Just Home Mortgages

Michigan voters search for economic savior (AP)

webmaster — Sat, 31 Jul 2010 23:18:02 +0000

AP – Michigan voters frustrated over lost jobs, home foreclosures and budget deficits will vote in Tuesday’s primary election for leaders they hope can move the state out of its economic morass.

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FHA Mortgagee Faces $3 Million Action

webmaster — Sat, 31 Jul 2010 23:17:57 +0000

Alacrity Lending Co. improperly underwrote home loans, the U.S. Department of Housing and Urban Development concluded in a recent audit.

The agency’s Office of the Inspector General examined 20 FHA loans originated by Alacrity.

The report recommended that the agency’s attorneys determine whether sufficient evidence exists to pursue legal action that could result in "civil enforcement action" totaling more than $3.3 million.

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U.S. Rep Takes on HUD

webmaster — Sat, 31 Jul 2010 23:17:57 +0000

Democratic Rep. Dennis Cardoza is taking steps to curtail travel by U.S. Department of Housing and Urban Development Secretary Shaun Donovan.

The California congressman noted that Donovan took a delegation to Rio de Janeiro in March for an international housing conference.

Cardoza said Donovan needs to first concentrate on the foreclosure rate in the U.S. before getting involved in international housing problems.

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COFI Edges Up

webmaster — Sat, 31 Jul 2010 23:17:57 +0000

The Cost of Funds Index increased 0.006 percent from May to June, the Federal Home Loan Bank of San Francisco reported.

The index jumped 20 basis points compared to a year earlier.

The index was calculated based on data from 11th District members.

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Agency Issuance Increases 4th Consecutive Month

webmaster — Sat, 31 Jul 2010 23:17:56 +0000

Fixed-rate issuance of Fannie Mae, Freddie Mac and Ginnie Mae MBS was $95 billion during July based on data reported by eMBS.

Volume was higher than $93 billion in June.

Volume has risen each month since March.

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Fannie Mae portfolio grows, delinquencies decline (Reuters)

webmaster — Fri, 30 Jul 2010 23:18:10 +0000

Reuters – Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.

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Reverse Mortgages Aren’t Catching On (U.S. News & World Report)

webmaster — Fri, 30 Jul 2010 23:18:09 +0000

U.S. News & World Report – The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government’s insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation’s top two reverse mortgage lenders.

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Increase in FHA Mortgage Insurance Premiums Passes in House (CQPolitics.com)

webmaster — Fri, 30 Jul 2010 23:18:07 +0000

CQPolitics.com – The House passed legislation Friday to give the Federal Housing Administration flexibility to raise mortgage insurance premiums on the loans it guarantees.

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Glimcher offering raises $96M after costs (AP)

webmaster — Fri, 30 Jul 2010 23:18:07 +0000

AP – Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.

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Fannie Volume Tumbles, Lates Continue Improvement

webmaster — Fri, 30 Jul 2010 23:17:58 +0000

New business acquisitions at Fannie Mae declined 31 percent between May and June, according to monthly operational data.

Compared to a year earlier, volume was down 45 percent.

Residential delinquency of at least 90 days improved for the third consecutive month.

Multifamily delinquency of at least 60 days fell for the second consecutive month.

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Mixed Performance at M.I. Firms

webmaster — Fri, 30 Jul 2010 23:17:58 +0000

The Mortgage Insurance Companies of America reported that the number of policies issued in June were 9 percent higher than in May.

The number of new mortgage insurance applications has increased each month since January.

But primary insurance in force fell $10 billion from May.

In addition, primary insurance defaults increased 8 percent.

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Serious Late Payments Deteriorate

webmaster — Fri, 30 Jul 2010 23:17:58 +0000

Total mortgage delinquency of at least 90 days as of June 30 surged 82 basis points from May 31, LPS reported.

The foreclosure rate shot up 47 BPS, according to the report.

The delinquency rate, excluding foreclosures, was up 35 BPS.

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MetLife Raises Quarterly Originations

webmaster — Fri, 30 Jul 2010 23:17:58 +0000

Second-quarter residential originations at MetLife Home Loans increased around $300 million from the first quarter.

Reverse mortgage production also improved.

But overall business was down 55 percent compared to the second-quarter 2009.

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New Century Execs Settle Accounting Fraud Allegations

webmaster — Fri, 30 Jul 2010 23:17:58 +0000

Settlements were announced between the Securities and Exchange Commission and former executives of New Century Financial Corp.

None of the defendants admitted or denied allegations outlined in the SEC’s complaint.

The settlements are subject court approval in a global settlement tied to another case.

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Market Update – GDP Report Shows Slowed Growth

webmaster — Fri, 30 Jul 2010 23:17:57 +0000

Mortgages are up significantly this morning following Fed Bank President Bullard’s comments yesterday and this morning’s GDP release. Yesterday, Bullard expressed concern on a weak economy and suggested that the central bank should resume purchases of Treasury securities of prices fall (deflation). The GDP report showed that economic growth slowed last quarter which further added to signs that our recovery is slowing.Related posts:

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VA Streamline Refinance Could Help Military Members Lower Their Mortgage Payment

webmaster — Fri, 30 Jul 2010 23:17:57 +0000

It just got easier for veterans and active members of the military to refinance their VA loans. Find out how military members can lower their VA loan payment with the VA streamline refinance.Related posts:

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The Day Ahead: Q2 GDP, Consumer Sentiment, Stocks Testing Support

webmaster — Fri, 30 Jul 2010 23:17:54 +0000

Posted To: MBS Commentary

A busy day awaits the markets as investors get their first look at second-quarter GDP. Also in the store is the influential Chicago Business Barometer which gives an update on how the economy is recovering in the midwest, plus a consumer sentiment index for the nation at large. While investors wait for the GDP report, headlines are focusing on an IMF report which said the U.S. financial system may need $76 billion in fresh capital to recover. “The findings, released today as part of a broader IMF report on the U.S. financial system, suggested that while the nation’s banking system is stable, it remains vulnerable,” reports Bloomberg News. “Home prices, commercial real estate loans and economic growth have the potential to cause shocks that could expose banks to more…(read more)

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Rapid Refinance Program: Don’t Bet On It

webmaster — Fri, 30 Jul 2010 23:17:54 +0000

Posted To: Pipeline Press

The economy is so bad, I bought a toaster oven and my free gift with purchase was a bank…If the bank returns your check marked "Insufficient Funds," you call them and ask if they meant you or them…Angelina Jolie adopted a child from America…My cousin had an exorcism but couldn't afford to pay for it, and they re-possessed her..When Bill and Hillary travel together, they now have to share a room. The economy is indeed slow, generally speaking. So slow that conjecture is being openly discussed regarding yet another massive government-sponsored refinance/modification plan . I ignored them for a day or two, but figured I'd mention it anyway. Morgan Stanley put out a research piece suggesting a "change" to mortgage refinancing requirements: "The Fed and market…(read more)

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Evolving Loan Officer Agreements: Mandatory Reserves and Good File Delivery

webmaster — Fri, 30 Jul 2010 23:17:53 +0000

Posted To: The Garrett Watts Report

After visiting over 100 shops in the past 3 years, we haven't really seen anything “new under the sun” in terms of loan officer agreements. Sometimes I think all contractual documents used by mortgage bankers originated from the same source. But more recently we've come across a few approaches that might eventually be considered the basis for new loan officer agreement practices. I’m not necessarily promoting these ideas, but they are worth discussing. The two additions are: (1) Mandatory reserves for future losses as a result of repurchase loan issues or early pay offs and (2) Good File Delivery Standards and Criteria when submitting loans to processing. Let’s dig a little deeper into these additions… Mandatory Reserves : Most agreements have clauses that…(read more)

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MBS Lower and Wider. Reprices Reported. Buyers Lurking

webmaster — Fri, 30 Jul 2010 23:17:53 +0000

Posted To: MBS Commentary

Rate sheet influential mortgage-backs are experiencing some localized weakness as stocks rally and swaps spreads widen. Nominally, yield spreads have been wider all morning but price levels were still pushing new records because Treasuries were catching a bid, but the poo hit the fan a few minutes ago and prices plummeted. We're still in the green though…just off the session highs. The September FNCL 4.0 is +0-03 at 101+30. The FNCL 4.5 is UNCH at 104-02. The secondary market current coupon is -1.6bps at 3.679. Yield spreads are at the wides of the week. After much rallying, agency MBS appear exhausted, but I doubt this will last long. Buyers have consistently jumped on any sign of weakness…unfortunately I've already seen a few reprices for the worse….(read more)

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USDA Rural Housing Bill Passes; Low-Income Rental Legislation Advances

webmaster — Fri, 30 Jul 2010 23:17:53 +0000

Posted To: MND NewsWire

One government housing program that had run out of funds months ago was revived by Congress yesterday, and another bill targeted at low-income rental housing moved a step closer to approval. The Senate yesterday passed HR 4899 to reestablish the popular U.S. Department of Agriculture Single-Family Housing Guaranteed Loan Program (Section 502 Housing) as a self-sustaining program. Also, the House Financial Services Committee approved H.R.4868 , the Housing Preservation and Tenant Protection Act of 2010 which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants. The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to…(read more)

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MORTGAGE RATES: Best Lock/Float Advice MND Can Offer

webmaster — Fri, 30 Jul 2010 23:17:53 +0000

Posted To: Mortgage Rate Watch

I think it's safe to say that, consistently for the last 30 to 45 days, at least one lender (regional, major, or independent) has offered below market "record low" mortgage rates. Investor demand is consistently healthy for agency MBS, such that their prices are hitting new record highs on a daily basis. No lender faces a shortage of funding, nothing seems to be able to distract mortgage rates from rallying! This situation has forced us to refocus our attention on the competitiveness of the primary mortgage market, instead of closely monitoring every move in the secondary mortgage market (MBS). Here's how I would play it…. The "best executed" lock/float strategy comes down to finding an originator who knows the loan market, studies underwriting guidelines, and…(read more)

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Foreclosure activity rising in most metro areas

webmaster — Thu, 29 Jul 2010 23:18:09 +0000

Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows.

United States – Metropolitan area – Real estate – Foreclosure – Business

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Mortgage brokers to be fingerprinted, registered

webmaster — Thu, 29 Jul 2010 23:18:09 +0000

Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to new rules issued by the Federal Reserve and other regulators.

Mortgage – Business – Mortgage broker – Federal Reserve System – Financial Services

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Calif. revokes real estate licenses at record pace (AP)

webmaster — Thu, 29 Jul 2010 23:18:09 +0000

AP – The California Department of Real Estate said Wednesday it revoked a record number of real estate licenses in its most recently completed fiscal year.

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Foreclosure activity up across most US metro areas (AP)

webmaster — Thu, 29 Jul 2010 23:18:09 +0000

AP – Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows.

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France Telecom first half net profit up 45 pct (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – France Telecom SA said Thursday that first half net profit rose 45 percent due to a one-off gain, although revenue and margins were eroded by regulatory costs and competition in the home market in France.

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Foreclosures up in 75 percent of top U.S. metro areas (Reuters)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

Reuters – Foreclosures rose in 3 of every four large U.S. metro areas in this year’s first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.

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Citigroup settles charges over misleading investors (AFP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AFP – US bank Citigroup agreed Thursday to pay a 75-million-dollar fine to settle charges it misled investors about exposure to subprime mortgage-related assets, the Securities and Exchange Commission said.

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Citigroup paying $75M to settle civil charges (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.

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Congress to try to recoup Fannie, Freddie costs (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Lawmakers plan to study ways to get back some of the $145 billion the government has pumped into giant mortgage buyers Fannie Mae and Freddie Mac.

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Mortgage rates hit low of 4.54 percent (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Mortgage rates are the most affordable in decades for those who can qualify for a loan.

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Summary Box: Mortgage rates hit low of 4.54 pct. (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – RATES KEEP FALLING: Mortgage company Freddie Mac said the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week.

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Congress to try to recoup Fannie, Freddie costs (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Lawmakers plan to study ways to get back some of the $145 billion the government has pumped into giant mortgage buyers Fannie Mae and Freddie Mac.

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Florida mortgage firm settles federal charges (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Federal regulators say a Florida company they accused of misleading borrowers who were seeking to avoid foreclosure has agreed to repay the consumers $2.4 million to settle those charges.

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Florida mortgage firm settles federal charges (AP)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

AP – Federal regulators say a Florida company they accused of misleading borrowers who were seeking to avoid foreclosure has agreed to repay the consumers $2.4 million to settle those charges.

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Citigroup to pay $75 million to settle SEC charges (Reuters)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

Reuters – Citigroup Inc will pay $75 million to settle charges that it failed to disclose subprime exposure to investors in 2007, the U.S. Securities and Exchange Commission said on Thursday.

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Citigroup to pay $75 million to settle SEC charges (Reuters)

webmaster — Thu, 29 Jul 2010 23:18:08 +0000

Reuters – Citigroup Inc will pay $75 million to settle charges that it failed to disclose subprime exposure to investors in 2007, the U.S. Securities and Exchange Commission said on Thursday.

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BNY Wins NM Case; Borrowers Appeale

webmaster — Thu, 29 Jul 2010 23:18:02 +0000

A state district judge has ruled that Equity One didn’t use deceptive marketing to encourage a New Mexico couple to borrow more money than they had the ability to repay.

The Bank of New York acquired the mortgage and won the right to foreclose on the loan.

The case is now pending before the New Mexico Court of Appeals.

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WA Implements Licensing Requirements

webmaster — Thu, 29 Jul 2010 23:18:02 +0000

Mortgage bankers and brokers in Washington now have to be licensed unless they work for a bank or credit union.

The Washington Department of Financial Institutions is charged with implementing the new rules.

New requirements for mortgage-loan originators who don’t work for a bank or credit union include 20 hours of pre-license education.

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Fifth Third Touts Refinance Ops

webmaster — Thu, 29 Jul 2010 23:18:02 +0000

Refinance volume at Fifth Third Mortgage Co. totaled $4 billion between April 2009 and now, the company reported.

Many customers are taking advantage of the lowest rates since the government’s Home Affordable Refinance Program began, the announcement indicated.

On numerous occasions, Freddie Mac has recognized Fifth Third for running "one of the most efficient relief refinance operations in the country," according to the statement.

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Business Deteriorates at LendingTree

webmaster — Thu, 29 Jul 2010 23:18:01 +0000

LendingTree Loans closed 43 percent fewer loans during the second quarter than it did a year earlier, according to earnings data from its parent company.

Matched requests at the exchanges segment tumbled 19 percent during the same period.

The company reported 38 fewer exchange segment closings.

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Rates Better, But Not New Activity

webmaster — Thu, 29 Jul 2010 23:18:01 +0000

Again the average 30-year fixed-rate mortgage fell to a new record low, Freddie Mac reported.

The one-year adjustable-rate mortgage was down 6 basis points compared to a week ago.

But still, mortgage activity declined 7 percent this week based on the Mortgage Market Index.

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Falling Home Prices Creates Urgency For Homeowners Wanting To Refinance

webmaster — Thu, 29 Jul 2010 23:18:01 +0000

Home values continue to fall, meaning if you’re looking to refinance – the time to act is now. Don’t miss your chance to refinance and take advantage of record low mortgage rates.Related posts:

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Market Update – S&P 500 Results Higher Than Estimates

webmaster — Thu, 29 Jul 2010 23:18:01 +0000

Yesterday, mortgage prices moved higher after a strong 5-year auction. Over 80 percent of companies in the S&P 500 have reported second-quarter results higher than analyst estimates, moving 10-year treasury prices lower while mortgage bonds have stayed relatively flat. Today, mortgages are slightly lower from yesterday’s close before the sale of $29 billion 7-year notes, the last of three note auctions this week.Related posts:

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The Day Ahead: Moody’s Questions U.S. Credit Rating. Bonds Shrug Off News

webmaster — Thu, 29 Jul 2010 23:17:54 +0000

Posted To: MBS Commentary

Equity futures are trading higher this morning despite word from Moody’s that it would have to question America’s triple-A credit rating unless it provides a credible plan to tackle its growing deficit. Steve Hess , a top sovereign debt analyst at Moody’s, said the U.S. appears to have “no plan” to reduce the deficit. “Can the United States do it is the big question right now and we are not sure either way,” he told Dow Jones Newswires. “We will wait and see what happens in the next couple of years on this front.” Meanwhile, economic confidence in Europe rose for a second straight month to its highest level in more than two years. The July index rose 1.3 points to 101.3. Economists at BMO said the populace may be “heartened by the…(read more)

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Vacancy Rate Near Historic High. America Has a “Home Problem”

webmaster — Thu, 29 Jul 2010 23:17:54 +0000

Posted To: MND NewsWire

As we have pointed out over the last few weeks , America has a homelessness problem; over a million individuals and families are temporarily or chronically homeless. While the statistics don't fully address this aspect, there is at least anecdotal indication that some of these people are in shelters or on the street because their own home or one they were renting was foreclosed. There is also purely anecdotal information that a lot more homeowners are hanging on by their fingernails; savings and unemployment exhausted, legal remedies gone, as lenders churn through a backlog of pending foreclosures and subsequent evictions. In other words, the problem could well get worse. It is also clear that the country is deep into what we are going to abuse poetic license to call a "home problem…(read more)

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Final Ruling Issued on SAFE Act; Underwriting Guideline Overlays, Adverse Market Fees and Steep LLPAs; CMBS Sales; California State of Emergency;

webmaster — Thu, 29 Jul 2010 23:17:53 +0000

Posted To: Pipeline Press

On a non-mortgage note, my son asked me, "At what age is it ok to tell a highway that it is adopted? At some point the highway will realize that it doesn't look like the Kiwanis's Club." I would have told him to "keep his day job", except he doesn't have one as he prepares for college. Lots of folks don't have jobs, as re-emphasized by this morning's Initial Jobless Claims number. One industry veteran told me, "The weekly number is just catnip for those who think the economy is limping along," and this morning's numbers came in down 11,000 to 457,000, but continuing claims climbed. Employment is still a huge issue for the economy, but the unemployment situation is certainly helping to keep rates low. We are not done with implementing the…(read more)

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Are HECM Regulators Acting Unethically Toward the Reverse Mortgage Program?

webmaster — Thu, 29 Jul 2010 23:17:53 +0000

Posted To: Community Commentary

I recently spoke on two interesting panels at the American Conference Institute’s two day symposium on Reverse Mortgages. The conference was held at the famed Helmsley Park Lane Hotel in the heart of Manhattan. The conference attracted a virtual who’s who in the mortgage and reverse mortgage industry. The speakers and the attendees formed an eclectic group which ranged from major law firms, title companies, quality control experts, compliance examiners, HECM counseling experts and state and federal regulators and various enforcement agencies. There was a genuine desire to understand the program so that enacted policy could be effective. On the first day of speaking, I was joined by Dave Adkins, OTS, Matthew Yoon, Esq. and Arthur Axelson, Esq. I pointed out that HERA could prevent…(read more)

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Fannie Mae Preps Investors for Reform. Book of Business Reflects Tight Credit Conditions

webmaster — Thu, 29 Jul 2010 23:17:53 +0000

Posted To: MND NewsWire

In the wake of the passage of Wall Street Reform, which many opponents have criticized Capitol Hill for failing to deal with the future of Fannie Mae and Freddie Mac, the Obama Administration is beginning to present the broad outlines of how the future of the GSEs will be determined. In a letter released Tuesday , David H. Stevens, acting commisioner of the FHA, said that the question of reforming the GSEs is "not if, but when." The Obama administration, he said, has made it clear from the beginning that the current structure of the government's role in the housing finance market is unsustainable and unacceptable, but winding down Freddie and Fannie abruptly would destabilize an already fragile housing industry and put the loans already on the books of these institutions at even…(read more)

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Treasury Auctions Done. Bonds Cautiously Resilient as Stocks Repeat History

webmaster — Thu, 29 Jul 2010 23:17:53 +0000

Posted To: MBS Commentary

Treasury just sold $29 billion 7s to a group of uninterested buyers… Auction demand as measured by the bid to cover ratio was below average. 2.78 bids were submitted for every 1 accepted by Treasury. Compare that to the ten auction average of 2.81 and the five auction average of 2.86. 25.6% of the issue was awarded at the high yield of 2.394%. This was 2.1bps above the 1pm "when issued" bid, a sign that buyers were looking to pay a little less than they did. Primary dealers took down a much greater award than usual, which explains why the high yield tailed. 48.8% of the issue and 25.1% of what they bid on. Both metrics are above average. This is not indicative of strong buyside demand. Directs were awarded 8.9% of the competitive bid. That makes them 0 for 3 this week. Indirects…(read more)

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Twin Cities top list of best for working moms

webmaster — Wed, 28 Jul 2010 23:18:06 +0000

For the second year running, ForbesWoman has gathered the data and crunched the numbers to determine the U.S. cities that offer the most to working moms.

United States – ForbesWoman – Arts and Entertainment – Home – Family

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Mortgage demand dips on rising rates (Reuters)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

Reuters – U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.

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Mortgage applications fall 4.4 percent last week (AP)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

AP – Applications for home loans fell last week despite the lowest mortgage rates in decades.

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Mortgage brokers to be fingerprinted and registered (Reuters)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

Reuters – Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators.

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Fed says some districts report slowing economy (Reuters)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

Reuters – The economy kept growing overall in recent weeks, but unevenly and it actually slowed in a few regions as housing markets softened after the end of a popular tax break, the Federal Reserve said on Wednesday.

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Summary Box: Mortgage applications down percent (AP)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

AP – MORTGAGE APPLICATIONS DOWN: Applications for home loans fell 4.4 percent last week despite the lowest mortgage rates in decades, according to the Mortgage Bankers Association.

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Treasury says latest mortgage-aid report flawed (AP)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

AP – The Obama administration is revising the latest report on its troubled mortgage-relief program, and the changes are likely to show a greater number of borrowers facing foreclosure after having their loans modified.

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Mortgage lenders must register in database (AP)

webmaster — Wed, 28 Jul 2010 23:18:05 +0000

AP – Loan officers at banks will be required to provide their names and fingerprints to a national database as part of an effort to crack down on shady operators who fed the real estate bubble.

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Flagstar Performance Better, Warehouse Assets Up

webmaster — Wed, 28 Jul 2010 23:17:57 +0000

Flagstar Bancorp Inc. reported that second-quarter residential originations increase 28 percent from the first quarter.

Delinquency on all loan types also improved, falling 220 basis points from March 31.

Warehouse lending assets finished June $126 million higher than at the end of March.

Compared to June 30, 2009, warehouse assets have nearly doubled.

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Commercial Originations Show Signs of Strength

webmaster — Wed, 28 Jul 2010 23:17:57 +0000

The origination of commercial real estate loans jumped 35 percent from the first quarter in the Mortgage Bankers Association’s second-quarter commercial mortgage survey.

Compared to the first quarter, conduit production more than doubled.

By property type — hotel loan production was nearly five times higher than in the first quarter.

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Financial Regulatory Reform Update

webmaster — Wed, 28 Jul 2010 23:17:57 +0000

On July 21 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives and the Senate had approved the Conference Report of this legislation on June 30 and July 15, respectively. This 20-page report summarizes the new law.

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Closer Look at Consumer Financial Protection Bureau

webmaster — Wed, 28 Jul 2010 23:17:56 +0000

The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The focus now shifts to the drafting of numerous regulations mandated by the Dodd-Frank Act, and construction of the new bureau.

Regulators must now decide how to best implement the law, with the aid of a follow-on technical bill to be released later by Congress.

This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future.

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Cash-In Refinancing: Is It Worth It?

webmaster — Wed, 28 Jul 2010 23:17:56 +0000

Bob Walters, chief economist for Quicken Loans, discusses in USA Today the difference between today’s refinancing market and markets of the past. Can you still save money if you have to bring cash to the table when you refinance?Related posts:

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Market Update – Treasuries Up After News of Recovery Slowing

webmaster — Wed, 28 Jul 2010 23:17:56 +0000

U.S. treasuries were up this morning on speculation that the Federal Reserve’s Beige Book report will show that the U.S. recovery is slowing, which is pushing expectations that rates will stay low fom some time. Durable goods orders came in a little worse than expected and this is the second consecutive monthly decrease. Also, we have a $37 billion 5-year auction today at 1 p.m.Related posts:

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The Day Ahead: Durable Goods, Beige Book, 5-Year Notes

webmaster — Wed, 28 Jul 2010 23:17:53 +0000

Posted To: MBS Commentary

Equity futures are flat this morning ahead of the durable goods report for June and the Federal Reserve’s Beige Book, a summary of regional economies across the country. Ninety minutes before the opening bell, Dow futures are trading 1 point higher at 10,495 and S&P 500 futures are up 0.25 points to 1111.25. The 2-year Treasury note is UNCH at 99-31 yielding 0.645%. The benchmark 10-year note is +0-04 at 103-29 yielding 3.036%. The 2s/10s curve is 2bps flatter at 239bps. The September Delivery FNCL 4.0 is +0-03 at 101-15. The FNCL 4.5 is +0-03 at 103-25. The secondary market current coupon is 1.2bps lower at 3.747%. Yield spreads are wider to start the session. Key Events Today: 7:00 ― The just-released weekly Mortgage Applications Index , a measure of mortgage loan application volume…(read more)

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Refinance Demand Takes a Break While Purchase Apps Search for Bottom

webmaster — Wed, 28 Jul 2010 23:17:53 +0000

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase…(read more)

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Home Builder Rankings; Updates from HUD and Fannie Mae; Home Ownership Stats; FHA Sanctions;

webmaster — Wed, 28 Jul 2010 23:17:53 +0000

Posted To: Pipeline Press

Let me start off by saying that I do not believe the rumor that the International Olympic Committee has taken back skier Lindsey Vonn's gold medal, and instead awarded it to President Barack Obama, announcing that no one has ever gone downhill faster than he has. While we're talking about going downhill, here's one list on which you do not want to your name on…. The Federal Housing Administration's Mortgagee Review Board (MRB) announced dozens of administrative actions against FHA-approved lenders who failed to meet its requirements. This year alone, the MRB took nearly 1,500 administrative sanctions against lenders, including reprimands, probations, suspensions, withdrawals of approval, and civil money penalties. READ MORE On the positive side, the folks at HUD are presenting…(read more)

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MBS Prices Hit New Record High After 5-Year Note Auction

webmaster — Wed, 28 Jul 2010 23:17:53 +0000

Posted To: MBS Commentary

Mortgages are on a serious run… Front-month TBA levels set yet another new record high this morning and yield spreads continued to tighten vs. benchmarks (thx swaps!). While the street more than likely sees the current coupon in the +55/10s range, my weighting on the 4.0 has the current coupon closer to +68/10s. No matter how you slice it, mortgage valuations are rich, and everyone still wants to own agency MBS cash flows. READ WHY . It looked like we might see some directional movement yesterday, but that was a false alarm vols quickly deflated. After a few rounds of profit taking in the mid-morning hours, buyers quickly re-flooded the market, looking to take advantage of the slightest bit of weakness. In terms of origination flows, 4.50 coupons are still the most active 30yr paper. That…(read more)

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Beige Book: Mixed Reads on Economy. Housing Market Definitely “Sluggish”

webmaster — Wed, 28 Jul 2010 23:17:52 +0000

Posted To: MND NewsWire

The Federal Reserve has released the Beige Book The Beige Book is a compilation of anecdotal information and data on current economic conditions across the country. The findings are NOT THE VIEWS OF FEDERAL RESERVE OFFICIALS …instead, each Federal Reserve bank interviews key business contacts, economists, market experts, and other sources in their specific district. This report is published eight times a year. They call it the Beige Book because its Beige . This edition was prepared at the Federal Reserve Bank of St.Louis and is based on information collected on or before July 19, 2010. Below is a summary of the findings and a few excerpts on bank lending and housing. I called attention to some of the more important observations. Economic activity has continued to increase, on balance, since…(read more)

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FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation

webmaster — Wed, 28 Jul 2010 23:17:52 +0000

Posted To: MND NewsWire

HUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process. Last week, HUD and the FHA invited public comment on three of those policy changes, which are part of FHA's strategy to "strengthen their capital reserves". The proposed changes which are either tweaks to other recent revisions or have been telegraphed by FHA and HUD in earlier Congressional testimony, notices to lenders, or press releases will: Update the combination of credit and down payment requirements for new borrowers Reduce allowable seller concessions from six to three percent. Tighten underwriting standards for manually underwritten loans FHA has been scrambling to strengthen its financial situation since an audit late in 2009 showed that the capital ratio…(read more)

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Is There Life After the Mortgage Business?

webmaster — Wed, 28 Jul 2010 23:17:52 +0000

Posted To: The Garrett Watts Report

We all know the mortgage business can be extremely profitable at times. We also know it can be disastrous at other times. Regulators and law makers have created an environment that makes us feel like a pin ball, bouncing aimlessly from one bumper to another Regardless of all these issues, most mortgage lending professionals stay in the business too long and never retire. I recently had the opportunity to talk to an “old timer”. He is in his mid-70s and still looking for an opportunity to manage/operate a company again. While his previous companies were well run and profitable, I was perplexed as to why he wished to do it all over again at the age of 75, especially in this environment. I had the opportunity to chat with a younger mortgage banker who had already sold a company, made…(read more)

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Can Mortgage Rates Go Any Lower?

webmaster — Wed, 28 Jul 2010 23:17:52 +0000

Posted To: Mortgage Rate Watch

Well, here we are on "hump day" and mortgage rates are still detached from the price fluctuations of the secondary mortgage market. Instead, the ups and downs of consumer borrowing costs continue to be driven primarily by the capacity constraints of major lenders, the market makers for mortgage rates. One misconception is record low mortgage rates have drawn out a hoard of "fence sitting" borrowers who are bustling with excitement to refinance. Yes, media coverage of record low mortgage rates has attracted attention from some homeowners, but the crowds just don't compare to the mini-frenzy we witnessed in early 2009. This tells us the capacity constraints of major lenders are not totally due to an increase in loan applications. With the larger lenders allocating newly…(read more)

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Home shoppers taking fresh look at renting

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

As the real estate market has turned, so, too, has the real estate consumer. Many adults are no longer sold on the merits of owning a home.

Real estate – Renting – Business – Business and Economy – United States

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May home prices up, but no sustained recovery

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

Single-family home prices rose more than expected in May, reflecting robust spring sales spurred by homebuyer tax credits, new S&P/Case Shiller data show.

Real estate pricing – Home – United States – Business – Taxation

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New-Home Demand Soared 24% In June From Record Lows (Investor’s Business Daily)

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

Investor’s Business Daily – New-home sales surged nearly 24% in June from a record low, the Commerce Department said Monday, offering hope that housing has found some sort of floor.

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World stocks hit 2-1/2 month peak as euro near high (Reuters)

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

Reuters – World stocks hit a 2-1/2 month high on Tuesday while the euro held near a two-month peak versus the dollar as upbeat results from Swiss bank UBS added to a recent run of strong corporate earnings.

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World markets up on latest batch of upbeat earns (AP)

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

AP – World stock markets mostly rose Tuesday as investors warmed to another batch of better than expected earnings and economic data, while the euro struck a 2 1/2-month high against the dollar before its latest effort to sustain a break above $1.30 faltered.

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Former Northern Rock executive fined, banned (AP)

webmaster — Tue, 27 Jul 2010 23:16:14 +0000

AP – Britain’s financial regulator has banned the former finance director of mortgage lender Northern Rock — the country’s first major casualty of the global credit crunch — and fined him 320,000 pounds ($500,000) for misreporting figures on loan arrears.

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Home vacancies fall in Q2 but rentals steady (Reuters)

webmaster — Tue, 27 Jul 2010 23:16:13 +0000

Reuters – The rate of vacancies for homes slipped slightly in the second quarter, a government report showed on Tuesday, but it was not enough to promise improvement in the hard-hit housing market.

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US vows reform plan for Fannie Mae, Freddie Mac (AFP)

webmaster — Tue, 27 Jul 2010 23:16:13 +0000

AFP – The US Treasury on Tuesday promised a plan to reform troubled state-backed mortgage firms Fannie Mae and Freddie Mac by January, firing the starting gun on what is likely to be a rancorous debate.

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Treasury to hold conference on Fannie, Freddie (AP)

webmaster — Tue, 27 Jul 2010 23:16:13 +0000

AP – The Obama administration, which has been under fire for not developing a concrete plan for mortgage giants Fannie Mae and Freddie Mac, says it will hold a conference next month to discuss their future.

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Summary Box: Conference on Fannie, Freddie (AP)

webmaster — Tue, 27 Jul 2010 23:16:13 +0000

AP – CONFERENCE SCHEDULED: The Obama administration will hold a conference Aug. 17 to discuss the future of government-sponsored mortgage buyers Fannie Mae and Freddie Mac, which almost collapsed nearly two years ago.

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What’s next for housing finance, Fannie and Freddie? (McClatchy Newspapers)

webmaster — Tue, 27 Jul 2010 23:16:13 +0000

McClatchy Newspapers – WASHINGTON — With the overhaul of financial regulation in the bag, the Obama administration Tuesday said it’ll focus next on housing finance — another key cause of the recent deep economic downturn — with an eye to deciding the fate of mortgage finance titans Fannie Mae and Freddie Mac.

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Over $50 Billion in Subprime Downgrades

webmaster — Tue, 27 Jul 2010 23:16:07 +0000

Fitch Ratings reported on July 19 that it downgraded 45 subprime bonds to D because of principal write-downs.

Moody’s Investors Service reported downgrades on nearly $52 billion in subprime RMBS issued between 2005 and 2007.

The downgrades were based on the ratings agency’s loss projection from February.

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Uptick in Fannie’s Multifamily Commitments

webmaster — Tue, 27 Jul 2010 23:16:07 +0000

Fannie Mae is beginning to see an uptick in commitment activity for multifamily loans, a company executive said in a report.

Fannie claims to provide more liquidity to the multifamily market than any other financial institution in the country.

About 90 percent of Fannie’s activity this year was for low- and moderate-income families.

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Administration to Hold Conference on GSE’s Future

webmaster — Tue, 27 Jul 2010 23:16:07 +0000

A series of events is planned by the Obama administration on the future of the housing market, according to a news release.

"The Obama administration announced expanded opportunities for public engagement on the future of our nation’s housing finance system, including Fannie Mae and Freddie Mac," the statement said.

The administration will host a conference at the Treasury in August.

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Hawaii Mulls Change in Non-Judicial Foreclosures

webmaster — Tue, 27 Jul 2010 23:16:07 +0000

Hawaii is among 30 states that allow mortgage holders to bypass courts to foreclose on homes and in a short time put them up for auction.

An 1874 Hawaii law allows such a move without protection for the borrower except to file suit after the foreclosure.

A task force consisting of representatives of a broad range of interest groups, including associations of homeowners and mortgage lenders, was created by the state legislature.

It has begun meeting to discuss changes, especially to the rules for lenders foreclosing outside of court.

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GSEs Then, Now and Tomorrow

webmaster — Tue, 27 Jul 2010 23:16:06 +0000

Fannie Mae was created in 1938 to boost home ownership after the Great Depression.

Freddie Mac was created in 1970 to provide more competition to Fannie Mae.

Together, the two government-controlled enterprises guarantee about 31 million U.S. mortgages for around $5 trillion.

"I think we’re not going to preserve Fannie and Freddie in anything like their current form," U.S. Treasury Secretary Timothy Geithner said on NBC.

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Top 10 VA Loan Myths & Facts

webmaster — Tue, 27 Jul 2010 23:16:05 +0000

An attempt to debunk some of the common myths associated with VA loans. This great benefit of military service is often misunderstood and underutilized – we’re hoping this will help change things.Related posts:

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Market Update – Case Shiller Index Higher Than Expected

webmaster — Tue, 27 Jul 2010 23:16:05 +0000

U.S. treasuries and mortgages are slightly lower today as a report in Germany showed that their consumer confidence increased in August. Today’s May S&P/Case Shiller Composite – 20 home price index was expected to be unchanged month over month at .20%.Related posts:

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The Day Ahead: Case-Shiller Home Prices, Consumer Confidence, Treasury Supply

webmaster — Tue, 27 Jul 2010 23:16:01 +0000

Posted To: MBS Commentary

The S&P broke key resistance yesterday, this morning those advances are being extended and interest rates are trending higher. One hour before the opening bell, Dow futures are up 57 points to 10,514 and S&P 500 futures are up 6.75 points to 1,116.00. The S&P broke through it's 200 day moving average yesterday, today that level will be retested as traders look for confirmation that this was the right move. Ahead of the $38 billion 2-year Treasurry note auction, the shape of the yield curve is unchanged but yield levels have moved up across the curve. The 2-year note is -0-03 at 99-31 yielding 0.641% (+4.5bps). The 3.50% coupon bearing 10 year Treasury note is -0-12 at 103-28, 4.3bps higher in yield at 3.041%. Rate sheet influential MBS price levels are lower and yield spreads…(read more)

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Data Flash: S&P/Case-Shiller Home Price Index +0.5% in May

webmaster — Tue, 27 Jul 2010 23:16:01 +0000

Posted To: MND NewsWire

Standard and Poor's has released the Case-Shiller Home Price Index …. 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 20 METRO AREAS RISE 0.5 PCT SEASONALLY ADJ (CONSENSUS 0.2 PCT) VS 0.6 PCT IN APRIL – S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY 20-METRO AREA HOME PRICES RISE 1.3 PCT (CONSENSUS 0.3 PCT) VS 0.9 PCT IN APRIL – S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY 20-METRO AREA HOME PRICES RISE 4.6 PCT (CONSENSUS 4.0 PCT) FROM YEAR AGO – CASE-SHILLER 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 10 METRO AREAS UP 0.5 PCT SEASONALLY ADJUSTED VS APRIL – CASE-SHILLER 09:00 27Jul10 RTRS -US HOME PRICES IN 10 METRO AREAS RISE 1.2 PCT IN MAY VS 0.7 PCT IN APRIL – S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 10 METROPOLITAN AREAS UP 5.4 PCT FROM YEAR AGO – S&P/CASE-SHILLER…(read more)

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Housing Finance Reform Now in Focus for Obama Administration

webmaster — Tue, 27 Jul 2010 23:16:01 +0000

Posted To: MND NewsWire

Much to the surprise of many pundits, the recently signed Financial Reform Bill did not outline guidelines for regulators to begin crafting the future of Fannie Mae, Freddie Mac, and Ginnie Mae. Although this was viewed as an oversight by most, it was the right move because it will allow our political and financial leadership to focus on FIXING THE BROKEN HOUSING FINANCE SYSTEM In April, Treasury outlined their "Housing Finance Reform" objectives . The administration's proposals will be designed to achieve four objectives. Mortgage credit should be available and distributed on an efficient basis to a wide range of borrowers. A well-functioning housing market should provide affordable housing options, both ownership and rental, for low and moderate-income households. Consumers…(read more)

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Buyback Risk Locks Some Borrowers Out of Refi Market; Jawboning on Fannie and Freddie; Anecdotes from the Trenches;

webmaster — Tue, 27 Jul 2010 23:16:01 +0000

Posted To: Pipeline Press

One patient came in and said, "Doctor, I have a serious memory problem." The doctor asked, "When did it start?" The man replied, "When did what start?" That line is short and to the point. Generally speaking, markets like news when it is short and to the point – borrowers are different than traders, who are different than investors, who are different than analysts, who are different than economists. So when the Fed Chairman uses the double adjective "unusually uncertain" to describe the economic outlook, one's opinion, and how one reacts to that quote from last week's testimony, will be different. There is no question that rates are great, and much better than many had forecast for this time of year. But if the Federal Reserve doesn't know…(read more)

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FHA Penalizes Over 1,000 Lenders for Violating Regulatory Standards

webmaster — Tue, 27 Jul 2010 23:16:01 +0000

Posted To: MND NewsWire

The Federal Housing Administration's Mortgagee Review Board (MRB) has revealed a list of over one thousand lenders against whom it has taken action over the last several months for violations of the agency's program requirements. Infractions ranged from failing to notify the Department of Housing and Urban Development of changes in license status or office closures, improperly displaying FHA seals on company websites or advertising materials, and using non-employees to process loans, to failing to properly process or document credit, employment and appraisal information. The actions taken by the Board included permanent withdrawal of FHA lending authority, suspensions, and fines ranging into the high six digits. "Lenders should know by now that FHA will not tolerate fraudulent…(read more)

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Dealers Prop 2-Year Auction Demand. Assessing Lender Reprice Potential

webmaster — Tue, 27 Jul 2010 23:16:00 +0000

Posted To: MBS Commentary

The Treasury just auctioned $38 billion 2-year notes . This auction amount is $2 billion less than the previous auction, $4 billion less than the May auction, and $6 billion less than the record $44 billion auction in April. The bid to cover ratio, a measure of auction demand, was 3.33 bids submitted for every one accepted by Treasury. This is above average but lower than the 2-year note auction in June. 88% of the issue was taken down at a high yield of 0.665%. While this is a new record low for the "high yield" at a 2-year note auction, it was still almost 1 basis point higher than the 1pm "When Issued" yield. Indicating buyside demand was lacking. Both direct and indirect bidders were awarded below average takedown percentages. Directs took 13.5% of the issue, below both…(read more)

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Mortgage Rates Still Immune to Rising Benchmark Yields

webmaster — Tue, 27 Jul 2010 23:16:00 +0000

Posted To: Mortgage Rate Watch

A much better than expected read on New Home Sales helped the stock market post strong gains yesterday. Typically, when stocks advance, their gains come at the expense of interest rates. While benchmark Treasury yields have risen over the last week, mortgage-backed securities have managed to retain their “flight to safety” bid. MBS prices are holding steady near record highs and mortgage rates are holding steady near record lows. A "flight to safety" occurs when investors are nervous about owning risky assets like stocks but do not want to miss out on earning returns on their funds, so they move their money into risk-free U.S Treasury debt and agency MBS to provide a safe-haven AND an investment return. To remind readers, as benchmark Treasury yields fall, prices of mortgage…(read more)

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New home sales up, but sales remain slow

webmaster — Mon, 26 Jul 2010 23:18:18 +0000

For those seeking hope in the better-than-expected 23.6 percent jump in new home sales in June: it’s only one month’s data.

United States – Business – Salesmanship – Marketing and Advertising – Business and Economy

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New home sales up, but sales remain slow

webmaster — Mon, 26 Jul 2010 23:18:18 +0000

For those seeking hope in the better-than-expected 23.6 percent jump in new home sales in June: it’s only one month’s data.

United States – Business – Salesmanship – Marketing and Advertising – Business and Economy

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