Do Mortgage Brokers Add Value?; National Mortgage Database; Sandy and Warehouse Banks

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Posted To: Pipeline Press

"Spring ahead, fall back!" Sunday morning, folks in most states will receive an extra hour of snooze time! What's the difference between a hurricane and a "superstorm?" Well, Sandy was a hurricane that turned into a superstorm when it, laden with energy and moisture from the tropical Atlantic, combined with a winter storm fueled by the southward plunge of Arctic air. Although late-season hurricanes sometimes undergo a similar "extra-tropical transition" as they travel up from the tropics, this normally happens safely out to sea over the Atlantic. Sandy's path is extremely unusual because a static area of high pressure south of Greenland has blocked the jet stream route northeastward across the ocean and instead forced the hurricane into the continental US. But now, supposedly, insurance companies...(read more)

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Mortgage Rates Mixed Following Employment Report

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Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher in some cases but generally held up surprisingly well after today's Employment Situation Report showed a higher-than-expected amount of job creation in October. Trading in the secondary mortgage market was negatively affected at first, but bounced back throughout the day . Many lenders are in line with yesterday's rate sheets. Others moved slightly higher with the morning's first rate sheets and have not yet released a revised rate sheet this afternoon. The result is a fairly mixed day for rates, but one that didn't see enough movement to change the 3.375% 30yr Fixed, Best-Execution level for Conventional loans. ( Read More:What is A Best-Execution Mortgage Rate? ) Given the amount of movement that the Employment report can create and even the initial market...(read more)

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A Letter To Governor Romney Before Next Tuesday's Election

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Posted To: Community Commentary

See Also: A Letter to President Obama Ahead of Next Tuesday's Election Dear Governor Romney, As the election approaches next week, I feel compelled as a twenty year veteran of the housing industry to offer some perspective from the frontline of the battle to restore integrity to American home ownership. Many colleagues, home owning consumers, and economists seem to agree on one fact about the economic climate we currently live in: This started with housing, and it will end with housing . I have read your plan to end the housing crisis , and I certainly applaud your desire to “facilitate foreclosure alternatives for those who cannot afford to pay their mortgage”. I hope that if elected you will support the initiatives that are working, such as HARP 2.0 . Families have benefited from...(read more)

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A Letter to President Obama Ahead of Next Tuesday's Election

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Posted To: Community Commentary

Dear President Obama, As the election approaches next week, I feel compelled as a twenty veteran of the housing industry to write a letter that speaks to the fundamental truth of the current state of our economy. This started with housing, and it will end with housing. I hope to offer some perspective from someone on the frontline of the battle to restore some integrity to home ownership . Things certainly got off to a rough start with the modification programs. I volunteered at several housing foreclosure prevention workshops where distressed homeowners recounted how they were told to stop making their payments in order to qualify for the low rates being advertised by these fledgling efforts to modify home loans. Although some of these borrowers achieved success in receiving modifications...(read more)

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Mortgage Rates Hold Mostly Steady Ahead Of Employment Report

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Posted To: Mortgage Rate Watch

Mortgage rates were significantly more unified in their movement on Thursday. Actually, "lack of movement " would be a better characterization as most lenders are so close to yesterday's offerings as to be more appropriately considered "unchanged." Naturally then, Best-Execution remains steady at 3.375% though some borrowers would be better served at 3.25% or 3.5% depending on the lender and scenario ( Read More:What is A Best-Execution Mortgage Rate? ). As we often note, Mortgage-Backed-Securities (MBS) are the primary drivers of mortgage rates when it comes to the "stuff" that trades on Wall Street. When the prices of MBS rise, rates tend to fall, and vice versa. It's worth noting that rates at many lenders held steady today in spite of the fact that MBS prices were lower at the start and...(read more)

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Is a Sellers' Market Emerging in California?

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Posted To: MND NewsWire

A sellers' market appears to be emerging in some areas in California. The California Association of Realtors® (C.A.R.) said Thursday that favorable home prices and record-low interest rates are making the market competitive to the point that nearly six of ten houses are receiving multiple offers. C.A.R. made the comments as it released results of its 2012 Annual Housing Market Survey. Fifty-seven percent of home sales featured multiple offers in 2012, the highest in at least the past 12 years. Each home that received a multiple officer received an average of 4.2 compared to 3.5 offers in 2011. Lower priced homes and distressed properties - bank-owned real estate (REO) and short sales - had more multiple offers than market sales, seven out of ten compared to one-half. Competition has led...(read more)

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Mortgage Rates Hold Steady In Spite Of Improved Market Conditions

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Posted To: Mortgage Rate Watch

Mortgage rates were all over the board on Wednesday in terms of their movements relative to each other and trading levels in the Secondary Mortgage Market. Some lenders were priced slightly weaker while a few were notably stronger, but none of them so far off from yesterday's rates as to suggest a change in the prevailing conventional best-execution rate of 3.375%. ( Read More:What is A Best-Execution Mortgage Rate? ). Typically, it's the prices of mortgage-backed-securities (MBS) that have the most influence on the day-to-day movements in interest rates and the costs associated with those rates (because it's less common for the actual quote interest rates to change on any given day, while it is almost always the case that the closing costs associated with that rate will be changing). And while...(read more)

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