In this week’s podcast John and Bryan sit down with VanDyk Mortgage’s Chief Secondary Officer, John Barnes, and discuss where mortgage money to finance a home comes from – from the consumer’s perspective.
Since the Great Depression, banks have stopped lending and the government has stepped in to provide a vehicle for mortgage lending. John explains how warehouse banks make money available to lenders to provide financing to homeowners.
The men go on to discuss the three government sponsored entities that lenders can sell loans to – Fannie Mae, Freddie Mac, and Ginnie Mae – and how they form pools of loan groups that are sold on Wall Street in the secondary market.
The goal is that these three GSEs act as the central spoke for liquidity on the mortgage market. This way, lenders are not forced to go to Wall Street to pool loans – investors can go straight to the GSEs.
The men talk about how the long-term money for lenders is in servicing loans vs. selling them to a servicer. Since GSEs are the central spoke in mortgage lending, they set the guidelines for loans.
Lastly the men speculate a bit on what could happen when forbearance ends from the Cares Act and how rates are set on a daily basis.
Your co-hosts are Bryan Lovell, National Director of Business Growth at VanDyk Mortgage, and John Jones, Florida Regional Manager at VanDyk Mortgage. Bringing you the latest insights into the home industry! This Podcast is for Brokers, Lender, Realtors, Clients, and those who want to create homebuying success.
Check us out on social media:
• Facebook: www.facebook.com/Contacts2Contracts
• Website: ctcpodcast.co
Bryan Lovell:
• Personal Facebook: www.facebook.com/bryan.lovell.56
• Linkedin: www.linkedin.com/in/bryanlovellteam
John Jones:
• Personal Facebook: www.facebook.com/johnjonescb
• Linkedin: www.linkedin.com/in/johnjonesvandykmortgage/
Disclaimer:
This podcast is sponsored by VanDyk Mortgage Corporation NMLS# 3035 | nmlsconsumeraccess.org | Equal Housing Lender | VanDykMortgage.com | 2449 Camelot Ct. SE, Grand Rapids, MI 49546 | 888-482-6395
