(Applicable to Wholesale and Correspondent channel)
Due to virus-related closing uncertainties, please take advantage of our great pricing when the loan status is DOCS REQUESTED or LATER. Further, the Sun West trading desk will not accept locks until at least the loan is in a DOCS REQUESTED status.
Please keep your borrowers well informed. If you are floating, the rate which appears on the Loan Estimate (LE) is NOT LOCKED and is subject to market movement. Although the markets remain highly volatile and it is impossible to predict movement (due to unprecedented Fed buying), Sun West analysts are hopeful that, by the time your loans are at Docs, MBS prices will, on average, stay at their current levels.
Current Market Analysis:
The TBA roll cost which determines the price difference between the 30 to 60 day lock has increased. Hence, the longer the loan is locked, the hit to the price and any extension cost can be significant. Additionally, with the eventual tapering of REIT liquidations and large fund redemptions, tightening is expected in the nominal spread to 5s / 10s UST blend on the current MBS coupon, and the mortgage prices should expect to see a rally relative to the treasury yields.
Get your loans submitted today and enjoy great execution!
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.