A Rising Tide Lifts all Ships

"The reason why worry kills more people than work

is that more people worry than work."

“A rising tide lifts all boats.” So goes the old adage, which applies to many segments of the economy, including mortgage bankers. Generally speaking, companies saw applications and locks ramping up in January and early February. Now, unfortunately, locks appear to be down, while extensions and renegotiations are consuming locks desks around the country. Loan agents are getting a “triple whammy”: not only have rates shot up, and a good portion of borrowers still not able to meet guideline or equity requirements, but the long-awaited maximum loan limit changes seem to have disappointed many. Originators have watched OFHEO and HUD taking their time in determining how best to implement the bill signed earlier this month, and in the interim watched some large investors begin to adjust their pricing to accommodate the jumbo conforming loans.

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