https://activerain.com/blogs/sbrown0007 en-us https://activerain.com/blogsview/1487361/fha-appraisal-changes •v      FHA Appraisal Changes:  Implementation of ML 2009-28 (Appraiser Independence) & ML 2009-51 (Adoption of the GSE (Fannie/Freddie) Appraisal Update Forms) We have been told that the appraisal changes (prohibition of mortgage brokers and loan production staff from selecting appraisers)  are ready to be implemented in FHA Connection this week-end and should be effective on February 15th barring weather problems.   FHA hopes to publish this  mortgagee letter this week. How will the appraisal data entry changes work? We have also been told  that the appraiser ID field and appraiser assignment date have been removed from the Case Number Assignment screen.   The "assigned appraiser" is also removed from the Appraisal Logging screen.  Lenders will enter the "actual" appraiser on the Appraisal Logging screen.  This is an existing field on the screen. On the FHA use of the GSE appraisal update forms, we also expect a mortgagee letter to be published shortly. Steve Brown (Gold Financial Services) Thu, 11 Feb 2010 02:26:23 -0800 https://activerain.com/blogsview/1487361/fha-appraisal-changes https://activerain.com/blogsview/1487318/mortgage-rates-up-slightly-in-the-san-antonio-area Mortgage Rates Up Slightly In the San Antonio Area As reported by CNNMoney.com -- Treasurys turned lower Wednesday following a lackluster debt auction of 10-year notes for this morning 2/11/2010.What prices are doing: The benchmark 10-year note was down 13/32 to 97-13/32, and its yield rose to 3.70% from 3.65% earlier in the day. Prices and yields move in opposite directions. What analysts are saying is the week bidding was a "sign that foreign buyers are no longer aggressively stepping up to the plate" said Weiss Research analyst Mike Larson. Mortgage rates in the San Antonio/Universal City/Schertz area are still around the 5.00% or below. Steve Brown Gold Financial Services A Division of America Home Key Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Thu, 11 Feb 2010 02:13:22 -0800 https://activerain.com/blogsview/1487318/mortgage-rates-up-slightly-in-the-san-antonio-area https://activerain.com/blogsview/1396716/san-antonio-mortgage-rates-rise San Antonio Mortgage Rates Rise 10 Yr Takes a Big Hit As reported in CNNMoney.com -- Bond prices fell late Monday, rates up, as investors shifted their attention to higher-yielding assets like equities amid optimism about the economy. "People are positioning ahead of next year, trying to focus on 2010," said Bill Larkin, analyst at Cabot Money Management. "They're hoping for a brighter new year." Investors typically buy Treasurys as a so-called safe play because they are backed by the government with a guaranteed yield, although those yields are generally lower than stock returns. Treasury prices fell Monday, with the 10-year note yield rising to 3.68% from 3.50% late Friday. Prices and yields move in opposite directions. Yield curve geometry The curve, which measures the difference between the yields of the 2-year and 10-year bonds, has been steepening. On Monday the curve hit 2.78%, or 278 basis points. Compare that with a year ago, when it was 2.16%. Early Tuesday morning bonds are continuing the slide. Current 10 yr yield is at 3.73% at 8:30a.m., CST. up from the close at 3.68%. Rates in the San Antonio area were up an eight of percent Monday from Friday. LOCK! LOCK! LOCK! Steve Brown Senior Loan Officer Gold Financial Services Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Tue, 22 Dec 2009 00:50:45 -0800 https://activerain.com/blogsview/1396716/san-antonio-mortgage-rates-rise https://activerain.com/blogsview/1395046/san-antonio-mortgage-interest-rates-up-slightly Mortgage Rates In San Antonio Up Slightly Treasurys Fall On Rebounding Stocks December 18, 2009: 9:14am CST As Reported by Reuters -- U.S. government bond prices slipped Friday after Thursday's scramble for low-risk investments, spurred by falling stocks and concerns over Greece's fiscal problems, tapered off. In the absence of major U.S. economic data, traders will likely take their cue from technical factors, the stock market and non-economic developments, traders said. Following Thursday's dramatic rally, Treasury yields are decidedly below their four-month highs set earlier this week. Benchmark 10-year notes were down 6/32 in price at 98-30/32. Their yield which moves inversely to their price was 3.50%, up 2 basis points from late Thursday. Currently the 10 year note is 3.62%. Not good if you were waiting to lock your mortgage rate. Steve Brown Senior Loan Officer Gold Financial Services Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Mon, 21 Dec 2009 01:23:54 -0800 https://activerain.com/blogsview/1395046/san-antonio-mortgage-interest-rates-up-slightly https://activerain.com/blogsview/1395012/texas-veterans-land-board-rates-remain-steady Texas Veterans Land Board Remain Steady Texas Veterans Land Board rates remained steady at 5.05% for the week beginning 12/18/2009. The rate will be good until 4:30pm on Friday, 11/27/2009. With at least 30% disability the rate would drop to 4.55%. Steve Brown Gold Financial Services Senior Loan Officer Wow Steve Brown (Gold Financial Services) Mon, 21 Dec 2009 01:00:38 -0800 https://activerain.com/blogsview/1395012/texas-veterans-land-board-rates-remain-steady https://activerain.com/blogsview/1391185/san-antonio-mortgage-interest-rates-up-slightly San Antonio Mortgage Interest Rates Up Slightly Treasurys Pare Gains On Strong Manufacturing Data December 17, 2009: As reported by Reuters -- U.S. Treasurys shaved earlier gains Thursday after a measure of regional business activity posted a surprise increase, suggesting vigor in the U.S. manufacturing sector. The Philadelphia Federal Reserve's index on business activity in the U.S. Mid-Atlantic region was 20.4, the highest since April 2005. This compared with an expected 16.0 and November's 16.7. The price on benchmark 10-year Treasury notes was last up 18/32, compared with a 20/32 gain shortly before the data. Their yield, which moves inversely to their price, was last at 3.50%, nearly the same level before the data and lower than the 3.60% late Wednesday Feds also announced they would keep rates down for a little while longer. Steve Brown Senior Loan Officer Gold Financial Services Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Fri, 18 Dec 2009 01:08:01 -0800 https://activerain.com/blogsview/1391185/san-antonio-mortgage-interest-rates-up-slightly https://activerain.com/blogsview/1390432/texas-veterans-land-board-rates-rise Texas Veterans Land Board Rates Rise Texas Veterans Land Board rates dropped from 5.00% to 5.05% for the week beginning 12/11/2009. The rate will be good until 4:30pm on Friday, 11/27/2009. With at least 30% disability the rate would drop to 4.55%. Steve Brown Gold Financial Services Senior Loan Officer Steve Brown (Gold Financial Services) Thu, 17 Dec 2009 09:22:35 -0800 https://activerain.com/blogsview/1390432/texas-veterans-land-board-rates-rise https://activerain.com/blogsview/1390426/san-antonio-mortgage-interest-rates-down-slightly San Antonio Mortgage Interest Rates Down Slightly Higher than expected unemployment claims cause rally in the bond market only to be countered by an higher than expected regional business activity suggesting vigor in the US manufacturing sector. All in all, San Antonio mortgage interest rates are down slightly. The price on benchmark 10-year Treasury notes was last up 18/32, compared with a 20/32 gain shortly before the data. Their yield, which moves inversely to their price, was last at 3.53%, nearly the same level before the data and lower than the 3.60% late Steve Brown Senior Loan Officer Gold Financial Services Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Thu, 17 Dec 2009 09:18:53 -0800 https://activerain.com/blogsview/1390426/san-antonio-mortgage-interest-rates-down-slightly https://activerain.com/blogsview/1377907/san-antonio-mortgage-rates-rise-slighty-wednesday San Antonio Mortgage Interest Rates Rise Slighlty on the Treasurys Fall on Poor 10-Yr Debt Sale As reported by Reuters -- U.S. Treasurys prices fell on Wednesday, sending 30-year yields to four-week highs after an unexpectedly poor auction of 10-year debt. The Treasury sold $21 billion of 10-year notes in an auction that registered weak demand by all measures and is likely to bode ill for Thursday's $13 billion 30-year bond auction. Wednesday's offering was the second of three this week that will total $74 billion and which may suffer from bad timing because many professional investors are unwilling to commit funds this close to the year-end. The burgeoning U.S. national debt also makes it difficult to sell bonds as auction sizes have expanded this year to pay for bailouts of the financial sector and economic stimulus measures. "These are large sizes and you have a problem with people not wanting to take risk at the end of the year," said Nick Kalivas, vice president of financial research at MF Global Research in Chicago. The benchmark 10-year Treasury note was last down 11/32, yielding 3.43% versus 3.39% at Tuesday's close. The 30-year Treasury bond was down 22/32, yielding 4.42% against 4.37% late Tuesday, though losses were well over a point immediately after the auction Steve Brown (Gold Financial Services) Thu, 10 Dec 2009 00:47:21 -0800 https://activerain.com/blogsview/1377907/san-antonio-mortgage-rates-rise-slighty-wednesday https://activerain.com/blogsview/1376072/texas-veterans-land-board-interest-rate-down Texas Veterans Land Board Interest Rate Down The TxVet rate for the week of 11-30-09 went to 5.00% from 4.99%. With at least 30% service related disability the rate would be 4.50%. Call Steve Brown, Mortgage Loan Officer specializing in loans for Veterans. Steve Brown Senior Mortgage Loan Office Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Wed, 09 Dec 2009 00:37:06 -0800 https://activerain.com/blogsview/1376072/texas-veterans-land-board-interest-rate-down https://activerain.com/blogsview/1350036/texas-veterans-land-board-interest-rate-down Texas Veterans Land Board Interest Rate Down The TxVet rate for the week of 11-23-09 went to 4.99% from 5.04%. With at least 30% service related disability the rate would be 4.49%. Call Steve Brown, Mortgage Loan Officer specializing in loans for Veterans. Steve Brown Senior Mortgage Loan Office Office: 210-658-7474 Cell: 210-862-2885 Steve Brown (Gold Financial Services) Sun, 22 Nov 2009 03:21:26 -0800 https://activerain.com/blogsview/1350036/texas-veterans-land-board-interest-rate-down https://activerain.com/blogsview/1350033/san-antonio-mortgage-rates-flat-for-the-week San Antonio Mortgage Rates Flat For The Week San Antonio mortgages interest rates ended the week slightly lower than the previous weekend close. Again, a flat bond market rate is good for San Antonio mortgage interest rates. NEW YORK (Reuters) -- Short-dated U.S. Treasurys rallied on Friday, sending two-year yields to 11-month lows, as investors sought the safety of government bonds on fears that this year's stock market recovery had finally come to end. A day after the S&P's worst one-day percentage fall in three weeks, stock futures pointed to another dismal day on Wall Street, reigniting a bond market rally that had appeared to be on its last legs earlier this week. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Sun, 22 Nov 2009 03:20:00 -0800 https://activerain.com/blogsview/1350033/san-antonio-mortgage-rates-flat-for-the-week https://activerain.com/blogsview/1350028/mortgage-rates-down-slightly-in-the-san-antonio-area Mortgage Rates Down Slightly in the San Antonio Area Jobless claims hold at 10-month low Number of initial filers for unemployment insurance was unchanged last week at 505,000. As reported by CNNMoney.com -- The number of first-time filers for unemployment insurance was unchanged last week, holding at the lowest level since January, said a government report released Thursday. There were 505,000 initial jobless claims filed in the week ended Nov. 14, the same as the revised figure the previous week, the Labor Department said in a weekly report. A consensus estimate of economists surveyed by Briefing.com expected 504,000 new claims. The 4-week moving average of initial claims was 514,000, down 6,500 from the previous week's revised average of 520,500. "After two hefty declines, claims were due a pause this week," said Ian Shepherdson, economist at High Frequency Economics, in a research note. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Sun, 22 Nov 2009 03:18:15 -0800 https://activerain.com/blogsview/1350028/mortgage-rates-down-slightly-in-the-san-antonio-area https://activerain.com/blogsview/1350024/texas-veterans-land-board-rates-hold-steady Texas Veterans Land Board Rates Hold Steady Effective 111309, The Texas Veterans Land Board rates went down from the previous week coming out at 5.04%. With at least 30% service related disability the rate would be reduced by .50% or 4.58%. Call for more information. Steve Brown (Gold Financial Services) Sun, 22 Nov 2009 03:15:09 -0800 https://activerain.com/blogsview/1350024/texas-veterans-land-board-rates-hold-steady https://activerain.com/blogsview/1328931/san-antonio-mortgage-rates-hold-as-treasurys-pop-after-jobs-report San Antonio Mortgage Rates Hold as Treasurys pop after jobs report Government debt prices move higher after Labor Department reports unemployment rate spiked to 10.2%. As reported by CNNMoney.com Treasury prices were higher Friday after the government reported that unemployment spiked to 10.2% -- its highest level since April 1983. The jump raised demand for the perceived safety of government-backed debt, which typically attracts investors in times of economic uncertainty. But gains were limited ahead of next week's $81 billion record refunding, which includes 2-year and 10-year notes, along with the 30-year bond. Treasury prices on the rise. The Treasury will kick off the sale with $40 billion of 3-year notes Monday. The auction will continue with $25 billion of 10-year notes and $16 billion of 30-year long bonds later in the week. Should be another interesting week for San Antonio Mortgages. Stay Tuned This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 09 Nov 2009 09:06:35 -0800 https://activerain.com/blogsview/1328931/san-antonio-mortgage-rates-hold-as-treasurys-pop-after-jobs-report https://activerain.com/blogsview/1328927/texas-veterans-land-board-rates-hold-steady Texas Veterans Land Board Rates Hold Steady The Texas Veterans Land Board rates stayed the same as the previous week coming out at 5.08%. With at least 30% service related disability the rate would be reduced by .50% or 4.58%. Call for more information. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 09 Nov 2009 09:05:01 -0800 https://activerain.com/blogsview/1328927/texas-veterans-land-board-rates-hold-steady https://activerain.com/blogsview/1328922/bond-report San Antonio Mortgages and Bonds mixed after jobless data Longer-term debt prices fall on better-than-expected jobless claims and supply concerns. As reported by CNNMoney.com mortgage interest rates/bond prices were mixed on Thursday with dated Treasurys edging lower after the government reported that the number of Americans who filed for unemployment benefits slipped last week. The Labor Department said initial jobless claims fell more-than-expected to 512,000, which triggered a rally on Wall Street. Still, investors are anxiously awaiting the October employment report due Friday. "Investors look at earnings and employment as key drivers as to when the economic recovery is going to occur, and the consensus is the first half of 2010," said Bill Larkin, portfolio manager at Cabot Money Management. "A disappointing unemployment number will hinder economic recovery, which would be favorable for the Treasurys but negative for the stock market." Economists are expecting the economy to have lost another 175,000 jobs last month, which could push the nation's unemployment rate closer to 10%, according to a consensus of economists surveyed by Briefing.com. Bond prices. The 30-year bond lost 1/32 to 101-19/32. Its yield rose to 4.41% from 4.40% late Wednesday. Bond prices and yields move in opposite directions. The benchmark 10-year note was down 1/32 to 100-25/32 and its yield was 3.53%. In early Friday morning trading, San Antonio mortgage interest rates/bonds are slightly lower. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 09 Nov 2009 09:03:00 -0800 https://activerain.com/blogsview/1328922/bond-report https://activerain.com/blogsview/1317529/mortgage-rates-slump-on-upbeat-economic-reports Mortgage Rates slump on upbeat economic reports NEW YORK (Reuters) -- U.S. Treasurys fell Monday after stronger-than-expected data on manufacturing, construction and home sales spurred hopes of a solid economic recovery and dented demand for safe-haven U.S. debt. Losses were limited however, with many investors unwilling to take a strong position as they wait for the Federal Reserve to speak Wednesday after its two-day monetary policy meeting and look ahead to Friday's October non-farm payrolls report. We had very strong data today which raises the risk that we might have a further sharp narrowing in the non-farm payroll job declines" said Josh Stiles, bond strategist at IDEAglobal in New York. The benchmark U.S. 10-year Treasury note traded 12/32 lower in price to yield 3.43%, up from 3.39% late Friday, San Antonio mortgage rates up slightly. The National Association of Realtors said pending sales of previously owned U.S. homes unexpectedly rose in September to the highest level in nearly three years. Also, U.S. construction spending made its largest gain in a year in September, aided by a big rise in private residential building and a record pace of public construction, the government said. Fed statement key Market analysts Wednesday will put the Fed's Federal Open Market Committee's statement under a microscope. At issue is whether more hawkish members of the Federal Open Market Committee, the Fed's policy arm, will manage to make the Fed statement slightly less dovish by removing the word "extended" from the Fed's current commitment to keep interest rates low for an extended period. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Tue, 03 Nov 2009 02:36:28 -0800 https://activerain.com/blogsview/1317529/mortgage-rates-slump-on-upbeat-economic-reports https://activerain.com/blogsview/1316174/texas-veterans-land-board-rates-drop Texas Veterans Land Board Rates Drop Texas Veterans Land Board rates dropped from 5.09% to 5.08% for the week beginning 11/2/2009. The rate will be good until 4:30pm on Friday, 11/06/2009. With at least 30% disability the rate would drop to 4.58%. Wow This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 02 Nov 2009 07:13:38 -0800 https://activerain.com/blogsview/1316174/texas-veterans-land-board-rates-drop https://activerain.com/blogsview/1316171/bond-market-still-going-strong Bond market still going strong Bond market still going strong Demand for U.S. debt remains robust as persistent economic concerns outweigh nervousness about a swelling budget deficit. San Antonio Mortgage Rates eases slightly As reported by CNNMoney.com -- The government is finding no shortage of willing buyers for its debt as the shaky economy continues to spur demand for safe haven assets. "As long as the economy continues to sputter, it is hard to shed bonds in favor of anything else," said Kevin Giddis, managing director of fixed-income at Morgan Keegan. Treasurys were higher Friday, paring a monthly loss, as investors focused on mixed economic news and stocks tumbled following a rally in the previous session. While the U.S. economy appears to be pulling out of the longest downturn since the Great Depression, many analysts say the recovery will be shaky as unemployment is expected to remain elevated. Some analysts say the ever-growing U.S. deficit, combined with rock bottom interest rates, could further undermine the weak dollar and cause major overseas buyers, namely China, to shun U.S. debt. At the same time, there is a great deal of concern in the bond market that the supply of Treasurys could overwhelm demand as the government keeps up its record issuance further causing pressure to a raise in San Antonio Mortgage Rates. Bond prices/San Antonio Mortgage Rates could also come under pressure as improved economic news encourages investors to seek out higher returns in more risky assets. This blog was reposted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 02 Nov 2009 07:11:40 -0800 https://activerain.com/blogsview/1316171/bond-market-still-going-strong https://activerain.com/blogsview/1312069/tax-credit-proposal-is-improved---getting-closer Tax Credit Proposal Is Improved & Getting Closer There apparently is an agreement on the details of an expanded and extended credit.  No vote has occurred yet.  The issue is now caught up in Senate procedural matters.  However, there is optimism that it will be resolved this week.  The provision would still have to be passed by the House.  Below are the details of the new tax credit program. •·         First-time homebuyers will continue at $8,000  -- same definition as current law. •·         Tax credit for "move up" purchasers will be up to $6500 •o        Must have used previous home as a principal residence for 5 of the 8 previous years. •·         Income limits increased and are the same for first-time and "move up" purchasers : $125,000 for single filers/$225,000 for joint filers •·         Limitation on eligible home prices has been increased to $800,000 •·         Time Frame:    December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010 •·         Anti-fraud measures have been added HVCC Amendment AS you remember this is the law that prohibits commissions mortgage personal not to have anything to do with the ordering of the appraisal. An amendment has been added to H.R. 3126, "Consumer Financial Protection Agency Act of 2009", and approved by the House Financial Services Committee.  The provision, if enacted into law, would effectively "terminate" the HVCC program and permit mortgage brokers to select appraisers.  This provision is a long way from becoming law.  In fact, we would put the odds of it becoming law at less than 5% today.  We expect the fundamental provisions of the HVCC program will remain intact.  There may be some modest tinkering but we would be very surprised if production staff  (be they brokers or retail loan officers) are able to select the appraiser. Hope this helps you! This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Fri, 30 Oct 2009 09:13:56 -0700 https://activerain.com/blogsview/1312069/tax-credit-proposal-is-improved---getting-closer https://activerain.com/blogsview/1310105/the-latest-we-are-hearing-in-the-mortgage-lending-circles- The latest we are hearing in the Mortgage Lending circles is the following REVISED TAX CREDIT Credit is changed to 10% of sales price up to $7290 For first time homebuyers, the income level to qualify is $ 75,000/150,000. For "move up" buyers the income level to qualify is $ 125,000/250,000. For "move up" buyers, they must have been residing in their primary residence for 5 years. The credit runs from Dec. 1, 2009 to April 30, 2010. Sales contracts signed as of April 30, 2010 would have 60 days to close. •Ø      FHA Condominium Changes FHA maintains that they will be publishing the condominium letter shortly.  They held meetings w/ the major trade groups this week and advised them of the following: •ü      FHA concentration will go to 100 percent in established projects, 50 percent in new projects. •ü      Pre-sale will be lowered to 30 percent •ü      Owner occupancy remains at 50 percent •ü      Commercial space will remain 25 percent but FHA will do waivers as requested •ü      FHA will eliminate "spot loan" approval.  They maintain this will not be a problem. New Standardized HUD and GFE's are mandatory starting January 1, 2010 The HUD's did not change much but the standardized GFE's are really involved. The bottom line is that Mortgage LO's will not be able to just do a GFE because the buyers want to compare. The rate, points and mortgage "junk" fees will be consolidated on one line and these fees will be guaranteed for a certain amount of time as given by your San Antonio Mortgage LO. HUD has instructed Mortgage Lenders to not quote these numbers unless we have reviewed Borrower's income, credit, property value estimate and mortgage amount sought. If Mortgage Lenders issues a GFE, does not pull the credit and gives the borrower 5 days to accept then we are obligated to honor the commitment for 5 days. If during the 5 days the Mortgage Lender then pulls their credit and finds out that their credit score is not high enough for the rate we quoted, tough we are still obligated to honor the rate and fees. Also, when preparing a GFE, Mortgage Lenders have to also disclose "other fees" such as Title Company, surveys, insurance, etc. These fees we can not miss by more than 10%. If we are off by more than that, we have to "eat it" ourselves. The only way to get around it is too re-disclosed to the borrowers for the corrected amounts. This should be REALLY interesting. This will separate the "part-time" loan officers from the "full-time" loan officers. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Thu, 29 Oct 2009 07:50:22 -0700 https://activerain.com/blogsview/1310105/the-latest-we-are-hearing-in-the-mortgage-lending-circles- https://activerain.com/blogsview/1310102/san-antonio-mortgage-rates-ease-ahead-of-auction San Antonio Mortgage Rates Ease Ahead of Auction AS Reported by CNNMoney.com -- Treasurys advanced Wednesday after the government said new orders for durable goods rose last month and investors braced for a $41 billion offering of 5-year notes. Prices rose for a second day after an auction of $44 billion in 2-year notes on Tuesday received strong demand. The U.S. will offer $31 billion worth of 7-year notes Thursday in the last of three auctions this week totaling a record $123 billion. The Commerce Department said new orders for durable goods rose 1% in September after a 2.4% decrease in August. The increase was in line with economists' expectations, but orders outside the transportation industry were stronger-than-expected. Government figures due later Wednesday are expected to show sales of newly built homes rose at an annual rate of 440,000 units in September. That would be an increase of 2.6% versus the previous month. Bond prices. The benchmark 10-year note was up 2/32 to 101 17/32 and its yield slid to 3.443% from 3.448% late Tuesday. Bond prices and yields move in opposite directions. The newly issued 2-year note gained 2/32 to 100 1/32. Its yield eased to 0.985% from a median yield of 0.980% at Tuesday's auction. The 30-year bond gained 4/32 to 103 27/32. Its yield was 4.27%. The next few days will be interesting to say the least for San Antonio mortgage rates and the quotes you will be getting from San Antonio mortgage Loan Officers. This blog was reposted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Thu, 29 Oct 2009 07:47:39 -0700 https://activerain.com/blogsview/1310102/san-antonio-mortgage-rates-ease-ahead-of-auction https://activerain.com/blogsview/1310087/san-antonio-mortgage-rates-treasurys-edge-higher-before-auction San Antonio Mortgage Rates/Treasurys Edge Higher Before Auction Prices drift higher as investors await economic reports and a $44 billion offering of 2-year notes. The government is selling a record $123 billion worth of debt this week as reported by Ben Rooney, CNNMoney.com staff reporter. The government is selling $123 billion worth of Treasurys this week to help fund its economic stimulus efforts and service a growing budget deficit. Demand for U.S. debt has been strong, many analysts worry that the growing supply of new issues could damp the market's appetite and eventually weigh on prices. This would eventually drive San Antonio mortgage interest rates. Meanwhile, the bond market is awaiting economic reports on home prices and consumer confidence. The Case-Shiller Home Price Index comes out at 9 a.m. ET. While home prices are expected to have been down 11.9% in August versus the previous year, the drop would be less severe than the 13.3% decline in July. Shortly after U.S. markets open, research firm Conference Board releases its reading on consumer confidence. Forecasters believe the index improved to a reading of 53.5 in October from 53.1 in September. Bond prices. The benchmark 10-year note was up 4/32 to 100-21/32 and its yield slid to 3.547% from 3.554% late Monday. Bond prices and yields move in opposite directions. This blog was reposted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Thu, 29 Oct 2009 07:41:03 -0700 https://activerain.com/blogsview/1310087/san-antonio-mortgage-rates-treasurys-edge-higher-before-auction https://activerain.com/blogsview/1304552/mortgage-rates-raise-slightly--treasury-s-slip-ahead-of-record-auction Mortgage Rates Raise Slightly, Treasury's Slip Ahead of Record Auction As reported by Reuters -- U.S. Treasury debt prices eased Friday as investors maneuvered to cut prices ahead of next week's record-large wave of government notes supply. Shorter-dated Treasury's were also undermined by recent signals the Federal Reserve may be beginning to at least mull how it will dismantle massive amounts of fiscal stimulus and pave the way for higher interest rates. Losses were limited, however, by weakness in the stock market, which propped up the safe-haven appeal of U.S. government debt. Benchmark 10-year Treasury notes, which are good indicators of what San Antonio mortgage rates are doing,  were trading 14/32 lower in price to yield 3.48%, up from a yield of 3.42% late Thursday. Treasury yields move inversely to prices. "What the Fed is doing right now is laying the groundwork to gently break it to everybody that they are not going to be near zero forever ... and that just gets us one step closer to moving to higher interest rates," Caron said. But even amid the discussion of possible changes in the Fed's policy language and what that would mean for the timing of changes to the benchmark federal funds rate, few expect the U.S. central bank to hike rates any time soon. "Our forecast remains that the Fed will lift rates toward the end of next year," said Tom Porcelli, U.S. market economist with RBC Capital Markets in new York. "Removal of accommodation will come when the core data, namely employment, improve." The safe-haven appeal for bonds was undermined Friday by data showing sales of previously owned homes surged to the highest level in over two years in September. The National Association of Realtors said sales surged 9.4% last month to an annual rate of 5.57 million units, which was well above analysts' expectations of a 5.35 million unit pace. All this screams Higher Mortgage Interest Rates over the next 12 months and not just San Antonio Mortgage Interest Rates but nationwide. This blog was posted by Steve Brown of Gold Financial Services, universal City, TX. Gold Financial Services is a full service mortgage banking firm with a wide variety of conventional and government loan products, including Texas Veterans Land Board assistance program.                                                         www.mortgagesbysteve.com  (210)862-2885    sbrown0007@aol.com Steve Brown (Gold Financial Services) Mon, 26 Oct 2009 09:29:12 -0700 https://activerain.com/blogsview/1304552/mortgage-rates-raise-slightly--treasury-s-slip-ahead-of-record-auction