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Napa's Loan Ranger Chris Salese: A mid-year report card

Napa's Loan Ranger Chris Salese: A mid-year report card

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The first half of 2020 was unlike any other six months in our country’s history. For most of us, it felt like a decade’s worth of energy and major events jammed into only half of a year.

So here we are, trying to figure out what just happened and collect ourselves for what is likely going to be an equally intense second half of 2020 as well.

Since we are about ready to embark on a new school year or whatever we are going to call it, I thought it would be appropriate to issue a mid-year report card for the mortgage market.

If I had to choose a specific letter grade, I would select the letter F. Not because the mortgage market failed, but rather due to several key words and names that start with the letter F that have been exceptionally influential during the past six months.

Let’s begin with the obvious, Dr. Fauci, who is the director of the National Institute of Allergy and Infectious Diseases (NIAID). I’m confident that much of our country had no idea of who he was a year ago.

For that matter, I bet not many know what the NIAID is or does either. Yet, Dr. Fauci will never be forgotten as the lead medical figurehead in our current COVID-19 pandemic. Early on, his words moved the financial markets and as such, impacted the mortgage world.

Speaking of moving the market, the emotion of fear always plays a huge role.

When there is fear and uncertainty, which we are getting a heavy dose of now during a lifetime changing pandemic, then you will typically find lower interest rates.

And good golly, have we ever found them. Rates have been fantastic this year. It’s unbelievable what has transpired with rates and until COVID-19 is under control or goes away, it’s hard to see rates moving up dramatically anytime soon.

Unfortunately, fatigue seems to be setting in across the country. Everyone has been trying to mange through a ton of unknowns and that simply requires a lot of energy. We all need to find a way to fuel up for the remaining half of this year.

We also can’t forget the word forbearance. I’ve written plenty on this topic. And of course, Fannie and Freddie, because without them and the federal government buying their mortgage backed-securities, the ability to lend to homeowners would fail.

To avoid this from turning into a Google word search exercise, I’ll finish this up.

However, before I do, I have to say the word face mask is challenging for the overall top word of the year, let alone a word or name that just starts with the letter F”.

Lastly, I can’t conclude without referencing the word football and how that will play a huge roll this fall. OK, have fun, insert your own words, whether you feel this is a fiasco or you’re frustrated, let’s hope by the end of the year we are not rhyming with trucked.

Watch now: Napa chamber creates community assist campaign:

Chris Salese can be reached at or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.

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