There has been a significant reduction in mortgage rates which came about as a result of a fairly weak employment report. This reduction is not exactly a new phenomenon, with the rates of interest on mortgages continuing to lower all the way through the month of January and spilled over into the first week of the month of February. The inherent room for improvement in the employment reports has always been considered a forerunner to a major shift in the market, but experts are still speculating whether this reduction in the rates of interest levied on mortgages came about as a final result of the market merely correcting itself or whether it is the harbinger of a much bigger reduction in interest rates over the coming time.
The main reason because of which these experts are not yet able to consolidate their decision is the report itself. Instead of pushing the market in a manner wherein a clear result would be evident, this has resulted in deciding between the two options even more difficult. There are a lot of loan originators weighing in with their perspective, with some of them saying that floating would be the right choice to make, since mortgage rates can be expected to improve with a weaker employment report. Others are still hedging their bets on upcoming reports, citing that they need at least a minimum of 3 such weak reports to see the decisive change theyâ€™ve been looking for.
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Registered New York Mortgage Broker – All mortgage loans arranged with third party providers.
Figure: 7 TAC §80.200(b)
“consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550. the department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. a written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. for more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.”