Do's and Don't's For a Smooth Mortgage Process

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Posted To: Community Commentary

Every borrower wants their mortgage closing to be simple and stress free. While it may not always feel like it (between loan processors' requests for your 2011 Schedule E and page 6 of March's bank statement), lenders want the same thing. Here are some timely "do's and ( mostly hypothetical) don'ts" for borrowers to consider during the loan application process. While no single list can completely cover all loans, following these " do's and don'ts " during your mortgage application process will help you close your loan faster , sleep better at night, avoid premature gray hair, and help your loan officer give you the best service possible. Look for more helpful hints soon, and happy mortgage hunting! DO: Ask your loan officer questions and listen to his/her answers. DON'T: Solicit mortgage advice...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/community/310951.aspx

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Pending Home Sales Reach Highest Point Since April 2010 Tax Credit Deadline

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Posted To: MND NewsWire

Pending home sales in April rose a slight 0.3 percent to 106.0 on the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI). In March the index was at 105.7. The index is now 10.3 percent above the April 2012 level of 96.1 continuing a 24 month pattern of year-over-year increases. The April Index is the highest since April 2010, immediately before the deadline to qualify for home buyer tax credits. In that period the Index hit 110.9. NAR's PHSI reflects contract signings not home sales. It is a forward looking index that general portends actual sales transactions 30 to 60 days later. Lawrence Yun, NAR chief economist, said a familiar pattern has developed. "The housing market continues to squeak out gains from already very positive conditions . Pending contracts so far...(read more)

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Source: http://www.mortgagenewsdaily.com/05302013_pending_home_sales.asp

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Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?

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Posted To: Mortgage Rate Watch

Mortgage rates continued picking up the pieces today , after skyrocketing to their highest levels in over a year to begin the week. The past two days of improvement only serve to recover a small portion of what's been lost so far in the month of May, however. To put things in perspective, we have yet to see some lenders recover even half of the losses from Tuesday alone! Best-execution remains at 4.0% but 3.875% is starting to look more viable. While the trend of the past two days is welcome relief after Tuesday's rout, they're just that: relief. In other words, we're not in a situation where we can definitively conclude that all biases toward higher rates have been washed out of the market at this point, and the two days of positivity have had more to do with correcting the final landing zone...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310748.aspx

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Obama Administration Extends MHA, HAMP Modification Programs Through 2015

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Posted To: MND NewsWire

The Obama Administration has extended its Making Home Affordable (MHA) program through December 2015. The action, taken Thursday brings that program into line with new expiration dates announced earlier for the Home Affordable Refinance Program ( HARP ) and the Streamlined Modification Initiative for homeowners with mortgages owned or guaranteed by Fannie Mae and Freddie Mac (the GSEs). MHA is run jointly by the Departments of Treasury and Housing and Urban Development. A number of foreclosure prevention programs operate under its aegis including the Home Affordable Modification Program ( HAMP ), 2MP second lien modification program, Principal Reduction Alternative Program (PRA) and Home Affordable Foreclosure Alternatives (HAFA) program. MHA programs were originally scheduled to sunset on...(read more)

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Source: http://www.mortgagenewsdaily.com/05302013_mha_hamp.asp

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Mortgage Rates Pause For Reflection After Tuesday's Frantic Move

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Posted To: Mortgage Rate Watch

Mortgage rates recovered somewhat today , after experiencing their worst day in exactly 4 years yesterday (get caught up HERE ). Rather than triumphantly charging back into lower territory, the general tenor today has been one of consolidation and catching of breath. It's the sort of pause that stands an equal chance to merely be a pause or to end up being the first indication of a turning point. The landscape of lender price offerings unwittingly confirms this as rate sheets are all over the board compared to yesterday's. Some lenders are right in line. Some are significantly weaker on some of their products, but not on others. Other lenders are quite a bit improved. All that having been said, the median lender is slightly better off than yesterday, bringing the average Conventional 30yr Fixed...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310562.aspx

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Rate Move Impacts Lock Volumes; Another Private Jumbo Deal; Solid Ginnie Issuance; Investor Updates

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Posted To: Pipeline Press

Traders report that there has been " little resistance to higher rates ." What does that mean? Mortgage banker origination has been heavy (hitting over $3 billion yesterday. So locks appear to be decent - but we all know that is illusory. Lock desks have seen it for many years: rates shoot up, borrowers and LOs are pushed into panic locking , shaking the low-hanging fruit off the trees, and then rates stabilize or even slide back down and locks dry up. Not only that, but in many cases the new locks are from loans that are either not ready to lock or are for loans that are even tougher to close, resulting in slightly lower pull through or renegotiations/extensions in the future. Speaking of locks, the MBA reported that its survey of 75% of retail originations showed that the total number of...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05292013-interest-rates-bond-markets.aspx

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MBS RECAP: Worst Day of Losses Since Black Wednesday

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary An adapted excerpt from tonight's ratewatch post : If we had been fighting a battle for low rates, morale was high heading into the end of April. We were storming the castle--rushing headlong through the front gates, feeling optimistic about our chances of victory, or at least willing to put up a good fight. Then "May 3rd" would be like a sudden realization that the occupants of the castle were invincible robots from the future . That's scary enough in itself, but now imagine the robots had pet robot dragons (also invincible) and that those dragons started spitting out some pretty gnarly fireballs in our general direction. Whatever era of warfare this fantastical metaphor might belong to, the implication is the same: RUN! Bond markets--especially MBS...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/310386.aspx

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