What's New with GMCC?
Welcome to our latest update at GMCC.
In the coming weeks, New York will be a state where GMCC is officially licensed. Even though we can’t contain our excitement, we will still need to wait before all the work is done and we are ready to get rolling. In the meantime, look forward to GMCC’s MLO Academy Bootcamp on April 17th, 10am-1pm PST at the Burlingame Office. For new or experienced agent, this course will be like your college or university classes that are required to graduate. This will be your guide or refresher as to how to close your first loans with GMCC and thrive in the lending world. It’s the training wheels you need to get started and we are ready to provide this for all our loan officers next week.
Our GMCC Radiant is a new program that is a perfect supplement to our GMCC Universe program. Radiant offers qualification with NO EMPLOYMENT and NO INCOME requirements. Yes, you read that right. Just like GMCC Universe, except Radiant can offer this with slightly more lenient restrictions where the lending areas are GMCC Universe may not be offered and where the prohibited types of employment are not an issue. Next time you attempt to pre-qualify a client with GMCC Universe, have GMCC Radiant in the back of your head to make sure no loan slips through your hands!
Latest Market News
We want to share some news about the current market.
Inflation Trends and Economic Growth Projections:
Over the recent week, a surge in optimism about economic growth among investors has paradoxically led to increased mortgage rates, reaching the highest points this year. Despite the latest inflation figures aligning with expectations, the improved economic outlook has cast a shadow over the mortgage markets.
Key Inflation Indicators:
The Federal Reserve closely monitors inflation trends, particularly through the lens of the Personal Consumption Expenditures (PCE) Price Index. In February, the core PCE, which filters out the more volatile food and energy sectors, reported a 2.8% increase year-over-year, aligning with predictions. This marks a slight decrease from the previous 2.9% and is the lowest since March 2021, yet it still exceeds the Fed's 2% target, indicating ongoing inflationary pressures.
Economic Reports and Labor Market Insights:
Recent data from the Institute for Supply Management (ISM) presented a mixed picture: the ISM Services Index dipped unexpectedly to 51.4, signaling a contraction, whereas the ISM Manufacturing Index rose to 50.3, signaling growth and ending a 16-month streak of contraction – the longest in nearly 15 years.
Looking Ahead:
The upcoming week will spotlight the Consumer Price Index (CPI) on April 10. This key indicator will provide further insights into inflation trends and could influence mortgage rates and market dynamics.
Implications for Mortgage Loan Officers:
Understanding these economic indicators is crucial for mortgage loan officers as they navigate the fluctuating market and advise clients accordingly. The balance between economic growth expectations and inflationary pressures will continue to shape mortgage rates, making it essential to stay informed and adapt strategies to serve and advise clients effectively to show your value and worth as their loan officer.
Upcoming Training Sessions
Don't Miss Our Weekly Training at GMCC: Scheduled for Tuesday, 04/09, at 8:30 AM PST, this session is crucial for anyone looking to streamline their business. Learn how AI can help you spend less time on guidelines and qualifications, and more time closing loans. Make sure to sign up for GMCC Lite at gmccloan.net under the AI tab if you haven’t done so already.
Q&A Session for MLOs: The session this week will be dedicated to a “Guide to Get Your Loan Done through Encompass” presented by our processing manager Kandy Huang. This will be LIVE online and in person at the Cupertino office Suite 200 on Thursday, 04/11, at 1 – 1:30 PM PST.
As a new agent or experienced agent, this session will teach or refresh you on streamlining loans and ultimately your business in Encompass.
Weekly Product Training: Join us on Friday, 04/12, at 10:30 AM for an in-depth look at one of GMCC's special programs. Whether it's conventional, non-QM, Jumbo, or another special program, we've got you covered. This week we will cover a very popular program, unique to GMCC.
In-person Events and Bootcamps
4/17/2024 In person Bootcamp 10am - 1pm
GMCC MLO Acadamy First Kick-Off Event: 1350 Bayshore Hwy, Suite 740
How to close first files with GMCC Burlingame, CA 94010
Looking Ahead
GMCC continues to offer more programs to fit any niche a client may offer. So look forward to lending the Big Apple (NY) soon with the special GMCC programs that can be offered there, and be ready for the upcoming GMCC MLO Academy session to graduate into a successful loan officer with GMCC.