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2 New Federal Programs to Help With Mortgages – NYTimes.com (Mortgage news)

Mortgage Brokers — Fri, 03 Sep 2010 04:03:35 +0000

2 New Federal Programs to Help With Mortgages – NYTimes.com
The Obama administration plans to take two new steps in the next few weeks to help struggling homeowners pay their mortgages, said Shaun Donovan, the secretary of Housing and Urban Development.

Eurozone mortgage rates start to rise | Money Supply | FT.com
But it could be a sign of the times – and a reminder that housing costs are more likely to rise than fall in the future As Bloomberg reports, this could have a particular impact in Spain, where floating rate mortgages are widespread. …

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swift mortgages essex. Posted in September 1, 2010 ¬ 23:26h.BenNo Comments » … Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. …

Rethinking Adjustable-Rate Mortgages
Adjustable-rate mortgages, or ARMs, got a bad name in the recent credit crisis, as underqualified borrowers lured by years of low fixed-interest payments fell behind when interest rates rose.

Average rates for 30-year fixed mortgages drop to 4.32 pct …
WASHINGTON (AP) — Average rates for 30-year fixed mortgages drop to 4.32 pct., lowest rate in decades. Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. …

Mortgage Rates Move Higher Before Jobs Data

Thu, 02 Sep 2010 21:42:00 +0000

Posted To: Mortgage Rate Watch
What a boring day in the markets! Stocks added to yesterday’s gains and bonds added to their losses. This pushed mortgage rates marginally higher. The best 30 year fixed mortgage rates are still in the 4.125% to 4.375% range for well-qualified consumers, but less lenders are offering rates below 4.25% today. If your lender is still willing to offer a rate below 4.25%, your closing costs are about 25bps higher today (0.25% of your loan amount). AQ’s comments from yesterday still apply… We’re not panicking over this sell off. There has been no change in our fundamental economic outlook, we see no new reason to be optimistic about a rapid recovery. What we witnessed today was a technical adjustment, an adjustment that could reverse course on Friday morning if the Employment Situation Report…(read more)
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Original post by Victor Burek

Pending Home Sales Rebound from Record Low. What Might Boost Buyer Demand?

Thu, 02 Sep 2010 20:25:00 +0000

Posted To: MND NewsWire
The National Association of Realtors released the Pending Home Sales Index today. NAR’s Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once “pending” sales contracts are closed, they are considered an existing home sale. Because the Pending Home Sales index tells us how many contracts were signed, it is consider a forward indicator of existing home sales. A signed contract is not counted as an existing home sale until the transaction actually closes. Excerpts from the Release… Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen. The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed…(read more)
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Original post by Adam Quinones

Fed Hosts Neighborhood Stabilization Summit

Thu, 02 Sep 2010 18:07:59 +0000

Posted To: MND NewsWire
Community organizers, state and federal government officials, and representatives from banking, research and educations institutions are currently meeting in Washington at a REO and Vacant Properties Summit sponsored by the Federal Reserve Bank. The two day conference is focused on examining the problems associated with vacant and abandoned property and to explore approaches to neighborhood stabilization. Governor Elizabeth Duke, Board of Governors of the Federal Reserve opened the summit on Wednesday. In her remarks she introduced the types of issues that are faced by communities with high rates of foreclosure and REO and highlighted some of the lessons learned in the last few years about neighborhood stabilization strategies. She pointed out that the impact of each foreclosure goes far beyond…(read more)
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Original post by Jann Swanson

Pre-NFP Outlook Plus Loan Pricing Comparison

Thu, 02 Sep 2010 16:42:00 +0000

Posted To: MBS Commentary
What a rough morning! It appears my hard drive no longer wants to work. I tried to reach out for help, but no one answered. Then my gf called and reminded me that today is 9.02.10. This explains why Glenn is M.I.A, he’s curled up on his couch watching re-runs of 90210! I think his favorite character is Dillon. Enjoy your day off Glenn! Oh well. I’m up and running again…… The day has not been so pleasant for originators either. Loan pricing is 2.9bps worse on average today. That doesn’t sound too bad, but take a closer look. The largest rebate reductions were applied to the note rates closest to par. These are the rates most borrowers are hoping to be quoted. There is good news though, you can still lock in a rate below 4.25%! It’s just gonna cost more at the closing table. The [...]

Original post by Adam Quinones

Litany of Investor Bulletins: Mortgage Insurance, Appraisal Photos, Originator IDs, Incomplete GFEs, 203(b)’s, Reserve Requirements, No More ARMs

Thu, 02 Sep 2010 15:39:54 +0000

Posted To: Pipeline Press
It’s good to know the jumbo market is alive and well! Alive and well for Tiger Woods who just got a residential construction loan for $54.5 million on Jupiter Island in Florida, which he agreed to pay back by January 2016. Of course, folks like pediatricians are having trouble finding an 80% loan for a few million, as are self-employed borrowers like architects, CPA’s, or sail makers. But there is hope! (No, I don’t know the lender or the terms) OK, here goes, in no particular order, the very recent investor changes (skip to the bottom if uninterested). As always, readers should examine the bulletins themselves, but this will give you a flavor for what is happening: Fannie Mae told servicers that it updated the allowable foreclosure time frames in the states of FL, MD, NV, and NY, is monitoring…(read more)
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Original post by Rob Chrisman

Eliminate Investor Credit Overlays by Selling Directly to the GSEs

Thu, 02 Sep 2010 15:25:52 +0000

Posted To: The Garrett Watts Report
I’ve been on the road for the past three weeks, mostly performing reviews of mortgage bankers for warehouse lenders. I am happy to report that all channels of origination are doing well. I’m no longer hearing the grumblings we heard earlier in the year as record low rates have sparked a mini-refi boom throughout the country and in certain areas the purchase market is also doing well thanks to record high levels of home affordability. If one is gainfully employed and has excellent credit, it is a great time to buy a home. Referral based retail and internet retail shops are generating impressive profits. Contrary to the naysayers, the broker business is thriving and wholesale lenders are quite busy. Everyone appears to have adjusted to the new RESPA regulations and companies are settling…(read more)
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Original post by C.M. "Corky" Watts, CMB

Expanding the Pool of Eligible Homeowners: Common Sense Underwriting Needed

Thu, 02 Sep 2010 14:35:00 +0000

Posted To: Voice of Housing
It seems our economy is unable to promote a significant level of consumer spending without some sort of Federal Assistance. Given that this is an election year where the outcome has the potential to be especially significant, it is reasonable to anticipate that lawmakers returning to Washington after their Labor Day recess will be motivated to enact legislation to stimulate economic activity. One idea being circulated is to re-authorize the recently expired Homebuyer Tax Credits. While that may seem like a step in the right direction, it is not. In fact, just talking about another homebuyer tax credit could slow sales in the here and now as consumers put off purchase plans in hopes they too will be able to benefit from such incentives. More importantly, we must stop attempting to apply short…(read more)
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Original post by Jim Russell

The Day Ahead: Jobless Claims, Pending Home Sales, Productivity

Thu, 02 Sep 2010 12:27:11 +0000

Posted To: MBS Commentary
Interest rates are modestly higher this morning after equities closed nearly 3% higher Wednesday. Ninety minutes before the opening bell, S&P 500 futures are just below yesterday’s high at 1081.25 and the benchmark 10-year Treasury note is -0-04 at 100-09 yielding 2.593% (+1.3%). The October delivery FNCL 4.0 is -0-02 at 102-27. A busy economics calendar carries the potential to shift market sentiment in the day ahead. At 8:30, initial jobless claims are anticipated to rise 2k to show that 475,000 Americans filed for first-time unemployment benefits in the final week of August. The labor news comes one day before the official monthly numbers are released. The report should give further context to yesterday’s mixed data ― the ADP report showed 10k private jobs disappeared in the month…(read more)
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Original post by Patrick McGee

New Mortgage Rate Lows Lost as Stocks Rally and Bonds Correct

Wed, 01 Sep 2010 20:50:00 +0000

Posted To: Mortgage Rate Watch
Mortgage rates had a great day yesterday. This is the message we communicated to readers… ATTENTION: Mortgage Rates Hit New Lows If you’ve been floating your loan or have yet to apply for a refinance because it just didn’t seem worth the hassle, congratulations, mortgage rates hit new lows today, it’s now worth the hassle! If you’ve refinanced in the last 20 months, there is a darn good chance your refinance option is back in the money, again! The best 30 year fixed mortgage rates have fallen into the 4.125% to 4.375% range for well-qualified consumers. Some lenders will even go as low as 3.875% if the borrower is willing to pay points. Although the 4.125% quote isn’t being offered by the large retail banks (sorry retail L.Os), the smaller mortgage bankers and independent brokers do have…(read more)
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Original post by Adam Quinones