Once the sun went down, it became very clear I was not dressed appropriately. It was a long walk to the car to grab another layer. Let’s be honest, even if it had been a short walk, it would not have mattered. I have been chasing this kid on baseball fields for 15 years, and I am here to tell you, I have never been colder.
At one point I was sitting next to a guy and shivering so badly I had to get up because I was embarrassed. And I do not embarrass easily. I texted my wife in the seventh inning and told her I was close to tapping out. Then, between the eighth and ninth, Brendan headed to the bullpen, which meant I could not leave. And they did not use him, so it was all for nothing.
I slept with two sweatshirts on. Brutal. But I will never learn. Part of my charm.
Underwriting Note
Quick thought on an underwriting question that came up this past week.
We had a VA borrower waive a financing contingency, so there was no VA financing addendum included with the contract. Within that addendum is language known as the VA amendatory clause. Both buyer and seller were asked to sign it, and the listing agent questioned why it was being requested.
VA requires the amendatory clause to be signed. Since there was no addendum, that separate form was necessary. I wanted to share in case it comes up for you, particularly when financing is waived on a VA loan.
Market Notes
It was a solid week for fixed income assets and mortgage rates. Mortgage rates are back to the lowest levels we have seen since August of 2022.
The jobs report was released last Wednesday. The headline number showed nearly twice as many jobs created as expected. However, a significant portion of that growth came from the healthcare sector, which was notably higher than normal. Ultimately, the market largely shrugged the report off.
Last Friday, we received the first inflation reading for January. The news was good. Not great, but good. There is also some thought that money may be rotating into bonds as stock prices appear due for a correction. We will see. For now, rates are solid and stable.
Looking Ahead*
Enjoy a great week, and please feel free to reach out with any mortgage related questions or needs.
-Steve-
*All loans are subject to credit approval and program guidelines.