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Recent Posts by Rick Elmendorf

 
Rick has consistently been a top producer, managing a highly motivated team and servicing one of the largest financial planning organization to the military. In 2016, Rick was ranked #21 on the National Mortgage Top Producers and has made the Top 100 Loan Originators in the Scotsman Guide’s rankings year after year. He is a sought-after industry speaker and had the privilege of sharing the stage at The Mortgage Mastermind conferences in New Jersey and Las Vegas.
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How to get 100% VA financing with your eligibility tied up!

Lots of BAD Intel

You are about to read a story about a travesty of justice with regards to VA Loans.  Too dramatic?  I don't think so.  Credit unions and inexperienced loan officers are giving out wrong information and bad advice to our Service-members and Veterans.  There is so much bad Intel, but I'm here to talk about the Coup-De-Gras... the brutality of brutalities: Using your VA Home Loan benefits again even if they are "in use".  

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How lenders have changed the way their customers refinance

Everything's changed

You can't lock, can't rush, and you'll have some work to do, but most lenders are giving some big perks to borrowers under the new loan refinance system.  This new "how you refinance" may become the staple system for years to come.  Personally, I think our industry has figured out a great way for the consumer to take control of their own destiny and truly become a partner with their lender.  Here's how it works.

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Helpful CFBC Video about forbearance!

Important to know!

I recently came across a great video explaining forbearance and what options are available to consumers.  One main thing that was driven home is that "if you can make your payments, keep making them". 

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Mortgage Industry on the brink of collapse

A stolen headline

Yes, I stole this headline because it is so impactful... and TRUE.  CNBC has been following this story on the continual ramifications of COVID-19 on the mortgage and financial system.  In my opinion, this will end up being worse than the financial crisis of 07-08 by far.  The foundation of mortgage lending has started to crack all across the industry.

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Mortgage Crisis and Fed Unintended Consequences

It's not a rate lock, it's a rate promise

And that, my friend, is why we are all in trouble.  Unbeknownst to many, lenders are getting crushed in an environment that should have been all fairy tales and sunshine.  My friend, Barry Habib, CEO of MBS Highway, wrote a compelling article (see below) that is a must read for anyone wanting to understand the current mortgage crisis and what is next for home owners.  Here is the link on his site: https://mbshighway.com/mortgage-crisis.html

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High Refinance Demand, No Lender Supply. What to do?

Over 5 Trillion in Mortgages

That's right.  It is estimated that of the 11 Trillion mortgages in America, approximately 5 Trillion qualify for a refinance.  Allow me to put this in perspective.  In a really GOOD year of refinances, you may have 1 to 1.5 Trillion in refinances.  That's ALL YEAR.  Now imagine the capacity (and liquidity) challenges facing lenders when trying to fund a huge number like that but only in a mere matter of months!  It can't be done.  

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How to not lose Purchasing Power in a rising interest rate market!

Are Rates really 2% or more higher?

The short answer is YES and NO.  Not every lender was positioned to handle this crisis.  It pains me to see some of my colleagues in the business be priced out of the market because their company is in a severe cash crunch.  This soon will pass, but at this moment, there exist the biggest variance in rates among lenders that I've ever seen.

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The Refinance CRASH of March 18, 2020

My Sore Displeasure

Just when I thought last week was the worst week that ever hit the mortgage business, yesterday happened.  Everything tanked and the mortgage markets almost collapsed resulting in a major change in rates for those that are refinancing.  Please note that if you have locked your rate, then this will not apply to you.  Also, if you are purchasing a home, lenders are still in business, but I would check on rates! 

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The Fed Says they will do "whatever it takes"

Whatever it takes...

They feel like some famous last words.  Words that mark the near end to super-low rates in mortgages.  Bear with me as I take you through some of the more recent turn of events and what it means to you.

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Fed slashes target rate to 0%. How will this affect mortgage rates?

A Common Theme: Stability

Between my phone ringing every 30 to 60 seconds, below I will attempt to relate what is happening in the financial markets and what it means to mortgage interest rates.  But, before I begin, please note a common theme: STABILITY.  Any action taken by the Fed is to support stability in the financial markets and support the flow of credit to households and businesses to achieve their goal of maximum employment and price stability. This is their mandate.  

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