Mortgage

Mortgage

Mortgage Rates Spend Week Recovering from 2010 Highs

Posted To: Mortgage Rate Watch

Mortgage rates rallied yesterday morning but lost positive progress after the Treasury auctioned $13 billion 30 year bonds. Following the release of auction results, mortgage-backed security prices were led lower by weakness in the benchmark Treasury note market. This forced a few lenders to reprice for the worse, but not all. For the most part, mortgage rates were unchanged on the day. The economic calendar was essentially empty today. MBS prices opened lower but recovered by mid-day. Reprices for the better were reported but nothing widespread. Reports from fellow mortgage professionals indicate lender rate sheets to be marginally better when compared to loan pricing yesterday. The par 30 year conventional rate mortgage is however still i the 4.875% to 5.125% range for well qualified consumers...(read more)

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

Mortgage Rates Improve Early. Lose Positive Progress After Bond Auction

Posted To: Mortgage Rate Watch

Mortgage rates took a second step in the right direction yesterday after the Treasury Department reported strong demand at the 10 year Treasury note auction. This helped benchmark Treasuries rally which led the way for mortgage-backed securities prices to improve considerably. MBS price gains held steady into the market close which allowed most lenders to republish rate sheets for the better. To remind readers, as MBS prices move higher, lenders are able to pass along lower mortgage rates. The only economic report to hit news wires this morning was Weekly Jobless Claims. This data provides three measures on the health of the labor market: Initial Jobless Claims : totals the number of Americans who filed for first time unemployment benefits Continued Claims : totals the number of Americans who...(read more)

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

Is Equity Required to Qualify For A Reverse Mortgage?

Posted To: Community Commentary

It is a common belief that one must have a lot of equity in their home to qualify for a reverse mortgage. In reality, a reverse mortgage can still be done as long as there are enough proceeds from the reverse mortgage to pay off any current liens. Even if there aren’t enough reverse mortgage proceeds, a reverse mortgage can still be done as long as the borrower is able to come up with the difference. If a senior is finding it difficult to stay current on their monthly mortgage payment and is now facing foreclosure, a reverse mortgage may be the best solution to save their home. Even if the reverse mortgage proceeds are used to pay off current liens, the senior’s disposable income improves because they will have eliminated their monthly obligation. For example, Wayne was struggling...(read more)

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

Mortgage Compliance: The New Four Letter Word

Posted To: The Garrett Watts Report

I received the following email today from one of our readers: These compliance checks are killing my productivity. The environment is crazy. I just got a repurchase demand on a loan that {edited} bought THREE YEARS AGO and then subsequently sold in a small servicing sale. The servicer who purchased the loan identified an under disclosure on the TIL of $117 and is demanding repurchase for non-compliance with Federal disclosure law……..!!! THREE YEARS AGO!!!! How are we supposed to operate with that kind of foolishness going on…..!?! We’ve talked about trailing risk before. Every loan a mortgage banker sold in the past and sells in the future is not really a loan sold without recourse. Mortgage bankers have continuous risk that they might have to repurchase loans because...(read more)

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

Changes in Originator Commission Plans; Prepayment Speeds and Delinquency Buyouts; No Fee Reverse Mortgages; Commercial Loan Rankings

Posted To: Pipeline Press

In a past life I worked in a cubicle next to a fellow who always used to say, "I always tell everyone that I give 100% at work. What I don't tell them is that 24% comes on Mondays, 29% comes on Tuesdays, 22% comes on Wednesday, 15% on Thursday, and 10% on Friday." Percentages are important. As is well known, any investor in mortgages must consider default risk, interest rate risk, and early pay-off risk in assessing their value. Although originators rarely get excited about prepayments, investors and "The Street" watch prepay statistics closely , and recently we had a new batch to mull over. Overall it showed no big surprises, with Fannie & Freddie buying out delinquent high coupon loans and some lower coupon loans. Fixed rate Fannie prepayments were up 89% to a...(read more)

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

More Articles...

Chicago Mortgage Tweets

Foreclosures Plunge to Five-Year Low in US Recovery: Mortgages - BusinessWeek: Press NewsForeclosures Plunge to ... http://t.co/bIWPxCTs - 17 May 2012, 2:54 am - View »
Rivers need friends, too; Chicago's has 4000 - Medill Reports: Chicago: Medill Reports: ChicagoRivers need frien... http://t.co/X5smn2XL - 17 May 2012, 2:15 am - View »
Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages - Bloomberg: UPI.comForeclosures Plunge to Five... http://t.co/FJJgwxKX - 16 May 2012, 11:53 pm - View »

Twitter Counter

Legal