First Priority Financial Inc.

Market update..Float vs. lock advice.

The IMF yesterday reduced its outlook for 2014 US growth from 2.0% in June to 1.7% now. Weekly jobless claims this morning fell to an eight yr low at 284K -19K from last week; maybe because of an increase in auto workers; the estimate was an increase of 7K. Re-tooling in auto factories for the new m ...
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Close of Escrow Fraud Scheme..Don't make this mistake at closing

We would like to alert you to a fraud scheme that could result in the theft of money from you or your customers. Here is how the scheme works: 1. The fraudster hacks into the e-mail accounts of a person related to a real estate transaction (e.g. real estate agent or mortgage broker) without thei ...
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Change is coming....FNM

On August 16th Fannie Mae is changing the seasoning on Short Sales and Deed in Lieu to 4 years. Fannie Mae will look at extenuating circumstances with a 2 year seasoning now. According to Fannie Mae this is based on application date with the DU run at that time. Having some experience with these types of updates it would be suggested to get these f ...
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How to Drop Your FHA MIP

The FHA Streamline Refinance is a lenient mortgage program. Official FHA guidelines allow borrowers to ignore most traditional mortgage verifications associated with a refinance, including those for income, credit and employment. And now, with FHA mortgage rates ultra-low near 3 percent, refinancing homeowners can ignore something else -- FHA mo ...
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Weaker ADP report..rates up from last week.

A number of reports early this morning at 8:30 provided a lift for MBS prices after a 58 bp decline on Monday and Tuesday. May ADP private jobs were expected +210K, as reported +179K and April was revised lower from 220K to 215K. The report showed 150K jobs in the low-paying service sector, 82K j ...
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Rates creep up for the second day in a row...

Another hard day of selling in the Treasury and MBS markets. The 10 yr note has breached a key level this afternoon, trading at 2.59%. Prior to the recent decline in rates, three weeks ago the 10 had very solid support at 2.57% and traded for almost two weeks between 2.56% and 2.50%, when 2.50% gave ...
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