Rich Sweum's Blog

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Mortgage and Lending - 1st Security Bank - NMLS #115765
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RECENT BLOG POSTS
What is to be gained from floating?  25bps, 50bps?  This week, we have the major inflation monitoring indexes reporting and there doesn't "appear" do be any rational reason to expect that the data coming out will be anything other than "inflationary."  I always ask my wife, "What does it feel lik...
04/14/2008
A more friendly updated version. #1    This is this stuff that will kill Zillow Mortgage...quotes like this!  He is off by .5 percent in the best case scenario (FHA jumbo) and off by 1.125% worst case (Conforming Jumbo) #2   This Quote is crazy...no fee loan for 5.125%, 7/1 JUMBO ARM!!!  Holy cra...
04/10/2008
Many correspondent lenders are going through gyrations and contractions that reflect the volatility in the market.  I know that many companies use pricing engines like Optimal Blue that don't allow the LO's to know which investor their loan is being placed with but other lenders are a little more...
04/09/2008
I got one of those phone calls today...one of those calls that makes you smile.  A client that I had prequalified last year for a jumbo "zero down SIVA" Aurora Loan special...you know, one of those loans that contributed to Aurora's demise.  He was shopping me against Wells Fargo private banking,...
04/08/2008
Update:  Gifts with strings attached:  no more  wholesale, brokered loans were much more likely to go into default.  Their benefactor said they would give, but WAMU would have to perform stop loss measures._________________________________________________________________________________________De...
04/07/2008
My son, (just turned 8) was watching the news with me last evening and gave some interesting economic commentary.  He asked me what "recession" meant, so as a good father, I turned the question back on him..."What does it sound like?""Is it like recess?" he asked.The wheels started turning in my ...
04/04/2008
I'm a simple man, and like neat and tidy explanations.  Syllogistically speaking, "if-then" relationships work really well for me.  Occam's Razor, the law of succinctness (lex parsimoniae), etc. etc. etc.  Something is rotten in Denmark with our economy!UBS..up 5%; rumored to have $18bl in writed...
04/01/2008
Ok, I have Viking blood running through my veins and enjoy Lutefisk just as much as any Norwegian, but I can live without their banking oversight system or their financial system.  Treasury Secretary Paulson outlined a reform package that would create a defacto "parallel" government with no overs...
04/01/2008
We are "headline" junkies, everyone looking for something to spin, to give them hope OR confirm their opinion.  The last bit of information about homes sales is a great example..."Sales increased!"  Yeee haw, throw a party!  Downside is that prices were 10% lower!  Here are some more, Good news /...
03/27/2008
The following chart shows where the "futures" oriented folks are predicting house prices to go.  This data is used to assess builder loans in the pipeline and new development lending.  Not quite at as bleak as one might think, but actuaries and lenders that rely on their assessments are definitel...
03/27/2008
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Richard Sweum

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