Horrible unemployment, stock market rally, and a booming housing market. Has the U.S. economy already recovered? Banks are worried, lenders are tightening up, and the overall mortgage process has changed. Aaron Kopelson discusses with Jason Hartman, some of the biggest changes he has seen in the last few months.
[2:30] The U.S. Economy, has the recovery already occurred? The greatest 50-day stock market rally of the S&P, in all of history.
[4:00] We give the government a monopoly on violence.
[7:15] Is the economy waking up with a roar?
[10:00] Virtual Meet The Masters: July 10th, 11th, & 12th
Guest Aaron Kopelson
[11:30] One of the mortgage lenders’ current biggest fears, and reasons for tightening up, is an early payment default or a first payment default.
[13:00] What is a jumbo loan, and what defines the limits per market?
[15:00] There’s no appetite from investors that want to buy mortgage-backed securities for these non-QM loans.
[17:00] Real estate is a credit backed asset. When the financing starts to dry up, so do the prices.
[20:00] Nobody was paid to put the brakes on and look at where we ended up (2008 recession)?
[21:20] Fannie Mae & Freddie Mac are allowing for drive-by and desktop appraisals.
[24:25] Is mortgage insurance allowed on investment properties?
[28:10] V.O.E. Verification of Employment is growing in importance for loan approvals.
[29:45] What’s an overlay?