First Priority Financial Inc.

USDA Products

USDA Annual Fee As announced in FAMC Guide Update #2014-7, guidelines have been updated to reflect the changes to the new USDA annual fee structure published in AN-4757. As a reminder, for all USDA loans with conditional commitments issued on or after October 1, 2014, the annual fee will be increasing to 0.50% from 0.40%. There will be no cha ...
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The State We Are In..Rates, Values..Opinions

I’m going to share an opinion.. It’s my opinion and what I believe (not my employer). It’s also another Great Day to Lock Loans (FACT!). As many of you do every single day; I consume as much about my industry, our Economy and the direction of our business as I can. First, a great read as to ...
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Good recovery this morning.

Before 8:30 this morning the DJIA index traded down another 117 points from yesterday’s close, the 10 yr note rate at 2.59% +3 bp from yesterday’s close and MBS prices down 20 bps from yesterday. The July employment data was slightly weaker than forecasts, but generally speaking about what was thought. The reaction improved stock index trading ...
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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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