Bill Black CMP

Attention Realtors, Investors & Homebuyers!
Learn How This Special Program Works In This 30 Minute Seminar

We are offering an overview of the newest and moist successful loan in the industry... this loan is not available at Wells Fargo, US Bank, Metlife, Bank Of America.... so make sure you are aware of the benefits to buyers.

* Are you experiencing fallout issues on current purchase transactions?
* Are you getting beat up over the appraisal issues and has HVCC killed recent transactions?
* Would you like to buy foreclosed homes without the short sale/bank owned hassles and time frames?
* Did you know there is a underutilized niche loan program for certain foreclosed homes that offers up to 97% financing for owners (90% for investors), requiring NO APPRAISAL & NO MORTGAGE INSURANCE?

If you'd like to learn how this loan program works from an experienced Fannie Mae Direct Preffered Lender and who can help you take advantage of this prime buying market on low priced foreclosed homes, you must attend this upcoming seminar.

This specialty program is the perfect opportunity for the right buyer, one of many available to decrease the headaches of buying and to increase home ownership in today's challenged market.

Some information on this product:

SIGN UP FOR THIS EVENT via Eventbrite:
http://homepath01-fbevent.eventbrite.com

Hello Everyone,

Hope you're loving this sunshine. My apologies for not getting the daily report out as some have came so fond of.... What I call my rants & raves.

I have completely switched over to a mortgage banker now enjoying a 24 hour underwriting time as well as incredible rates and low fees which has sparked a lot of interest in this challenging market. It is nice to be prepared for battle when the enemy attacks. The enemy is constantly changing in our world rather it be increased rates, low value, bad appraisals, or lack of programs etc. the list goes on but I feel I am in the best position to hit the trenches with my armor and dagger in full swing and close some loans in record time.

Be sure to attend next weeks overview that covers one of the weapons I have that requires no appraisal- No Mortgage Insurance and financing up to 97% on owner and one of the only 90% loans available on Non-Owner Occupied.

Treasuries and mortgages were bloodied today with one of the biggest selling binges in months. The stock market went the other way with one of the biggest rallies in months. It is earnings season and about two-thirds of the earnings reports released so far have beaten Street forecasts, investors ran, not walked, to the table to buy stocks and dump the need for treasuries sending mortgage interest rates up to 5.50% levels. The selling today took the support out of the 10 yr note with little effort and put mortgages trading well below their 20 and 40 day averages.

The FOMC minutes were out at 2:00; overall not much but enough to add more force to stocks. The FOMC increased their GDP outlook to 2.1% to 3.3% in 2010 and risks of more economic weakness have diminished, but added it is still a fragile situation with unemployment likely to increase to 10% or more. "It seemed likely that economic activity was in the process of leveling out, and the considerable improvements in financial markets over recent months were likely to lend further support to aggregate demand." At the same time, "most participants saw the economy as still quite weak and vulnerable to further adverse shocks," the minutes said. As we all know, the FOMC decided not to add to their purchases of mortgages or Treasuries. The argument against buying more treasuries is that with Treasury having to borrow so much to fund the growing deficit the Fed could not keep up and investors might see it as monetizing the debt. On the margin, there wasn't a lot of new in the minutes we already didn't know.

Volatility in the bond, mortgage and stock markets increased today and will likely continue to remain high for the next week or so. Although markets continue to ignore the implications of the depression in the housing markets with property values still falling and foreclosures nowhere near the end, it will continue to drag on economic improvement. The solid earnings that are coming fast now are to some extent based on the forecasts and estimates that encompass the extreme bearish sentiment that has lead analysts to see the glass half empty. Stay tuned, this in our opinion is not the beginning of an all-out stock market boom. It is good news for those decimated 401Ks, and that in itself is a major positive to many consumers.

Tomorrow weekly jobless claims; expected to be down 30K from last week. If claims fall that much and continuing claims decline even a little it will add to the optimism that caught fire today.

Fact! After mortgage brokers have been ripped to shreds and blamed 100% for the sub prime mortgage mess; we find that 20% of sub primes were made directly by banks, 30% of sub primes were originated by bank owned mortgage companies or their affiliates, 50% were originated by mortgage brokers. Fact! Barney the Frank, the leader in bashing mortgage brokers has stayed a mile away from the fact that Wall Street was the engine. Furthermore Frank, in 2006, was chastising both Fannie and Freddie for not capitulating to sub prime loans; he led the charge forcing them to jump in. They did buckle and it drove them to insolvency. Barney Frank was the main reason that drove both agencies into the sub prime markets. Barney is now the culprit behind the HVCC debacle we are trying to axe!

Crude and gold exploded today as did most commodities. The stock market rally also set off buying of commodities and a short squeeze on those short commodities. All markets today were exaggerated due to short-covering.

I am recommending to lock everything even if it's a 60 day lock!!! We won't discount some rebound from today's heavy selling but that is equivalent to tossing a coin and that is not the prudent or intelligent way to represent our buyers.

Bill Black CMP

Branch Manager- Vancouver Branch

Loan Network LLC

Mortgage Banker

97% Financing O/O- No MI- 90% Investment no MI- NO APPRAISAL REQUIRED

SW Washington's #1 Fannie Mae Direct Lender

Find homes ar www.homepath.com

360.326.8891 Office

360.910.3290 Mobile

360.326.1861 Fax

My core business is based upon trust and honesty with it's clients; we feel that this is the most important component of any business relationship. We constantly measure our business processes to ensure that our clients receive the highest level of service possible.

Wa # 520-CL-49546

We are seeing some great times compared to the rough last 12 months that we experienced. Buyers are coming out of the woodwork. Multiple offers are coming in and those Realtors that have learned their lesson in the past are convincing thier listing clients it is in their best interest to include the buyer to be pre-approved with a neutral lender in order to make sure the buyers will close the transaction once it's time to close.

I was really surprised to hear of a fallout last week because a lender was not aware of an "old" guideline- ok a few months old but in this changing market a few months is old news.

Seems like a few lenders out their are still not up on the Fannie Mae, Freddie Mac and FHA guidelines:

Equity Requirement in Existing home:

For the lender to use rental income against the existing property then Conventional requires 30% equity in the existing home and strong cash reserves. FHA requires 25% equity in the home. If you are turning your current property in to a rental but only have 25% equity in the home then you should be thinking about FHA financing for the new property.

Most importantly, if you are hot on renting out your current property so you can purchase 'non contingent', check first with the new lender for equity requirements. These requirements are new and can throw a hitch in someone's plan to purchase non contingent.

As the buyers come ouot its never been more important to team up with a good lender that can basically underwrite in the field. They do not need to submit an application and wait weeks to only be declined. The market will be in the typical spring time frenzy and the faster you and your affiliate team can close on the deals the faster you are able to move onto the next buyer.

We are currently at 72 hours in underwriting and 48 hours to get docs to title and 24 hours to fund! All purchases are priority over refinances and we offer ALL loan programs avaialble with over 130 lenders on line.

Give us a shot- we aim to please.

Bill Black CMP

America One Finance

360-326-8891

The Labor Department gave us both of this morning's releases. The more important of the two was the 1st Quarter Productivity and Costs data that revealed a larger than expected 0.8% increase in worker output. The bad news came from the Unit Labor Costs reading that showed a 3.3% increase. That was higher than the 2.7% that was forecasted, meaning employer costs were higher than thought. Higher costs can translate to wage inflation concerns, therefore, this portion of the report is a negative for bonds.

The second bit of news was last week's unemployment figures. It showed that 601,000 new claims for benefits were filed last week. This is a three month low and was well below forecasts of 635,000, but fortunately this data is not considered to be highly influential on mortgage rates. However, it does raise additional concern about tomorrow's monthly report. We are seeing a lot of concern locally for state workers as well as school teachers- Washington will be cutting jobs.

Yesterday's 10-year Note sale was met with a decent demand from investors. That led to improvements in bonds during afternoon trading yesterday and some lenders to revise mortgage pricing lower. The Treasury will sell 30-year Bonds today, posting the results at 10:30 AM. Another round of strong bidding could cause bonds to get back some of this morning's earlier losses. However, I suspect that most mortgage lenders will wait until tomorrow's big news rather than revising their rates this afternoon.

Tomorrow morning brings us the release of the almighty Employment report, giving us April's employment statistics. This is where we may see a huge rally or major sell-off in the bond market and large changes in mortgage rates. The ideal situation for the bond and mortgage markets would be a larger than expected increase in the unemployment rate and more payrolls lost during the month than was expected.

It could turn out to be a wonderful day in the mortgage market tomorrow, but it also carries risks of seeing mortgage rates move higher if the Labor Department posts stronger than expected readings. Current forecasts are calling for an 8.9% unemployment rate and approximately 620,000 jobs lost during the month. I am fortunate to still be thriving in this market- I thank god for that along with my referral partners.J