On Home Pricing is the sky the limit? - 11/30/09 08:08 PM
Joe Pryor added a new word to my vocabulary today, "Skybusting".  He proves that smart people learn from all their experiences.
Way to go Joe.
Via Joe Pryor.com Realtor Oklahoma Investment Properties (Redbud Realty):
When I was a younger man I used to hunt ducks and geese with my older brother. He is one of those people who was born 300 years too late, otherwise he would be pushing west into unknown territory. I used to call him Natty Bumppo. We had a leased property that was right next to the refuge around Tishomingo Oklahoma where tens of thousands of geese would stop on … (0 comments)

Owning a Home Has Its Benefits - 11/30/09 06:39 PM
Brandi has given first time buyers some great reasons to buy a home and for present home owners to be thankful they own their home even if it has dropped in value.

Via Brandi Wells (Prudential Colony Realty):
Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit - part of the American Recovery and Reinvestment Act of 2009 - brought first-timers to the market in droves throughout the year.
In fact, these consumers represented about half of home sales logged during 2009, according to the National … (0 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/30/09 03:36 PM
Rate Lock Advice and Mortgage Market Update


November 30, 2009, 1:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are up 2/32. This morning, the November Chicago PMI national manufacturing index rose to 56.1, the consensus forecast  was 53.0
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 4.86% on … (3 comments)

Rate Lock Advice and Mortgage Market Update - 11/30/09 10:22 AM
Rate Lock Advice and Mortgage Market Update

November 30, 2009, 8:15 PT
RATE LOCK ADVISORY

Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are down -1/32. This morning, the November Chicago PMI national manufacturing index rose to 56.1, above the consensus forecast of 53.0
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.87% on … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/27/09 07:44 PM
Rate Lock Advice and Mortgage Market Update


November 27, 2009, 5:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices closed up +7/32. No economic data was released Friday.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.87% on Nov.27
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.356% Down 0.033%.
10 … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/27/09 12:56 PM
Rate Lock Advice and Mortgage Market Update

November 27, 2009, 10:35 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are up +7/32. No economic data will be released today.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.87% on Nov.26
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.356% Down 0.033%.
10 … (5 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/25/09 05:01 PM
Rate Lock Advice and Mortgage Market Update


November 25, 2009, 2:55 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices closed up 1/32.  It was a volatile session the day before Thanksgiving
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.08% at 4.87% on Nov.25
Fannie Mae Mortgage Backed SecuritiesMBS Opened at … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/25/09 11:37 AM
Rate Lock Advice and Mortgage Market Update

November 25, 2009, 9:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.Midmorning Rate increases are a risk from some investors. MBS prices are down -2/32 below 9:45 ET pricing of +3/32. It has been a volatile session, and investors may have priced at different levels.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate … (2 comments)

Rate Lock Advice and Mortgage Market Update - 11/24/09 01:16 PM
Rate Lock Advice and Mortgage Market Update


November 24, 2009, 11:10 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are up +6/32 and it is possible to see some rate improvement this morning.Consumer Confidence came in higher than expected.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 4.96% on … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/23/09 11:17 AM
Rate Lock Advice and Mortgage Market Update

November 23, 2009, 9:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are Up 4/32.  Some rate improvements may be possible.Existing Home Sales were stronger than expected.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 4.98% on Nov.20
Fannie Mae Mortgage Backed SecuritiesMBS … (3 comments)

Elimination of FHA Condominium Spot Approval Delayed Again - 11/23/09 10:23 AM
Elimination of FHA Condominium Spot Approval Delayed Again.
Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010.  FHA Mortgagee Letter 2009-46 B
Implementation of FHA new condominium project approval process will be in effect December 7, 2009.  It was originally to go into effect on October 1 then delayed until November 2, 2009.   So if December 7, (an auspicious date indeed) is the date then at that time certain individual lenders will begin to approve condominium projects.
FHA Mortgagee Letters 2009-46 A  … (3 comments)

FHA Condo Spot Approval Checklist - 11/23/09 09:10 AM
Elimination of FHA Condominium Spot Approval Delayed Again.
Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010.
Implementation of FHA new condominium project approval process is delayed again to December 7, 2009.  It was originally to go into effect on October 1 then delayed until November 2, 2009.   So if December 7, (an auspicious date indeed) is the date then at that time individual lenders will begin to approve each condominium project. 
FHA Mortgagee Letters 2009-46 A and 2009-46 B describe the … (15 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/21/09 11:13 AM
Rate Lock Advice and Mortgage Market Update


November 21, 2009, 9:00 PT

Next week should be an intersting week in Mortgage Land.  A wide range of economic data will be released during the shortened week ahead.
Existing Home Sales will come out on Monday. GDP, Consumer Confidence, and the FOMC Minutes from the November 4th Fed meeting will be released on Tuesday. Durable Orders, Personal Income, Core PCE inflation, New Home Sales, and Consumer Sentiment will all be packed in on Wednesday. In addition, there will be Treasury auctions on Monday, Tuesday, and Wednesday. Mortgage markets will be … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/20/09 12:19 PM
Rate Lock Advice and Mortgage Market Update

November 20, 2009, 10:15 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONThe Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.MBS prices are up +3/32.  No economic data will be released today.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 4.98% on Nov.20
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.513% Down … (5 comments)

Be Cautious About Giving Info to Census Workers - 11/20/09 08:25 AM
Once again Larry Bettag in Arizona provides important information.  This is a must read.

Via Larry Bettag - Cherry Creek Mortgage:
With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cautious.  The major concern is that individuals don't become a victim of fraud or identity theft.
The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, … (4 comments)

FHA 203K Streamline Renovation/Purchase - 11/19/09 06:09 PM
Ken has written another excellent FHA 203k Blog.  I urge anyone in GA that needs any type of FHA loan to call Ken.
Via Ken Cook, FHA Home Loans 678-439-8683:
So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.
Not to fear! Meet … (3 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/19/09 05:09 PM
Rate Lock Advice and Mortgage Market Update


November 19, 2009, 3:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONMBS prices are up +1/32. Jobless Claims were close to expectations.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.99% on Nov.19
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.517% Up 0.005%.
10 Year Treasury Currently 3.340% Down -0.02%
DJI Stocks $10,332.44,  Down -93.87, -0.9%
European and Asian Markets Down -1.392%
Nymex Crude Oil Currently $77.46 Down $2.12

… (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/19/09 01:13 PM
Rate Lock Advice and Mortgage Market Update

November 19, 2009, 11:05 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONMBS prices are up +1/32. Jobless Claims were close to expectations.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.99% on Nov.19
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.517% Up 0.005%.
10 Year Treasury Currently 3.350% Down -0.01%
DJI Stocks $10,284.91,  Down -141.4, -1.36%
European and Asian Markets Down -1.392%
Nymex Crude Oil Currently $77.35 Down $2.23
Take 5 … (1 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/18/09 04:04 PM
Rate Lock Advice and Mortgage Market Update

November 18, 2009, 2:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONMBS prices are -2/32 slightly above 9:45 ET pricing of -3/32. MBS prices reached a low of -5/32.CPI came in a little higher than expected, while Housing Starts fell short of the consensus.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice can change throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.99% on Nov.18
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.512% Up 0.042%.
10 Year Treasury Currently 3.370% Up … (0 comments)

Rate Lock Advice and Mortgage Market Update - 11/18/09 01:58 PM
Rate Lock Advice and Mortgage Market Update

November 18, 2009, 11:50 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONMBS prices are -1/32 slightly above 9:45 ET pricing of -3/32. MBS prices reached a low of -5/32.CPI came in a little higher than expected, while Housing Starts fell short of the consensus.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 4.99% on Nov.18
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.512% Up 0.042%.
10 Year Treasury Currently 3.370% Up 0.04%
… (4 comments)

Rate Lock Advice and Mortgage Market Update - 11/17/09 10:35 AM
Rate Lock Advice and Mortgage Market Update

November 17, 2009, 8:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOAT With CAUTIONMBS are bouncing around this morning, up 2/32 and down 6/32.  Currently  prices are down 1/32.  PPI inflation was lower than expected, but MBS prices did not improve after the data.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.06% at 4.99% on Nov.16
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.47% Down 0.018%.
10 Year Treasury Currently 3.340% Up 0.01%
DJI … (7 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/16/09 04:54 PM
Rate Lock Advice and Mortgage Market Update

November 16, 2009, 2:45 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATLots of Volatility today.  MBS prices Opened up 1/32 then this afternoon climbed to 8/32 causing midday price improvements from several lenders.  Late this afternoon MBS prices returned near where they began the day up 2/32.   The Retail Sales data was mixed.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.06% at 4.99% on Nov.16
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.488% Down … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/16/09 12:54 PM
Rate Lock Advice and Mortgage Market Update

November 16, 2009, 10:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +7/32. Hold locks for Possible rate improvements.  The Retail Sales data was mixed.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.06% at 4.99% on Nov.16
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.488% Down 0.07%.
10 Year Treasury Currently 3.350% Down -0.1%
DJI Stocks $10,419.20,  Up 148.73, 1.45%
European and Asian Markets Up 1.296%
Nymex Crude Oil Currently $78.97 … (2 comments)

This Goober Wants to Raise FHA Down Payment to 5% from 3.5% - 11/15/09 01:34 PM
More than a month ago on Monday, October 5, The FHA Taxpayer Protection Act of 2009 - HR 3706 - authored by Rep. Scott (Goober) Garrett (R-NJ) was introduced to Congress.  
If passed It would increase the minimum down payment for FHA insured mortgages from 3.5% to 5% and the law would prohibit financing FHA closing costs.  BUT WAIT there is more!
One tiny fact looms large and questions the Congressman's competence to propose any laws governing FHA is that FHA already no longer allows closing costs to be computed in the loan amount.  This changed last year.  See FHA Regs 4155 … (51 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/13/09 05:23 PM
Rate Lock Advice and Mortgage Market Update

November 13, 2009, 3:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATFavorable repricing may be possible from early investors. MBS prices are up +6/32
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.05% on Nov.13
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.558% Down 0.035%.
10 Year Treasury Currently 3.420% Down -0.03%
DJI Stocks $10,270.47,  Up 73, 0.72%
European and Asian Markets Up 0.062%
Nymex Crude Oil Currently $76.35 Down $0.59

Take … (1 comments)

Repeal HVCC!! We need your help. E-mail or write your Senators today. - 11/13/09 12:55 PM
Please read and contact your representatives to repeal HVCC.  Gregg included links to contact senators. Here is a link to Congressional emails that includes Senators and Representatives.
Via Gregg Wynn, Broker/Appraiser, CA DRE# 1186381 (Absolute Real Estate & Appraisals):
 I'm requesting that all Real Estate Professionals support appraisers in getting HVCC repealed.  An amendment to eliminate HVCC is located inside the Consumer Financial Agency Act of 2009, soon to be discussed in the Senate.  Please tell your Senators about any of your own negative experiences with HVCC.  Experienced and dedicated appraisers are being driven out of the business, and in most cases being replaced with inexperienced and underpaid appraisers and unlicensed sweatshop employees.
Ideas … (3 comments)

Rate Lock Advice and Mortgage Market Update - 11/13/09 11:45 AM
Rate Lock Advice and Mortgage Market Update

November 13, 2009, 9:40 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATFavorable repricing may be possible from early investors. MBS prices are up +6/32
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.06% on Nov.13
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.558% Down 0.035%.
10 Year Treasury Currently 3.440% Down -0.01%
DJI Stocks $10,294.73,  Up 97.26, 0.95%
European and Asian Markets Up 0.062%
Nymex Crude Oil Currently $77.08 Up $0.14
Take 5 minutes … (1 comments)

Would You Prefer To Argue Or Close Your Loan? - 11/13/09 11:23 AM
Please take the time to read Ken Cook's EXCELLENT post.  This guy knows what he is talking about and he is a standard that loan officers should be matched against. 

Via Ken Cook, FHA Home Loans 678-439-8683:
Many of you who regular read my writings know I often write what others are thinking even if they don't want to publish it. This, of course, makes me the point of contention for some while other appreciate my openness and *transparency*. That word is so abused these days - especially by those people who claim that by telling you the costs of the mortgage up … (0 comments)

Rate Lock Advice and Mortgage Market Update - 11/12/09 10:18 AM
Rate Lock Advice and Mortgage Market Update

November 12, 2009, 8:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are down -1/32 from Tuesday's close. Jobless Claims came in a little lower than expected.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.11
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.593% Down 0.02%.
10 Year Treasury Currently 3.480% Down -0.02%
DJI Stocks $10,277.95,  Down -13.31, -0.13%
European and Asian Markets Up 0.087%
Nymex Crude Oil Currently $78.20 Down … (6 comments)

If You Love George Soros Please Raise Your Wallet er Hand - 11/11/09 04:57 PM
It was the best of times and then it was the worst of times, until it was the best of times again, before returning to the worst of times, which lasted until it was the best of times once more, and then settling into being the worst of times... which became the best of times and then...
What bothers me most about Soros and his merry band of financial thugs is on one hand they portray themselves as liberal thinkers, looking out for the little guy, while crushing the little guy in the other.

A Tale of Four Trial Modifications at IndyMac … (6 comments)

Rate Lock Advice and Mortgage Market Update - 11/11/09 01:48 PM
Rate Lock Advice and Mortgage Market Update

November 11, 2009, 11:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS markets will be closed on Wednesday for Veterans Day.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.11
10 Year Treasury Currently 3.480% Down -0.02%
DJI Stocks $10,277.58,  Up 30.61, 0.3%
European and Asian Markets Up 0.723%
Nymex Crude Oil Currently $79.27 Up $0.22
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another … (2 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/10/09 03:30 PM
Rate Lock Advice and Mortgage Market Update

November 10, 2009, 1:15 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +4/32.  No economic data came out today. Demand was close to average for the 10-Yr. Treasury auction with oreign investors purchasing 47% of the total.Wednesday, Mortgage markets will be closedThursday, Jobless Claims will be released at 8:30 ET, and there will be a 30-yr Treasury auction at 1:00 ET.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.08% … (2 comments)

Rate Lock Advice and Mortgage Market Update - 11/10/09 11:49 AM
Rate Lock Advice and Mortgage Market Update

November 10, 2009, 9:45 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +9/32. There will be a 10-yr auction at 1:00 ET.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.08% on Nov.10
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.613% Down 0.06%.
10 Year Treasury Currently 3.460% Down -0.06%
DJI Stocks $10,207.59,  Down -19.35, -0.19%
European and Asian Markets Up 0.057%
Nymex Crude Oil Currently $78.45 Down $0.98

… (4 comments)

FHA 203K Rehab Loan- Scenario- Adding Square Footage - 11/09/09 08:20 PM
Jeff gives a great example of the FHA 203k being way more than just a "fixer" loan
Via Jeff Onofrio (Village Home Mortgage ):
FHA 203K loans are great for borrowers who are looking to refinance and also for purchases.  I wanted to use this blog, and the next few posts,  to show you examples of how you can use the fixer upper loan for certain situations. 
A customer of mine who has owned her home for the last 4 years decided to contact me about adding on some square footage.  See in her community there are many homes that have 2 levels … (3 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/09/09 07:42 PM
Rate Lock Advice and Mortgage Market Update

November 9, 2009, 3:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices closed Monday higher at +5/32.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.02% at 5.09% on Nov.9
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.673% Down 0.046%.
10 Year Treasury Currently 3.490% Down -0.08%
DJI Stocks $10,226.94,  Up 203.52, 2.03%
European and Asian Markets Up 1.878%
Nymex Crude Oil Currently $79.25 Up $1.82
The big bailout banks find another way to … (0 comments)

Rate Lock Advice and Mortgage Market Update - 11/09/09 01:03 PM
Rate Lock Advice and Mortgage Market Update

November 9, 2009, 11:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices moved slightly higher and are up +4/32.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.06% on Nov.9
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.673% Down 0.046%.
10 Year Treasury currently 3.470% Down -0.1%
DJI Stocks $10,196.18,  Up 172.76, 1.72%
European and Asian Markets Up 1.878%
Nymex Crude Oil currently $79.86 Up $2.43
The big bailout banks find another … (1 comments)

Life Lessons in the Funny Papers - 11/08/09 10:57 AM
Kay, my lovely Mensa wife, reads the San Diego Union Tribune from cover to cover every morning while I peruse the funny papers; blessed is SDUT to offer two full pages.  You can immediately see it is a perfect marriage because we never have cause to fight over the morning paper.
While Kay is concerned with pesky facts, (she never loses an argument) I pursue a funny papers inspired overview where there is much to be learned.   Below are some selections from Thursday, November 5, 2009.

Take Dilbert for example, In three small panels Scott Adams teaches us three life lessons, maybe … (15 comments)

Excuse me BofA! You CAN NOT have it both ways! - 11/08/09 04:52 AM
 
Via Jane Penttinen (Sunstreet Mortgage, LLC - Sr. Loan Officer):
Excuse me BofA! You CAN NOT have it both ways!
 I refinanced a loan this week for some past clients.  I did their purchase loan in 2005.  We did an 80-15-5 because they had another home that had not closed yet.  The 15% second was a home equity line of credit.  Their previous home sold and they paid off the 15% second in March of 2006.  They never drew another dime on the equity line.
 



June 2008:  They received a letter from Countrywide telling them their 0 … (11 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/06/09 03:42 PM
Rate Lock Advice and Mortgage Market Update

November 6, 2009, 1:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATToday has been an extremely volatile session.  After reaching a Morning low of -2/32,  MBS prices turned higher again and are now up +8/32, above 9:45 ET pricing of +5/32.  MBS Prices were helped by a higher than expected Unemployment Rate of 10.2%.  The number of jobs lost in October was -190K, close to the consensus.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down … (1 comments)

How to Use an FHA Loan to Purchase a Green Renovated Home, Part I of II - 11/06/09 12:11 PM
John Thomas provides some good marketing ideas with the use of the FHA 203k program.  As he points out, it is much more than a great loan for fixers.
Via John Thomas -- EcoBroker, MSEE, MBA (E3 Green HOMES):
Using the FHA 203k Renovation Loan to Purchase a Home and Make Green Improvements
I recently attended a workshop sponsored by Academy Mortgage about Federal Housing Administration (FHA) 203k Renovation Loans. The workshop opened my eyes to a number of possibilities that could greatly benefit homebuyers. In this two part blog post, I’ll share with you a few of the key take-away points I … (0 comments)

Rate Lock Advice and Mortgage Market Update - 11/06/09 11:56 AM
Rate Lock Advice and Mortgage Market Update

November 6, 2009, 9:00 AM PT
RATE LOCK ADVISORY
Lock Advice:  FLOATIt has been an extremely volatile session this morning.  After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32. Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected.  The number of jobs lost in October was -190K, close to the consensus.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate … (0 comments)

Fannie Mae is implementing the Deed for Lease instead of Foreclosures - 11/06/09 02:33 AM
Fannie Mae is implementing the Deed for Lease instead of Foreclosures
FANNIE MAE NEWS RELEASE - September 5, 2009
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) is implementing the Deed for LeaseTM Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.
"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of … (8 comments)

Rate Lock Advice and Mortgage Market Update - 11/05/09 10:36 AM
Rate Lock Advice and Mortgage Market Update

November 5, 2009, 8:30 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +3/32. Productivity rose far more than expected in the third quarter.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.4
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.728% Down 0.015%.
10 Year Treasury Currently 3.530% Down -0.04%
DJI Stocks $9,974.45,  Up 172.31, 1.76%
European and Asian Markets Up 0.498%
Nymex Crude Oil Currently $80.25 Down $0.15
The … (1 comments)

Senate Passes Tax Credit Extension - 11/05/09 09:21 AM
Tax Credit Extended By Senatefor First Time Home BuyersIt looks like the bill is very getting close to the President's desk. 
As of Wednesday November 4, 2009 the Senate officially passed the extension of the first time home buyer tax credit. The bill will now move into the House, and then to the President's desk for a signature.
The Senate has passed a 6 months extension on the first time home buyer tax credit of $8,000. Hopefully this extension will encourage more people to buy homes and help the housing industry bounce back quicker.
There is an $800,000 maximum for the … (1 comments)

PM Rate Lock Advice and Mortgage Market Update - 11/04/09 03:51 PM
Rate Lock Advice and Mortgage Market Update

November 4, 2009, 1:15 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATAs expected, the Fed made no change in the fed funds rate. There was also no change in the language indicating when the Fed would begin to raise rates. MBS prices closed down -2/32, above 9:45 ET pricing of -5/32. 
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.4
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.743% Up 0.044%.
10 Year … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/04/09 01:02 PM
Rate Lock Advice and Mortgage Market Update

November 4, 2009, 11:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are Up 1/32.  ISM Services came in weaker than expected, helping MBS markets.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.3
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.743% Up 0.044%.
10 Year Treasury currently 3.510% Up 0.01%
DJI Stocks $9,874.76,  Up 102.85, 1.05%
European and Asian Markets Up 1.483%
Nymex Crude Oil currently $79.90 Up $0.30
  … (1 comments)

BARNEY FRANK - PUBLIC ENEMY NUMBER ONE - 11/03/09 12:12 PM
If anyone doubts that Big Banks are out to crush their competition read Kirk William's post.  This well written post describes Barney Frank's Financial Stability Improvement Act that is aimed at small mortgage banks.
The FDIC is also taking aim at mortgage brokers with Regulation Z - [R-1366].  Barney and the FDIC have joined in creating laws that would wipe out over 70% of BoA, Chase, CitiBank and Wells Fargo's competition. 
Email your congressperson at: Congressional Email  

Via Kirk Williams, #LMA 510-LO-32537 (Primary Residential Mortgage Inc. & IMS Consulting):
In his quest to appease the too big to fail banks making sure the CEO's get … (3 comments)

BARNEY FRANK AND HIS BIG, NATIONAL BANK FRIENDS ARE ONCE AGAIN TRYING TO STICK IT TO THE SMALL, COMMUNITY WHOLESALE LENDER - 11/03/09 11:40 AM
If anyone doubts that Big Banks are out to crush their competition read Donne Knudsen's post.  The video describes Barney Frank's Financial Stability Improvement Act that is aimed and small mortgage banks.
The FDIC is also taking aim at mortgage brokers with Regulation Z - [R-1366].  Barney and the FDIC have joined in creating laws that would wipe out over 70% of BoA, Chase, CitiBank and Wells Fargo's competition. 
Email your congressperson at: Congressional Email  
Via Donne Knudsen (Cobalt Financial Corp.):
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay.  TBWS … (1 comments)

Rate Lock Advice and Mortgage Market Update - 11/03/09 10:24 AM
Rate Lock Advice and Mortgage Market Update

November 3, 2009, 8:20 PT
RATE LOCK ADVISORY
Lock Advice:  LOCKThere is a chance of increased rates from investors that priced early. MBS prices are down -3/32, below 9:45 ET pricing of +2/32. With major economic news later this week, volatility may remain high during the week.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.08% on Nov.2
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.699% Up 0.026%.
10 Year Treasury currently … (1 comments)

Appraisal Fraud is up 46% From Same Time Last Year - 11/02/09 05:19 PM
For those of you who missed Think Big, Work Small this morning... according to InterThinx, the mortgage fraud specialists, appraisal fraud is up 46% from the same time in 2008.  InterThinx 
But wait, who would be the perpetrators, has not HVCC made us safe?  Thanks to HVCC, Mortgage brokers, those evil, underhanded, self-serving scourges of real estate and sole cause of the mortgage crisis have not been able to order appraisals (except FHA) or even talk to appraisers in the third quarter of 2009.
OMG, that leaves (choke) the innocent victims of wicked mortgage brokers, Banks.  There must be some mistake because we … (48 comments)

Rate Lock Advice and Mortgage Market Update - 11/02/09 09:17 AM
Rate Lock Advice and Mortgage Market Update

November 1, 2009, 7:00 PT
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices are down 5/32.  Construction Spending, ISM Manufacturing, and Pending Home Sales will be released at 10:00 et.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.02% at 5.09% on Oct.30
10 Year Treasury currently 3.390% Down -0.02%
DJI Stocks $9,743.57,  Up 30.84, 0.32%
European and Asian Markets Down -0.58%
Nymex Crude Oil currently $76.92 Down $0.08
 
 

Rates 10-30-09, 8:00 … (1 comments)

 
Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 Rainmaker_large

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970

Escondido, CA

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