As of November 1st 2007 Mortgage Insurance rates will be increasing, and - 09/28/07 09:01 AM
•1. As of November 1st 2007 Mortgage Insurance rates will be increasing. Coverage amounts will remain the same but the factors are changing.
•2. As of November 1st 2007, the Mortgage Insurance companies are scrutinizing lower credit scores more than ever. In some cases regardless of AUS findings they will not insure … (0 comments)
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FHA credit policy changes...Remember when FHA was NOT credit driven?!?! - 09/26/07 09:53 AM
Important FHA Credit Policy Changes...Effective October 1, 2007 HUD/FHA establishes the minimum standards for insuring an eligible mortgage application. These standards are described in several handbooks published by HUD/FHA and are amended from time-to-time by Mortgagee Letters. The handbooks provide direction to lenders and lenders are expected to exercise both sound … (20 comments)
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The rules of the Presidents new FHASecure - 09/26/07 09:50 AM
See 2 quick bullet points about the program below. I have attached mortgagee letter #2007-11 from HUD on the specific guidelines about the "FHASecure" program. Please review the mortgagee letter for all details.
Under the "FHASecure" program, borrowers who are delinquent on their mortgages as a result of interest rate resets … (1 comments)
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Lenders are putting pressure on appraisals!! - 09/26/07 09:47 AM
Investors and agencies are intensifying their review of property values.
The appraisal report must adequately support the opinion of value and property description, utilizing available public and non- public information concerning local trends in home prices.
Recent FNMA Announcements discuss the following:
Reiteration of basic appraisal guidelines New DU message for … (5 comments)
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Treasury 10-Year Notes Rise on Outlook for Slowing Growth - 09/21/07 04:41 PM
Treasury 10-year notes rose for the first time in a week as forecasts for slowing growth reduced inflation expectations. Federal Reserve policy makers cut the target rate for overnight lending between banks a half-percentage point to 4.75 percent on Sept. 18 as the housing slump and rising corporate borrowing costs threatened … (0 comments)
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HSBC shutting Decision One Mortgage unit - 09/21/07 04:37 PM
SAN FRANCISCO (MarketWatch) -- HSBC Holdings said on Friday that it's shutting one of its U.S. subprime mortgage businesses, a move that will trigger an $880 million accounting hit and $65 million in costs for the bank's HSBC Finance division.
The closure of Decision One Mortgage, which offers home loans through … (6 comments)
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Credit Scoring Basics... - 09/20/07 03:36 PM
With lenders tightening the reins on lending, borrowers really need to be sure their credit scores are at the highest level to borrow. Here are some things to help your borrowers. We have shared this information before. But it has become even more important during with the changes in the industry!
Credit … (1 comments)
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House approves bill helping mortgage borrowers - 09/19/07 10:32 AM
Passed by a vote of 348 to 72, the bill reforms the Federal Housing Administration and is the latest lifeline thrown to borrowers from Washington as the fallout in the mortgage market continues.
About two million loans are expected to reset to higher rates in the next two years, with defaults expected … (3 comments)
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Treasury 10-Year Note Falls the Most in Six Weeks on Inflation - 09/19/07 10:26 AM
Treasury 10-year notes fell the most in six weeks as investors speculated inflation will accelerate after the Federal Reserve cut interest rates by a half-percentage point. The difference between two- and 10-year Treasury yields rose to 55 basis points, the widest spread in four weeks. The Fed yesterday reduced its target … (4 comments)
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5 Secrets for Surviving a Real Estate Market Downturn - 09/18/07 10:38 AM
History repeatedly serves to show us that the real estate market is cyclical. It has boom times and stagnant times, occasionally it suffers a crash but real estate never becomes worthless, therefore if the experts are right and we're about to suffer a slow to stagnant period in the real estate … (2 comments)
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TIMING IS EVERYTHING...ESPECIALLY WHEN IT COMES TO SAVING CASH! - 09/17/07 12:59 PM
Did you know that the fiscal year for Japanese companies ends in March? Do you care? You SHOULD...if you want the best deal on a new television for your home theater system.
That's because new models and products are scheduled for release at the beginning of the new fiscal year--which for Japanese … (0 comments)
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Markets Await Ben's Cutting Remarks - 09/17/07 12:57 PM
The economic calendar thickens up considerably this week, giving a read on manufacturing, inflation and housing...but many of these reports will take a back seat to the Fed's Policy Statement and Interest Rate Decision, to be released on Tuesday afternoon. Traders are forecasting a 100% chance of a Fed rate cut. … (5 comments)
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Treasuries Rise on August Retail Sales - 09/14/07 09:22 AM
Treasuries rose as a government report showed sales at U.S. retailers increased last month less than economists forecast and a British mortgage lender got a bailout from the Bank of England. Traders raised bets that the Federal Reserve will cut borrowing costs half a percentage point to limit the economic impact … (0 comments)
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Important changes from Countrywide - 09/14/07 09:18 AM
I received an interesting e-mail from countrywide this morning....Just thought I'd share.
Dear Business Partner: As we continue to adapt to challenges in the mortgage market, this communication is the second of a series from Countrywide®, America's Wholesale Lender®. In these ongoing communications, my goal is to present open and direct assessments … (4 comments)
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Tips for Traveling Abroad. - 09/10/07 01:33 PM
Many Americans spend a lot of time preparing and planning trips to other countries, be it a winter vacation in the Caribbean or a once-in-a-lifetime trip to Europe. Here are a few important travel tips to make sure your trip is as smooth as possible, and suggestions for what to do … (2 comments)
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This weeks economic calendar. - 09/10/07 01:31 PM
Economic Calendar for the Week of September 10 - September 14 … (0 comments)
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Forcast for the week...Rates are FALLING! :-) - 09/10/07 01:30 PM
Will all the back to school buying that happened last month help boost this week's read on August Retail Sales? It's the biggest economic report coming this week, due to be delivered on Friday morning. It will be interesting to see if the turmoil in the financial markets during August had … (1 comments)
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Credit card companies pursue subprime borrowers - 09/05/07 11:04 AM
As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
In June, nearly one in five subprime mortgages was at least 60 days past due, and … (5 comments)
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Treasuries Rise on Corporate Borrowing Costs, Housing Report - 09/05/07 10:38 AM
Treasuries rose as higher corporate borrowing costs increased speculation the Federal Reserve will cut interest rates this month. U.S. notes extended their gains as an industry report showed the number of Americans signing contracts to buy previously owned homes in July dropped by the most since records began in 2001. A … (2 comments)
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