March 30, 2021 edition of Yield PRO TV Rate Desk with Michael Thomas. With HUD volume at an all-time record high, be aware of queue timelines and make sure your application is complete before submission to avoid delays.
Rate Desk notes March 30, 2021
- UST moves from under 1.00 (Q4’20) to 1.72 (Q1’21)
- 223(f) 2.57%
- 221(d)(4) 3.32%
- Fannie 3.81%
- Freddie 4.01%
- GSE spreads over FHA rates up from 0.90 to 125% in 2021
- HUD 30-year-fixed versus FHA 10-year
- HUD volume continues at an all-time record high
- HUD issued over $2 billion in loan commitments in February
- HUD queues:
- 223(a)(7), 30 days
- 223(f), 45 days
- 221(d)(4), 110-200 days
- Environmental issues closed prior to submission
- Non-critical repairs completed BEFORE loan submission
- Consider requesting extension of firm commitment in first amendment request
