Non-Bank Institutions Expand Mortgage Lending Operations; Who Implemented Comp Rules and Who Didn't?; Investor Bulletins

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Posted To: Pipeline Press

Buffalo Springfield wrote, "There's something happening here, what it is ain't exactly clear..." But there is one movement that appears to be clearer, and that is the increase in mortgage lending by non-bank institutions : Non-bankLendingIncrease . "Congressional Republicans are moving aggressively to wind down mortgage giants Fannie Mae and Freddie Mac, but they face resistance not only from Democrats, but members of their own party who fear rapid elimination of the two entities would destabilize the fragile housing market ." And many in the business would agree. Read more at the Washington Examiner: F&FtoStickAround? And when you had a 25% market share last year of the mortgage market, the opinions that Wells' CEO has on mortgages matters somewhat: StumpfOpines Yes, the US Court of Appeals...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Rates: Once Again Storing Energy

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Posted To: Mortgage Rate Watch

After drifting progressively higher for seven straight sessions, we've finally seen some stabilization and even modest improvements in home loan borrowing costs. We were hoping the release of the Employment Situation Report on Friday might provide the market with a new directional bias, but after a volatile week the only thing confirmed is more indecision and uncertainty. Mortgage rates are essentially trendless with an equal chance at moving higher or lower. Previously we'd mentioned "teetering on a shift..." Little has changed. CURRENT MARKET : The "Best Execution" conventional 30-year fixed mortgage rate is still 4.875%. For those looking to permanently buy down their rate to 4.75%, this quote carries higher closing costs. The upfront fee to permanently buy down your rate to 4.75% is not...(read more)

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Source: www.mortgagenewsdaily.com

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L.O. Comp Rules Delayed Five Days. Not a Cruel Joke!

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Posted To: MND NewsWire

HAPPY APRIL FOOL'S DAY! This is not a cruel joke.... From NAMB's website: "The US Court of Appeals has granted a stay on Fed's LO Compensation rule. The hearing will be on April 5th. The RULE IS DELAYED UNTIL THE RESULTS OF THE HEARING . You can access the Court of Appeals order here . This announcement about the delay of the loan originator compensation rule is not an April fool's joke" ------------------------------ National Association of Mortgage Brokers, Appellant National Association of Independent Housing Professionals, Inc., Appellee v. Board of Governors of the Federal Reserve System, et al., Appellees Consolidated with 11-5079 BEFORE : Henderson, Tatel, and Kavanaugh, Circuit Judges O R D E R Upon consideration of the emergency motion for expedited relief and the emergency motion...(read more)

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Reg Z Violations Easily Enforced Under SAFE Act; Comp Plan Recruiting Rush; Shadow Invetory Issue

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Posted To: Pipeline Press

Yes, the earlier commentary was the yearly April Fool's edition. But in the "truth is stranger than fiction" category, the U.S. Court of Appeals in Washington granted emergency motions from NAMB and NAIHP which argue the rule unfairly penalize brokers, who won't be able to pay loan officers from consumer-paid fees . "The purpose of this administrative stay is to give the court sufficient opportunity to consider the merits of the motions for emergency relief and should not be construed in any as a ruling on the merits of those motions," the court said in its order yesterday. The Appellate Court stay was granted, and a date of appeal was set for Tuesday, April 5. What lenders actually do with this information remains to be seen , however - you'll have to figure that one out on your own. For example...(read more)

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MBS RECAP: Green Ending

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Posted To: MBS Commentary

MBSonMND : MBS RECAP Open MBSonMND Dashboard FNMA 3.5 94-03 : +0-06 FNMA 4.0 98-10 : +0-04 FNMA 4.5 101-22 : +0-03 FNMA 5.0 104-17 : +0-03 GNMA 3.5 95-06 : +0-06 GNMA 4.0 99-31 : +0-05 GNMA 4.5 103-04 : +0-05 GNMA 5.0 106-00 : +0-03 FHLMC 3.5 93-29 : +0-06 FHLMC 4.0 98-04 : +0-04 FHLMC 4.5 101-16 : +0-03 FHLMC 5.0 104-09 : +0-02 Pricing as of 4:02 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard . 4:00PM : Originator Compensation: Still in the Fight READ THIS POST: http://www.mortgagenewsdaily.com/channels/voiceofhousing/205699.aspx 3:53PM : Much Less Data Overall and no Treasury Auctions in the Week Ahead In stark contrast to the week just passed, next week has no auction supply and quite a light schedule of...(read more)

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How Did the Employment Report Impact Mortgage Rates?

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Posted To: Mortgage Rate Watch

Home loan borrowing costs stayed sideways today after ending a 7-day losing streak on Wednesday. This is important because a high-risk event has just passed: The Employment Situation Report To illustrate the recent behavior of mortgage rates, we offer the chart below. It graphs the average origination closing costs associated with specific mortgage note rates as quoted by the five major mortgage lenders. With respect to the notion of "stored energy" and the "sideways" movement, see how the individual dots that comprise each of the lines are now moving more sideways than up or down versus say, February and the first half of March for instance. If the note rate line is moving up, the closing costs associated with that rate quote are rising. In December, closing costs rose rapidly. Mortgage rates...(read more)

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CoreLogic Estimates Shadow Inventory at 1.8 Million Homes

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Posted To: MND NewsWire

For the second time in less than a week economists have attempted to quantify the amount of shadow inventory currently lurking in the background of the housing market. Shadow inventory is generally defined as the number of distressed homes either on the market or likely to come on the market through foreclosure divided by the rate at which distressed properties are currently selling. The two studies, one conducted by the National Association of Realtors® and the other released by CoreLogic , follow different methodology but arrive at similar conclusions: shadow inventory is substantial, it will take a long time to clear it out, home prices will be pressured downward and it will strain the economy. As of January 2011, CoreLogic estimates shadow inventory to be at 1.8 million houses, which...(read more)

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