

November 1, 2021

FHFA to permanently allow desktop appraisals: How can it make the mortgage process easier?


The Federal Housing Finance Agency (FHFA) Acting Director Sandra Thompson announced at the Mortgage Bankers Association (MBA) conference in San Diego that it will allow lenders to use desktop appraisals for conventional loans. These alternative valuation products will improve the homebuying process for many borrowers.

During the COVID-19 pandemic, the FHFA began allowing for more flexibilities, such as desktop appraisals, which means an appraiser can perform the appraisal valuation from their desktop without a physical inspection of the property. But what began as a temporary alternative during stay-at-home orders is now a permanent option.

"When it comes to ‘alternative appraisal methods,’ the spectrum of products really varies by the level of expertise of the person involved in the valuation, as well as the level of scrutiny in the inspection/analysis process," said Brian Zitin, CEO of Reggora, a tech company providing services to lenders and appraisers. "On one end of the spectrum is an AVM, or automated valuation model, where no human is involved and there is no inspection of the property. On the other end of the spectrum is a full appraisal which requires a licensed appraiser to do a complete onsite inspection and full report. 

"A desktop appraisal is somewhere in the middle where, although there is no onsite inspection being done, there is a licensed appraiser doing the actual analysis of a valuation," Zitin said. "This makes a desktop appraisal a more robust solution compared to AVM, as it involves human intelligence to manage additional complexities."

If you are interested in buying a home or refinancing your current mortgage as the process becomes easier through this new hybrid appraisal, visit Credible to find a lender and get the best rate for you.


How do desktop appraisals help homeowners & homebuyers?

Desktop appraisals are changing the homebuying and refinance process as technology infiltrates the real estate industry. And this latest update provides several benefits to homebuyers and homeowners looking to refinance their homes.

It takes less time to close

Currently, closing a mortgage typically takes between 30 to 45 days as lenders go through the process to give homebuyers or homeowners the new loan. Mortgage experts say many closing delays stem from appraisals. However, regulatory changes and technology improvements could reduce the time it takes to close a home loan.

Desktop appraisals save money

The current average appraisal can cost anywhere between $200 and $600. This depends on the size of the home, the type of home, location, property condition and how much time is required to appraise it. Since desktop appraisals eliminate the need to visit the site and reduces the work needed from the appraiser, it also decreases cost to consumers, Zitin said.

If you are interested in taking out a mortgage as closing costs decrease, visit Credible to compare multiple mortgage lenders at once and choose the one that has the best interest rate for you. Homeowners who refinance in today’s low interest environment could save hundreds of dollars on their monthly payments.

October 28, 2021

How To Hit The Low Spot

 When you think about refinancing, you may ask yourself, when is the best time to lock my rate? How do I find the low spot to get the best deal? I have only been negotiating rates with wholesale lenders for a decade but in my experiance the best choice has always been the same since I started, choose the lowest rate for free, take it right away, and wait for the next rate drop. 

We never know when its going to be the lowest and the lowest may not even exist. Rates may just fall until they are negative, that is what our CEO Danielle, President Trump and Warren Buffet have been saying for years. So if thats the case, the best choice would to always have the lowest rate for free. 

Call, text or email us now!

Michael call or text 520-523-SOEZ or email

Danielle call or text 520-523-7639 or email


What Is A 7/6 ARM?

 7/6 ARM: A 7/6 ARM loan has a fixed rate of interest for the first 7 years of the loan. After that, the interest rate will adjust once every 6 months over the remaining 23 years.

October 13, 2021

Mortgage Rates In October Are Spooky Low, Here Are Some Rates and Costs Available Today

 The lowest rate on a 30 year fixed for 0 points and 0 cost that I funded was 2.5% on a 30 year fixed. You would need the best case scanario to get that rate. Loan amount over $400k and 40% equity, Single Family Home, that you occupy as your primary home. 

Most people with the best case scanario were able to obtain 2.69% and 2.75% for no cost on a 30 year fixed. 

We introduced a new ARM that is amortized for 30 years but only fixed for 7 years, on the 8th year it can adjust down or up every 6 months. Some people recieved rates as low as 2.375% for no cost with this option. 

The 15 year fixed was at 2.125% to 2.25% for no points and no fees for many scanarios. There was a day this year that 1.99% was avaialble for free on a 15 year fixed. 

On the 10 year fixed, one client from Carlsbad, CA recived 1.99% for 100% free. That was the lowest rate funded for no cost in 2021 with us. 

If you would like to know what rate you can get for 0 points, and 0 Lender Cost with a credit covering all the 3rd party cost, making it 100% free, email me at or call me at our new EZ number 520-523-SOEZ. 

October 1, 2021

Effort To Manipulate The Housing Market

I’m not sure if you’re subscribed to these guys who create videos about the housing market but I thought this was interesting enough to share.  It discusses how big companies are buying houses in an effort to manipulate the housing market, change comps, and thus earn more of a profit.  The video is only a few minutes long so if you have the opportunity, I’d love your feedback.

August 21, 2021

New Refi Program Aims to Help Lower-income Owners Save

 Fannie Mae will launch RefiNow this week, which could help lower-income homeowners save hundreds of dollars a month on their mortgage payments.

The program, which begins June 5, aims to help about 2 million homeowners lower the interest rates on their mortgages. Eligible homeowners could save an estimated $100 to $250 a month, according to the Federal Housing Finance Agency, Fannie Mae’s regulator.

Among the eligibility requirements, homeowners must earn 80% or less of their area’s median income to apply. Borrowers also must have a Fannie Mae–backed mortgage (use the loan lookup tool to find out). Borrowers must be current on their mortgage and have no missed payments in the last six months. The mortgage also can’t have a loan-to-value ratio above 97%, and borrowers’ FICO credit scores must be at least 620.

“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs,” says Malloy Evans, senior vice president and single-family chief credit risk officer at Fannie Mae. “Fannie Mae’s new RefiNow option will help homeowners refinance by removing some of those barriers, improving affordability, and promoting sustainable homeownership.”

Under the program, participating lenders would be required to reduce eligible borrowers’ interest rate by at least one-half of a percentage point. That could be higher, however. Lenders also must waive the adverse market refinance fee for borrowers whose loan balance is no more than $300,000. Lenders must provide a credit of up to $500 if the borrower is ineligible for an appraisal waiver.

Lenders aren’t required to participate in RefiNow.

Freddie Mac will start its own refinance program later this summer.

August 17, 2021

Slap in the face’: Lobbyists fume at Biden eviction reversal

 President Joe Biden’s move to reinstate a federal eviction moratorium Tuesday after letting it lapse days earlier marked a huge political loss for the National Association of Realtors and its housing industry allies.

President Joe Biden’s stunning decision to revive the eviction ban in response to intense pressure from progressives has left one of Washington’s most influential business coalitions feeling angry and betrayed on the sidelines of power.

Biden’s move to reinstate a federal eviction moratorium Tuesday after letting it lapse days earlier marked a huge political loss for the National Association of Realtors and its housing industry allies, who each year shower candidates in both parties with millions of dollars in contributions and often get their way in big policy fights.

This time, housing lobbyists said they were frozen out of discussions with the White House on the fate of the ban, which cost property owners billions of dollars a month in losses. More than a dozen industry trade groups found themselves outgunned by an improvised resistance campaign led by Rep. Cori Bush (D-Mo.) and other recently elected progressive lawmakers protesting the ban’s expiration on the steps of the Capitol. House Financial Services Chair Maxine Waters (D-Calif.), who has received tens of thousands of dollars in contributions from the Realtors as one of the top lawmakers on housing issues, dismissed their concerns as she also pushed to revive the eviction prohibition.

The industry felt “whiplash,” said National Association of Home Builders CEO Jerry Howard, whose group includes about 3,000 property managers impacted by the original moratorium.

“It certainly is a slap in the face to the housing industry and to the people that shelter America,” Howard said.

The eviction ban fight, which is now working its way through the courts, was the latest evidence of a leftward power shift among Democrats that has caused some industry groups to struggle with how to defend their members’ interests in Washington. In the case of evictions, lobbyists even had Biden’s word that the ban was done, only to have the president abruptly backtrack.

White House: Biden believes in legality of revised eviction ban

Diane Yentel, a top affordable housing advocate who led efforts to convince Biden to revive the ban, said realtors, home builders and apartment associations wasted millions of dollars and goodwill “in a public fight to allow landlords to evict struggling tenants during a historic and deadly global pandemic.”

“These trade associations painted their members in the worst possible light, all while failing over the last year to achieve their goal of overturning the moratoriums,” said Yentel, president and CEO of the National Low Income Housing Coalition.

The National Association of Realtors — the most powerful housing industry group — is more than 100 years old and occupies a headquarters just blocks from the Capitol. It has some of the deepest pockets in Washington, shelling out nearly $700 million to influence policy since 1998, according to data compiled by OpenSecrets. The spending puts it behind only the U.S. Chamber of Commerce.

With real estate interests in every district, the Realtors group is accustomed to not being so easily dismissed. It successfully pressured lawmakers to preserve a tax deferral benefit known as like-kind exchanges in the 2017 tax reform law, and jammed up an attempt to overhaul National Flood Insurance Program rates for homeowners the same year. Carried interest is still in the tax code despite multiple attempts to kill it, in large part because it’s important to real estate investment partnerships.

The association took the lead on fighting the eviction moratorium after the Centers for Disease Control and Prevention first imposed it in September. About 28 percent of the group’s 1.4 million members rent out property, meaning they would be prevented from kicking out tenants who fell behind on rent under the ban. The CDC argued the moratorium was needed to avert public health risks from people crowding into homeless shelters or doubling up with friends and family during the pandemic.

The moratorium posed a financial hardship for landlords who still had to pay their own bills, including mortgages, property taxes and utilities.

“They're not getting any income, but they're still providing heat, electricity, air conditioning, water," Howard said.

Local chapters of the association sued to block the ban late last year. The industry also successfully lobbied for federal rental assistance that would help make landlords whole and keep renters in their homes, though only a fraction of the $46.5 billion has reached its intended recipients thanks to state and local bottlenecks.

The industry’s fight appeared to bear fruit in late June. After the Biden administration extended the moratorium for what it said was the final time — until July 31 — a Supreme Court ruling triggered by Realtor lawsuits bolstered the legal case against the ban. The high court kept the prohibition in place in a 5-4 decision but conservative Justice Brett Kavanaugh said he was only backing the ruling because of the upcoming expiration date. Kavanaugh warned that he believed the CDC had exceeded its legal authority by imposing the moratorium.

The Supreme Court ruling prompted the Biden administration on July 29 to announce that it would let the moratorium expire three days later and that it was up to Congress to renew it.

The last-minute announcement set off a scramble by House Speaker Nancy Pelosi and other Democratic leaders to pass legislation before representatives left for their August recess.

The push triggered fierce pushback by the housing industry, with 14 groups representing property owners, developers and lenders urging lawmakers to “end the unsustainable nationwide federal restrictions on property operations” and instead focus on accelerating the distribution of rental aid.

The lobbying appeared to pay off, after more than a dozen House Democrats privately resisted legislation extending the ban and stopped it from getting a vote. But the episode also revealed a growing rift between housing lobbyists and top Democrats.

“Now I know that there's a strong lobbying effort, and the Realtors have come, and they have put a strong letter out last night, and some people are simply saying, 'Oh my God, I don't want to cross the Realtors,’” Waters said July 30 as she tried to rally support for the ban.

Why states struggle to get rent relief to tenants

Waters urged her colleagues not to be cowed by interests she knew well. “They're in my committee, I work with them,” she said, referring to her committee's jurisdiction over housing policy.

The Realtors' PAC contributed nearly $2 million to House Democratic candidates in the 2020 election cycle, including $10,000 apiece to Waters and Pelosi.

After the Hill deadlock, the White House stood its ground for a few days. But Biden relented after facing intense pressure from fellow Democrats to reverse course, with progressives led by Bush attracting national attention as they camped out for several days on the Capitol steps to protest the lapse of the ban.

The CDC on Tuesday announced what the administration called a targeted eviction ban, which would apply only to areas with high levels of Covid-19 transmission — currently about 80 percent of counties.

The process left landlords feeling like “pawns” who had been sacrificed to keep the Democratic caucus together, National Apartment Association President and CEO Bob Pinnegar said.

Cindy Chetti, senior vice president at the National Multifamily Housing Council, said the odds were stacked against the industry as outrage over the ban’s expiration snowballed.

“We did lobby a lot, we did step into gear,” Chetti said. “I’m not sure there’s anything else we could have done. ... I feel comfortable that we did everything we could.”

The Alabama and Georgia chapters of the Realtors association sued Wednesday to block the ban. The same groups led the legal challenge against the prior moratorium, prompting the Supreme Court to cast doubt on the CDC’s authority.

A spokesperson for the Realtors pointed to last week’s quashed House vote when asked whether the group saw the new eviction ban as a lobbying loss.

“When House leaders launched an effort to extend the moratorium legislatively last week, our members reached out to Congress and made their voices heard,” Realtors spokesperson Patrick Newton said. “The votes in Congress never materialized, which is why the issue is back in the courts.”

Some housing lobbyists said they were angry about being beaten by progressive upstarts and affordable housing organizers on one of the most critical fights for their members in years. The ban's reimposition threatened to spur big financial losses for landlords, including mom-and-pop property owners who lobbyists pointed out were in nearly every district.

“Those people, for the last year and a half, have kept their tenants housed with their own money,” said Howard, with the home builders association. “And they're being cast as villains in this.”

White House replaces regulator overseeing U.S. mortgage giants following Supreme Court ruling

 The White House replaced the regulator who oversees mortgage giants Fannie Mae and Freddie Mac, following a Supreme Court ruling that paved the path for President Biden to put his own regulator at the top of the Federal Housing Finance Agency.

The Biden administration moved Mark Calabria, a Trump appointee and libertarian economist, out of the job. On Wednesday night, the White House appointed Sandra L. Thompson as the agency’s acting director. Thompson previously served as deputy director of the Division of Housing Mission and Goals, overseeing FHFA’s housing and regulatory policy, fair lending and other regulatory matters.

Before joining FHFA, Thompson worked at the Federal Deposit Insurance Corp. During her time there, she oversaw the agency’s enforcement program for risk management and consumer protection during the Great Recession.

In replacing Calabria, the administration signaled it would install someone more aligned with the administration’s housing policies.

“There is a widespread lack of affordable housing and access to credit, especially in communities of color,” Thompson said in a statement. “It is FHFA’s duty through our regulated entities to ensure that all Americans have equal access to safe, decent, and affordable housing.”

Calabria took office in 2019 and sought to end government control over Fannie Mae and Freddie Mac, which guarantee roughly half of the $11 trillion U.S. mortgage market.

Calabria said in a statement that he respected the Supreme Court’s decision.

“Much work remains,” he wrote. “When the housing markets experience a significant downturn, Fannie Mae and Freddie Mac will fail at their current capital levels. I wish my successor all the best in fixing the remaining flaws of the housing finance system in order to preserve homeownership opportunities for all Americans.”

In a split decision Wednesday, the Supreme Court ruled that the leadership structure of the Federal Housing Finance Agency was unconstitutional because of a provision preventing the president’s ability to remove its director, except “for cause.” The president nominates the director of the FHFA, who is confirmed by the Senate for a five-year term.

The majority of the justices wrote that the housing regulator should be treated the same way the Supreme Court recently treated the Consumer Financial Protection Bureau. Federal law had restricted the president’s ability to remove the CFPB chief, but the Supreme Court last year struck that down, saying such restrictions violate the separation of powers in the Constitution.

“But as we explained last Term, the Constitution prohibits even ‘modest restrictions’ on the President’s power to remove the head of an agency with a single top officer,” wrote Justice Samuel A. Alito Jr.

As home prices soar in unlikely places, the most vulnerable residents pay the price

The FHFA was created in 2008 amid worries that Fannie Mae and Freddie Mac were not sufficiently regulated given the dangerous housing bubble. The companies nearly collapsed shortly after the agency was created, and they were put under a government conservatorship that still exists.

The Supreme Court ruling comes as the housing market has emerged as one of the most unequal features of the economic recovery during the pandemic. Wealthier Americans are scooping up increasingly expensive homes and engaging in bidding wars that push home values even higher. Meanwhile, many renters, including those who lost jobs, are struggling to get by and fearing a June 30 deadline, when the current eviction moratorium from the Centers for Disease Control and Prevention is scheduled to expire. The Biden administration, though, is expected to extend the moratorium for another 30 days.

Policymakers at the Federal Reserve say they are not concerned that the state of the housing market poses financial stability risks. But they are keeping a close eye on the situation, with some economists wary of a bubble that could form the longer prices continue to soar.

Fannie Mae and Freddie Mac are two of the largest financial institutions in the United States, effectively backstopping the mortgage industry. They purchase mortgages on the secondary market, ensuring there is enough liquidity for banks and other lenders to extend loans. They remain controversial, though, and have remained under government control since 2008. It’s unclear when that arrangement will end.

Government support for the housing market has remained popular with many banks and housing groups because they believe it provides easier access to mortgages, but policymakers have not successfully hashed out what the long-term vision for these entities should be. Taxpayers had to bail out both companies after the financial crisis when many of the mortgage products that they held lost value.

The authority Biden cited came from a Supreme Court decision Wednesday that largely went against Fannie Mae and Freddie Mac investors who were challenging more than $100 billion in profits gathered by the government. The money was compensation for the taxpayer bailout Fannie and Freddie received after the 2007 housing market crash.

The justices rejected claims that the FHFA exceeded its authority under the Recovery Act. “In the Recovery Act, Congress sharply circumscribed judicial review of any action that the FHFA takes as a conservator or receiver,” Alito wrote for the court.

But the majority agreed with the investors that the law had unconstitutionally shielded the head of the FHFA by saying he could not be fired by the president except for cause. That decision follows a similar one from last term regarding the head of the Consumer Financial Protection Bureau.

The court’s liberals, nominated by Democratic presidents, said the majority went too far.

Justice Elena Kagan said she was compelled to agree on the president’s removal powers because of the court’s opinion last term in Seila Law v. Consumer Financial Protection Bureau. “But the majority’s opinion rests on faulty theoretical premises and goes further than it needs to.”

The justices sent the case back to a lower court, where investors will have a chance to show they were harmed by the president’s lack of control over the FHFA directors.

Freddie Mac launches new home renovation mortgage, here's how to get one

Freddie Mac on Thursday introduced its new mortgage product, the CHOICEReno eXPress mortgage, which will allow homebuyers and homeowners to pay for home renovations by funding the project through their mortgage purchase or refinance. 

Freddie Mac said this will save homebuyers and homeowners time and money, and give them the funds they need for home renovations at low cost with no extra fees and interest rates that mirror mortgage interest rates, which are currently at historic lows. The loan is closed with their traditional mortgage and combined into one monthly payment. 

"CHOICEReno eXPress expands upon the Freddie Mac CHOICERenovation mortgages, which were designed to help address the nation’s aging housing supply, support the need for affordable housing, and offer renovation, repair, improvement or refinance options to support the increasing demand for cost-effective financing solutions," said Danny Gardner, senior vice president of client and community engagement for Freddie Mac’s single-family business. "CHOICEReno eXPress will help homebuyers and homeowners reduce their out-of-pocket costs by offering more affordable loan terms than using credit cards or unsecured financing when making small-scale renovations."

If you're interested in adding the home improvement loan to your mortgage purchase or refinance, visit an online marketplace like Credible to find a lender with lower rates. By comparing mortgage rates from multiple lenders, borrowers can save hundreds of dollars on their monthly payments and leave more room in their renovations budget.  

Email me at

We just improved Jumbo Smart loans in a big way.


  • We only need one appraisal.

  • Max loan amount increased from $2 million to $2.5 million.

  • LTV cap increased from 80% to 89.99%.

  • Max allowed DTI increased from 40% to 45%.

  • Minimum FICO score lowered from 700 to 680.

  • No more $500,000 cash-out limits. They’re now unlimited as long as requirements are met.

May 13, 2021

If You Like Your Friends, Send Them My Information

 Or send them a quote from me, by letting me know about how much they owe, and the value of their home, that's all I need in most cases. 

Reply to this email to ask me for a quote. 

May 12, 2021

Fannie and Freddie set dates for their new refi option

First I want to say, most of you reading this, will not need this, if you're a client of mine, you have good equity unless you just purchased the home. But if values fall, you might want to use this. I don't think they will be falling anytime soon and when they do, you better grab what you can, because they are going up, up and up.

The Federal Housing Finance Agency didn’t have a set date for its new refi option targeted to low-income borrowers when it announced the program last week. But on Wednesday, both Fannie Mae and Freddie Mac announced release dates for their versions of the refi product.

Fannie Mae’s RefiNow option will be available June 5, while Freddie Mac’s Refi Possible will be available two months later in August. It’s estimated that the options, intended to pave the way for lower-income borrowers who missed out on the massive refi wave in 2020, will save homeowners an additional $100 to $250 a month on their mortgage payments.

To take advantage of the new refi options, lenders must ensure borrowers save at least $50 a month in their mortgage payments while simultaneously dropping their interest rate by at least 50 basis points. The FHFA will also require that lenders provide a maximum $500 credit for an appraisal if the borrower is not eligible for an appraisal waiver, which the GSEs will reimburse to the lender once the loan is sold to them.

Additionally, the FHFA will waive its adverse market refinance fee for borrowers with loan balances at or below $300,000.

The option comes with a number of qualifications, including that a borrower must have an income at or below 80% of the area’s median income and have been current of their payments for the last six-months, with no more than one payment missed in the last 12.

Industry leaders commented on this stipulation given that a number of borrowers who are in this income bracket likely took out some form of forbearance, and the FHFA has yet to clarify whether forbearance plays a factor in this qualification.

Solving the Post-Close Challenge with Intelligent Automation

Join us for this webinar as SoftWorks AI CEO Ari Gross and Avanze CEO Auvese Pasha explore the advances in technology that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Other qualifications for the program require that borrowers must not have a mortgage with a loan-to-value ratio greater than 97% and a DTI no higher than 65%. Lastly, borrowers must have a FICO score no lower than 620. This credit score plays an important factor, according to Dave Stevens, former CEO of the MBA who also served as senior vice president of single-family at Freddie.

“The reality is that borrowers who are in this bracket likely have an FHA loan,” Stevens said.

But the GSEs are confident the new option could assist millions of borrowers. Freddie-Mac research released on Wednesday revealed between February and June of 2020, high-income households saved 10 times more than those with lower incomes by refinancing more frequently.

Geographically, the counties hit hardest by the pandemic also saw some of the largest refinancing income gaps.

“Refi Possible could help over a million homeowners with a Freddie Mac-backed mortgage by making it easier for them to refinance,” said Pamela Perry, single-family vice president of equitable housing at Freddie Mac. “We are continuing communications and outreach to a broad group of organizations and community groups so that those eligible can take advantage of this program to realize the savings and wealth-building benefits of refinancing.


May 11, 2021

There is good news for veterans across the country, an Arizona Bulletin proudly exclaims

 Snapshot of Arizona Dept. of Real Estate Bulletin 2019-4, pg 12

There is good news for veterans across the country, an Arizona Bulletin proudly exclaims. Guest author, retired USAF officer, and Arizona State Director G-11 Varrato II examines the changes to the VA home loans process, including the removal of the Guarantee Cap, and the possibility of veterans and active service members finally being recognized as a protected class by the Equal Credit Opportunity Act. This would help prevent discrimination toward military personnel and those with a veteran status, and grant those who have been overlooked for a mortgage rate or loan amount, or unfairly redlined by the mortgage industry a basis for civil action.

Variations of the Fair Housing Improvement Act have been introduced by multiple states in both the House and Senate. These bills are still in process.

April 15, 2021

It's Official I Work With Cal-Loans Direct Now

 Cal-Loans Direct is owned by Tom who sat right next to me while we worked at Optimum First Mortgage almost a decade ago. We both left OFM to open our own brokerage around the same time in 2013. 

The reason I left E Mortgage to work with Tom is that E Mortgage chose to work with UWM and UWM does not allow their partners to work with Rocket Mortgage. Tom and I both feel the same way about Rocket, so he ditched UWM as did I. 

Now I can resume locking your rate with Rocket Mortgage and closing your loan with Rocket Speed at wholesale prices. 

New company info:

Brokerage Company: Cal-Loans Direct | Company NMLS:957353 |
20262 Orchid St, Newport Beach, CA 92660 | Phone:(800) 560-1906 |

Michael J. Hansen | Wholesale Mortgage Broker

DRE Broker ID: 01885141 | NMLS ID: 344532 |

Pricing, It's Doing What I Said It Would Do

It keeps getting better and better, better all the time. :) In my opinion, rates will be negative and that's inevitable like Thanos. Home values are dependent on it, and the monetary system is dependent on home values always rising. There are a million ways to explain how home values are dependent on rates, but I will make it EZ for you, try explaining how they aren’t!

April 7, 2021

JUMBO Just Got Better

Lock in more Jumbo Smart loans with HUGE improvements! Our new Jumbo Smart product just got stronger! Based off of your feedback, we made enhancements to Jumbo Smart, just in time for the heart of purchase season – while rates are still low! We’ve increased the max loan amounts from $2 million up to $2.5 million. Only one appraisal is needed! Raised the LTV cap from 80% all the way up to 89.99 % LTV. No mortgage insurance needed! Increased DTI up to 45%. Lowering FICO® Score down to 680.

March 10, 2021

HUGE NEWS, Important message from Austin Niemiec.

I Highly Recommend You Watch This Video From Rocket Mortgage To Us Partners.

Important message from Austin Niemiec.

Austin Niemiec works at Rocket Mortgage Headquarters and is delivering the facts that normally only Brokers get to hear. Hear straight talk about the value of competition in our industry and how brokers have the top superpower: choice. Get the facts because freedom is on the line. You CAN continue to have access to optionality for your clients. Check out the video and learn more about broker freedom.

March 9, 2021

Redesigned Residential Mortgage Application Form 1003 now required for all new loans

 The redesigned Form 1003 and Desktop Underwriter® (DU®) MISMO v3.4 file must be used for all new loans started on or after March 1, 2021. This transition marks the culmination of an industry-wide effort to update the form for a better borrower and lender experience and to support the industry’s move toward digitizing the loan origination process.

Not much really changed, the residential mortgage application still needs serious improvements. It lacks pertinent questions and asks for duplicate information on the same form. That's why I still use my enhanced version on my website, it has all that they require, it does not ask for duplicate information and it includes all that they are missing. 

It is my professional opinion that whoever is responsible for creating and regulating lending applications and disclosures is evil and corrupt. These forms are absolutely absurd and embarrassing. I have often contemplated quitting my job because I'm embarrassed that my job requires me to provide disclosures that mean nothing to the borrower because they are always wrong and use applications that lack extremely pertinent information that would make the process so much easier for both the borrower and the lender. But there is no escape, so I will try to be a regulator one day, that is the goal. 

The only way you could suck this bad at creating forms is if you are paid to suck and you are doing it on purpose. I think first graders with zero lending experience could create better lending forms blindfolded. They must have put an effort into making forms that simply won't do anyone any favors, in fact, do the opposite. 

Or, it's for job creation, if they allowed the forms to be efficient and make sense, people would be out of work. Clients wouldn't need to spend as much time on the phone or on their PC and neither would their loan officers. Making fewer jobs. If you believe job creation is a good thing, you are the reason I still have to work 20+ hours a week for a living. 

March 8, 2021

Rocket Pro TPO finally reveals broker origination volume

 Rocket says it's grown its broker business over 400% since July 2017

Basically if left with the choice of choosing UWM or Rocket, hands down Rocket every time, there is no way I would choose UWM over ROCKET. 
- Michael James Hansen

March 8, 2021, 10:45 am By James Kleimann

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For the first time in its history, Rocket Mortgage has revealed the amount of business it does in the broker space.

The disclosure comes just days after United Wholesale Mortgage issued an ultimatum to mortgage brokers, telling them that they could not partner with Rocket or Fairway Independent Mortgage Corp. and continue to do business with UWM.

The figures provided by Rocket — which are based on Inside Mortgage Finance securitization data — show that the Detroit-based lender closed roughly $97 billion in mortgages through its broker partners in 2020.

That’s good enough to make Rocket the second-largest wholesale lender in the country. It’s still far behind UWM — Mat Ishbia’s firm originated over $182 billion in mortgages in 2020, and is easily the largest player in wholesale — but Rocket Pro TPO is rapidly gaining market share, the released figures show.

(Rocket declined to provide details on gain-on-sale margins or net income for its broker operations, which are just one part of its partner channel; the other being a referral business with Charles Schwab, State Farm, Morgan Stanley and others.)

“We’ve had brokers call in left and right, clearly upset about this mandate from UWM,” Austin Niemiec, vice president of Rocket Pro TPO, told HousingWire in an interview Sunday night.

February 11, 2021

Updated: Current And Historical APR's In The Blog - Updated Every 36 HRS



 All Rates Shown Are Annual Percentage Rates, also known as the APR. That means they include the closing cost in the expression of a rate. For example 1.99% APR could be 1.99% for free, or it could be 1.5% with closing cost equal to 0.49% of the loan amount over the term of the loan.

This blog is automatically updating itself every 36 hours 

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Last 24 Months of History

Last 5 Years of History

Welcome to the recorded history of mortgage APR's in Chart Form

Since Day 1 To Today

UPDATED: Hey Mike, What's Mortgage Rates Look Like These Days?

I'm glad you asked, you can find out anytime you want without getting tricked by visiting my new blog posting I created last month replacing my old website tracker.

Now you can view current mortgage rates by going to and clicking Current & Historical Rates. That's EZ to remember, if you ever want to know rates, you simply go to a phone or PC and type its so easy to remember!

You can also bookmark the posting and name it Rates on your bookmark bar, anytime you visit the posting you will notice the dates are updated and so are the rates. It's an automated rate watcher that updates at least every 36 hours.

Everyone has a different scenario, however most clients with loan amounts over $200k, 740+ credit scores, 30-40%+ equity, single family home that they occupy as their primary home and not taking cash out will qualify for the rate shown, rate and APR. Meaning no cost. 

For example, today I visited the post and it looks like the below. It says Dec 29th 2020, because that was the day this post was originated. However if you look at the chart it says 28-Jan-2021, its current. IT says the 30 year fixed rate is about 2.69% rate and 2.69% APR. 

If you are a veteran, email me. Rates are lower for veterans. Bless their souls. 

Fannie Mae Changing Risk Assessments in March 2021 - YOU SHOULD READ THIS

 Just released today is the new risk assessment changes being made by Fannie Mae. The new assessments start the week of March 13th 2021. 

Not much is changing but basically if you are self employed and you w-2 yourself or give yourself regular base income, that income will not be any higher risk than someone who works for an employer. If most of your self employment income is composed of bonus overtime, commission and misc, then that will be considered higher risk, than if most of your income was base pay.

Also if you have revolving debt and student loan debt, you are less of a risk than if you had the same amount of debt but it was all revolving. Applicants that have only revolving debt will be the highest risk, student loan with revolving less, only student loan, even less, and no loans, the least risk. 

If you qualify for your loan with just W-2 regular pay, and you have no revolving or student loan debt, you are considered the least risk when considering income.

There are 3 things a lenders look at, INCOME, CREDIT SCORE, 800+ gets the best rates, and EQUITY, if you owe less than 60% of the value of your home, you get the best pricing.

If you meet all three, you have yourself a trifecta and you should do yourself a favor and contact me right now at to get a no cost, no hassle offer. I only need to know your loan balance, home value, credit score, you can guess and I will send you the quote by email. California ONLY. 

Don't be shy.

Here are the release notes directly from Fannie. 

Desktop Underwriter/Desktop Originator Release Notes DU Version 11.0 Feb. 10, 2021 During the weekend of March 13, 2021, Fannie Mae will implement Desktop Underwriter® (DU®) Version 11.0, which will include the changes described below. The changes in this release will apply to new loan casefiles submitted to DU on or after the weekend of March 13, 2021. Loan casefiles created in DU Version 10.3 and resubmitted after the weekend of March 13 will continue to be underwritten through DU Version 10.3. The changes in this release include the following:  DU Risk Assessment Update  Updates to Align with the Selling Guide  Retirement of DU Version 10.2 DU Risk Assessment Update As part of normal business operations and prudent risk management, we regularly review and adjust the DU risk assessment based on the latest market and loan performance data. DU Version 11.0 will include an updated risk assessment that will finetune DU’s ability to assess risk while fostering homeownership sustainability. This update will continue to help lenders underwrite with confidence. We anticipate DU 11.0 to yield minimal change in the overall percentage of loan casefiles receiving an Approve/Eligible recommendation, but each lender’s results may vary depending on their overall mix of business. Updated Risk Factors DU will continue to use multiple factors to perform a comprehensive risk assessment. The risk factors specified below will be updated. Note: No changes will be made to the other risk factors listed in Selling Guide section B3-2-03, Risk Factors Evaluated by DU. Debt-to-Income Ratio/Debt Composition DU will continue to view loan casefiles as having lower associated risk when the borrower’s debt-to-income ratio (DTI ratio) is low. DU will also evaluate the composition of the borrower’s debt, specifically looking at how revolving debts and student loan debts make up the borrower’s total monthly expenses. Borrowers whose revolving debt makes up a smaller percentage of their monthly expense will represent less risk, and borrowers with student loan debt will represent less risk than those with only revolving debt. Self-Employment/ Variable Income DU will no longer view self-employment as representing increased risk but will now evaluate the composition of borrower income. DU will view borrowers whose total annual income is made up of a higher percentage of variable income (i.e., bonus, overtime, commission, and miscellaneous) as representing increased risk. © 2021 Fannie Mae. 2.10.21 2 of 2 Updates to Align with the Selling Guide Appraisal Waiver Update The Selling Guide indicates that a lender may not exercise an appraisal waiver offer and must order an appraisal if the lender is using rental income from the subject property to qualify the borrower. This includes income from an accessory unit. DU will no longer evaluate a loan casefile for appraisal waiver eligibility when accessory unit income is provided on the loan application for use in qualifying. Retirement Income Message Selling Guide Announcement SEL-2020-07 updated our requirements related to the use of retirement, government annuity, and pension income. The DU retirement income message will be updated to reflect these changes. Source of Gift of Equity For loan casefiles using the redesigned Form 1003, when a gift of equity is being used DU will also check the source of the gift of equity. When the source is one that is not a relative or unmarried partner, the loan casefile will receive an Ineligible recommendation because (like a gift of cash) the gift of equity must come from a relative or unmarried partner. Note: As a reminder, all new loan applications taken on or after March 1, 2021 must be submitted using the redesigned Form 1003 (MISMO v3.4). Miscellaneous Message Text Changes To continue to provide clarity and consistency with the Selling Guide, various DU messages will be updated. Retirement of DU Version 10.2 With the release of DU Version 11.0, DU Version 10.2 will be retired. Therefore, effective the weekend of March 13, 2021, customers will no longer be able to resubmit loan casefiles to DU Version 10.2. Customers will be able to view online loan applications and DU Underwriting Findings reports that were created under DU Version 10.2. To obtain an updated underwriting recommendation after the weekend of March 13, customers must create a new loan casefile and submit it to DU. Note: DU Version 10.2 loan casefiles would have been created prior to Dec. 8, 2018; therefore, those loan casefiles would have been created 27 months prior to the retirement of DU Version 10.2. For More Information For more information about these Release Notes, lenders may contact their Fannie Mae Customer Management Solution Team, and mortgage brokers should contact their DO sponsoring wholesale lender. For technology considerations, an Integration Impact Memo will be posted on the Technology Integration page.

January 28, 2021

How To Know If You Should Refinance

Reply to this email with your loan balance, home value and middle credit score. I will email you a quote and if you can save at least 0.25% for 100% free, zip zero, cost you nothing, then you should. Pricing will most likely continue down to keep home values up, conforming loan limits will increase and so will your home value. Most likely you will be able to drop your rate for free, for life. Contact me now. It's So EZ!

Did you know that Equifax used to be named Retail Credit Company

Did you know that Equifax used to be named Retail Credit Company and had to rebrand in 1970 after some bad public relations?  Have you ever wondered how the credit bureaus make money?  Are you curious about what goes in to a credit score?  Or maybe you know a lot about credit but could use a refresher…

I think credit is fascinating since there is a lot of unknown but that’s why Amy offers a free 1 hour credit course and I wanted to extend the invitation. This is a great short class.  Just email her when would you like to set up a class.


Below is her info. I have been recommending Amy for almost a decade and I'm currently using her myself right now. 

Amy Martinez

Account Executive

Rising Point Solutions






860 Airport Freeway, Suite 500, Hurst, Texas 76054


January 13, 2021

Why Choose HomeReady? The benefits are clear.


Ideal HomeReady Borrowers

  • Low income
  • First-time or repeat homebuyers
  • Limited cash for down payment
  • Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Supplemental boarder or rental income
  • Looking to purchase or refinance

HomeReady Comparison

Required down payment3%3.5%
Cancellable mortgage insurance*  
Immediate appraisal orders from lenders  
Free from geographic restrictions on loan amounts  
Day 1 Certainty® freedom from reps & warrants available  


Area Median Income Lookup Tool

Use the interactive map to quickly find HomeReady income limits by area. Simply search by address or view the areas you serve.

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