[MND NewsWire] – House Passes HR 1629, Immigration Legislation to be Funded by G-Fee Increase

House Passes HR 1629, Immigration Legislation to be Funded by G-Fee Increase

Posted to: MND NewsWire
Friday, November 30, 2012 4:51 PM

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The House of Representatives passed HR 1629, the STEM Jobs Act of 2012 on Friday afternoon even as opposition to the funding of the measure was getting organized.  The bill amends the Immigration and Nationality Act to make up to 55,000 visas available to qualified immigrants with certain advanced degrees who agree to work for at least five years for the petitioning employer or in the United States in a STEM field.   STEM is a designation indicating advanced training in science, technology, engineering or math.

The bill, introduced by Lamar Smith (R-TX) originally dealt straightforwardly with the visa issue; however after it was sent to the House Rules Committee the bill was altered with what is generally known as a “payfor.”  This addition would require Fannie Mae and Freddie Mac to increase their guarantee fees to cover the cost of implementing the STEM Jobs Act. 

On Thursday David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), urged Congress to reconsider their approach of using guarantee fees for this purpose.  He said in part, “Fannie and Freddie’s guarantee fees are supposed to be used to help offset the risk inherent in providing mortgages, and any increases to those fees should be used for that purpose.  Dipping back into the housing piggybank to pay for unrelated policy items on the backs of America’s homebuyers sends the wrong message at a time when the housing market is starting to show signs of recovery.”

He said that lawmakers should reconsider diverting the fees from their intended purpose, adding “Increasing the cost of most mortgages will only add to the uncertainty that is plaguing the mortgage market and holding back a more a robust housing recovery.”  

Details regarding the amount of the G-Fee increase and the breakdown of the House vote are not yet available.  We will provide more information as it becomes available.

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[MBS Commentary] – MBS RECAP: Mostly Positive Territory In A Narrow Range

MBS RECAP: Mostly Positive Territory In A Narrow Range

Posted to: MBS Commentary
Friday, November 30, 2012 4:05 PM

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It was a surprisingly uneventful month-end Friday for MBS and broader markets alike.  Stock prices and bond yields rose moderately overnight on positive Draghi comments and Germany’s lower Parliament approval of the Greek bailout deal.  Things reversed into the domestic session, first for Treasuries as domestic accounts were lined up for some month-end buying.  Stocks hit their highs within 5 minutes of the cash open and traded a choppy but linear range downward, just avoiding overnight lows.  MBS held a 5 tick range for the entire session and experienced a much more sideways version of the moderate volatility seen elsewhere.  Data and headlines had little impact and markets even managed to not pay too much attention to Fiscal Cliff anecdotes, ostensibly preferring month-end trading considerations, and possibly beginning to set the bar a bit higher for the actual nuts and bolts of Fiscal Cliff news.

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More Originators, Fewer Companies; Even Goldman is Betting on Subprime

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Nov 30, 2012 10:48AM

More Originators And Fewer Mortgage Companies – NMLS Report

The number of state licensed mortgage companies registered with the National Mortgage Licensing System (NMLS) decreased by 2.3 percent on an annual basis while the number of individual loan originators increased by a nearly identical amount according to one of two third quarter reports issued by NMLS on Thursday. The number of institutions registered with the federal government increased by 1.4 percent and loan originators by 1.8 percent on a quarterly basis. State licensure information and federal…

Nov 30, 2012 10:57AM

Investors Like Housing Price Rally – Even Goldman Betting on Subprime

“If I could rearrange the alphabet, you and I would be together.” Before you roll your eyes at that one, a buddy of mine said that to a gal at a bar twelve years ago and they’ve been married for the last nine. Strange things do happen. (On the other hand, another acquaintance told his soon-to-be ex-girlfriend, “My phone never rings and it’s always you.”) Lenders and Realtors know that relationships can sometimes complicate things, and the Census Bureau tells us that about 18% of people 18 and older…

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Today’s Comments

josh darrimon

“I couldn’t agree more with the synopsis. HUD is going to push the stronger borrowers into conventional programs and leave HUD with the riskier and…”

Frank Ceizyk

“So you are a current disgruntled originator–or simply a “consultant” who sits in judgment over other peoples work with no originating experience…”

Ryan Frost

“Why not allow post 6/09 FHA borrowers to refinance, pay 1.5% UFMIP and grandfather their current monthly MI? This would create a major influx of quick…”

Today’s Q&A

“What type of letter do you need for a deed change?”

“Can I Short Sale my property in my current situation?”

“Can I refinance my current Mortgage and roll my Home Equity Loan into the new loan. “

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Today’s Forum Discussions

arul Ram

“Loan Scenario View All Post A Scenario Loan State: New Jersey Loan County: Burlington Loan Type: Purchase Loan Amount: $360,000 Property Value: $450,000…”

Corey Cummings

“Loan Scenario View All Post A Scenario Loan State: California Loan County: Yolo Loan Type: Refinance (Rate and Term) Loan Amount: $511,500 Property Value…”

Jason Samarin

“Loan Scenario View All Post A Scenario Loan State: California Loan County: Orange Loan Type: Purchase Loan Amount: $200,000 Property Value: $400,000 LTV…”

–>

[Mortgage Rate Watch] – Mortgage Rates End Month In Line With Lowest Levels

Mortgage Rates End Month In Line With Lowest Levels

Posted to: Mortgage Rate Watch
Friday, November 30, 2012 2:50 PM

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Mortgage rates moved lower on Friday, ending the week and the month in line with their best levels in nearly two months.  Today’s improvements were moderate and the rates, while strong, are similar to other strong days since early October.  The Best-Execution rate for 30yr Fixed, Conventional loans is easily 3.375% and for some scenarios, easily 3.25%, depending on the lender.  Lower rates are available, but the costs to obtain them may not make sense for most.  

(Read More:What is A Best-Execution Mortgage Rate?)

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[MBS Commentary] – MBS MID-DAY: Some Weakness Following Fed Twist Buying

MBS MID-DAY: Some Weakness Following Fed Twist Buying

Posted to: MBS Commentary
Friday, November 30, 2012 11:09 AM

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It’s not uncommon to see a bit of volatility after the almost daily installments of the Fed’s Operation Twist purchases.  These almost always occupy the 10:15-11:00am time slot, with the results released at 11:02–give or take.  On occasions where that volatility arises, it’s also not uncommon to see a bit of it translate to MBS as has been the case today.  That said, the overall range on the day remains exceedingly narrow (a mere 3 ticks in Fannie 3.0s), so we wouldn’t sweat it just yet.  As for AM data, it was ignored, yet again.  Both the weak consumer spending numbers and the weak internals of the Chicago PMI failed to motivate any meaningful response, although a response was perhaps, maybe, possible, ever-so-slightly detectable following the Chicago PMI numbers.  More likely, markets are trading with “month-end” concerns in mind, where we’ve heard about better buying earlier in the day, offset by corporate rate-lock selling.

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[Pipeline Press] – Investors Like Housing Price Rally – Even Goldman Betting on Subprime

Investors Like Housing Price Rally – Even Goldman Betting on Subprime

Posted to: Pipeline Press
Friday, November 30, 2012 8:51 AM

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“If I could rearrange the alphabet, you and I would be together.” Before you roll your eyes at that one, a buddy of mine said that to a gal at a bar twelve years ago and they’ve been married for the last nine. Strange things do happen. (On the other hand, another acquaintance told his soon-to-be ex-girlfriend, “My phone never rings and it’s always you.”)

Lenders and Realtors know that relationships can sometimes complicate things, and the Census Bureau tells us that about 18% of people 18 and older lived in someone else’s household, up from 16% in 2007, prior to the start of the economic recession. Specifically, 41 million adults in 2011 lived in a household in which they were neither the householder, the householder’s spouse, nor the householder’s cohabiting partner. Between 2010 and 2011, the number of these additional adults increased by almost 2 million.

 

The fabled conforming loan amounts for 2013 were announced by “Frannie” yesterday, with both agencies leaving them unchanged. But if you want proof, here is the site from their conservator, the FHFA.

Every once in a while I try to state something factual, and yesterday the commentary repeated a letter regarding FHA and mortgage insurance. I received several comments, all basically saying, “Regarding the comment about FHA keeping mortgage insurance in place for the life of a loan being a HPA violation, I thought the same thing when I first saw the FHA Announcement.  Then I did a little digging…

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[MND NewsWire] – More Originators And Fewer Mortgage Companies – NMLS Report

More Originators And Fewer Mortgage Companies – NMLS Report

Posted to: MND NewsWire
Friday, November 30, 2012 9:35 AM

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The number of state licensed mortgage companies registered with the National Mortgage Licensing System (NMLS) decreased by 2.3 percent on an annual basis while the number of individual loan originators increased by a nearly identical amount according to one of two third quarter reports issued by NMLS on Thursday.  The number of institutions registered with the federal government increased by 1.4 percent and loan originators by 1.8 percent on a quarterly basis.  State licensure information and federal registration data are reported on the state level and in separate reports

NMLS reported that, at the end of September there were 16,397 companies holding state licenses and 18,449 branches; 10,907 institutions were registered with a federal regulatory agency.   Both state and federal licenses were held by 121 companies.  Individuals licensed by the states totaled 115,826 and 394,470 were registered with the federal government with 4,836 loan originators holding both credentials…

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