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Monthly Archives: May 2013
[Community Commentary] – Do’s and Don’t’s For a Smooth Mortgage Process
Do’s and Don’t’s For a Smooth Mortgage Process
Posted to: Community Commentary
Friday, May 31, 2013 7:04 PM
Friday, May 31, 2013 7:04 PM
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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!
More from MND:
- MBS Commentary: MBS RECAP: Fitting End To Worst Month in Modern MBS History
- MND NewsWire: CFPB Enhances Massive Consumer Complaint Database
- Mortgage Rate Watch: Mortgage Rates Jump Back To Recent Highs
- MND NewsWire: REO Could Become A Serious Problem For HUD/GSEs
- Pipeline Press: Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/community/310951.aspx
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[MBS Commentary] – MBS RECAP: Fitting End To Worst Month in Modern MBS History
MBS RECAP: Fitting End To Worst Month in Modern MBS History
Posted to: MBS Commentary
Friday, May 31, 2013 4:05 PM
Friday, May 31, 2013 4:05 PM
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If we consider the worst 5-week batches of time for production MBS, and even if we allow late 2010 to combine the worst 5 weeks spanning November and December, May 2013 is still 12 ticks worse, give or take. That’s insane! Is it just me or do the past 5 weeks not feel as abusively awful as late 2010? If May seemed any more tolerable, maybe it had to do with the fact that rates began the month within spitting distance of all-time lows and at their worst just ebbed into the 4% zone. Too, perhaps the fact that we got a starkly contrasting Jobs Report on May 3rd helped start the month off with a cautionary bias. Whatever the case, today was a fitting end. It had all the key ingredients… Seemingly serene morning leading to a massive mid-day sell-off and afternoon volatility in abundance. Fannie 3.0s end the month just perfectly 400bps off May 1st levels. 10yr yields shot 46.2bps higher! Everything about this most recent week and the week ahead continue to suggest a well-traveled, volatile range leading up to NFP, with potential to push the push the boundaries of weakness afterward, or head back into May’s trading range.
More from MND:
- MND NewsWire: CFPB Enhances Massive Consumer Complaint Database
- Mortgage Rate Watch: Mortgage Rates Jump Back To Recent Highs
- MND NewsWire: REO Could Become A Serious Problem For HUD/GSEs
- Pipeline Press: Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
- MBS Commentary: MBS MID-DAY: On The Mend After Morning Sell-Off
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/310922.aspx
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Daily Rate Update: Mortgage Rates Jump Back To Recent Highs
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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.
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[MND NewsWire] – CFPB Enhances Massive Consumer Complaint Database
CFPB Enhances Massive Consumer Complaint Database
Posted to: MND NewsWire
Friday, May 31, 2013 1:29 PM
Friday, May 31, 2013 1:29 PM
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The massive public database of consumer complaint information which the Consumer Financial Protection Bureau (CFPB) brought on-line in March has now been enhanced. The Bureau announced today that it has expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database.
The searchable database allows consumer to track complaints about products and services levied by other consumers. Information is available on more than 90,000 individual complaints which, in addition to the two categories added today, include entries about mortgages, student loans, bank accounts and services.
More from MND:
- Mortgage Rate Watch: Mortgage Rates Jump Back To Recent Highs
- MND NewsWire: REO Could Become A Serious Problem For HUD/GSEs
- Pipeline Press: Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
- MBS Commentary: MBS MID-DAY: On The Mend After Morning Sell-Off
- MBS Commentary: MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/05312013_cfpb_consumer_complaints.asp
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[Mortgage Rate Watch] – Mortgage Rates Jump Back To Recent Highs
Mortgage Rates Jump Back To Recent Highs
Posted to: Mortgage Rate Watch
Friday, May 31, 2013 4:03 PM
Friday, May 31, 2013 4:03 PM
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Mortgage rates moved back up to the highest levels of the week, confirming a bumpy ride between now and next week’s big jobs report. The day began in a docile enough fashion but was soon disrupted by stronger than expected economic data. Trading conditions deteriorated further in the afternoon prompting many lenders to recall rate sheets for a mid-session move higher. With those changed, the closing costs associated with the current 4.0% best-execution rate moved back to the highs seen on Tuesday afternoon.
Yesterday’s thoughts (after two days of improvements in rates) still apply. It continues to be the case that we could move sideways to lower, and of course rates just demonstrated their willingness to snap back to recent highs:
More from MND:
- MND NewsWire: REO Could Become A Serious Problem For HUD/GSEs
- Pipeline Press: Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
- MBS Commentary: MBS MID-DAY: On The Mend After Morning Sell-Off
- MBS Commentary: MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
- MBS Commentary: The Day Ahead: Month-End, Econ Data, and Technical Resistance
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/consumer_rates/310929.aspx
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[MND NewsWire] – REO Could Become A Serious Problem For HUD/GSEs
REO Could Become A Serious Problem For HUD/GSEs
Posted to: MND NewsWire
Friday, May 31, 2013 12:58 PM
Friday, May 31, 2013 12:58 PM
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As the housing crisis unrolled the Department of Housing and Urban Development (HUD) and the two government sponsored enterprises (GSEs) Freddie Mae and Fannie Mae came into possession of more and more properties thorugh foreclosure. As of September 30, 2012, HUD held 37,445 foreclosed properties (REO) while the GSEs held 158,138. In addition, the “shadow inventory”-residential loans at least 90 days delinquent-totaled 2,674,682 properties, roughly 7.5 times the size of the HUD and GSE REO inventories combined. Even a fraction of the shadow inventory falling into foreclosure could considerably swell HUD and GSE inventories of REO properties.
More from MND:
- Pipeline Press: Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
- MBS Commentary: MBS MID-DAY: On The Mend After Morning Sell-Off
- MBS Commentary: MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
- MBS Commentary: The Day Ahead: Month-End, Econ Data, and Technical Resistance
- MBS Commentary: MBS RECAP: Decent Data, Friendly Auction, Hope Stays Alive
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/05312013_oig_reo_management.asp
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[Pipeline Press] – Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
Interpreting QM Revisions; CFPB on Originator Testing, FTC, and Underserved Counties
Posted to: Pipeline Press
Friday, May 31, 2013 8:27 AM
Friday, May 31, 2013 8:27 AM
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“The guy next door” as well as multi-billion dollar venture capital funds know that, right? Well, the housing industry is hoping that venture capital funds like Blackstone don’t go into the house flipping business, but many folks are doing it.
Organizations and analysts continue to ruminate on the CFPB’s latest rulings on the QM (Qualified Mortgage) box. Put another way, the industry is abuzz with the regulator’s underwriting guidelines. The Ohio Mortgage Bankers Association wrote, “In short, the final rule:
- Removes compensation to individual loan originator employees from the calculation of the points and fees limit for purposes of both the QM and Home Ownership and Equity Protection Act (HOEPA) rule;
- Establishes a new smaller creditor portfolio QM;
- Loosens requirements for smaller creditors originating balloon loan QMs for two years; and
- Establishes new exemptions from the ability to repay requirements for credit extended under Emergency Economic Stabilization Act programs, community-focused lending programs and by certain non-profit creditors.
It does not address the following:
- Lender paid compensation to mortgage brokers will still be included in the QM points and fees test;
- Fees paid to lender-affiliated settlement providers will still count toward the 3% QM cap.”
And the NAIHP summed it up by saying, “Lender Paid Compensation will be included in the 3% Points and Fees Cap, Affiliated Business Fees will be included in the 3% Points and Fees Cap, and Fannie and Freddie Loan Level Price Adjustments will be included in the 3% Points and Fees Cap.”
Jeff T. writes, “The CFPB is finally settling down on some new rules that go into effect early 2014. One of them was going to regulate the total cost a borrower can pay to 3% of the loan amount. And that WAS to include any compensation paid to the loan originator EVEN if NOT paid by the borrower. This would have killed off any lending under $200k in my opinion. That rule appears to be modified to just borrower closing costs at 3%. However, that still makes a loan under $125k VERY difficult to meet the new rules – so much for protecting the consumer? I guess if they can’t get a loan at all, they are safe?”
More from MND:
- MBS Commentary: MBS MID-DAY: On The Mend After Morning Sell-Off
- MBS Commentary: MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
- MBS Commentary: The Day Ahead: Month-End, Econ Data, and Technical Resistance
- MBS Commentary: MBS RECAP: Decent Data, Friendly Auction, Hope Stays Alive
- Mortgage Rate Watch: Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/pipelinepress/05312013-qm-the-cfpb-cat-videos.aspx
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[MBS Commentary] – MBS MID-DAY: On The Mend After Morning Sell-Off
MBS MID-DAY: On The Mend After Morning Sell-Off
Posted to: MBS Commentary
Friday, May 31, 2013 11:09 AM
Friday, May 31, 2013 11:09 AM
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Most of the pertinent details of the morning have been covered in the previous ‘special alert.’ The recap below fills in the blanks with more specific detail on the now irrelevant overnight session as well as some of the bullet points on the data. To recap the recap, this morning’s big nasty swing was all about Chicago PMI. Well, nothing is ever really “ALL about” anything when it comes to markets, but that data was the trigger point for the sell-off. The EXTENT of the sell-off is something that relied on all the other considerations in play. Chief among them would be the ongoing establishment of a pre-NFP range that we’ve been discussing since Wednesday morning. That range would have been widened or shifted away from neutrality if we’d broken below the 2.07/2.09 gap seen in this morning’s Treasury chart. That’s a very important gap, and importantly, it’s been very soundly rejected with this morning’s move. This maintains the sideways trend between 2.17 and 2.07 heading into NFP without yet giving any hints of consolidation (trading range forms a triangle) or trend (trading range tilts higher or lower)
Since the sell-off, MBS have ground back a few ticks and are into the 100-20’s currently. 10’s tested 2.17 repeatedly and have since ebbed lower into the 2.15’s. So far, we’re setting up for an afternoon that looks to be far less eventful than most recent Friday afternoons thanks to the morning sell-off and decent show of support. That’s little consolation for the damage done to rate sheets, but (fingers crossed) it could make for a less stressful reprice risk situation in the PM hours.
More from MND:
- MBS Commentary: MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
- MBS Commentary: The Day Ahead: Month-End, Econ Data, and Technical Resistance
- MBS Commentary: MBS RECAP: Decent Data, Friendly Auction, Hope Stays Alive
- Mortgage Rate Watch: Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?
- MND NewsWire: Builders Slightly Less Upbeat on Rental Market
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/310847.aspx
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[MBS Commentary] – MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment
Posted to: MBS Commentary
Friday, May 31, 2013 10:14 AM
Friday, May 31, 2013 10:14 AM
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As a courtesy to our readers who aren’t yet subscribers to MBS Live, we wanted to bring you an early update this morning as conditions have grown exceptionally volatile in short order. As can sometimes be the case with Chicago PMI, market participants who pay to get the data 3 minutes early, started a snowball rolling well ahead of the official 9:45am release. Sometimes this can prove to be misdirection, but usually moves this big result in exactly the sort of ‘mega-beat’ seen this morning. Not only was the headline itself bad for bond markets, but the EMPLOYMENT internal component was exceptionally strong as well as the production component. As far as bond markets are concerned, these are the two worst internal components to be seeing such strength.
10yr Treasuries currently look like they may be able to manage a bounce at 2.17, but MBS are currently just under half a point weaker on the morning after starting off in slightly positive territory. The following will just be copied/pasted alerts from MBS Live (if you would have liked to have received these alerts directly to your phone or email at the timestamped times indicated, you can learn more about subscribing to MBS Live HERE, and check out our LinkedIn recommendations HERE.
More from MND:
- MBS Commentary: The Day Ahead: Month-End, Econ Data, and Technical Resistance
- MBS Commentary: MBS RECAP: Decent Data, Friendly Auction, Hope Stays Alive
- Mortgage Rate Watch: Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?
- MND NewsWire: Builders Slightly Less Upbeat on Rental Market
- MBS Commentary: MBS MID-DAY: Consolidating Near Yesterday’s Highs Ahead of Auction
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/310842.aspx
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Funding! Home Loans, Reverse Mortgage, Grants, Business Loans. 