Do's and Don't's For a Smooth Mortgage Process

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Posted To: Community Commentary

Every borrower wants their mortgage closing to be simple and stress free. While it may not always feel like it (between loan processors' requests for your 2011 Schedule E and page 6 of March's bank statement), lenders want the same thing. Here are some timely "do's and ( mostly hypothetical) don'ts" for borrowers to consider during the loan application process. While no single list can completely cover all loans, following these " do's and don'ts " during your mortgage application process will help you close your loan faster , sleep better at night, avoid premature gray hair, and help your loan officer give you the best service possible. Look for more helpful hints soon, and happy mortgage hunting! DO: Ask your loan officer questions and listen to his/her answers. DON'T: Solicit mortgage advice...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/community/310951.aspx

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Pending Home Sales Reach Highest Point Since April 2010 Tax Credit Deadline

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Posted To: MND NewsWire

Pending home sales in April rose a slight 0.3 percent to 106.0 on the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI). In March the index was at 105.7. The index is now 10.3 percent above the April 2012 level of 96.1 continuing a 24 month pattern of year-over-year increases. The April Index is the highest since April 2010, immediately before the deadline to qualify for home buyer tax credits. In that period the Index hit 110.9. NAR's PHSI reflects contract signings not home sales. It is a forward looking index that general portends actual sales transactions 30 to 60 days later. Lawrence Yun, NAR chief economist, said a familiar pattern has developed. "The housing market continues to squeak out gains from already very positive conditions . Pending contracts so far...(read more)

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Source: http://www.mortgagenewsdaily.com/05302013_pending_home_sales.asp

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Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?

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Posted To: Mortgage Rate Watch

Mortgage rates continued picking up the pieces today , after skyrocketing to their highest levels in over a year to begin the week. The past two days of improvement only serve to recover a small portion of what's been lost so far in the month of May, however. To put things in perspective, we have yet to see some lenders recover even half of the losses from Tuesday alone! Best-execution remains at 4.0% but 3.875% is starting to look more viable. While the trend of the past two days is welcome relief after Tuesday's rout, they're just that: relief. In other words, we're not in a situation where we can definitively conclude that all biases toward higher rates have been washed out of the market at this point, and the two days of positivity have had more to do with correcting the final landing zone...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310748.aspx

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Obama Administration Extends MHA, HAMP Modification Programs Through 2015

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Posted To: MND NewsWire

The Obama Administration has extended its Making Home Affordable (MHA) program through December 2015. The action, taken Thursday brings that program into line with new expiration dates announced earlier for the Home Affordable Refinance Program ( HARP ) and the Streamlined Modification Initiative for homeowners with mortgages owned or guaranteed by Fannie Mae and Freddie Mac (the GSEs). MHA is run jointly by the Departments of Treasury and Housing and Urban Development. A number of foreclosure prevention programs operate under its aegis including the Home Affordable Modification Program ( HAMP ), 2MP second lien modification program, Principal Reduction Alternative Program (PRA) and Home Affordable Foreclosure Alternatives (HAFA) program. MHA programs were originally scheduled to sunset on...(read more)

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Source: http://www.mortgagenewsdaily.com/05302013_mha_hamp.asp

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Mortgage Rates Pause For Reflection After Tuesday's Frantic Move

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Posted To: Mortgage Rate Watch

Mortgage rates recovered somewhat today , after experiencing their worst day in exactly 4 years yesterday (get caught up HERE ). Rather than triumphantly charging back into lower territory, the general tenor today has been one of consolidation and catching of breath. It's the sort of pause that stands an equal chance to merely be a pause or to end up being the first indication of a turning point. The landscape of lender price offerings unwittingly confirms this as rate sheets are all over the board compared to yesterday's. Some lenders are right in line. Some are significantly weaker on some of their products, but not on others. Other lenders are quite a bit improved. All that having been said, the median lender is slightly better off than yesterday, bringing the average Conventional 30yr Fixed...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310562.aspx

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Rate Move Impacts Lock Volumes; Another Private Jumbo Deal; Solid Ginnie Issuance; Investor Updates

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Posted To: Pipeline Press

Traders report that there has been " little resistance to higher rates ." What does that mean? Mortgage banker origination has been heavy (hitting over $3 billion yesterday. So locks appear to be decent - but we all know that is illusory. Lock desks have seen it for many years: rates shoot up, borrowers and LOs are pushed into panic locking , shaking the low-hanging fruit off the trees, and then rates stabilize or even slide back down and locks dry up. Not only that, but in many cases the new locks are from loans that are either not ready to lock or are for loans that are even tougher to close, resulting in slightly lower pull through or renegotiations/extensions in the future. Speaking of locks, the MBA reported that its survey of 75% of retail originations showed that the total number of...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05292013-interest-rates-bond-markets.aspx

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MBS RECAP: Worst Day of Losses Since Black Wednesday

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary An adapted excerpt from tonight's ratewatch post : If we had been fighting a battle for low rates, morale was high heading into the end of April. We were storming the castle--rushing headlong through the front gates, feeling optimistic about our chances of victory, or at least willing to put up a good fight. Then "May 3rd" would be like a sudden realization that the occupants of the castle were invincible robots from the future . That's scary enough in itself, but now imagine the robots had pet robot dragons (also invincible) and that those dragons started spitting out some pretty gnarly fireballs in our general direction. Whatever era of warfare this fantastical metaphor might belong to, the implication is the same: RUN! Bond markets--especially MBS...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/310386.aspx

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Readers Weigh in on Compensation Based on Channel and Source; QM & ATR

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Posted To: Pipeline Press

In Saturday's edition of the commentary, the question was raised by CG from Wisconsin regarding paying loan officers different rates based on different origination sources. ("I will pay the loan originator, 'X' number of basis points on files that THEY bring in the door but I will pay them 'Y' basis points on loans that are provided 'by the house'. I don't see this being a violation of LO comp as the final terms to the client will not be any different, and the difference in originators pay will not be related to ANYTHING related to the terms of the loan. Can I do this?") Is it "legal"? Terry F. wrote, "Rob, per our counsel, and the MBA meetings I attended back in 2010, lenders cannot differ the commissions based on the source if you are working with the same loan officer. For this to work,...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05282013-ability-to-repay-qm-lo-comp.aspx

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Can't Count on Low Rates Forever, Right? Why QE3 Could be Expensive; HUD disaster relief

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Posted To: Pipeline Press

The Fed giveth, and the Fed taketh away. Both stocks and bonds fell on Wednesday after a Q&A session with Ben Bernanke , and minutes from the latest U.S. Federal Reserve meeting, shed some uncertainty on the schedule of QE3. We also had U.S. existing home sales move higher in April, +.6%, and so once again we have numbers showing a continued improvement in the housing market. Even though sales have likely been restrained by limited available inventory in recent months, the pace of sales reported for April was the strongest of the expansion to date (excluding the home buyer tax credit periods). The sales mix has also become healthier lately with distressed sales accounting for only 18% of the market in April, down from an average of 23% in 1Q and 28% in April 2012. The median price of an...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05232013-bernanke-qe3-low-rates-hud.aspx

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Primer on Current Broker Compensation Plans - BPC & LPC; Reader Input on Different Topics

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Posted To: Pipeline Press

The mortgage industry is filled with smart business people who just want to know "the rules of the game" rather than the uncertainty that seems to exist in many areas. For example, CG from Wisconsin writes, "I own a small mortgage brokerage that, for a plethora of obvious reasons, is attempting to make the conversion over to become a mortgage banker. I'm doing my best to follow the ever changing LO comp rules as they seem to change on a daily basis; and I know that I will need to somewhat revamp my compensation plan for this new origination structure. It is pretty apparent that I will be forced to compensate my loan officers on a 'vanilla' basis point compensation plan (ensuring that their compensation is not commensurate to the terms of the loan in any shape of fashion). So here is an idea...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05252013-broker-compensation-deduction.aspx

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Delinquency Rate Hits Post Housing Crisis Low for Freddie Mac

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Posted To: MND NewsWire

Freddie Mac said today that its total mortgage portfolio i ncreased by $951 million in April to $1.949 trillion , an increase of 0.6 percent. This was the second straight month the portfolio has increased. Purchases totaled $47.3 billion compared to $52.0 billion in March, liquidations were ($45.7) compared to ($44.85) billion and sales were ($627) million, up from ($617) million. The year to date growth in that portfolio is (1.1) percent and the annualized liquidation rate is 29.2 percent. The Mortgage-Related Investments Portfolio declined from an unpaid principal balance of $534.2 billion in March to 528.3 billion in April, a change of 13.2 percent . Purchases totaled $15.0 billion compared to $13.57 billion in March. Liquidations increased from ($10.10) billion the month before to ($10...(read more)

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Source: http://www.mortgagenewsdaily.com/05242013_freddie_mac_volume_summary.asp

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Mortgage Rates Hold Steady Ahead of 3-Day Weekend

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Posted To: Mortgage Rate Watch

Mortgage rates finally paused their relentless push higher today, holding at unchanged levels compared to yesterday's latest rate sheets on average. Some lenders were slightly better or worse, but none of them by a wide margin. Data and events were limited and markets were in holiday mode. The most relevant market to mortgage rates, MBS, had a volatile day, but the volatility didn't transfer to rate sheets as much as it normally does, likely due to the shortened trading day and 3-day weekend ahead prompting lenders to price more conservatively yesterday. This would go a long way toward accounting for our observation yesterday that rate sheets were worse in the morning despite trading levels not being appreciably weaker. (If you missed this week's big news for rates, or want a refresher: Why...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310172.aspx

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Mortgage Rates Carried Higher Still By Yesterday's Momentum

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Posted To: Mortgage Rate Watch

Mortgage rates weren't quite finished with what they began on Wednesday, which was the worst we've seen in a long time . Despite bond markets managing to hold their ground for the most part today, rates were carried higher by yesterday's momentum--that is to say, lenders' rate sheets were worse this morning than yesterday afternoon despite the fact that trading levels in Mortgage-Backed-Securities weren't appreciably worse. (catch up with yesterday's big move: Why Did Mortgage Rates Skyrocket Past 2013 Highs on Wednesday? ) Considering that yesterday's rates were the highest in exactly one year, today's claim the "over a year" title and best-execution is pushing well into 3.75% for most lenders with some closer to 3.875% already. This isn't universally the case and a few lenders were closer...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310022.aspx

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MBS RECAP: Attempting To Consolidate After Wednesday's Sell-Off

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Treasuries had a bit of an easier time today than MBS, the latter feeling the effects of a shift in duration preference that has been historically unkind to Fannie 3.0 30yr Fixed MBS. So far in 2013, when 10yr yields have approached 2.0%, The lower end of the production MBS coupon range feels the biggest pinch. This has to do with the negative convexity inherent to MBS markets. In short, if the broad swath of interest rates in the financial world are at a certain level and moving higher, there is a certain point on the spectrum of liquid MBS coupons where liquidity begins to dry up and prices tend to fall much faster than higher coupons because investors don't want to be stuck earning interest at a lower rate in a rising rate environment. That's a bit...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/310013.aspx

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MBS Annihilated After Fed Confirms The Hype

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Today was among the worst on record for MBS since the carnage that was late 2010. We still have yet to see anything rival Black Wednesday's, but almost exactly 4 years after that 2+ point evisceration (5/27/2009), today's loss of just over a point--in the midst of what was already an unpleasant downtrend--conjured up the same sort of gut-wrenching feelings. At least in the current case, there's some measure of logic involved, not to mention much more advanced notice. It might not prove to be the 4-month game changer that Black Wednesday was, but the problem is that it could be part of confirming that an already possible game-change is in progress--that being the ongoing long-term uptrend in rates that began after Treasuries hit all-time lows in mid 2012...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/309825.aspx

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Why Did Mortgage Rates Skyrocket Past 2013 Highs Today?

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Posted To: Mortgage Rate Watch

Mortgage rates were utterly destroyed today. Not only did the average rate move above the highest seen in 2013, but rates haven't been this high since May 22nd of 2012! Of course, there's the "everything's relative" perspective, whereby we can attempt to appreciate the fact that best-execution is still around 3.75%, but the fact remains that the day over day movement was devastatingly swift, and on the the most aggressively negative end of the spectrum of possibilities heading into the day. We'll dig into some of the reasons for today's spike after the following housekeeping note. Mortgage News Daily's rate series is updated every day, once a day (usually near the end of the day to account for any intraday reprices from lenders). It's based on actual lender rate sheets and assuming you're viewing...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309865.aspx

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Mortgage Rates Slightly Lower Ahead of Fed Minutes, Bernanke

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Posted To: Mortgage Rate Watch

Mortgage rates finally caught a break, moving just slightly lower for only the second time this month. For some, the drop in rates may be too little too late as it still doesn't put much of a dent in the losses suffered in May. Best-execution for Conventional, 30yr Fixed Loans is still between 3.625% and 3.75%, and we noted a few lenders who were priced significantly worse than yesterday despite the majority being moderately improved. The leading candidate for the root cause of all the recent volatility is the general disposition of the Fed toward QE3, the "quantitative easing" programs responsible for the Fed's large-scale asset purchases. To a large, but unknown extent, QE3 is one factor keeping mortgage rates low because it makes for massive, guaranteed buying demand for mortgage-backed...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309616.aspx

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MBS RECAP: Big Bounce Higher Ahead of Fed

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary In sort of an inverted reading of the recent script, bond markets weakened right out of the gate and began improving at 10am (several notable occasions in May have seen the opposite). From there, they kept on improving until hitting highs of the day at 2pm. For MBS it was a 20 tick swing all told, and Fannie 3.0s still hold 19 of those ticks (roughly a .625 move from lows to highs) but compared to yesterday's latest levels, only added about .375. Combine that with the fact that yesterday's latest levels were the worst of the day and it leaves today's highs right in line with yesterday's. Lenders passed on only token improvements in pricing ahead of more potential volatility tomorrow. Markets are eager to hear what Bernanke has to say in the morning when...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/309613.aspx

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MBA Highlights Opportunity For Private Capital Risk-Sharing With GSEs

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Posted To: MND NewsWire

Maintaining that the conservatorships of Fannie Mae and Freddie Mac (the GSEs) have caused government involvement in the mortgage market to balloon to unhealthy proportions , the Mortgage Bankers Association (MBA) Monday released the second in a planned series of five concept papers offering its solutions. Today's paper on risk sharing follows Key Steps on the Road to GSE Reform, which suggests that the Federal Housing Finance Agency (FHFA) direct the GSEs to modify the Freddie Mac PC to mirror the exact structure of the Fannie Mae MBS so that these securities would be considered fungible for TBA delivery. In Up-Front Risk Sharing: Ensuring Private Capital Delivers for Consumers MBA says a situation exists today where the government is crowding out private capital and blocking real competition...(read more)

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Source: http://www.mortgagenewsdaily.com/05202013_gse_reform.asp

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Mortgage Rates Near 2013 Highs to Start Week

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Posted To: Mortgage Rate Watch

Mortgage rates continued May's nearly constant trend higher to begin the week, though the pace of increases is slower compared to that seen on Friday. Even so, it brings rates dangerously close to their highest levels of 2013 (which are also the highest levels in 1 year). Best-execution for Conventional, 30yr Fixed Loans is in transit between 3.625% and 3.75%. Best-ex is also more subjective from borrower's points of view at the moment due to the fact that the most efficient rate on most rate sheets is 3.625% yet it might leave some borrowers bringing more to the table in terms of closing costs than they'd otherwise like. In other words, we're now getting into rate territory where 3.625% won't necessarily be a "no point" quote for the best qualified borrowers (but as always, this can vary greatly...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309420.aspx

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CFPB Reminds Lenders of Changes to Mandatory Arbitration Provisions

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Posted To: MND NewsWire

The Consumer Finance Protection Agency (CFPB) reminded lenders today that new Truth in Lending Act (TILA) rules banning mandatory arbitration provisions go into effect on June 1, 2013 so all documentation for new loans should be ready to go on that date. Changes to Regulation Z amendments relating to those provisions were contained in CFPB's final rule on loan originator compensation issued last January. The changes ban "terms that require arbitration or any other non-judicial procedures to resolve any controversy or settle any claims arising out of the transaction" for any closed in loan secured by a dwelling. Loans closed before June 1 or for which applications were received after that date are not covered by the new rule , but all lenders must make sure that all loan documents for loans...(read more)

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Source: http://www.mortgagenewsdaily.com/05172013_cfpb_dodd_frank_rules.asp

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Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

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Posted To: MND NewsWire

Senator Bill Nelson (D-FL has asked for an investigation and possible "crackdown" on the manner in which short sales are impacting consumer credit files . Nelson said that short sales are now often reported to the credit agencies using the same code that designates a completed foreclosure. In letters sent earlier this month to Edith Ramirez, Chairwoman of the Federal Trade Commission (FTC) and Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) Nelson called the credit coding practice "disturbing" and said that there are key differences between a short sale and a foreclosure and both have major but different implications for consumers' credit ratings. "If a short sale is reported as a foreclosure, it could unfairly ruin short sellers' credit scores and make it more...(read more)

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Source: http://www.mortgagenewsdaily.com/05172013_credit_reporting.asp

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Kickback Accusations Resolved by CFPB Consent Filing

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Posted To: MND NewsWire

A Texas homebuilder will surrender more than $100,000 to the Consumer Finance Protection Agency under a consent order filed on Friday. Paul Taylor, a principal of Paul Taylor Homes Unlimited and Paul Taylor Corporation was accused of receiving kickbacks for referring homebuyers to Benchmark Bank and to Willow Bend Mortgage Company for their mortgages. Under the agreement Taylor is also prohibited from engaging in future real estate settlement services including mortgage origination. Under the consent order, under which the respondents neither accepted nor denied the CFPB findings, the Bureau contends that Taylor and Benchmark jointly created and owned Stratford Mortgage Services and Willow Bend and Taylor created PTH Mortgage Company. Both companies, which the CFPB contends were shams, operated...(read more)

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Source: http://www.mortgagenewsdaily.com/05172013_mortgage_fraud.asp

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Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

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Posted To: MND NewsWire

Lawrence Yun, chief economist for the National Association of Realtors® (NAR) said Thursday it might be time to " dial down the credit stringency ." If the credit scores required for a mortgage returned to the more normal levels of about 720 for conventional loans and 660 for FHA loans, he said, home sales could be 15 to 20 percent higher than they are. During the past four years the average scores for approved conventional loans have been in the 760 to 770 range. About 51 percent of renters could qualify financially to purchase a home compared to 24 percent in 2005 and 33 percent in 2000. While their credit scores are unknown, "there are about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to or are unable to become a homeowner...(read more)

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Source: http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp

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Consumer Mortgage Choice Act Under Fire From CRL

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Posted To: MND NewsWire

The Center for Responsible Lending (CRL) has released a brief issues paper voicing objections to HR 1077 , The Consumer Mortgage Choice Act. The bill currently sits in the House Financial Services Committee of which its sponsor Representative Bill Huizenga (R-MI) is a member. The bill amends the Truth in Lending Act (TILA) with respect to disclosures of points and fees for so called "high cost" mortgage loans and has the following key points Excludes from the computation of such points and fees: (1) the amount of any loan level price adjustment payment set by Fannie Mae, Freddie Mac, FHA, or similar government entity, (2) any compensation paid by a mortgage originator to an employee or creditor; and (3) any escrow for future payment of insurance. Modifies the inclusion in the computation of...(read more)

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Source: http://www.mortgagenewsdaily.com/05172013_qualified_mortgages.asp

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