Welcome to September! We have all kinds of amazing things “kicking off” this month…
We are offering an FHA 0.25 price special through the month of September on all FHA locks – purchase, streamline, low balance, high balance, 600 FICOs up to 800 FICO. They all get a 0.25 price improvement, which can be combined with the Preferred Broker incentive for some of the most competitive pricing out there.
In even bigger news – today we also kick off our new Non-QM products, guidelines, and pricing. We now have five distinct programs: Prime Direct, Income Direct, DSR Direct, Credit Direct, and Asset Direct. Be on the lookout for more announcements about our new products!
Stocks opened lower today after Beijing said it had issued a complaint with the World Trade Organization over U.S. tariffs. Both the U.S. and China have indicated they cannot agree on a scheduled meeting this month to continue trade talks after the U.S. rejected Beijing’s request to delay tariffs that took effect over the weekend. The pound briefly slipped below a $1.20 for the first time in two years following Prime Minister Boris Johnson’s threat to call general election than give in to Parliament’s possible demand that he requests another Brexit delay.
Bond prices are relatively flat, and the 10-Year Treasury is yielding 1.49%. The U.S. factory activity unexpectedly contracted in August for the first time in three years as shrinking orders, production and hiring pushed the ISM lower. The latest downturn underscores how slowing global growth and an escalating U.S. trade war with China are taking an even bigger toll on domestic producers. Although manufacturing only makes up about 11% of the economy, there are concerns that entrenched weakness and any layoffs could filter through to the rest of the economy.