The Smart Team of NOVA® Home Loans

ARM Primer; Investor Fee and SRP Changes – Cost of Lending Changing

Posted To: Pipeline Press

On this date in 1867, 150 years ago, a few years before I started trading MBS, Seward’s Folly was created. Put another way, on this date a treaty was signed where the United States purchased “Russian America” (Alaska) for $7.2 million in gold bricks, or two cents per acre. Many called it worthless, which of course it isn’t, illustrated by the Klondike gold rush in 1896 when the population doubled (but only 8% of the newcomers were women – unfortunately kind of like the senior management ranks of some lenders) and the discovery of North America’s largest oil field at Prudhoe Bay on the Arctic Coast in 1967. Adjustable rate mortgages have become a topic of interest in the last several months. The product is not well liked in the secondary market (just ask your Freddie…(read more)

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Source: Mortgage News Daily

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