Now that the mortgage rate market is starting to move, it is important to understand how these rates compare to your local market and the other major mortgage markets.This article will provide a general overview of mortgage rates in Florida and provide an in-depth look at the specific factors that impact your home mortgage rates.If you are thinking about buying a home in Florida, the best way to e...
A mortgage broker in Chicago has told CNBC the company has sold just over 4 million homes since it started offering mortgage-backed securities last year.
That’s a decrease of nearly 1.5 million homes.
The company’s president, Robert Loomis, told CNBC he expects the number of homes sold to rise as more investors come to the market.
“The overall number of mortgages sold in the first quarter of 2018 was 6.3 million, and we’re going to continue to sell those mortgages,” he said.
“We’re very bullish about our residential market, we’re very optimistic about the housing market, and I think people are looking at us because we’re a great company, we have a great reputation, we’ve got a great track record.”
The company sells mortgage- backed securities, which are issued by banks and other lenders.
Loomas said they can’t be sold in person and the company sells the securities directly.
The average mortgage cost in the U.S. has dropped to $350,000 from a high of $450,000 in 2013.
Lest you think Loomes company is a big financial institution, it has a lot of debt, and it is under investigation by the Department of Justice for possible violations of the Fair Credit Reporting Act.