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Bill Ladewig's AM Market Brief

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

January 13, 2009 03:56 AM

January 13, 2009, 9:45 AM PST
Fannie Mae Mortgage Backed Securities (MBS) Up 3.9 basis points (bps) to 4.182%
*A Basis Point (bps) is 1/100 of 1.00%

National Average Fixed Rate Mortgage Unchanged 0.0 basis points at 5.08% 01-12-09

Float with Caution
Mortgage Backed Securities are declining into an oversold territory from a nuetral zone where they have rested for the past week.

DJI Stocks Down 5.10 -0.06%
European and Asian Markets Down 1.76%

10 Year Treasury is currently 2.33% up from 2.31

Crude Oil Currently $38.33 per barrel.

Click here for the ULTIMATE FHA-VA Loan Officer Trainer and Pre-Qualifier Calculates everything you need to know about FHA and VA Loans. Qualifies Borrowers, Finds Rates,: Payments, Buyer and Seller Costs and FHA and VA Maximum Loan Amounts anywhere in the country.

FHA Introduced HOPE For Homeowners
Program details for homeowners in trouble

How To Apply For $7,500 First Time Buyer Tax Credit
Up to $7,500 can be borrowed from IRS

10 Ways to Avoid A Closing Nightmare
An easy list that will make your life easier

Current Market and Lending Updates

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Associate Broker Falmouth MA Cape Cod Heath Coker

https://teamcoker.robertpaul.com - Falmouth, MA

Heath Coker Berkshire Hathaway HS Robert Paul Prop

There is no need for the Wall Street journal anymore with all that data in one easy place!

Jan 13, 2009 04:51 AM

Bill Ladewig

LoanOfficerSchool.com - Escondido, CA

Experience Is Your Advantage

Thanks Heath

Jan 13, 2009 05:02 AM

Keith Manson

First Weber Group/short sale/cdpe/gri - Muskego, WI

This is good information. I would like to ask the FHA experts if they have seen increased conserviative underwriting by FHA. I am in wisconsin ( that has had a lot of snow all winter) and have a customer that went to Chase Bank to get a fha loan. The customer was pre approved by chase and insists that customer has very good credit. The property has been appraised for $12,000 more than the accepted offer. The property inspection was clean. But now Chase indicates the underwriter wants the roof to be inspected and there is 3 inches of snow on the roof and it is currently 8 below and is suppose to stay that way.

I have an inspection completed in sepember indicating that the roof is alright, but the loan officer is indicating this most likley will not address the concern. How can I escalate this issue?

Or is FHA not making any loans in winter climates?

This does not make sense to me, can anyone help me understand?

Jan 13, 2009 12:28 PM

Being in sunny So Cal I am the wrong one to asking about snow loading issues but...

FHA appraisers have been instructed by FHA to call out obvious health and safety issues so unless there is evidence of a problem with the roof was the inspection was probably called by the underwriter.

There is another issue that may be an underlying cause; Chase is getting out of wholesale lending.

If Chase is dragging their heals shop other FHA lenders and transfer the file to a lender who wants your business. The appraisal and case number must be assigned to the new lender.

Stay warm and good luck, Bill

Jan 14, 2009 02:45 AM

Anonymous

Thanks for your input, I was able to push it through. She insisted it was being generated by the retail division. The closing took 3 hours but finally closed. Thanks again. I beleive your information helped me.

Jan 15, 2009 11:53 PM

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