Larry Bailey - 23 years of Banking Experience 609-975-9182 FHA VA Conventional 203K Rehabiliation I set the Rates ~ Call me

HVCC Compliant Conventional and FHA appraisals - How I can help you turn that into a Profit Center (not a cost center)

Larry Bailey (Elliemae, Inc.) — Fri, 23 Apr 2010 22:14:05 -0700

Larry Bailey I am looking for anyone that needs me to help them turn their HVCC compliant appraisal solution and FHA appraisal solution into a profit center for them - NOT a cost center. I also am looking for anyone that would like to turn their title insurance opportunities into a profit center for them.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

What is another 800,000 or so…

Larry Bailey (Elliemae, Inc.) — Tue, 09 Feb 2010 11:10:35 -0800

What is another 800,000 or so…

The job market lost 820,000 jobs last month. Well not exactly last month. This number included the 'adjustment of statistics' for the past year. In this column we will not get into how the government miscounts so badly. However, we will point out that it just makes the deep recession we are coming out of even deeper. Eventually we must replace all of these jobs and we have dug ourselves quite a hole to climb out of. Certainly this makes the jobs programs proposed by the Administration more likely to become law as the next phase of stimulus kicks into gear.

And certainly, the fact that there would be such a significant adjustment is one reason the stock market became so volatile this week. Thursday was particularly brutal, especially when we mixed in concerns about the debt of foreign governments. When you remove this big adjustment, the numbers for January were not all that bad. The loss of 20,000 jobs is not positive, but it still is much better than the hundreds of thousands of jobs we were losing just a few quarters ago. However, it is still a long way from recovering from seven million jobs lost. This does help by way of the fact that it takes some of the upward pressure off of rates, oil prices and other commodities, at least in the short-run

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Real Estate News - 203K allows you to use 110% of the "After-Improved" value for Lending Purposes.

Larry Bailey (Elliemae, Inc.) — Tue, 09 Feb 2010 09:37:29 -0800

The FHA-backed 203(k) rehab loan is an increasingly popular option in today’s market because so many available properties, especially foreclosures, are in need of repair. A streamlined 203(k) provides money to pay for improvements such as a new roof, appliances, furnace, energy-efficient windows, and cosmetic improvements like carpet, paint, and remodeled kitchens and baths. The maximum loan available is $417,000 (Burlington County NJ) and allows you to use 110% of the "After-Improved" value for Lending Purposes.

The buyer must put down 3.5 percent of the acquisition. At closing, the seller is paid and the remaining money goes into an escrow account to pay for repairs. A licensed contractor must complete the work within six months. Some lenders allow the borrower to do minor cosmetic work like painting themselves. Source: Minneapolis-St. Paul Star-Tribune

Green market research firm SBI Energy forecasts that in the next five years, the market for energy-efficient home renovation products will grow 15 percent, 50 percent faster than the renovations market as a whole. According to the report, the energy-efficient market will reach $35 billion and claim 15 percent of all home renovation dollars spent. 'The growth will come as a result of the tax credits, new incentives, and the reality that more agencies and utilities are promoting the fact that adding improved energy efficiency is the most cost-effective way to decrease home utility bills,' says Norman Deschamps, author and SBI Energy analyst. Source: SBI Reports

Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago. 'This could be a once-in-a-generation opportunity for real estate investment,' says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more. Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive. Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela. Source: MSNB

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Why rates are coming down again (for now)

Larry Bailey (Elliemae, Inc.) — Thu, 12 Mar 2009 21:07:55 -0700

Thu, Mar 12 - 5:00 PM ET
Market Wrap: Our benchmark 4.5% mortgage bond rallied for the 2nd consecutive day gaining 22bp to close at $101.19 while the stock market enjoyed its first 3-day rally since Jan. 26-28. The day's news drove both markets higher for different reasons. For bonds, mixed economic news and a successful $11 billion auction in re-opened 30-year Treasury bonds led the way higher. Retail Sales initially weighed on bond prices following a stronger than expected reading of -0.1% in February vs. a consensus estimate for a -0.4% drop. Also, January's Retail Sales were revised to a higher 1.8% gain from an initially reported gain of 1.0%. After factoring out the effect of declining auto sales, Retail Sales had a gain of 0.7% vs. a forecast of 0.2% for February. However, weekly Jobless Claims allowed bonds to recover after showing continuing weakness in the labor market with an increase of 9,000 claims to 654,000. The four-week moving average for those claims increased by 6,750 to 650,000, the highest average in 27 years. Continuing jobless claims jumped by 193,000 to 5.32 million claims with the four-week moving average for these claims climbing by 124,250 to 5.14 million, both record high levels. The $11 billion 30-year auction exceeded expectations with a solid 2.40 bid to cover ratio and a better 46.2% level of foreign buying. In addition to the positive Retail Sales data, the catalyst for stocks was a less than feared cut in GE's credit rating by Standard & Poor's. GE's credit rating was taken down a peg due to problems with GE Financial but investors had feared a worse cut. Hearings before the House Financial Services subcommittee on mark-to-market accounting also lent support to stocks. Congressional leaders threatened to take corrective action if the SEC and Financial Accounting Standards Board (FASB) doesn't get off of their derrieres and enact more flexible accounting guidance. FASB Chairman Robert Herz told committee members that FASB could offer 'guidance in three weeks.' The Dow advanced 239 points to close at 7,169 while the broader S&P 500 Index reclaimed 29 points to end at 750. The NASDAQ Composite Index added 54 points to finish at 1,426.

4:26 PM ET - The NY Fed purchases $27B in MBS from Mar 5 through Mar 11 bringing the total to $217B since the program began.

4:02 PM ET - Don't look now but a three day rally in Stocks are in the books. The Dow is up 237 points at the close. S&P 500 at 750 up nearly 30 points led by surging shares of GE and the financial sector.

3:47 PM ET - Crude ends at $47.03/barrel up $4.70.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

I need to hire Residential and Commercial Title Insurance Marketing Representatives.

Larry Bailey (Elliemae, Inc.) — Tue, 10 Mar 2009 23:08:33 -0700

I need to hire Residential and Commercial Title Insurance Marketing Representatives. Commissions paid are 20-30% of the Premiums Earned

I am in the need for Residential and Commercial Title Insurance Marketing Representatives in MD, DC, DE, FL, IL, IN, MI, MN, ME, NH, CO, GA, MO, MS, NJ, OH, PA, RI, TN, VA, NY, VT and CT. The commission pay is 20-30% of the title premium earned. We have full and modern technologies to assist you in finding, maintaining, tracking and servicing your clients. This may be the perfect opportunity for anyone that has direct or indirect access to relationships that can generate title insurance for either residential or commercial title insurance needs. We offer full processing, support and accounting of all files at every step of the progress of the order. We close anytime and anywhere. We offer title service needs for all 50 states, but are looking for Marketing Representatives only for the states that are listed. Please contact me directly for a completely confidential conversation and/or interview.

Larry Bailey

609-760-7222 Phone

609-228-6378 Fax

Larryb147@gmail.com

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update Tue, Feb 17 - 1:52 PM ET

Larry Bailey (Elliemae, Inc.) — Tue, 17 Feb 2009 13:40:05 -0800

Tue, Feb 17 - 1:52 PM ET
U.S. homebuilder sentiment surprisingly rose in February but were still near all-time lows. The NAHB/Wells Fargo Housing Market Index sqeeked out a 1 point gain to 9 from the record low of 8.

12:26 PM ET - Equity markets still under considerable pressure pushing dollars into the safe haven of the debt markets. The Dow is off 285 points while the 4.5% MBS is higher by 44bp.

9:50 AM ET - MBS trading higher as Stocks near low levels hit back in late November. NY Empire Index plummets to record low of -34.65. Treasuries soaring as investors seek safe haven. Oil falling by $2.50 at $35/barrel as demand wanes.

8:15 AM ET - Global stocks drop on continued fears of a worldwide recession will continue. Stock futures plunging here in the U.S. Treasuries advance the most in a week as investors seek safe havens. Oil falls to $36.61/barrel down 88 cents. MBS not yet open.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Who's up for some "Conversion"?

Larry Bailey (Elliemae, Inc.) — Tue, 17 Feb 2009 12:39:46 -0800

All I hear about these days are different title companies offering leads. Leads seem to be everywhere all of a sudden. Public records, triggers, exclusive, live transfer, Internet, valuation, etc. The list of leads that is available is long, so why are there so many loan officers, real estate agents and title representatives hurting for business???? It's easy. It's one word.

CONVERSION

What if I could help you take your next 100 leads (that you may have paid 25 cents to 25 dollars) and find 3 more loans in there? How much is that worth to you? What would you do to make an extra $6,000 to $12,000 this month?

I do not have anything other than a proven rate of contact and conversion that I would like to share with you.

I work for Assembly Title, LLC in Hainesport NJ. I would love to show you what I am talking about. After a 5 minute conversation and a few answers, we can decide if a meeting is the next step. Here are a couple of the questions that I usually cover:

1. What is the name of your Lead Management System?

2. What is your current conversion ratio?

3. What is your system of incubating all of the leads that you receive?

I do not sell anything (for those that may think so), but I do enjoy building and helping people, as part of the relationship process.

If you are not converting 10% of your leads that you receive, or if you are looking to have a serious conversation with a Title Company that will actually help you FIND business, not just TAKE orders, let me know.

Very Truly,

Larry Bailey

609-760-7222 Mobile

Lbailey@AssemblyTitle.com

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update Tue, Feb 17 - 9:50 AM ET

Larry Bailey (Elliemae, Inc.) — Tue, 17 Feb 2009 09:13:59 -0800

Tue, Feb 17 - 9:50 AM ET
MBS trading higher as Stocks near low levels hit back in late November. NY Empire Index plummets to record low of -34.65. Treasuries soaring as investors seek safe haven. Oil falling by $2.50 at $35/barrel as demand wanes.

8:15 AM ET - Global stocks drop on continued fears of a worldwide recession will continue. Stock futures plunging here in the U.S. Treasuries advance the most in a week as investors seek safe havens. Oil falls to $36.61/barrel down 88 cents. MBS not yet open.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Assembly Title, LLC ~ A New Jersey Title Insurance Company in Burlington County Hainesport

Larry Bailey (Elliemae, Inc.) — Sat, 14 Feb 2009 23:20:01 -0800

We are near all of the major cities in Southern New Jersey. We are within miles of the following towns and cities in New Jersey

Aberdeen
Absecon
Alexandria
Allamuchy
Allendale
Allenhurst
Allentown
Alloway
Alpha
Alpine
Andover
Andover
Asbury Park
Atlantic City
Atlantic Highlands
Audubon
Audubon Park
Avalon
Avon-by-the-Sea
Barnegat
Barnegat Light
Barrington
Bass River
Bay Head
Bayonne
Beach Haven
Beachwood
Bedminster
Belleville
Bellmawr
Belmar
Belvidere
Bergenfield
Berkeley
Berkeley Heights
Berlin
Berlin
Bernards
Bernardsville
Bethlehem
Beverly
Blairstown
Bloomfield
Bloomingdale
Bloomsbury
Bogota
Boonton
Boonton
Bordentown
Bordentown
Bound Brook
Bradley Beach
Branchburg
Branchville
Brick
Bridgeton
Bridgewater
Brielle
Brigantine
Brooklawn
Buena
Buena Vista
Burlington
Butler
Byram
Caldwell
Califon
Camden
Cape May
Cape May Point
Carlstadt
Carneys Point
Carteret
Cedar Grove
Chatham
Chatham
Cherry Hill
Chesilhurst
Chester
Chester
Chesterfield
Cinnaminson
Clark
Clayton
Clementon
Cliffside Park
Clifton
Clinton
Clinton
Closter
Collingswood
Colts Neck
Commercial
Corbin City
Cranbury
Cranford
Cresskill
Deal
Deerfield
Delanco
Delran
Demarest
Dennis
Denville
Deptford
Dover
Downe
Dumont
Dunellen
Eagleswood
East Amwell
East Brunswick
East Greenwich
East Hanover
East Newark
East Orange
East Rutherford
East Windsor
Eastampton
Eatontown
Edgewater
Edgewater Park
Edison
Egg Harbor
Egg Harbor City
Elizabeth
Elk
Elmer
Elmwood Park
Elsinboro
Emerson
Englewood
Englewood Cliffs
Englishtown
Essex Fells
Estell Manor
Evesham
Ewing
Fair Haven
Fair Lawn
Fairfield
Fairfield
Fairview
Fanwood
Far Hills
Farmingdale
Fieldsboro
Flemington
Florence
Florham Park
Folsom
Fort Lee
Frankford
Franklin
Franklin
Franklin
Franklin
Franklin
Franklin Lakes
Fredon
Freehold
Freehold
Frelinghuysen
Frenchtown
Galloway
Garfield
Garwood
Gibbsboro
Glassboro
Glen Gardner
Glen Ridge Borough
Glen Rock
Gloucester
Gloucester City
Green
Green Brook
Greenwich
Greenwich
Greenwich
Guttenberg
Hackensack
Hackettstown
Haddon
Haddon Heights
Haddonfield
Hainesport
Haledon
Hamburg
Hamilton
Hamilton
Hammonton
Hampton
Hampton
Hanover
Harding
Hardwick
Hardyston
Harmony
Harrington Park
Harrison
Harrison
Harvey Cedars
Hasbrouck Heights
Haworth
Hawthorne
Hazlet
Helmetta
Hi-Nella
High Bridge
Highland Park
Highlands
Hightstown
Hillsborough
Hillsdale
Hillside
Ho-Ho-Kus
Hoboken
Holland
Holmdel
Hopatcong
Hope
Hopewell
Hopewell
Hopewell
Howell
Independence
Interlaken
Irvington
Island Heights
Jackson
Jamesburg
Jefferson
Jersey City
Keansburg
Kearny
Kenilworth
Keyport
Kingwood
Kinnelon
Knowlton
Lacey
Lafayette
Lake Como
Lakehurst
Lakewood
Lambertville
Laurel Springs
Lavallette
Lawnside
Lawrence
Lawrence
Lebanon
Lebanon
Leonia
Liberty
Lincoln Park
Linden
Lindenwold
Linwood
Little Egg Harbor
Little Falls
Little Ferry
Little Silver
Livingston
Loch Arbour
Lodi
Logan
Long Beach
Long Branch
Long Hill
Longport
Lopatcong
Lower
Lower Alloways Creek
Lumberton
Lyndhurst
Madison
Magnolia
Mahwah
Manalapan
Manasquan
Manchester
Mannington
Mansfield
Mansfield
Mantoloking
Mantua
Manville
Maple Shade
Maplewood
Margate City
Marlboro
Matawan
Maurice River
Maywood
Medford
Medford Lakes
Mendham
Mendham
Merchantville
Metuchen
Middle
Middlesex
Middletown
Midland Park
Milford
Millburn
Millstone
Millstone
Milltown
Millville
Mine Hill
Monmouth Beach
Monroe
Monroe
Montague
Montclair
Montgomery
Montvale
Montville
Moonachie
Moorestown
Morris
Morris Plains
Morristown
Mount Arlington
Mount Ephraim
Mount Holly
Mount Laurel
Mount Olive
Mountain Lakes
Mountainside
Mullica
National Park
Neptune
Neptune City
Netcong
New Hanover
New Milford
New Providence
Newark
Newfield
Newton
North Arlington
North Bergen
North Brunswick
North Caldwell
North Haledon
North Hanover
North Plainfield
North Wildwood
Northfield
Northvale
Norwood
Nutley
Oakland
Oaklyn
Ocean
Ocean
Ocean City
Ocean Gate
Oceanport
Ogdensburg
Old Bridge
Old Tappan
Oldmans
Oradell
Orange
Oxford
Palisades Park
Palmyra
Paramus
Park Ridge
Parsippany-Troy Hills
Passaic
Paterson
Paulsboro
Peapack-Gladstone
Pemberton
Pemberton
Pennington
Penns Grove
Pennsauken
Pennsville
Pequannock
Perth Amboy
Phillipsburg
Pilesgrove
Pine Beach
Pine Hill
Pine Valley
Piscataway
Pitman
Pittsgrove
Plainfield
Plainsboro
Pleasantville
Plumsted
Pohatcong
Point Pleasant
Point Pleasant Beach
Pompton Lakes
Port Republic
Princeton
Princeton
Prospect Park
Quinton
Rahway
Ramsey
Randolph
Raritan
Raritan
Readington
Red Bank
Ridgefield
Ridgefield Park
Ridgewood
Ringwood
River Edge
River Vale
Riverdale
Riverside
Riverton
Robbinsville
Rochelle Park
Rockaway
Rockaway
Rockleigh
Rocky Hill
Roosevelt
Roseland
Roselle
Roselle Park
Roxbury
Rumson
Runnemede
Rutherford
Saddle Brook
Saddle River
Sandyston
Sayreville
Scotch Plains
Sea Bright
Sea Girt
Sea Isle City
Seaside Heights
Seaside Park
Secaucus
Shamong
Shiloh
Ship Bottom
Shrewsbury
Shrewsbury
Somerdale
Somers Point
Somerville
South Amboy
South Bound Brook
South Brunswick
South Hackensack
South Harrison
South Orange Village
South Plainfield
South River
South Toms River
Southampton
Sparta
Spotswood
Spring Lake
Spring Lake Heights
Springfield
Springfield
Stafford
Stanhope
Stillwater
Stockton
Stone Harbor
Stow Creek
Stratford
Summit
Surf City
Sussex
Swedesboro
Tabernacle
Tavistock
Teaneck
Tenafly
Teterboro
Tewksbury
Tinton Falls
Toms River
Totowa
Trenton
Tuckerton
Union
Union
Union Beach
Union City
Upper
Upper Deerfield
Upper Freehold
Upper Pittsgrove
Upper Saddle River
Ventnor City
Vernon
Verona
Victory Gardens
Vineland
Voorhees
Waldwick
Wall
Wallington
Walpack
Wanaque
Wantage
Warren
Watchung
Waterford
Wayne
Weehawken
Wenonah
West Amwell
West Caldwell
West Cape May
West Deptford
West Long Branch
West Milford
West Orange
West Wildwood
West Windsor
Westampton
Westfield
Westville
Westwood
Weymouth
Wharton
White
Wildwood
Wildwood Crest
Willingboro
Winfield
Winslow
Wood-Ridge
Woodbine
Woodbridge
Woodbury
Woodbury Heights
Woodcliff Lake
Woodland
Woodland Park
Woodlynne
Woodstown
Woolwich
Wrightstown
Wyckoff

We cover the following counties for business as well:

Warren
Union
Sussex
Somerset
Salem
Passaic
Ocean
Morris
Monmouth
Middlesex
Mercer
Hunterdon
Hudson
Gloucester
Essex
Cumberland
Cape May
Camden
Burlington
Bergen
Atlantic

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

What makes one Title Insurance Company (Assembly Title, LLC) different from the Rest? (And keep it LEGAL) Read and find out!!

Larry Bailey (Elliemae, Inc.) — Sat, 14 Feb 2009 22:53:44 -0800

So while I am planning out my strategies for making Assembly Title LLC stand out in the "Brotherhood" of the Title Industry, I am faced with the same questions that I always train my Sales-People on. What makes you different? What are you possibly going to say that is going to make you different than the next Sales-Person?

Is it your charm, your good looks, your "Connections", your leads, your systems???? Or is it supposed to be about something else?

Since 1987, I have been professionally involved in the Banking/Insurance/Finance/Technology/Sales fields. This calculates up to a whopping 8030 days (approximately.) Now as I calculated that up, I started thinking, in 8030 days, what is it that I say that makes me different when someone says, "What do you do for a living?" or "Title Insurance eh? WOW, you guys must be getting killed. How are your doing with that?" The answer has always been clear to me, no matter what my job or position. The answer is:

I am different, because my answer changes depending on who I am speaking to."

How many times do you answer the same question, the same way to different people? What makes you think that there is a "One Answer Fits All" answer? Stop and take the time to do what every successful person does. This would be called LISTENING.

The person asking the question has the power in the conversation. (If you disagree, please stop reading, because you will not understand the rest of this post.) It is the answers that direct the conversation. It is the answers that give the Questioner the ability to find out if there is even an audience. Let me give you an example:

Sales Person "A"

My company, Assembly Title LLC in Hainesport New Jersey, provides title insurance services to anyone in need for all 50 states. BIG WHOOP. So can so many other companies. But wait, I can give your client the BEST customer experience, and close anywhere ~ anytime. And give free coffee and donuts and gift baskets and pens.....(hopefully you get where I am going.)

Sales Person "B"

Now what if I told you that in my hands, I hold a Basket of Goods and Services that can accomplish anything that you need to help your business? What if all I needed to hear was what it is you need for your business? Once I LISTEN to what you need, I can help. What if I GUARANTEED that I could help, just tell me what you need and lets talk.

Which Sales Person would you honestly want to spend time with? A person who drones on about how great they are, or with a person who listens to your concerns and needs. Naturally you are saying, Sales-Person "B", because they LISTENED. The kicker here is that if Sales-Person "B" can not personally come through and deliver insightful, meaningful, and direct information, then there really is no way for a Sales-Person to have that kind of a conversation, or become Sales-Person "B". So how many times does Sales-Person "A" call you and ask you for business, or WORSE, how much business are you giving to Sales-Person "A", because you do not have an alternative?

The GREAT news is that Sales-Person "B" is me, Larry Bailey. The experience in the industries that I have, has given me the best ability to know what questions to ask you, and HAVE the answers to help. Whether you need help with finding better lead sources (Internet and Traditional), better lead management solutions (Technical and Non-Technical), better Originators and Mortgage Companies (I deal with many and know who is closing deals and who is not), or just need to have someone to bounce ideas off of, to make sure that your ideas make sense.

I can help you with your business, whether you are a "one-person" branch, or you have a group of 20 and are finding it impossible to manage things because you don't have someone like me in your staff. It all starts with a conversation. I know that you need someone to help with something, let me know what it is.

You can find out more about me by calling me or viewing any of the sites that I post to. My "resume" of experience and testimonials is on Linkedin. If you don't know what that is or where to find it, here is the link http://www.linkedin.com/in/larrybailey

I look forward to us speaking and more importantly to me LISTENING to what you need help with.

Very Truly,

Larry Bailey

Assembly Title, LLC

1441 Route 38 West, Hainesport, NJ 08036

609-760-7222 Mobile

LBailey@AssemblyTitle.com

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Wrap 2-13-09 I told you to lock!!! Did you listen? (I hope so)

Larry Bailey (Elliemae, Inc.) — Sat, 14 Feb 2009 22:14:56 -0800

Fri, Feb 13 - 4:24 PM ET
Market Wrap: Our benchmark 4.5% FNMA bond struggled with a lower volume holiday trading day and lost 28bp to close at $100.62. Traders didn't have much to focus on other than to watch the progress of the 'Financial Stability Plan' in Congress. The $787 billion bill passed the House by a partisan vote of 246 to 183 just after the bond market closed. No Republicans voted for the massive spending measure and the Senate is expected to vote on the bill this evening. The day's only economic report saw consumer confidence eroding in February with a reading of 56.2 vs. a consensus of 61.5. The expectations index, which predicts the direction of consumer spending six months from now, fell to 49.1 from 57.8 in January, the lowest it has been since 1980. However, the current conditions index, which measures consumer perceptions of their financial situation and whether it is a good time to buy big ticket items like cars, edged higher to 67.1 from 66.5. J.P. Morgan said they would temporarily suspend foreclosures for at least three weeks while Citigroup said it would suspend foreclosures until a Treasury plan is finalized to restructure troubled mortgages. The stock market also had a lackluster day with the Dow losing 82 points to close at 7,850. The broader S&P 500 Index lost 8 points to end at 826 while the NASDAQ Composite Index fell 7 points to close at 1,534.

1:39 PM ET - Oil gushes higher to $38/barrel up $4. MBS trolling near lows of the day. Stocks also trading lower after a profit warning from Lloyds of London hits the financials.

12:00 PM ET - JPMorgan halts new mortgage foreclosures. Will not out new mortgages into foreclosure for 3 weeks. Believes 3 weeks adequate for Treasury to announce a new mortgage modification plan. MBS trade back to flat and will close at 2:00pm ET. Stocks lower and will close normal time today at 4:00pm ET.

10:11 AM ET - Consumer Sentiment slightly lower at 56.2 vs estimates of 60.2. MBS trading near session lows. Stocks near unchanged.

8:40 AM ET - Year-to-date the Fed purchases nearly $115B in MBS as reported yesterday. MBS flat, while Stock Futures slightly lower. Oil at $34.72/barrel up 75 cents.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Wrap 2-13-09 I told you to lock!!! Did you listen? (I hope so)

Larry Bailey (Elliemae, Inc.) — Fri, 13 Feb 2009 16:43:34 -0800

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

JPMorgan halts new mortgage foreclosures

Larry Bailey (Elliemae, Inc.) — Fri, 13 Feb 2009 11:18:38 -0800

Fri, Feb 13 - 12:00 PM ET
JPMorgan halts new mortgage foreclosures. Will not out new mortgages into foreclosure for 3 weeks. Believes 3 weeks adequate for Treasury to announce a new mortgage modification plan. MBS trade back to flat and will close at 2:00pm ET. Stocks lower and will close normal time today at 4:00pm ET.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update - Friday, February 13, 2009 10:13am ET

Larry Bailey (Elliemae, Inc.) — Fri, 13 Feb 2009 09:26:46 -0800

Current Trend Direction: Sideways

Risks favor: Bias Towards Locking

Current Price of FNMA 4.5% Bond: $100.75, -16bp

Bond prices are trading lower so far today on this shortened holiday session that will see the Bond markets close at 2:00pm ET. On Monday, President's Day, both the Stock and Bond markets will be closed. Market action could be choppy today, as Wall Street starts to clear out early for the three day weekend. Our next Daily Update will be on Tuesday February 17.

Stock markets were plunging yesterday, but rallied at the close to near unchanged after Reuters reported that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans. Current programs only assist borrowers that are already delinquent. There are no details yet on this plan.

The current $789B stimulus bill is expected to be passed today by Congress and be on President Obama's desk to sign into law this weekend. Stocks remain under pressure as many investors feel the plan will take some time before it has an impact on the economy.

Here are some of the details regarding the tax credit that have been released so far - The tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years. More details are to come, and we will be sharing with you the impact of the stimulus plan once we go through the final version that is signed into law.

Yesterday, the NY Fed reported they purchased $23.2B in Mortgage Backed Securities from February 5 through February 11, bringing the year-to-date total to almost $115B.

Consumer Sentiment (unsurprisingly) came in a bit gloomier than had been expected, showing a reading of 56.2 where 60.2 had been anticipated.

Mortgage Bonds are again facing a dual layer of resistance, which will make any meaningful gains difficult. And Stocks are due for a relief rally from very oversold levels, which is also adding pressure to Bonds. Because of these factors, a bias towards Locking continues to appear to be the smart strategy.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Fri, Feb 13 - 10:11 AM ET Market Update ALERT TO LOCK!!

Larry Bailey (Elliemae, Inc.) — Fri, 13 Feb 2009 09:20:12 -0800

Fri, Feb 13 - 10:11 AM ET
Consumer Sentiment slightly lower at 56.2 vs exstimates of 60.2. MBS trading near session lows. Stocks near unchanged.

8:40 AM ET - Year-to-date the Fed purchases nearly $115B in MBS as reported yesterday. MBS flat, while Stock Futures slightly lower. Oil at $34.72/barrel up 75 cents.

ALERT TO LOCK!!

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Assembly Title is in Hainesport NJ on Route 38 and wants to help your Business Grow

Larry Bailey (Elliemae, Inc.) — Fri, 13 Feb 2009 07:45:31 -0800

Assembly Title is in Hainesport NJ on Route 38 and wants to help your Business Grow

We are located at 1441 Route 38 West, Hainesport NJ 08036. Our phone is 609-267-2000 and our fax is 609-265-3880. The best email address to use is AssemblyTitle@AssemblyTitle.com This email address is received by everyone in our Processing and Operations Departments to ensure that all needs are met and nothing falls through any cracks.

We will be launching a new website shortly that will allow you to have an immediate Title Quote for insurance, as well as a launch to our Flat Fee Structure and Customer Appreciation Program.

Also, be on the look out for the Premier of our Program Release of Best Practices on how to create and most importantly CONVERT your leads into CLOSINGS. You will be shocked on how many times simple things are done or missed that costs so very much.

Your experience, as well as your Customer's is always one to smile about. We belive in creating "Raving Fans" though all of our Relationships. We also take every opportunity to remind the Borrowers or Sellers that YOU are the reason why this is going so well. This way, there is little room for that Borrower to shop around for what they think may be a better "deal."

As always, if you are in need of anything, please feel free to contact me. I will respond as immediatly as possible.

Larry Bailey

609-760-7222 Mobile

Lbailey@AssemblyTitle.com

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update - Thursday, February 12, 2009 10:38am ET

Larry Bailey (Elliemae, Inc.) — Thu, 12 Feb 2009 23:18:50 -0800

Current Trend Direction: Sideways

Risks favor: Locking

Current Price of FNMA 4.5% Bond: $101.19, +9bp

Retail Sales unexpectedly increased in January for the first time in 7 months coming in at 1.0% versus estimates of -0.8%. When stripping out auto sales, the number came in at 0.9%, also beating expectations of -0.4%. Mortgage Bonds brushed off the better than expected news and are trading near the unchanged mark so far this morning, thanks to a weaker Stock market.

The number of Initial Jobless Claims in the week ending Feb. 7 fell 8,000 to 623,000, slightly better than expectations, but a level that is 84% higher than the same period in the prior year. For the week ending Jan. 31, the number of Americans receiving state jobless benefits rose 11,000 to a record 4.81 million. The growing number of continuing claims shows the Job market continues to weaken.

The stimulus plan was finalized last night and is now headed for passage from the House and the Senate for final vote, then on to President Obama's desk for signing. The package was scaled down to $789B made up of tax cuts and spending programs aimed at reviving the US economy. Once the details are released, we will report to you on the specifics that effect our industry.

After some nice price improvements, the Bond is now pressed up against the dual ceiling of resistance at the 50 and 25-day Moving Averages. We feel a bias towards locking is warranted.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Wrap 2-12-09 Whew, what a day!

Larry Bailey (Elliemae, Inc.) — Thu, 12 Feb 2009 23:16:44 -0800

Thu, Feb 12 - 5:00 PM ET
Market Wrap: Our benchmark 4.5% FNMA bond was pushed up and down within a 41bp range on mixed economic, bond auction, and mortgage related news. The bond ended the wild session 19bp lower at $100.91. Retail Sales surprised to the upside snapping a six month losing string by rising +1.0% in January, their largest gain since November 2007. The unexpected gain in Retail Sales easily exceeded the consensus estimate of -0.3%. Weekly Jobless Claims showed the labor market remains perilously weak with 623,000 new claims vs. a consensus forecast of 610,000. The four-week moving average increased by 24,000 to 607,500 claims, the highest level in more than 26 years. The four-week moving average for continuing claims hit a new all-time record, increasing by 73,750 to reach 4.75 million. A $14 billion auction of 30-year Treasury bonds ended poorly with a bid-to-cover ratio of 2.02 and foreign participation of only 33.9%. This lower demand sparked a bond market sell-off as did breaking mortgage news. Reuters reported the Obama administration is working on a new program to subsidize and modify existing mortgages using a standardized re-appraisal and affordability test. The program would be used to not only rescue homeowners with delinquent mortgages but it also could be used to aid distressed borrowers before they became delinquent with their mortgages. The mortgage news triggered a sharp late-day reversal in stocks allowing the stock market to recover from steep losses. The Dow bounced back by 245 points before posting a loss of just 6 points to close at 7,932. The broader S&P 500 Index gained a point to end at 835 while the NASDAQ Composite Index rose by 11 points to close at 1,541.

4:08 PM ET - Stocks rally and move to unchanged at the close after the report about rescuing troubled homeowners.

3:40 PM ET - Reuters reports that The Obama administration is working on a program to subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test, sources familiar with the plan said on Thursday.

3:10 PM ET - NY Fed bought $23.2B in MBS concentrated in 4% and 4.5% bonds from Fed 5 through Feb 11.

2:50 PM ET - Oil closes at $33.90/barrel down $2.04. Stocks fall back to their worst levels of the day. MBS slightly higher.

1:32 PM ET - Alert To Lock! MBS seem unsteady as they troll near session lows.

1:07 PM ET - MBS hit new daily low. 30 yr Note auction below average demand.

11:28 AM ET - MBS now revisiting their lowest level of the day. Stocks trying to make a come back but still in the red.

9:54 AM ET - Vote on stimulus plan not likely until tomorrow. MBS continue to trade in a sideways pattern. Stocks move a leg lower - the Dow is off 200 points.

9:42 AM ET - Stocks fall at the open as investors feel that the $789B stimulus plan can't help the US economic recovery. Oil drops below $35/barrel to $34.80 down $1.14.

8:37 AM ET - Retail sales come in better than expected for the first time in 7 months. MBS tick near unchanged. Stock futures lower.

8:25 AM ET - Stimulus passes through Senate now headed for passage in the House & Senate for final vote then on to President Obama's desk for signing. Stocks lower on what could be the worst reatil sales number in 40 years. MBS slightly higher. Oil dips below $36/barrel to $35.14.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Larry Bailey joins Assembly Title, LLC as their Director of Sales and Marketing

Larry Bailey (Elliemae, Inc.) — Thu, 12 Feb 2009 22:35:22 -0800

Assembly Title, LLC is a breath of "Fresh-Air" in the title business. There are many reasons why I am proud to have joined Assembly Title, LLC.

One of them is that we make sure that your clients are treated in the highest regard. We strive to make sure that they are constantly reminded that you are the reason why this transaction is happening, and we are here, as agents, to ensure an outstanding experience with a timely closing.

Another reason is that the owner, Ted Costa, has owned a title company since 1986. With him as a highly experienced Attorney, we can help you and all of your clients by leveraging his skills, experiences, and expertise in whatever way necessary to get your deal closed.

Just one more reason is that I am able to directly control the entire Marketing and Sales Departments of the Company. This means that I can finally help anyone, who is interested in help, with their needs for better Marketing Support, Sales Support, Lead Generation and the MOST important issue...LEAD CONVERSION. You can buy leads from any source you want. The costs can range from 5 cents per lead to as much as 35 dollars per lead. The reality is that if you are not converting them, the cost is always too high. Ask me how to create the BEST PRACTICES for the BEST CONVERSION RATES.

All if takes for us to connect is a phone call, email, text message or any other form of communication to let me know that you are tired of your current title relationship always taking, and not giving. As an active member of BNI (Marlton Regional Chapter of NJ), you can rest assured that I follow the ideal very closely. That ideal is "GIVERS GAIN."

Contact me for more information anytime.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Updated FHA Guidelines Regarding Loan Amounts for 2009

Larry Bailey (Elliemae, Inc.) — Fri, 26 Dec 2008 15:16:53 -0800

December 15, 2008

MORTGAGEE LETTER 2008-40

TO: ALL APPROVED MORTGAGEES

SUBJECT: Refinance Transactions: New Maximum Mortgage Calculation

The Housing and Economic Recovery Act of 2008 revised the National Housing Act to:

Eliminate the variable loan-to-value (LTV) limits that were based on the combination of the property value and the average closing costs of the State where the property is located and
Limit the total FHA-insured first mortgage to 100 percent of the appraised value, and permit the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit.

For simplicity purposes, and to eliminate any confusion in the marketplace, effective for case numbers assigned on or after January 1, 2009 the maximum LTV for most refinance transactions will be 97.75 percent. A summary of maximum LTVs is shown in the chart below.

The discussion of refinance transactions and mortgage calculation example shown in Mortgagee Letter 2008-23 are superseded by the instructions in this Mortgagee Letter. A matrix comparing rates and terms, streamlined with and without appraisals, is provided in the attachment to this Mortgagee Letter.

Underwriting requirements for rate-and-term and streamline refinances appear on the following pages; underwriting and eligibility requirements for cash-out refinances remain in ML 2005-43. Please note that in every example below, the loan amount before adding the UFMIP may not exceed the geographical limit where the property is located.

Type of Refinance	Maximum LTV	UFMIP[1]
Rate-and-Term	97.75%	1.75%
FHA-to-FHA Streamline w/Appraisal	97.75%	1.50%
FHA-to-FHA Streamline w/o Appraisal	n/a (see below)	1.50%
Cash-Out Refinances	95% and 85%	1.75%

Termination of FHASecure:

Per the original announcement, the FHASecure program will terminate December 31, 2008. To meet this deadline, the loan application must be executed by the borrower(s) and a case number assigned no later than December 31, 2008 to be eligible for this program. A separate mortgagee letter will be issued with additional information.

MORTGAGE AMOUNTS ON REFINANCE TRANSACTIONS

Rate and Term Refinances with Appraisals: The maximum mortgage is the lower of the LTV limitation or the existing debt calculation described below, and may never exceed the geographical statutory limit except by the amount of any new UFMIP:

o LTV Ratio Applied to Appraised Value: Multiply the appraised value of the property by 97.75 percent. Any appraisal requirements, including repairs, must be satisfied before the mortgage is eligible for insurance endorsement.

o Existing Debt: Add together the amount of the existing first lien, any purchase money second mortgage, any junior liens over 12 months old, closing costs, prepaid expenses, borrower paid repairs required by the appraisal, discount points, and then subtract any refund of UFMIP.

If any portion of the funds of an equity line of credit in excess of $1000 was advanced within the past 12 months and was for purposes other than repairs and rehabilitation of the property, the line of credit is not eligible for inclusion in the new mortgage.

The amount of the existing first mortgage may include the interest charged by the servicing lender when the payoff will not likely be received on the first day of the month (as is typically assessed on FHA-insured mortgages). The amount also may include any prepayment penalties assessed on a conventional mortgage.

In determining the existing debt as part of the mortgage amount calculation, the mortgagee may include accrued late charges and escrow shortages.

Prepaid expenses may include the per diem interest to the end of the month on the new loan, hazard insurance premium deposits, monthly mortgage insurance premiums, and any real estate tax deposits needed to establish the escrow account regardless whether the mortgagee refinancing the existing loan is also the servicing lender for that mortgage.

Additional underwriting and eligibility criteria:

· The mortgage being refinanced must be current for the month due, e.g., a refinance of a mortgage anytime in November must have had the October payment made.

· Subordinate liens, including credit lines, regardless of when taken, may remain outstanding (but subordinate to the FHA-insured mortgage).

· New subordinate liens may be placed behind the FHA-insured mortgage and are subject to no CLTV cap.

· At closing, the borrower may not receive cash back in excess of $500.

Streamline Refinance WITH an Appraisal. The maximum insurable mortgage is the lower of 97.75 percent of the appraiser's estimate of value or the sum of the existing indebtedness and related closing costs and prepaid expenses for the refinance; both are described below.

· LTV Ratio Applied to Appraised Value: Multiply the appraised value of the property by 97.75 percent.

· Existing Debt: Add together the amount of the existing FHA-insured first lien, closing costs, prepaid expenses, discount points, and then subtract any refund of UFMIP.

The amount of the existing first mortgage may include the interest charged by the servicing lender when the payoff will not likely be received on the first day of the month (as is typically assessed on FHA-insured mortgages). In determining the existing debt as part of the mortgage amount calculation, the mortgagee may include accrued late charges and escrow shortages.

Additional underwriting and eligibility criteria:

· The mortgage being refinanced must be current for the month due, e.g., a refinance of a mortgage anytime in November must have had the October payment made. [Borrowers no more than 2 months delinquent may also be refinanced in this manner per instructions contained in handbook HUD-4155.1 REV-5, paragraph 1-12D6.]

· Subordinate liens, including credit lines, regardless of when taken, may remain outstanding (but subordinate to the FHA-insured mortgage).

· At closing, the borrower may not receive cash back in excess of $500.

Streamline Refinances WITHOUT an Appraisal. The maximum insurable mortgage is the lower of the two calculations shown below:

· Original Loan Amount: The original principal balance on the mortgage (which will include any UFMIP) plus the new upfront premium that will be charged on the refinance, or

· Existing Debt: Add together the amount of the existing FHA-insured first lien, closing costs, prepaid expenses, discount points, and then subtract any refund of UFMIP.

The amount of the existing first mortgage may include the interest charged by the servicing lender when the payoff will not likely be received on the first day of the month (as is typically assessed on FHA-insured mortgages). In determining the existing debt as part of the mortgage amount calculation, the mortgagee may include accrued late charges and escrow shortages.

Additional underwriting and eligibility criteria

· The mortgage being refinanced must be current for the month due, e.g., a refinance of a mortgage anytime in November must have had the October payment made. [Borrowers no more than 2 months delinquent may also be refinanced in this manner per instruction contained in handbook HUD-4155.1 REV-5, paragraph 1-12D6.]

· Subordinate liens, including credit lines, regardless of when taken, may remain outstanding (but subordinate to the FHA-insured mortgage).

· At closing, the borrower may not receive cash back in excess of $500.

· Properties no longer occupied by the owners or otherwise owned by an investor can only be refinanced in this manner, i.e., without an appraisal, and only for the outstanding principal balance. See handbook HUD-4155.1 REV-5, Chapter 1, Section 12 for additional information when refinancing investor-owned properties.

Additional Information

· Fees Charged by Non-Approved Broker: While FHA regulations (see 24 CFR 203.27(e)) permit a borrower to engage a broker who is not FHA-approved to assist in obtaining mortgage financing, the loan origination services may not be performed by that broker and the FHA approved mortgagee shall not compensate the broker for such services. FHA requires that these services be performed by either an FHA-approved lender or loan correspondent. Further, under no circumstances may a borrower be charged a fee that is not commensurate with the amount normally charged for similar services. If the payment bears no reasonable relationship to the market value of the services provided, the excess over the market rate may be used as evidence of a compensated referral or unearned fee in violation of section 8(a) or (b) of RESPA and 24 CFR 3500.14(g). See Mortgagee Letter 2008-17 for additional guidance.

· Title Issues Regarding Non-Borrowing Spouses or Other Parties in Interest: This section addresses the situation where two or more parties have an ownership interest in the property, but only one of the parties is applying for the loan (and credit qualifies for the loan on his or her own). Currently, Handbook HUD-4155.1 REV-5, paragraphs 2-2 A and D do not permit the non-applicant individuals to have an ownership interest in the property at the time of settlement without executing the mortgage note and mortgage, deed of trust, or security deed. Except as provided in this section, the Mortgagee Letter eliminates that requirement, regardless of whether the transaction is a purchase or a refinance.

The lender is still required to ensure a valid and enforceable first lien on the property under state law, which may require the execution of the mortgage (but not typically the note) by all parties who have an ownership interest in the property. See Federal Reserve Regulation B for more information. If the party in question executes the mortgage, deed of trust, or security deed only for such reasons, he or she is not considered a borrower for FHA purposes, and therefore need not sign the loan application or be considered in credit underwriting.

· Second Appraisal Requirements/Loan-to-Value Limits for Cash-Out Refinances: The instructions in ML 2008-09 regarding when a second appraisal is needed, and the requirements for that second appraisal, as well as the 85 percent limitation on cash-out refinances when the loan balance will exceed $417,000, remain in effect.

In addition, FHA will now require a second appraisal for all cash-out refinances where the LTV, exclusive of the UFMIP, will exceed 85 percent of the appraiser's estimate of value. This second appraisal requirement applies regardless of the loan amount or the location of the property, i.e., whether the property is in a "declining area" or is not. This second appraisal requirement for cash-out refinances is effective for all case number assignments on or after January 1, 2009 and is to adhere to the instructions set forth in ML 2008-09. Please also note that cash-out refinances with LTVs exceeding 85 percent will be over-selected for post-endorsement technical reviews (PETR) to assure the quality of the underwriting.

Additional underwriting and eligibility criteria

· The subject property must have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application.

· If said property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than 30 days late and is current for the month due.

· The property that is security for the refinanced mortgage must be a 1- or 2-unit dwelling.

· Subordinate financing may remain in place, but subordinate to the FHA insured first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.

· Any co-borrower or co-signer being added to the note must be an occupant of the property. Non-occupant owners may not be added in order to meet FHA's credit underwriting guidelines for the mortgage.

If you have any questions regarding this Mortgagee Letter, please contact the FHA Resource Center at 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).

Sincerely,

Brian D. Montgomery

Assistant Secretary for Housing-

Federal Housing Commissioner

Attachment

ATTACHMENT

The following matrix provides a comparison of rates and terms, streamlined with and without appraisals.

[1]

As of October 1, 2008

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Daily Script 12-19-2008

Larry Bailey (Elliemae, Inc.) — Fri, 19 Dec 2008 10:13:14 -0800

The following script is intended to be used when speaking with your clients, prospects, and referral sources. It explains the current market conditions and will help solidify your position as a Trusted Advisor. You can even use it when you leave a voicemail message.

NOTE: In order to preserve the integrity of the membership and the information provided to members, this script may not be posted, published, reproduced or distributed in any other manner, either electronically or in print. Violations of "proper use" may result in the cancellation of membership to The Mortgage Market Guide^SM and a publication fee of up to $50,000 per occurrence.

"Volatility will once again be the key word in the markets today, as a number of Stock options and futures expire. This volatility has already jostled Mortgage Bonds around quite a bit in the early hours of trading.

In other news, the auto industry finally received some relief, as President Bush announced a deal that will provide GM and Chrysler with $13.4 Billion worth of government loans in exchange for restructuring.

Currently, Bond prices are sitting just above an important level of support and may move higher due to market activity. Therefore, I recommend floating for now."

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Daily update Fri, Dec 19 - 10:35 AM ET

Larry Bailey (Elliemae, Inc.) — Fri, 19 Dec 2008 09:46:18 -0800

Fri, Dec 19 - 10:35 AM ET
President Bush announces a $13.4B loan to GM and Chrysler. Stocks higher after the news. MBS taking a breather after a sharp eun higher in recent weeks.

8:35 AM ET - MBS slightly lower this morning with no economic data due for release. Quadruple witching occurs in the equity markets today so volatility should be rampant. Oil at $34.94.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update - Friday, December 19, 2008 10:32am ET

Larry Bailey (Elliemae, Inc.) — Fri, 19 Dec 2008 09:38:58 -0800

Current Trend Direction: Sideways

Risks favor: Carefully Floating

Current Price of FNMA 4.5% Bond: $101.44, -38bp

Surprise, surprise...volatility will once again be the key word on Wall Street today, as "quadruple witching" day occurs in the Stock markets. Quadruple witching, which happens four times a year, is the simultaneous expiration of market index futures, market index options, stock options, and stock futures. As Traders rush to unwind positions, Stock prices have the potential to bounce around rather sharply. This volatility has already extended to Mortgage Bonds, as Bond prices have also been jostled around quite a bit in the first hours of trading. It should be noted that on the Monday following a quadruple witching, securities prices often times move in the opposite direction from where they headed Friday.

There are no economic reports set for release today - but there was some big news from Japan. The Bank of Japan trimmed their benchmark interest rate from 0.3% to 0.1%, and unveiled a series of new steps to pump more money into the financial system to ease an emerging credit crunch among Japanese companies. Japan doesn't have much more room to cut rates at these levels, so it will be interesting to see how this stimulus impacts their financial markets.

The auto industry finally received some relief this morning, as President Bush just announced a deal that GM and Chrysler are going to receive $13.4B in government loans to keep operating in exchange for a restructuring. Ford has more cash on hand than the other two, and has said it should be able to avoid tapping into federal dollars unless weak auto sales continue longer than expected into 2009. Auto stocks are higher on the news, and this is providing a lift, as well as a sigh of relief to the entire Stock market.

Hopefully, you have taken advantage of the recent alerts and avoided the price erosion as Bonds seem to have tired out a bit since the move higher earlier this week. Don't you remember we built this rally on weak economic news, talks of the Fed purchasing Mortgage Bonds and rock and roll :)...and those factors have not changed, which bode well longer-term.

Again on new transactions, we recommend floating and here's why...prices do have support just beneath current levels and we feel there is a good chance prices could move higher on our aforementioned quadruple witching reversal theory.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Daily Script 12-18-2008

Larry Bailey (Elliemae, Inc.) — Thu, 18 Dec 2008 09:00:47 -0800

"After all the big Fed news from earlier this week, Bonds began the day on the quiet side as they attempt to regain some of yesterday's losses.

Meanwhile, the Job market continues to struggle. The four-week average of new Jobless Claims reached the highest level since December 1982, while the four-week average of continuing Claims is the highest since January 1983.

I recommend floating as Bonds try to move higher again. If anything changes, I will let you know."

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Market Update - Thursday, December 18, 2008 9:30am ET

Larry Bailey (Elliemae, Inc.) — Thu, 18 Dec 2008 08:32:59 -0800

Current Trend Direction: Higher

Risks favor: Floating

Current Price of FNMA 5% Bond: $101.62, -3bp

The Job Market continues to struggle. Initial Jobless Claims were reported at 554,000, near expectations, but still a bad number. The four-week average of Claims rose 2,750 to 543,750 - the highest level since December 1982. And the four-week average of continuing Claims rose 92,000 to 4.23 million -- the highest since January 1983. Mortgage Bonds have had little reaction to the release.

Leading Economic Indicators and the Philadelphia Fed Index are due out a little later, but unless these reports really miss the mark - there may not due much to influence the market.

Oil is now trading at $38.64 - wow. This should translate to some nice prices at the pump. It is really amazing how people were saying Oil was going to be $200 a barrel. Now we are hearing forecasts of possibly $25 a barrel. Still, the longer-term view for Oil will likely be much higher...it is just a matter of time.

Hopefully, you locked on yesterday's alert and missed the sudden price erosion, but on new transactions, let try and float and see if Bonds can regain their footing and move higher again.

Larry Bailey

856-470-1101 ext 419 Office

609-975-9182 Direct

609-228-6378 Fax

Larry Bailey - 23 years of Banking Experience 609-975-9182 FHA VA Conventional 203K Rehabiliation I set the Rates ~ Call me

HVCC Compliant Conventional and FHA appraisals - How I can help you turn that into a Profit Center (not a cost center)

What is another 800,000 or so…

Real Estate News - 203K allows you to use 110% of the "After-Improved" value for Lending Purposes.

Why rates are coming down again (for now)

I need to hire Residential and Commercial Title Insurance Marketing Representatives.

Market Update Tue, Feb 17 - 1:52 PM ET

Who's up for some "Conversion"?

CONVERSION

Market Update Tue, Feb 17 - 9:50 AM ET

Assembly Title, LLC ~ A New Jersey Title Insurance Company in Burlington County Hainesport

What makes one Title Insurance Company (Assembly Title, LLC) different from the Rest? (And keep it LEGAL) Read and find out!!

Market Wrap 2-13-09 I told you to lock!!! Did you listen? (I hope so)

Market Wrap 2-13-09 I told you to lock!!! Did you listen? (I hope so)

JPMorgan halts new mortgage foreclosures

Market Update - Friday, February 13, 2009 10:13am ET

Fri, Feb 13 - 10:11 AM ET Market Update ALERT TO LOCK!!

Assembly Title is in Hainesport NJ on Route 38 and wants to help your Business Grow

Market Update - Thursday, February 12, 2009 10:38am ET

Market Wrap 2-12-09 Whew, what a day!

Larry Bailey joins Assembly Title, LLC as their Director of Sales and Marketing

**Updated FHA Guidelines Regarding Loan Amounts for 2009**

Daily Script 12-19-2008

Daily update Fri, Dec 19 - 10:35 AM ET

Market Update - Friday, December 19, 2008 10:32am ET

Daily Script 12-18-2008

Market Update - Thursday, December 18, 2008 9:30am ET

Updated FHA Guidelines Regarding Loan Amounts for 2009