Quick update for the day!
FNMA 4.5% bond is actually down on the day by 22 basis points and closed out the day with a Mortgage Backed Securities Quote of $100.44. Some of the deterioration is due to sell off after the stellar day in the bond market yesterday.
Fears of economic woes in Europe has had people on their toes! People holding debt for countries like Greece or Portugal lately have had reason to worry. Both countries had their "debt" downgraded recently by a the ratings firm Moodys. What does that mean? Holding "debt" is simply purchasing a version of the USA's T-notes that are offered for sale. Why do people care? If you have a bucket of money tied up in any country's currency and that country is known to be at risk of hyper inflation for instance: you would want to unload that bucket as fast as possible to avoid devaluation of your portfolio. Investors are less worried about this as it seems to be put into perspective as time goes on. For instance: some feel that if the European Union allowed individual control of currency in Greece similar to the way we have been attempting to control ours: there would be no problem. Also the "benchmarks" for what is considered a "red flag" by the standards of the European Union are relatively stringent. In other words: when we put that issue into perspective like most things: it looks a little different than the way the media has been selling it.
I waited until today to release the update because there was a real concern that the feds were going to possibly change their language regarding interest rates. The fed funds rate stayed the same and the statement released suggests that they intend to keep rates low for an "extended period" still. This type of language is good for bonds. No one really expected a change in the rate at this point.
What is the Premium Service Delivery Platform?
I am ready to roll this out and we have been Beta Testing this month.
This is a new part of my business that I have been so excited about. I have devised a platform from which to deliver consistent service to my clients and partners. It is born of the idea that it is ONLY my service delivery that sets me apart from ANYONE else in my profession. Sure, products, rates and fees vary slightly but anyone who has done a few mortgages can understand that in the long run a few hundred dollars worth of upfront "promised" savings does not mean much by the time the loan has been sold four times a year later. SO: Mortgages like many other things are simply a commodity like a can of beans.
I have implemented an integrated system that prevents overlapping of my team, catches errors earlier and basically manages that 80% of EVERY deal that we can count on. This leaves me much more energy to work with the "variables" that invariably come up in this market. You know: the appraisal issues, the last minute conditions etc. that we have all unfortunately just come to expect from our lending experiences lately. All that is: except US.
Let me know when I can get with you for a quick synopsis of what I am doing and WHY YOU SHOULD EVEN CARE! I am so grateful to my partners for helping me to get back on my feet after the recent medical leave I would even be willing to take you to lunch or coffee.
Let me know and have a great day!
Chad
Chad
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Chad Schauers
Montana Mortgage Lender, Bozeman Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
