Lenders are TOUGH on appraisals in this declining market! - 10/31/07 08:52 AM
I am seeing a lot of appraisals come up for reveiw these days! Even FNMA had a new DU finding regarding appraisals!
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 … (3 comments)
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Treasuries Little Changed as Consumer Confidence Decreases - 10/30/07 09:43 AM
Treasuries were little changed after a private report showed consumer confidence fell more than forecast in October.
The Conference Board's index of confidence declined to 95.6, the lowest since October 2005, from a revised 99.5 the prior month. The index averaged 105.9 last year.
It looks like we are in for a weak … (2 comments)
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A NEW 401(K) OPTION... - 10/29/07 12:01 PM
A NEW 401(K) OPTION...
Last year, Congress authorized a new twist to the standard 401(k) plan that most employers offer. The new option, called a Roth 401(k) is just what it sounds like, a blend of the standard 401(k) and a Roth IRA.
So what's the difference?
As opposed to the standard 401(k) plan, … (1 comments)
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The FED says a TREAT should do the TRICK this Halloween! - 10/29/07 12:00 PM
They say to be careful what you wish for...and with Halloween just around the corner, kids aren't the only ones wishing for a "treat". This Wednesday, October 31st, The Fed will decide if the financial markets will get a treat of their own with another cut to the Fed Funds Rate. … (2 comments)
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Sub-Prime lender ResMAE Mortgage is back - 10/29/07 09:12 AM
Sub-Prime is making it's way back...but is a little stricter and the rates are definately higher!
Here is the information we discussed. Our focus is the sub-prime market; here is a sample of what we can do.
Loans to 1.25 million to 80% LTV (min. 620 score, full doc) Loans to 1 million … (2 comments)
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Countrywide is feeling brave..or at least wants you to think so! - 10/29/07 09:06 AM
I got this e-mail from countrywide this morning...
It looks like they are really trying to lay on the confidence bit pretty thick.
Dear Business Partner: By now you are probably aware that Countrywide Financial reported our third quarter earnings earlier today. I wanted to take this opportunity to personally communicate with you … (1 comments)
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But NOW IS a good time to buy?!?! - 10/29/07 08:57 AM
The real mavens in the U.S. bond market may be your next-door neighbors, and they say now's the time to buy Treasuries. Twenty percent of Americans who say it's a bad time to buy a house cite high interest rates as a reason. High interest rates??? Rates are actually rather low! … (7 comments)
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Two-Year Treasuries Fall as Bets on Half-Point Rate Cut Dwindle - 10/29/07 08:53 AM
Treasury two-year notes fell as traders pared bets that the Federal Reserve will reduce interest rates by more than a quarter-percentage point this week and gains in global stocks curbed demand for fixed-rate investments. Two-year notes, more sensitive than longer-maturity debt to changes in the Fed's target for the overnight lending … (5 comments)
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Treasuries Gain and a Drop in Home Sales Point to Rate Cut - 10/24/07 10:55 AM
Treasury two-year note yields dropped to the lowest in more than two years as losses at Merrill Lynch & Co. and a plunge in home sales increased speculation the Federal Reserve will cut interest rates next week on Halloween. The yield on the November fed funds futures contract suggests traders are … (2 comments)
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Sub-Prime lenders coming back! - 10/24/07 09:38 AM
Just received an e-mail this morning...
It looks like the sub-prime lenders are starting to slowly come back......almost as slowly at 1st as they left! They are definately tougher, and their rates a bit higher, but...... theyyyyy'rrrrrrre baaaaaacccckkkkkk.
:-)
… (10 comments)
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Lenders and the California Wildfires **UPDATED** - 10/23/07 10:59 AM
The State of California has declared the counties of Los Angeles, Riverside, San Bernardino, San Diego and Orange disaster areas due to the wildfires in Southern California. Lenders usually requires a 442 (completed by the original appraiser) on all transactions located in counties that are declared disaster areas. It is due to the size … (3 comments)
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Treasuries Fall as Gains in Global Stocks Curb Demand for Debt - 10/23/07 09:42 AM
U.S. Treasury notes declined for a second day after global stocks gained, reducing the appeal of government debt. U.S. stocks rose after earnings reports from Apple Inc. and American Express Co. eased concern that the housing slump has curbed consumer spending.
Don't pay the mortgage, but make sure you get that new … (2 comments)
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Sensitive personal info in the trash! - 10/22/07 10:39 AM
DeKalb police have found boxes of sensitive information from a mortgage company carelessly tossed in the trash.The mortgage company - Ameriquest -- may ring a bell. It closed up shop in Georgia nearly two years ago amid allegations of predatory lending. So why, now, are hundreds of customers' personal files showing … (8 comments)
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Sensitive Personal Info In The Trash - 10/22/07 10:37 AM
DeKalb police have found boxes of sensitive information from a mortgage company carelessly tossed in the trash.The mortgage company - Ameriquest -- may ring a bell. It closed up shop in Georgia nearly two years ago amid allegations of predatory lending. So why, now, are hundreds of customers' personal files showing … (0 comments)
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How many ways are there to network and close those loans? - 10/22/07 10:30 AM
Let's all REALLY help each other by counting and listing how many different ways that we can originate mortgages!!
I bet we get some GREAT ones that nobody has ever heard of!
...At the very least, this should prove to be rather inspirational! Just blogging this right now makes me want to get … (3 comments)
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What Is Happening Out There? Share Your Story. - 10/22/07 10:25 AM
Do you have such a story?
With all of the talk going on out there...and on AR, what have YOU seen?
Have you lost out on a house you were all set to buy? Are you in the midst of a foreclosure and are finding it impossible to talk with your lender … (0 comments)
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FHA UPDATE & INFORMATION - 10/22/07 09:28 AM
HUD issued a final rule amending the regulations regarding specific standards for a mortgagor's investment in property which is to be insured by FHA.
The rule defines a prohibited source of down payment assistance as a payment that consists in whole or in part, of funds provided by any of the following … (9 comments)
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U.S. Treasuries Decline as Last Week's Gains Deemed Too Fast - 10/22/07 09:25 AM
Treasuries declined for the first time in more than a week as investor demand for the safety of U.S. debt waned with two-year note yields near the lowest since September 2005. Two-year notes posted the biggest gains last week since Sept. 11, 2001, as credit-market losses pushed stocks lower. The Standard … (0 comments)
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Greenspan Says Demand for U.S. Debt May Be at Limit - 10/21/07 08:50 PM
Former Federal Reserve Chairman Alan Greenspan said the dollar's depreciation may reflect growing unwillingness among foreigners to buy U.S. debt.
I think it's funny that Greenspan is like E.F. Hutton.......even though he is out of office....when he speaks-people listen (and markets react!)!
Greenspan's warning came after the U.S. Treasury reported last week … (1 comments)
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NAR Censoring Real Estate Blogs? - 10/18/07 08:40 PM
Apparently on May 17th, 2007 there was a NAR Professional Standards committee meeting where they discussed REALTORS® and blogging. During this meeting questions arose about Article 12 and how it relates to communication via the internet.
I take it that the NAR is considering regulating what Realtors write on thier blogs??? Am I … (15 comments)
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ILLINOIS PROPOSED SB 1167 - 10/18/07 08:36 PM
SB 1167 is still unsigned on the Governor's desk as of 10/19/07.
If the Governor does not sign, veto or amendatory veto the bill by November 6, 2008, the law automatically goes into affect.
It looks like the legislature will be in session until December, so the Illinois Assn. of Mortgage Professionals (IAMP) … (3 comments)
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Treasuries Rise on Evidence Credit Losses Threatening Economy - 10/18/07 10:02 AM
Treasuries rose, pushing two-year note yields toward their biggest weekly drop since September 2005, as concern increased that credit market losses are threatening the broader economy. Two-year note yields fell for a fourth straight day after a 32 percent decline in profit at Bank of America Corp. triggered concern that the … (1 comments)
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Treasuries Rise for 3rd Day as Housing Starts Reach 14-Year Low - 10/17/07 10:22 AM
Treasuries rose for a third day after a government report showed housing starts in the U.S. plunged to a 14-year low in September, increasing speculation that the Federal Reserve will reduce borrowing costs this month. Two-year note yields fell to the lowest in more than a week as consumer prices excluding … (1 comments)
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2008 FNMA Loan Limits will remain @ $417,000 - 10/16/07 02:42 PM
2008 FNMA Loan Limits will remain @ $417,000
The Office of Federal Housing Enterprise Oversight (OFHEO) announced today that there would be no increase in the 2008 Conforming Loan Limit. OFHEO is the regulatory agency overseeing Fannie Mae and Freddie Mac.
That means that the single family maximum loan amount for 2008 will remain … (4 comments)
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Mortgage Market View, economy, and financial planning - 10/16/07 11:35 AM
The latest Retail Sales numbers showed the consumer is still out there spending...but many of our expenditures have gone up right under our noses, without us getting any extra enjoyment out of them. Rising gas prices, increased interest rates for borrowed money, higher minimum monthly credit card payments...expenses are getting higher … (0 comments)
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Forecast for the Week... - 10/16/07 11:33 AM
So could this week's slate of economic reports hold enough information for Bonds to decide they've had enough of the 200-day Moving Average - and cause home loan rates to make a move? The upcoming calendar features reports on Manufacturing, Housing, and Consumer Inflation...so it could get juicy, depending on the … (1 comments)
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Treasuries Rise as Global Stocks Fall on Concern Over Housing - 10/16/07 11:31 AM
Treasuries rose as renewed concern that the U.S. housing slump will reduce corporate earnings spurred a drop in global stocks. Two-year note yields fell the most in four weeks as traders increased bets that the Federal Reserve will cut borrowing costs this month. Fed Chairman Ben S. Bernanke said yesterday that … (1 comments)
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Provident Fundings new appraisal guidelines - 10/16/07 11:28 AM
Just recieved this e-mail update...
Guideline Update - Appraisal Guidelines
Provident Funding is amending the appraisal requirements for all of its loan programs. The changes include:
The Maximum Distance for Comparables is 0.5 (Urban), 1.0 (Suburban), and 5.0 miles (Rural). Comparables that exceed the distances above will not be accepted.
The Maximum Comparable Age … (7 comments)
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Provident funding is getting tough on stated! - 10/16/07 11:24 AM
Guideline Update - Reduced Documentation Provident Funding is amending its Conforming and Non-Conforming Guidelines for reduced documentation loans.
Guideline Changes
- Minimum 730 Loan Fico score for Conforming, Loan Prospector approved loans utilizing the Stated Income /Stated Asset Documentation type. This was the previous "free SISA" threshold. Loans below this level may be able to … (0 comments)
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Bill Would Make “Do Not Call List” Permanent - 10/09/07 05:33 PM
A Pennsylvania congressman wants to help preserve your sanity with a bill that would make permanent the government's do-not-call list for telemarketers.
The Federal Trade Commission (FTC) in 2003 set up a registry of phone numbers that did not wish to receive telemarketing calls. Consumers entered their home, mobile or work … (4 comments)
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How The U.S. Prime Rate Works - 10/09/07 05:31 PM
Don't you hate it when borrowers call you and say "Hey, I heard that the FED cut the rates...I want 6% instead of my 6.50% now!!
How PRIME works....
If you are shopping for a new credit card, education loan, a car loan or a specific type of second mortgage called a home … (4 comments)
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2 Mortgage Bills Progress - HR3609 passed. - 10/09/07 09:34 AM
The U.S. House of Representatives subcommittee Thursday reportedly passed H.R. 3609.
The bill would allow bankruptcy judges to modify the terms of a mortgage contract during bankruptcy proceedings. And, by a vote of 385-28, the House of Representatives Thursday passed H.R. 3648.
That bill would extend the deductibility for mortgage insurance … (4 comments)
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FDIC Says Make Teaser Rates Permanent - 10/09/07 09:21 AM
Some institutions are starting to be more proactive in modifying loans, FDIC's chairman said at an investor conference last week, according to a transcript of her presentation. She called for servicers to make teaser start rates permanent for owner-occupied borrowers with current mortgages, adding that these hybrid loans were designed as … (5 comments)
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U.S. Treasuries Decline After August Job Loss Revised to a Gain - 10/05/07 09:33 AM
Treasuries fell, pushing yields on two-year notes to the highest in two weeks, after the government revised August job losses to a gain and said employment growth in September exceeded forecasts. Traders pared expectations the Federal Reserve will lower interest rates a second consecutive month as concern eased that the housing … (0 comments)
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E-mail from Countrywide this morning..consolidating - 10/03/07 02:44 PM
I got this e-mail from CW and thought I'd share...
Dear Business Partner:First and foremost, I'd like to extend my sincere appreciation and thanks to our dedicated base of core Business Partners for your continuing support of Countrywide®, America's Wholesale Lender®. The immense value we place on our solid, long-term relationships with … (1 comments)
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HUD Acts on B&C Refis - 10/03/07 11:08 AM
The Department of Housing and Urban Development gave lenders the go-ahead last week to start refinancing delinquent subprime borrowers into Federal Housing Administration loans. The emergency program is designed to give certain subprime borrowers with adjustable-rate mortgages a refinancing option to avoid foreclosure.
It is a key component of the Bush administration's … (0 comments)
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Milken Says Housing Won't Recover for `Quite a While' - 10/02/07 09:07 PM
Oct. 2 (Bloomberg) -- The U.S. housing market is unlikely to recover soon from the worst slump in 16 years, according to Michael Milken, the junk bond billionaire turned philanthropist.
It will be ``quite a while before we have a robust housing market again,'' Milken said in an interview today. ``The … (3 comments)
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Move quickly before your program disappears! - 10/01/07 11:43 PM
I know I do not have to point out to anyone that the industry is changing daily. Program guidelines and pricing are changing so fast and unfortunately without notice and effective immediately.
The Alt A Programs are being scrutinized by the investors as they are having problems securitizing them on the … (0 comments)
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Housing Will Fixate Fed for Years! - 10/01/07 04:36 PM
Bill Gross, manager of the world's biggest bond fund, said falling home prices will be the main driver of U.S. monetary policy for ``several years,'' and repeated his forecast the Federal Reserve will lower the federal funds rate to at least 3.75 percent in the coming 12 months. The Fed may … (0 comments)
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Recession Concern Spurs U.S. Bond Rally on Fed Ease - 10/01/07 04:33 PM
For the first time since 1995, the U.S. bond market will rally on the assumption that the Federal Reserve has relegated inflation to a secondary concern because the central bank views a recession as a much greater threat to the economy. The bellwether 10-year Treasury note, which depreciated as its yield … (0 comments)
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Forcast for the week... - 10/01/07 02:27 PM
The month's most important Report is about to be released...That's right, and notice the whispers about this Friday's monthly Jobs Report. Remember last month's Jobs Report arrived as quite a surprise...economists were expecting around 110,000 new jobs being added for the month, but were shocked and demoralized to see a net … (0 comments)
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October's 1st week in review.. - 10/01/07 02:22 PM
The Bond market and home loan rates were fairly tame for the bulk of the week, but had picked up a little steam on Thursday following the US Treasury's auction of $13 billion in five-year notes that afternoon. The Treasury auction showed strong foreign demand and heavy buying by large institutional … (0 comments)
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