Mortgage Applications up by 49%
The Mortgage Bankers Association tracks applications and publishes info weekly. There has been an incredible jump in applications by +49%! Huge! Means we’ll start getting busy in about a week or so. Click here for more info.
For appraisers who do FHA assignments, it’s likely that those assignments will be fewer now through January 25. On the 26th, the Mortgage Insurance Premium cost applying to FHA backed loans will drop significantly. This will allow more borrowers to qualify for FHA loans. With this change, FHA has allowed lenders to ‘drop’ a previously accepted Case Number from the current loan doc, and are allowing a new Case Number to be issued as of Jan. 26 so that the new MIP rate will apply. Translation: existing FHA applications and appraisals will be delayed.
So by the end of this month we should start seeing more assignments. Better book your vacation trip to Cuba now and sneak out while it’s quiet!