Monday Morning Report

Mortgage and Lending with NMLS 291249


May 14, 2012, 6:45AM PST

Click for Lock Advice Updated Several Times Daily  


7 day Mortgage Interest Rate lock or Float Advice:  LOCK on any Improvement.
Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.14 point.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK on any improvement.
Rates are presently excellent and the best advice is to lock whenever possible.

National Average Fixed Rate Mortgage 3.84%
MBS (3.5%) - 104.19, High: 104.28, Low: 104.03   
DJI Stocks currently $12,820.60,  Down $-34.44, Change -0.269%   
Asian & European Stock Market Indexes Down -2.139%   
Nymex Crude Oil Currently $94.26 Down $1.87   
Gold 1 Once - $1,559.10 



Home Prices Rise for First Time Since March 2010 Ryan Schuette    

Home prices rose by a seasonally adjusted 0.2 percent in February, the first increase since March last year, according to Lender Processing Services (LPS). Read More MReport


Banks notifying borrowers of mortgage cuts via mail

Big banks are mailing letters offering to cut mortgage debt for hundreds of thousands of borrowers as part of a $25 billion foreclosure abuse settlement with state attorneys general, U.S. Housing and Urban Development Secretary Shaun Donovan said Tuesday.  Read more The Niche Report


Bring Me Your Weary and Downtrodden With Low Credit Scores.

There is the possibility of hope for borrowers with credits scores below 620 all the way down to 500. These are FHA loans, not sub-prime. Qualifying borrowers to 580 scores receive maximum 96.50% financing; those below 580 must put 10% down.


The underwriting guidelines for buyers below 620 are strict and the lender offering this program requires at least 45 days to close, however... there is hope for borrowers with low scores.


Clear Water Can Explode!

Imagine my surprise when water exploded with a bang while being heated in the microwave, blowing scalding water all over the inside of the microwave. It can also happen when superheated water that is not boiling is removed from the microwave, causing serious burns. I have heated water this way hundreds of times without incident but when I Googled "exploding water" I found it is not an uncommon occurrence so be careful. Read How


Take Selling Lessons from a Nine Year Old


If you want your conversations to have a real impact, you need to simplify your message. I recently read a study that confirmed my suspicion that most people don't remember what we present to them in a sales call. Read More in INC.


HAMP mortgage modifications down 33% from last year
Mortgage servicers completed one-third of the Home Affordable Modification Program
permanent workouts in the first quarter compared to one year ago, but estimates for the expanded guidelines will come this summer, according to the Treasury Department.


Green Homes Could Account for Nearly 40% of Construction by 2016
 By: Ryan Schuette    
The residential construction market could tilt toward green homes if today's preferences persist, with one recent study estimating that energy-efficient residences could account for anywhere from 29 percent to 38 percent of the playing field by 2016. Read More MReport


Fed Survey Finds Low Participation in HARP Program
 A Federal Reserve Board survey of senior loan officers at 53 banks found that only 16 banks, mostly large banks, are actively soliciting HARP 2.0 applications Read More National Mortgage News


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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bill loved your post and the clarification, Yes I agree with you most people do not remember even when we send them the same e-mail three times...based on the questions they ask I am with you!

May 14, 2012 03:08 PM #1
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Bill Ladewig

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