Cash for Keys: Paying Delinquent Borrowers to Vacate Homes; MLO Compensation in Australia; FBI Joins MBA to Fight Mortgage Fraud

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Posted To: Pipeline Press

Overheard at work: "AT&T to wed T-Mobile. Following the ceremony, there will be no reception." Hopefully there is reception in rural areas - like Detroit. The Census Bureau has also been releasing the 2010 population counts for various states, including Michigan. Columbus and Indianapolis's populations rose. Nearby Chicago's population declined by almost 7% and Cleveland's dropped by about 17%. But Detroit lost a quarter of its population over the last ten years . 25%! Detroit now has the same population that it had in 1910, before the auto industry boom. "Now's not the time to look in the rear view mirror," said Robert Ficano, the Executive for Wayne County, home of Detroit. I think that I will frame that quote . In addition, the U.S. Census Bureau reports that state government tax collections...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Rates: Thin Margins Starting to Stack Up

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Posted To: Mortgage Rate Watch

From where you sit there appears to be little volatility in mortgage rates. Today was the FIFTH consecutive session where loan pricing either remained the same or worsened by a thin margin. We've been stuck in a "directional drift". Economic data and headline news events have done very little to motivate investors. Many market players seem to be waiting on the sidelines in preparation for their next move. All this makes it hard to communicate a sense of urgency but .... Those thin margins are starting to stack up. We're drifting in the wrong direction! CURRENT MARKET : The "Best Execution" conventional 30-year fixed mortgage rate is 4.875% after falling to 4.75% briefly last Wednesday (not universally, but in some cases). For those looking to permanently buy down their rate to 4.75%, this quote...(read more)

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Source: www.mortgagenewsdaily.com

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Freddie Mac Rules Out MERS Foreclosures

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Posted To: MND NewsWire

Effective April 1, servicers managing Freddie Mac loans will no longer be allowed to foreclose on properties in the name of Mortgage Electronic Registration Systems (MERS). This was one of a several changes announced yesterday by Freddie Mac through Single-Family Seller/Servicer Guide Bulletin 2011-5 . According to the directive, Freddie has "eliminated the option for the foreclosure counsel or trustee to conduct a foreclosure in the name of MERS. Effective for Mortgages registered with MERS that are referred to foreclosure on or after April 1, 2011, Servicers must prepare an assignment of the Security Instrument from MERS to the Servicer and instruct the foreclosure counsel or trustee to foreclose in the Servicer’s name and take title in Freddie Mac's name." In states where required...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Rates: Complete Stagnation

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Posted To: Mortgage Rate Watch

After looking like they might improve this morning, home loan borrowing costs ended the day unchanged, making today the FIFTH consecutive session where loan pricing has remained the same or worsened by a thin margin. It’s like Groundhog Day in the bond market. Today’s economic data and news headlines did very little to motivate investors. Many market players seem to be waiting on the sidelines in preparation for their next move. We’re hoping to see some semblance of activity in the last two days of the week . Since the environment has been so similar from day to day, so too is our guidance. CURRENT MARKET : The "Best Execution" conventional 30-year fixed mortgage rate is 4.875% after falling to 4.75% briefly last Wednesday (not universally, but in some cases). For those looking...(read more)

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Source: www.mortgagenewsdaily.com

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FDIC to Propose "Qualified Residential Mortgage" Definition

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Posted To: MND NewsWire

The debate over what counts as a "Qualified Residential Mortgage (QRM)" may be coming to an end in the near future. The Federal Deposit Insurance Corporation (FDIC) has scheduled a meeting of its Board of Directors for next Tuesday to vote on the issue. A draft of the proposed rule will be made available to the public at that time. QRMs are home loans that will be exempt from the requirement that mortgage lenders retain a 5 percent share of each loan they originate that is packaged for securitization - keeping so-called "skin in the game." Dodd-Frank specifically identified loans guaranteed or originated by FHA, VA, and USDA as qualified for exemption but left other products, including loans written by Fannie and Freddie, up to federal regulators to determine. Glen Corso, managing director...(read more)

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Mortgage Rates: Costs Creep Higher

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Posted To: Mortgage Rate Watch

Home loan borrowing costs moved slightly higher today. This is the fourth consecutive session where loan pricing has worsened by a thin margin. Best-execution mortgage rates were once again unchanged. Today was not only light on the type of economic data that can move markets, but also on the breaking news headlines that have been dictating the direction of mortgage rates recently. Trading activity was low, as were overall price shifts in the Secondary Mortgage Market. Still, mortgage-backed securities prices were slightly lower on the day, resulting in slightly higher consumer borrowing costs. CURRENT MARKET : The "Best Execution" conventional 30-year fixed mortgage rate is 4.875% after falling to 4.75% briefly last Wednesday (not universally, but in some cases). For those looking to permanently...(read more)

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Rate Techs: Teetering on a Directional Shift

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Posted To: MBS Commentary

Headline news and crisis scenarios have been the market's primary directional motivation for most of March. With exception to the Fed's proclamation that our economic recovery may be on "firmer footing", negative events have dominated the news flow. Bond yields and mortgage rates have benefited from a flight to safety as a result. These are just "Big Picture" directional observations though, we can't forget the technical inflection levels that dictated the speed and extent to which bonds rallied over the past month. Investors are now retesting these price/yield pivots to confirm a shift in directional bias. Let's take a look at where we stand at the moment... The April FNCL 4.5 MBS coupon recently topped out near 102-25. If you're wondering about the significance of this price level, you don...(read more)

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