va: Apr. 20: Dodd Frank's potential impact on underwriting guidelines; bank earnings continue; Cantor's commercial deal; lender & investor news
- 04/20/11 08:21 AM
Apr. 20: Dodd Frank's potential impact on underwriting guidelines; bank earnings continue; Cantor's commercial deal; lender & investor newsLee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. WSJFarkas At this point Mr. Farkas is probably not interested that Cantor Fitzgerald sold $635 million of bonds backed by commercial mortgages in its first sale of the securities. Congrats to Cantor, who started its real-estate finance business in September. The … (2 comments)
va: Market Snapshot
- 04/20/11 04:51 AM
So much for outlook that markets would likely be quiet this week; after markets closed yesterday more earnings were reported and were better than expected for Intel and Intel's guidance that the outlook is for better earnings going forward. Intel said yesterday revenue may top analysts' estimates in the second quarter. United Technologies also reported better than expected earnings and forward guidance. Recent reported Q1 earnings had been generally disappointing; a number of estimates for Q1 growth have been lowered. The stock market looked vulnerable until late yesterday. This morning in pre-market trading at 8:30 the DJIA futures +147 and increasing. The bond … (0 comments)
va: Market Snapshot
- 04/20/11 03:38 AM
Treasuries and mortgage markets began flat today after yesterday's nice improvements. Markets still reacting to yesterday's announcement from S&P that it lowered US debt from stable to negative; not a down grade in the debt rating but a signal that unless our politicians do something real in reducing debt spending and increase taxes soon the debt rating may be lowered. While we believe it highly unlikely US debt ratings will actually be lowered, it was nevertheless a shot across the bow to Washington that time is running out on the spending binges that have been the norm for the last eight … (0 comments)
Some may want to move to Northern California - MetLife Home Loans is growing its footprint in that area. (MetLife itself is #51 in the Fortune 500 companies, and in 2008 MetLife Bank acquired First Horizon Home Loans. Although First Tennessee Bank retained most of the servicing portfolio in a holding company, MetLife has continued to expand and is now in the top ten retail mortgage banks with plans to increase market share.) "They are a sales and customer centric … (0 comments)
va: Rate Alert Weekly Preview
- 04/18/11 03:27 AM
This Week; is Holy Week. Trade likely will be quiet with the religious holiday. Most all of the data points this week are centered on the housing sector; starts and permits for Mar, new and existing home sales, the NAHB housing market index Monday and the FHFA housing price index on Thursday. The only other releases are weekly claims on Thursday and the and the April Philadelphia Fed business index also on Friday. That's it for the week. Markets closed on Friday.
Until a week ago the overwhelming consensus in the markets was that the US economy would have a strong … (0 comments)
25 basis point increase...FHA...MIP...Monday. 'Nuff said - FHA lenders everywhere are scrambling to take down those FHA case numbers ahead of Monday's MI change. Operators standing by!
Mortgage originators are required, under the SAFE Act, to authorize a credit report be pulled. ("All licensees will be required to authorize a credit report through NMLS": NMLS But it seems that state governments don't like employers "discriminating" potential hires based on credit history, and in fact state governments & consumer groups are very … (0 comments)
va: Market Snapshot
- 04/14/11 10:17 AM
Prior to 8:30 this morning the 10 yr note traded slightly better with stock index futures weaker. At 8:30 weekly jobless claims were expected to have increased 3K but jumped 27K back above 400K to 412K; continuing claims however declined from 3.73 mil to 3.68 mil. The 4 wk average increased 5K. Also at 8:30 March producer price index was expected up 1.0%, as reported up 0.7%, the core excluding food and energy was expected up 0.2% but increased 0.3%. Yr/yr overall PPI +5.8% while the yr/yr core +1.9%, up 0.1% frm Feb.
The 10 yr note fell below 3.50% yesterday … (0 comments)
va: Mortgage News 04-14-2011
- 04/14/11 10:14 AM
April 14: Citi name change & recent changes; servicing 'settlement' just the start? Rates behaving themselves
Yesterday Reuters ran a story saying, "A proposed rule requiring a minimum 20% down payment on mortgages that lenders could then sell to investors without keeping some of the risk on their books might prevent some potential borrowers from getting a loan, a top U.S. housing official said. While the rule 'is designed to create a class of loans that have a lower likelihood of default, in its proposed definition it has the potential to exclude a number of buyers,' Acting Federal Housing Administration … (0 comments)
va: 04-12-2011 Mortgage Market Snapshot
- 04/12/11 07:26 AM
April 12: Mortgage jobs in the Western US; M&A activity in the Central region; FHA MI changes in less than a week by Rob Chrisman I receive my fair share of "out of office" replies. But this unfortunate one caught my eye yesterday: "Thanks for your interest in City Mortgage Services. Unfortunately due to a new law that took effect Wed April 6, 2011, City Mortgage Services is no longer able to stay in business. This email is being forwarded to Norman H. at -------@gmail.com. Please direct any questions or concerns to that email address." But some companies continue to expand. … (0 comments)
Apr. 20: Dodd Frank's potential impact on underwriting guidelines; bank earnings continue; Cantor's commercial deal; lender & investor newsLee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. WSJFarkas At this point Mr. Farkas is probably not interested that Cantor Fitzgerald sold $635 million of bonds backed by commercial mortgages in its first sale of the securities. Congrats to Cantor, who started its real-estate finance business in September. The … (2 comments)
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