The rate climb discussed in recent weeks continues with Conforming 30yr fixed rates .75% higher than all-time lows October 7-8. This means a $184/mo higher mortgage payment for a loan of $417,000, and $323/mo higher for a loan of $729,750. Rates for Jumbo loans above $729,750 are only up .25% because these loans are not
Jumbo Mortgages
Why Rates Are Down Slightly Are we on a rate rising or falling trend? Last week and the week before, mortgage rates moved higher because of inflation fears from better economic data, and political opposition to the Fed’s quantitative easing program. Then yesterday bonds rallied a bit to bring rates down. The $35 billion 2-yr
Jumbo Loans Made But Not Securitized For folks who continue to look toward the “non-agency” or jumbo mortgage backed securities sector, rates have been coming down, and analysts are pointing to slower liquidation rates on option ARMs and subprime loans. Banks are starting to make jumbo loans again. Smaller, and regional, lenders are issuing more
Jumbo Loans Made But Not Securitized For folks who continue to look toward the “non-agency” or jumbo mortgage backed securities sector, rates have been coming down, and analysts are pointing to slower liquidation rates on option ARMs and subprime loans. Banks are starting to make jumbo loans again. Smaller, and regional, lenders are issuing more
Top 10 Lenders For 2Q Here’s the top 10 residential lenders for 2Q from Mortgage Stats. Total production for lenders 3-10 basically matches Wells Fargo’s total (in spite of its back office backlog). And here’s good stats on #2 Bank of America’s loan production: they originated $73 billion in first mortgages in the third quarter,
Jumbo Mortgages Still Sparse Thomson Reuters said U.S. mortgage-backed securities (commercial and residential) issuance totaled $91 billion last quarter and $328 billion through the third quarter, up from $207.2 billion in the same period a year earlier, a rise of 58%. Only 5% was non-agency production, which means that 95% of it was Ginnie, Fannie,
Signs of Life In Jumbo Mortgages There are definitely signs of the ice cracking in non-agency (or Jumbo) lending. For example, folks in the biz know that Quicken Loans is the largest online mortgage lender. But in recent weeks Quicken, who is also the 4th largest FHA lender, has moved into “private-label” originations. PHH, according
Why You Shouldn’t Give Out Your Social Security Number On The Radio Does the name “Todd Davis” ring a bell? He is the CEO of a company called LifeLock, and he made the news a while back by broadcasting his Social Security Number in radio ads to show confidence that his identity couldn’t be stolen.
Mortgage Fraud Categories Mortgage Asset Research Institute (MARI) states that reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry are continuing to climb and increased by 7% from 2008 to 2009. Is it more fraud or better reporting of previously undiscovered fraud? Either way, MARI believes that mortgage fraud is “significantly
Rates dropped last Tuesday when S&P downgraded Greece and Portugal debt, which caused bond investors to reallocate to safer mortgage (and Treasury) bonds—when bond prices rise on buying, rates drop. This positive mortgage sentiment generally held throughout the week, and zero-point rates on loans up to $729k ended the week at record lows. GOOD JUMBO
Last Day For Federal Tax Credit, CA Credit Still Live Today the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers expires. Service members, however, who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010,
FHA Mortgage Insurance Increasing April 5 All investors (Citi, Chase, BofA, Flagstar, etc., etc.) are reminding their clients that, as a result of January’s FHA’s Mortgagee Letter 2010-02, the Upfront Mortgage Insurance Premium (UFMIP) will increase to 2.25% effective for all case number assigned on or after Monday, April 5, 2010. This applies to FHA
Putin’s Russian Mortgage Stimulus Any weapons race with Russia doesn’t receive the publicity it did 30 years ago. But whatever you call someone who originates loans in Russia (brokers?) received some good news last week, when Russia’s Prime Minister Vladimir Putin announced that the government will help to lower the mortgage rates investing more than
Mortgage Markets After March 31 For the week that just ended for the Fed, their MBS purchases totaled $17.6 billion, and they sold $6.6 billion, netting out that magical $11 billion weekly total. They are right on target to end this in about a month. After March 31st, the program ceases. People will still buy
Mortgage Markets After March 31 For the week that just ended for the Fed, their MBS purchases totaled $17.6 billion, and they sold $6.6 billion, netting out that magical $11 billion weekly total. They are right on target to end this in about a month. After March 31st, the program ceases. People will still buy
Cash-Out vs. Cash-In Refi Stats Remember when cash-out refinancing was the bulk of our business, and any investor who would tweak their price slightly on this product would either see all or none of the business? Four or five years ago, that category of loan hit 88%, which, according to Freddie Mac, put another way,
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