Getting Closing Documents Out Early
Our primary focus at the Jeff Baxter Mortgage Team is getting your clients closing documents to the attorney at least 48 hours prior to the settlement date. That’s right, closing documents out 2 days before closing. We call this TARGET DATE internally and I think it is the most powerful benefit we offer today. The benefits to everyone are obvious, but how are we doing in reality in this day and age of delayed settlements and last minute documents and fundings?
Here are the statistics for the Jeff Baxter Mortgage Team in achieving TARGET DATE:
• For the month of September: 13 of 13 purchase transactions — 100%
• For January through September 2013: 97 of 115 purchase transactions – 84%
If you would like more information about this just ASK ME ABOUT TARGET DATE.
Market Comment
Mortgage bond prices were nearly unchanged last week, holding mortgage rates relatively steady. Trading was volatile with swings of 3/8’s in discount points occurring almost daily. The Government shutdown severely disrupted the flow of economic data. Being deprived of the most comprehensive economic data, investors were forced to make decisions based on stock flows and headline news. This less reliable data is one reason for the big swings in daily pricing. As expected, President Obama nominated Janet Yellen to replace Ben Bernanke as the head of the Federal Reserve. Many economists consider Mrs. Yellen a monetary dove. It is expected she will continue to fight for ultra low rates until the employment situation vastly improves. Mortgage interest rates finished the week nearly unchanged despite choppy trading.
Mortgage Rates
The good news is that mortgage rates have been holding fairly steady during this period of uncertainty as the government shut down and the debt limit deadline have dominated the news. On the high end, pay attention to our Jumbo rates which are actually lower than conforming rates currently. Talk with your clients about a 4.125% 30 year fixed rate jumbo with 0 points.
Rain, rain go away (it will eventually) and let’s sell some property this weekend. All the best and remember I’m working if you need anything.
