How are we closing purchase transactions in 15 days (Quadruple asterisk next to this one!)
Diamond Lane: When we submit a purchase file with all of the key ingredients for First Cal's underwriting department, the loan is appropriately coded, Diamond Lane. This means that the turn time in Underwriting, Final Underwriting and Closing Department is not to exceed 24 hours under any circumstances.
All of your clients should use Diamond Lane. It takes some coordination and working together on everyone’s part upfront, but makes the transaction so much smoother.
Financial Markets
The Dow Jones rallied nearly 220 points on Friday, the rally stemming from the jobs report that was released and the numbers were better than analysts forecasted. 163,000 non-farm payroll jobs were created for the month of July. Unemployment rate actually inched up to 8.3% (up from 8.2%). Economists predicted job growth of about 100,000 so even though UU Rate went up the report was enough to trigger a rally in stocks and a sell off in bonds, which drove mortgage rates up a tick.
Southern Nevada Real Estate Related Data
A study from Zillow supports purchasing a home in Nevada vs. renting provided the home owner intends to stay in it or hold it for 20 months or more. Las Vegas “break-even horizon” for rent vs. own exceeds all but 3 of the 200 metros in the study.
Have a great week!
