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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.

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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.

May 4, 2021

UWM Faces Class Action Lawsuit Over Broker Ultimatum

When faced with the choice it was So EZ for me, I clearly choose the Rebel Alliance, Rocket Pro Third Party Operator, AKA Rocket Pro TPO.

 I'm thinking this could be like when that Toy Hauler company, Weekend Warrior came out with the lifetime warranty. I knew something was fishy but I couldn't put my finger on it, how could a company who is known for selling overpriced pigs wearing lipstick last offer free repairs for life? They left their supporting clients in the dust with poor quality products and nobody to honor the lifetime promise they made. Shame on them and we will probably be saying the same thing about UWM when this decade is done.

United Wholesale Mortgage is facing a Class Action lawsuit that was filed by The Parrish & Goodman Law Firm, on behalf of a large group of independent mortgage brokers from Florida. The group is looking to earn back their freedom to choose which lender is best for their clients, following the anticompetitive ultimatum that was issued by UWM CEO Mat Ishbia in early March, according to a press release from the firm. "UWM’s leveraged ultimatum is clearly unlawful, unfair and is designed to use UWM’s dominant market share (nearly 35% according to company claims) to limit the consumers’ choice and steer business for their own gain," according to the release. "This position also runs counter to the actual value provided by mortgage brokers - the ability to shop all lenders and select the company and loan program that provides their clients the best possible rate, experience and process. In some cases, this ultimatum could create conditions by which consumers will lose access to financing altogether, depending on which lender is offering programs that match their credit profile." The lawsuit alleges that UWM willfully violated a number of Federal and Florida laws and regulations including The Sherman Antitrust Act, The Florida Antitrust Act, Tortious Interference with Business Relationship and Florida's Deceptive and Unfair Trade Practices Act. It also alleges that it forced brokers into an unenforceable Contract of Adhesion. "I joined this suit because, as a mortgage broker, I refuse to have a lender dictate what is best for me, my clients and my business," said Dan O’Kavage, president of the O’Kavage Group based in St. Augustine, FL. "I want to provide my clients, who are often integral members of our local community like teachers, firefighters and police officers, the best possible mortgage available to them. If a lender is going to force me into an ultimatum that restricts my ability to find the ideal loan for them, I will always come down on the side of standing on principle and will fight back -- as are a number of my peers." UWM's ultimatum will not allow brokers who conduct business with Rocket Mortgage or Fairway Independent Mortgage Corporation to work with the company. Both Fairway and Rocket have since issued a number of responses, raising concerns about a broker's freedom to choose who they want to work with. "While courts have the job of enforcing legal rights, freedom is a mindset. Freedom is the ability of an individual to make autonomous decisions – not have them forced upon you. Freedom is a precious thing," said Rocket Pro TPO executive vice president, Austin Niemiec as he doubled down on his initial response in a previous statement issued in early March. "Once someone gives one of their freedoms away, the dangerous descent down the slippery slope begins. Rocket ProSM TPO and Fairway today. Caliber, Freedom, Loan Depot or others tomorrow. An MI company the next day. A wallet share demand the next. If you can be forced into not working with lenders, then everything else is on the table." "The actions by United Wholesale Mortgage are not only entirely unethical, and the behavior demonstrated by a schoolyard bully, but also incredibly ill-conceived," said Robert Goodman, partner at Parrish & Goodman. "There is no room in our economy, or our society, for large market participants to conjure up schemes to weaken competition. Courts have long held this behavior to be unlawful, and we are confident they will again in this matter with United Wholesale Mortgage." "I am fighting back against UWM because my freedom and independence, the reason my clients choose to work with me, has been stripped away," said Dan O’Kavage. "If I didn’t want to operate in an independent fashion, I would work on the retail side of the industry and work in-shop for one of the major lenders. That was never something I considered nor wanted to do. I like being local. I like supporting my neighbors and community. UWM is stripping my freedom to be the best loan officer for my clients." "We do not comment on legal matters that are currently pending, especially those that have no merit or substance," said a UWM spokesperson, in an email statement to NMP.

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 

Last 30 Days of History

Last 6 Months of History

Last 12 Months of History

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.

Find Eligibility