National Mortgage Licensing System and Registry
Last year Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act, which requires all mortgage originators -- including bank employees -- to register with the Nationwide Mortgage Licensing System and Registry. The Secure and Fair Enforcement for Mortgage Lending Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs). MLOs who work for an insured depository or its owned or controlled subsidiary, are registered. All other MLOs are to be licensed by the states. All Arizona originators must be Registered by June 30, 2009. All Arizona Originators must be licensed by January 1st, 2010 (originators working for a insured deposityry institution are exempt from licensing).
Rate Activity
We have seen, and expect more dramatic changes in interest rate movement. Money managers are hoping for a and economic botom an recovery. The money will move into whatever is considered a good risk. We don't know for sure if the fed will buy up more treasry or mortgage bonds to keep rates low. If refinancing, lock in at application with a lender that allows a floatdown to a lower rate should rates improve before closing docs.
Best conforming 30 yr fixed rate 5.250% no points (APR 5.326%) 80% LTV, $250,000 ln amt, 720 FICO, OOC
Best FHA 30 yr fixed rate 5.500% no points (APR 5.717%) 96.5% LTV, $150,000 ln amt ,680 FICO, OOC
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