Mortgage Rates Unchanged To Slightly Higher To Begin Week

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Posted To: Mortgage Rate Watch

Mortgage rates moved slightly higher in most cases on Monday, though some lenders were essentially unchanged from Friday's latest offerings. Despite the moderate weakness, with the exception of Friday, today's rates are in line with February lows, though the range has been narrow. 3.625% continues to be the most prevalent Best-Execution rate with reasonably priced "buy-downs" for those interested in paying more upfront cost in exchange for lower rate. ( What is A Best-Execution Mortgage Rate? ) If Friday's trading day was slow and uneventful, today's was completely switched-off. There were no significant events and no major economic data releases. This won't be the case later in the week as important employment data begins coming in on Wednesday and the all-important Employment Situation report...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/298472.aspx

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Reverse Mortgage Lending Dips; PHH's Private Label Subservicing; More on Hiring Millennials

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Posted To: Pipeline Press

With the change of clocks ahead of us this weekend, let's ease into the work week and put this Girl Scout cookie issue to rest once and for all. Besides all of the benefits that accrue from the sale of the cookies to support G.S. activities, which is great, it turns out that that the number of cookies per box is a matter of in which part of the country you live! The US is divided in half, with ABC Smart Cookies (East) having half and Little Brownie Bakers in the west. ABC gives us 32 cookies while Little Brownie gives the public 28. I'm glad we got to the bottom of this - but where's the tip line for the Cookie Finance Protection Bureau? As one person wrote, "I'm also glad I live in Texas - the half of the country served by ABC Smart Cookies." Parkside Lending continues to expand its operations...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/03042013-reverse-mortgages-hiring.aspx

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FHA and the Sequester; A Note in Defense of Builder Affiliate Relationships

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Posted To: Pipeline Press

There are seasons to many foods. And folks into the culinary arts, and sustainable agriculture, will tell you that it is better to eat a peach in August grown within trucking distance rather than a peach in February flown in from Chile. Some say it makes sense to eat an entire meal made from whatever is in season, such as cauliflower, carrots, whatever. And right now it is Girl Scout Cookie season! Each Thin Mint has 40 calories, 28 per box. So the total number of calories is, let's see...0...32...0...8... for a total of 1,120 per box. So if I manage to find some time for exercise, a box for breakfast can be worked off at some point. I hope. I bring this up, not because I could actually eat a box for a meal, but because I continue to hear about "seasons" in real estate and in lending . In some...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/02282013-builder-mortgage-companies.aspx

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NY Attorney General Reportedly Investigating BOA over Mortgage Securities

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Posted To: MND NewsWire

Reuters is reporting that Bank of America (BOA) is the subject of yet another investigation. New York State Attorney General Eric Schneiderman is allegedly looking at the bank's purchase, securitization, and underwriting of home mortgages. BOA would be the third bank targeted by Schneiderman's office over securitization practices. Reuters took its information from a 10-k securities filing by the bank in which it said it was cooperating with the investigation. In the filing with the Securities and Exchange Commission BOA said it could sustain up to $3.1 billion in legal losses beyond the amount for which it has reserved. That was up from a possible loss above legal reserves of $2.8 billion at the end of the third quarter. According to Reuters the attorney general's office has another case pending...(read more)

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Source: http://www.mortgagenewsdaily.com/03012013_boa_mortgage_fraud.asp

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A Housing Riddle: Why did the Homeowner Stop Making their Mortgage Payments?

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Posted To: Voice of Housing

0 false 18 pt 18 pt 0 0 false false false Here is a riddle: Why did the homeowner stop making their mortgage payments? Because they ran out of money. The riddle does not end with “because they only put down 3.5 percent of the purchase price.” It is the difference between bad economic policy and bad lending policy – Federal Housing Administration (FHA) lending policy in this example. On the heels of the recent House Financial Services Committee hearings, and the release of FHA’s Actuarial Report, we have and are likely to continue to hear calls to drastically reshape and limit the types of borrowers that FHA can insure . The borrowers most at risk of losing this valuable bridge to homeownership are the ones who most need consideration - low- to moderate-income Americans...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/voiceofhousing/02282013-fha-policy.aspx

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Mortgage Rates Drift Down To One Month Lows

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Posted To: Mortgage Rate Watch

Mortgage rates edged gently lower on Friday , bring to a close their best week since mid-January. The catalyst for the relatively more positive week of rate movement--the Italian election results out Monday morning--had their biggest effect on Monday itself with subsequent days either drifting sideways or improving modestly. With today keeping that trend going, best-execution on 30yr Fixed, Conventional Loans is beginning to edge into 3.5% territory for some lenders but remains most commonly at 3.625%. 3.75% will still be a viable option for some scenarios and sub 3.5% rates remain reasonably efficient down to 3.25% (" efficiency " in terms of the extra costs paid to get the rate lower versus the decrease in monthly payments). ( What is A Best-Execution Mortgage Rate? ) The trading day was...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/298265.aspx

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Mortgage Rates Aggressively Flat To End The Month

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Posted To: Mortgage Rate Watch

Mortgage rates are even more sharply unchanged today than they were yesterday, which at least saw some consensus toward strength in the morning and weakness in the afternoon. In contrast, today's movements in the secondary mortgage market were completely flat (relative to their average range of motion). This left nearly all lenders at liberty to put out one rate sheet in the morning and call it a day. As such, 3.625% best-execution is unchanged, as are the average costs associated with that rate. As has been the case, adjacent rates at 3.5 and 3.75 may be competitive depending on your scenario. ( What is A Best-Execution Mortgage Rate? ) While there were several pieces of economic data out today, markets didn't seem to care much. If anything, lower-than-expected Jobless Claims figures put a...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/298070.aspx

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