NMLS Resource for Loan Agents For anyone in the lending industry who need some clarity on National Mortgage Licensing System requirements and deadlines, this is a good site. European Bank Stress Tests And Other Market Factors How about that market yesterday? Tuesday night fixed-rate securities had “a decent bid”, in trader talk, Asia was quiet,
July 2010
NMLS Resource for Loan Agents For anyone in the lending industry who need some clarity on National Mortgage Licensing System requirements and deadlines, this is a good site. European Bank Stress Tests And Other Market Factors How about that market yesterday? Tuesday night fixed-rate securities had “a decent bid”, in trader talk, Asia was quiet,
Loan Apps At 9 Month High The Mortgage Bankers Association reported that apps were up almost 7% last week, hitting a 9-month high mostly due to refinancing. And as one would expect, purchase apps sunk to a 13-year low. Refi’s were up over 9% last week, but purchase apps fell 2%. Dividend vs. Bond Yields:
Tax Credit Deadline Now Sept 30 President Barack Obama signed HR 5623, the “Homebuyers Assistance and Improvement Act of 2010,” a three-month extension on the closing deadline for first-time home buyers to receive the tax credit. Potential homeowners with offers currently under contract now have until September 30 to close the deal, instead of the
Rate Snapshot Rates have dropped steadily since May 6 and hit two new record lows in each of the last two weeks. Rates for Conforming loans up to $417k, Super Conforming loans $417k-729k by county, FHA loans, and jumbo loans above $729k are below. Here is a chart showing Conventional (non FHA) 30yr Fixed mortgage
Rate Snapshot Rates have dropped steadily since May 6 and hit two new record lows in each of the last two weeks. Rates for Conforming loans up to $417k, Super Conforming loans $417k-729k by county, FHA loans, and jumbo loans above $729k are below. Here is a chart showing Conventional (non FHA) 30yr Fixed mortgage
Not sure when but the National Association of Mortgage Brokers has changed the logo on their homepage to read “National Association of Mortgage Professionals,” but still with the NAMB abbreviation. And no press release (that we saw) to explain it. They’re a good industry group that fights for responsible mortgage loan originators, but as messengers
Rates have dropped to new record lows twice in the last month, with the most recent record rate lows coming between June 23 and July 1. And despite the June jobs report today showing the biggest monthly job losses in 2010, rates couldn’t break any lower. The Bureau of Labor Statistics non-farm payroll report showed
Refi Rates Continue, But Who Qualifies? The difference between 2-yr and 10-yr yields is the flattest since October, signifying the potential for deflation and evening the playing field between ARM and fixed-rate mortgages. This especially impacts folks looking to refinance. Interestingly, according to The Royal Bank of Scotland, about 37% of the mortgage market is
Clever Chase Business Loan Promo There are some pretty creative folks out there, even in banking. Every once in a while someone will suggest a reward to residential borrowers for making their payment, instead of (what some would say) a reward for not making their payments. In some news out yesterday, Chase announced an incentive