Closing out 2013

It’s hard to believe that another year is coming to a close. 2013 was definitely a volatile year in the mortgage industry and I want to recap the major changes we experienced over the past twelve months.  But, before I do that, I would just like to thank all of the residents in Florida who have given me the privilege of working with you.  I am very grateful for the opportunity to service the residents in our state and after fifteen years as a mortgage consultant, I can truly say that I love what I do. It is an honor to assist a client in purchasing a new home or refinancing an existing home.  I cherish what I do and I thank all of you for trusting me to help you achieve your financial goals.

I also want to thank those of you who donated or attended our fundraiser at the Hard Rock Improv on November 13th for the SMS Research Foundation, a non-profit organization that supports research for Smith-Magenis Syndrome.  The event was a lot of fun and a huge success. We raised just over $24,000 for research. Thank you very much! For those of you who were unable to attend, we will be hosting the event again next year and would love for you to join us.

2013 was an interesting year.  We started off the year with record low interest rates. This helped spur the housing market and continued the refinance boom.  This was followed by a rate hike in June that put the brakes on the refinance boom and caused massive layoffs at all of the major banks.  We also experienced numerous changes within FHA: 1) Mortgage Insurance (M.I.) was increased once again and was implemented over the life of the loan 2) Back to Work Program allowed borrowers to potentially qualify for a loan again within one year after a distressed sale or bankruptcy.  3) Lowered credit score requirement and parameters to qualify for an FHA loan.

We saw Jumbo loan rates drop and narrow the gap between conventional loans which made them very attractive and borrowers no longer had to worry about trying to get below a loan size of $417,000.

Conventional loans offered 97% financing to compete with FHA but then ended up dropping that program last month so 95% is once again the maximum.  We had more Mortgage Insurance companies return to insuring in the state of Florida which made these 95% Conventional loans attractive and the guidelines a little more relaxed.

We also saw a record number of people who experienced a short sale two years ago now be able to purchase a home once again.

Even though we experienced a lot of changes and saw rates tick upward, it was still a good year in the world of mortgage lending.  The wholesale lending community is very strong and buyers have numerous programs to choose from to make the dream of homeownership a reality. Interest rates are still historically low for those who have not had a chance to refinance.  I am pleased with how we finished in 2013 and look forward to an even bigger and better 2014.  Happy Holidays everyone and I wish you and your family a safe and Happy New Year!

To learn more about our company and mortgage products, please feel free to call Dan Longman, President of Priority Lending Corp, at 954-438-3776 ext.11 or email Please visit