Harp extended through 2015 – WOO HOO!! h

Harp extended through 2015 – WOO HOO!!



Solar is pretty amazing and with all the

Solar is pretty amazing and with all the programs that are out now, it is cheaper than ever. Here is a true story that i just heard from a solar customer. They used to average 500-700 a month on their electric bill. They got solar installed for ZERO MONEY OUT OF POCKET, they now get a bill for $16 a month and most likely get paid during the summer months. They have a fixed solar lease of $250 a month that is guaranteed over the next 25 years. This saves them over $3000 a year. What could you save with solar? Let me get you a free no cost evaluation by one of our solar energy specialist. Call me or message me today!


Mortgage Daily News 4/12/13


30 Year Fixed

3.50%   -0.03

15 Year Fixed

2.81%   -0.03

10YR Treasury

1.72%   -0.0705

FNMA 30YR 3.5

106.20   +0.30

FNMA 15YR 2.5

105.39   +0.08

Mortgage Rates Back Near Lows of the Week
April 12, 2013

Mortgage rates  finally extended yesterday’s move lower, falling at an even quicker pace today.  Weaker Retail Sales data contributed to a morning rally that was already underway in European trading overnight.  Mortgage Lenders adjusted rate sheets lower to a greater extent than we typically see after such market movements, easily putting 3.5% back in force as the best execution (what is this?) for 30yr Fixed loans.  For many lenders, this means the best rate sheet offerings of the week, though some are not quite back to Monday’s levels.  Friday’s lows remain elusive, but then again, so do the trading levels that spawned them.

Yesterday, we commented on bond market strength (where “stronger” = “lower rates”) being surprisingly reassuring.  That had to do with Treasuries and MBS (“mortgage backed securities” which most directly affect rates) going against the grain as far as economic data was concerned.  The data suggested weaker bond markets, yet they held their ground.  We noted that COULD speak to some innate level of resolve, but that today’s Retail Sales data could throw a wrench in the works.

As it happens, weak Retail Sales results were in line with today’s bond market strength, so we can’t really know how firm the resolve would have been in the face of further contrary data.  More focus will shift back to Europe next week, introducing more potential volatility surrounding headlines.  For those inclined to float, negative headlines out of Europe could help us extend the recent gains.  For those thinking about taking the risk off the table, we’d note that we’re very close to the best levels of the past 3 months–levels that would look like a great lock opportunity against almost any other day in 2013.

Loan Originator Perspectives

“Last week’s employment figures gave fuel to the rally we desperately needed.  Then this week we watched the majority of those gains dwindle away in the first few days only to bounce back yesterday and today.  We’re not as low as we were last Friday, but market movements in Treasuries and MBS have given reason to believe the rally has some legs. With stock indexes at all time highs, quarterly earnings reports coming, and potential headline risks from Europe and Asia I am a believer that longer term scenarios will benefit by floating. Closing in the next 2 weeks should lock up today, do not float the weekend..”  –Constantine Floropoulos, Quontic Bank

“More weak data moves rates lower. The tide seems to be shifting. I favor floating over the weekend.” –Victor Burek, Open Mortgage

“My theme for the week has been very clear and I’m sticking to it to close the week: a locking bias to capture the rate dip while it’s here. Rates aren’t just driven by MBS price levels rising but also whether banks decide to pass that better pricing to consumer rate sheets ahead of the weekend. In my case, we’re seeing the better pricing so we’re taking it for clients who are ready to go (meaning they’ve provided all of their personal and property documentation we need to properly pre-approve them). It’s also a good time in rate markets for buyers going into a home shopping weekend—anyone who gets into contract will likely see nice low rates on Monday. ” –Julian Hebron, Branch Manager, RPM Mortgage

Today’s Best-Execution Rates

  • 30YR FIXED – 3.5%
  • FHA/VA – 3.25% (varies more between lenders than conventional 30yr Fixed)
  • 15 YEAR FIXED –  2.75-2.875%
  • 5 YEAR ARMS –  2.625-3.25% depending on the lender

Ongoing Lock/Float Considerations

  • Rates have risen moderately but consistently since hitting their all-time lows in September and October 2012.
  • Regardless of global or domestic economic weakness, the subsiding fear of a disorderly EU breakup will continue to prevent rates from getting back to those lows.
  • This is very likely to be the case unless a similarly panic-inducing event were to come into focus, or if a disorderly break-up regained the spotlight.
  • Sequestration, negative growth, and generally choppy political and economic environments around the world DO NOT constitute that sort of panic.
  • This is a “rising rate environment” until further notice, though pockets of recovery and consolidation can provide smaller-scale opportunities against the larger-scale backdrop.
  • (As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario.  There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).
30 Year Fixed Rate Mortgage

15 Year Fixed Rate Mortgage

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Scott Davenport
Financial Specialist
Paramount Equity Mortgage
License:  NMLS# 352721
The families that I help regard me as a trusted advisor, rely on my expertise, and value my commitment to helping them achieve their goals. As their loan originator, I have established strong rapport with my clients through consistency in: -Timely …view more
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(916) 218-7047
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Today’s Rates
Best Execution
Rate Change
30 Yr FRM 3.50% -0.03
15 Yr FRM 2.81% -0.03
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.61% -0.03
5/1 Yr ARM 2.98% -0.02
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 2.78% 0.76 +0.08
30 Yr. Fixed 3.53% 1.11 +0.06
MBA **
30 Yr. Fixed 3.68% 0.43 -0.08
15 Yr. Fixed 2.92% 0.34 -0.07
30 Yr. Jumbo 3.79% 0.36 -0.06
30 Yr. FHA 3.43% 0.52 -0.05
5/1 ARM 2.58% 0.37 -0.02
Freddie Mac **
30 Yr. Fixed 3.43% 0.80 -0.11
15 Yr. Fixed 2.65% 0.70 -0.09
1 Yr. ARM 2.62% 0.30 -0.01
5/1 Yr. ARM 2.62% 0.50 -0.03
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR FNMA 3.0 104.11 +0.38
30YR FNMA 3.5 106.20 +0.30
30YR GNMA 3.0 105.78 +0.42
30YR GNMA 3.5 108.63 +0.38
15YR FNMA 3.0 105.39 +0.08
15YR FNMA 2.5 104.19 +0.20
Yield Change
2 YR 0.2300% -0.0040
5 YR 0.6938% -0.0337
10 YR 1.7208% -0.0705
30 YR 2.9169% -0.0806
Prices as of: 4/12/2013 3:10PM EST
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
About This Report

Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2013 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.

IRS tax transcripts and mortgage lending.

If you have recently applied for a home loan, you may be familiar with IRS 4506t that is required to be signed through the process. Many people sign is but don’t always understand what it is. Here is a breakdown of the form and why it is important.

The 4506t is a form used by lenders to request a copy of your IRS tax transcripts directly from the IRS. This allows the lenders to verify the income and potential liabilities that can show up on taxes.

“…But I provided my taxes with all of other documentation”

The taxes you provided are helpful to the lenders when qualifying your home loan application but are not considered verified information. In the electronic world we live in people technically have the ability to print out one set up taxes that show an inflated income while actually filing and paying taxes on a lower set of income. If a lender didn’t verify what the IRS has  on record it would be easy to fall back into the cycle of lending on more that a person can truly afford. Banks have been down that road and are taking every precaution not to go there again.

“What year of taxes are verified?”

This is up the underwriter, investor,  and the program you are applying for. Normally 2 years are reviewed but more or less can be review on a case by case basis. Expect the most recent 2 years to be reviewed because that is the most common.

“… I just filed my taxes and I want to use my most recent tax year to qualify, Can I”

Yes! The current tax year can provide more income to help you qualify for that perfect home loan but it has it own hurdles to overcome. The IRS will not be able to provide the transcripts until you have filed. The time frame for transcripts to become available after you file can vary. In the heat of tax time this may take 6-8 weeks or longer. It really depends on your taxes and how quickly the IRS is able to process them. If you file in early February it may only take 2-3 weeks while if you file on April 15th you may be waiting 3 months. Remember that the IRS still works through a system that is partially electronic and partially manual data input. The cleaner and simpler your taxes are the faster it will get processed.

Here are some great tips I found online here to help get your transcripts back quickly.

Steps to Getting the IRS to Provide a Transcript 

  1. Make sure to e-file instead of mail in your transcript. E-files get processed faster.
  2. Pay any outstanding income due with the e-filing, even if it’s early. If the IRS cashes your check, your documents will process faster. And for the record, if you are owed a refund, your return moves to the front of the line, so that’s an additional advantage for you if you’re waiting on a transcript.
  3. The IRS Transcripts Hotline is 1-800-908-9946. After you choose your language of preference, enter your social and your address, you can order transcripts (if they are ready) to be mailed to you. This will take 10-14 days. It will only work though if the return has been handled by the IRS. If not, you won’t get to order anything. You won’t get past entering your information before you get hung up on.
  4. If you filed a joint income tax return with a partner/spouse, the Transcript Hotline will only find the return via the “primary” tax payer’s I.D. In my experience, that meant my husband, which seemed a bit archaic to me, but again, with the IRS, best bet is to go with the flow.
  5. If you need the return sooner than 10-14 days, you can get it faxed to you. But, you will need to get through to a human being to order that, and you can only do that by calling the 1040 hotline (for individuals): 1-800-829-1040. You will need to provide the social, the address, and a fax number. You must be at the fax at the time you make this call! The IRS will require you to confirm each page of the transcript as it is transmitted. You can’t have it faxed to a Kinko’s or to your real estate agent’s or lender’s fax if you aren’t physically standing next to the fax machine yourself to take delivery.
  6. Have something to do while you’re waiting for the IRS to take your call. Prepare to put the phone of speaker and do something while you wait. The IRS isn’t always fast, and they’re particularly glacial at tax time. I waited at least 45 minutes each time I called, trying to find out if our taxes were ready, and I had to call more than 20 times. I always made calls when I had stuff to do at the same time: laundry to fold, bills to pay, cards to write. My husband and I even made up some dance routine to the IRS hold music. Whatever makes the time you spend waiting more productive (and more fun?) and less stressful, do it.
  7. Finally, don’t give up! If you’re this far into the deal, you can’t give up. If you’re in escrow, you’ve paid a home inspector, an appraiser, had your income and credit analyzed, and hey—you found a house you want to make your own. You may be very tired of jumping through hoops, but keep your eye on the prize: your home

If you have questions about this topic please feel free to reach out to me any any time.

Be sure to visit my facebook page: www.facebook.com/home.loans.california

and my webpage: www.paramountequity.com/scott

Scott Edward Davenport
Financial Specialist, NMLS# 352721
tel 916-218-7047 | fax 888-224-4796 | mobile 916-730-9773
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Savings Made Simple® | Mortgage • Insurance • Solar

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