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United Wholesale Mortgage (UWM) has made it to the Super Bowl! And they’re bringing their A-team with them: Mortgage Brokers! Their new Super Bowl ad focuses on challenging Quicken Loans and their “Rocket Mortgage” business model. Quicken received a lot of negative feedback four years ago, after ...
Today, the FHFA (Federal Housing Finance Agency) announced the new conforming loan limits for Fannie Mae and Freddie Mac. The result is similar to the past four years: they’re on the rise, reaching a limit of $510,400 for most of the states on the US. This is a big increase from 2019’s $484,350 ...
The CFPB (Consumer Financial Protection Bureau) has been reviewing and verifying several rules that they have implemented in the past, and the one that remains to be reviewed is the TILA-RESPA Integrated Disclosure rule, the TRID rule for short. It seems that eliminating the rule completely will ...
James Bullard, president of the Federal Reserve in St. Louis, thinks that the central bank needs to be more flexible regarding the monetary policy to defend our economy from the impending trade war consequences, as well as inflation. Bullard didn’t fully agree to the new Fed decisions, he preferr...
 President Trump has been very clear on his new intentions: He wants the Fed rates to go down, even below zero. He has attacked chairman Jerome Powell without mercy, going really far and even calling him “gutless” and “without vision”.  This is the second time that the Fed decides to drop its rat...
This month, we arrived to really solid ground, regarding mortgages at least. Refinancing opportunities for people who originated their mortgage in 2018 are looking good. A vast quantity of last year’s mortgages are currently carrying rates 0.75% higher than today’s average rate, which is now at 3...
Some presidential hopefuls want to eliminate student loan debt. Snapping their fingers over more than 1.6 trillion dollars, forgiving the complete debt. This wouldn’t be a similar situation to bankruptcy, where you have to qualify and show that there's a reason you can't afford to pay the debt. S...
It’s been a while since President Trump declared his interest (some might say forced) in directly influencing the Fed, declaring a serious distrust on its management and on its chairman, Jerome H. Powell. The President wants Powell to reduce interest points by at least 100 basis points, pushing d...
Let’s talk about adjustable rate mortgages. Everybody's afraid of them. Well, I understand why... because nearly 10 years ago, during the real estate boom, people were doing adjustable rate mortgages, they were getting into a mortgage with a 1% rate to start, and then all of a sudden, it became 6...
For the past couple of years, we’ve been seeing a drastic decline on mortgage first-time buyers. The millennial generation has been received in the midst of a different financial weather, where securing an income and buying your first house became mutually exclusive. New, younger buyers who depen...

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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