Mortgage Rates Edge Up To Highest Levels In December

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates continued higher on Thursday following stronger-than-expected economic data and continuing the losses after yesterday's FOMC announcement. There continues to be more stratification between lenders' rate offerings than normal. Some rate sheets are marginally better than yesterday's latest while a few big lenders are significantly worse. On average, rates are at their highest levels of the month today and Best-Execution is back up to 3.375% for a majority of lenders. ( Read More:What is A Best-Execution Mortgage Rate? ) Factoring out declines in Gasoline, this morning's Retail Sales report was stronger than expected and Jobless Claims were lower-than-expected. In general, stronger economic data tends to put pressure on interest rates to rise, though is certainly not the only factor...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Bank Profits Rise Over $300 Per Loan

Hot news from AZ Home Help:

Posted To: MND NewsWire

Profits of independent mortgage banks and mortgage subsidiaries of chartered banks rose by more than $300 per loan in the third quarter of 2012 the Mortgage Bankers Association ( MBA ) said today. Increased volumes of applications for both purchasing and refinancing and secondary market gains resulted in an average profit of $2,465 on each loan originated in the quarter compared to $2,152 in the second quarter. In basis points, the average production profit (net production income) was 120 basis points in the third quarter, compared to 107 basis points in the second quarter. Secondary marketing income increased to 271 basis points in the third quarter, compared to 257 basis points in the second quarter. There was only a small increase in total loan production expenses, from $5,128 in the second...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

TransUnion sees Further Declines in Mortgage Delinquency Rate

Hot news from AZ Home Help:

Posted To: MND NewsWire

TransUnion , one of the nation's major credit reporting bureaus forecasted today that one of the primary consumer credit variables -- mortgage delinquency rates - will continue to decline through 2013 while the other - credit card delinquencies will increase slightly. The ratio of borrowers 60 or more days past due on their mortgages is projected to decline to 5.06 percent by the end of 2013 from an estimated 5.32 percent at the conclusion of 2012. TransUnion forecasts mortgage delinquencies, a statistic generally considered to be a precursor to foreclosure, will decline in 34 states and the District of Columbia with only 13 states experiencing increases. Mortgage delinquencies peaked in the fourth quarter of 2009 at 6.89 percent. This marked the 12 th consecutive quarter that rates rose, starting...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

CFPB, California Courts Shut Down Two Foreclosure Scams

Hot news from AZ Home Help:

Posted To: MND NewsWire

Based on complaints from the Consumer Financial Protection Bureau ( CFPB ) a California court has shut down the operations of two alleged loan modification scams based in the state but operating throughout the U.S. CFPB said it believes that thousands of homeowners were defrauded of more than $10 million by the Gordon Law Firm and the National Legal Help Center. CFPB's complaints allege violations of the Dodd-Frank Act and Regulation O, formerly known as the Mortgage Assistance Relief Services Rule . These laws prohibit unfair, deceptive, or abusive acts or practices and protect distressed homeowners from mortgage relief scams. Both complaints allege that the defendants: Illegally charged large upfront fees before services were provided. The defendants in both cases allegedly collected fees...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

IndyMac Back in the News; First Time Homebuyer Comments; Ocwen's Servicing Audit Not Stellar

Hot news from AZ Home Help:

Posted To: Pipeline Press

IndyMac is back in the news. Last week a jury ordered three former IndyMac loan officers (in the homebuilder division) to pay $168 million to the FDIC for negligently approving 23 loans to developers who never repaid them. The FDIC said the lenders had "significant departures from safe and sound banking practices," driven by a desire to get bonuses. Here is the dirty laundry . And folks wonder why the lending industry is cautious about making loans... "Rob, is there a better alternative being discussed to credit score underwriting? For example Mississippi has the lowest scores in the nation, but also the lowest default rates." Not that I know of. In the "old days," Thornburg was known for doing "make sense" loans, and certainly the old subprime companies like Household or Beneficial (the training...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

The Day Ahead: Lowered Expectations for Econ Data and Auctions

Hot news from AZ Home Help:

Posted To: MBS Commentary

Two to three years ago , today's lineup of economic data and market events would have been much more meaningful. International Trade at 8:30am would have stood a good chance to be the most meaningful market mover of the day and even Wholesale Inventories at 10am might have had a detectable impact on bond markets and MBS. Even as late as mid 2011, Treasury Auctions were--well--Treasury Auctions! In that bygone era, today's 3yr auction at 1pm would have been worth tuning in for, but in a world where Fed policy explicitly conveys the expectation for 'low rates through at least mid-2015,' and the global economic outlook hearkens stagnant, slow growth, short term Treasury auctions become more a matter of Housekeeping than detecting market preferences. This has been " the story " of any given day...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates Hold Ground After Rising On Friday

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates are very slightly lower today compared to Friday's latest offerings. However, Friday's rates were the highest of the week after the stronger-than-expected jobs report gave a boost to stocks and did some damage to bond markets. With rates able to hold their ground today, Best-Execution rates for 30yr Fixed, Conventional loans remain in transit between 3.375% and 3.25% depending on the lender and scenario. ( Read More:What is A Best-Execution Mortgage Rate? ) Markets started the week off at a leisurely pace without much movement in stocks or bonds relative to Friday's range. There was no relevant economic data to motivate market movements and only a few headlines regarding the Fiscal Cliff that seemed to catch anyone's attention. In general, markets are waiting for more important...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com