Freddie Mac Eliminates Streamline Refi Product; Wells Fargo & U.S. Bank Earnings Recap; Plan B for 2011; Lender Bulletins

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Posted To: Pipeline Press

Terrorists are now planting bombs in cans of alphabet soup. If one of them explodes it could spell disaster! Of course, everyone in mortgage banking is hoping that 2011 is not a disaster. Remember - borrowers still borrowed money even when rates were in the high teens. That being said, not only did Freddie Mac recently lower its production estimates for 2011, but the Mortgage Bankers Association (of America) came out with its forecast for 2011: 30yr conforming conventional fixed rates at 5.5% by year end, and $966 billion total single family originations in 2011. WHAT'S YOUR PLAN B? Regarding production volumes, this morning we learned from the MBA what many lock desks could tell us: that apps picked up by 5% last week , with refinancing applications up almost 8%. Purchases dropped about 2...(read more)

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Source: www.mortgagenewsdaily.com

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