Take advantage of low mortgage rates! You could be saving $MONEY MONEY MONEY$ ! Apply today at http://globalhomefinance.com/apply.php !
Say what you want about zoning laws in Houston, but mosques and pig races don't
mix anywhere: WhatHappensToTheLoser? [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG1uD4rszX4bq-BZBYMZcsUdu7Ol5RPe9e45ybTgZHNiwrfGNt9ydXIHTJ9rNVZsDbdzkSpRYMdabLHux7EeQ3nMQkbCBc8fzBeZYEsEPHK07mGOAZpB2jvT47bUaox2CeVd_fZm-l6Wrw==]
Pacific Union Financial is looking to expand its sales force in the following regions:
Northern CA, Southern CA, CO, CT, ID, MA, PA, MN, NV, OR, TX, and WA. "We have
fulfillment centers in the Bay Area, Orange County and Fairfax VA. We are looking
for regional sales managers and area sales managers with existing teams to help
us expand our national footprint," along with looking for wholesale AE's. Pacific
Union is a Ginnie and Fannie Direct Servicer Seller offering "an aggressive comp
structure," full benefits, the advantages minimal overlays, 560 FICO's on FHA (with
restrictions), and so on. All wholesale candidates need to have recent production
reports and an active broker base. If you're interested contact Darius Mirshahzadeh
at darius@loanpacific.com [mailto:darius@loanpacific.com].
The saga of Texas-based Allied Home Mortgage Corp. continues: a judge ruled that
it can originate and underwrite Federal Housing Authority-insured home loans, reversing
HUD's suspension a few weeks ago: AlliedRebirth? [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG2aEmuOnTFYgHFEVa0tWDw80W0gEhAvP33c58cHy-I-EMoAzRk5Da3W17zSeQSaS1yafEsvVFYuv4GDlqwcUQlqV2XRwo8hPbfKp2Dp2TTooPkTH2niU3Fi5YRUN-BP2U8ionDYEuBt-VsSe8NBXQrmlt2uoCUVSiKaiA80MdWrQMJ5GFNy-oBlWyGmEikZvv9uVBkPkhGjkwdYnCJ6v_a9ES-nO1KHRBQ=]
HARP 2.0: it's been released by the agencies (Fannie & Freddie) and now the large
investors/servicers can slice and dice and incorporate it into their programs. How
long will that take? I don't know. But here are the links to the original agency
bulletins: Freddie [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG00rVS7_G7qjIv5RBITWWltMzUOOgX77OMJobCGAzHJunW7bfvL-Ur6kMtsVN7_2w9RDWWC6dG9mkPfaM4RuOAUzmrsZNNnHPpC8Ac1TDaZBhZ8cCSU9rhJL_OapGxQOV_Tuslio2L0zkLYAtNlJvj5Pth-XWnBauBo_bOkWlP-dA==]
and Fannie [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG3mKV7P7wgtt8m-RMHOz8B06fIDb20EkVIwHZRg_xwn2WQLDCZppoJEFP7Am5XLRzF7ynX1L1aYwEFGl4tqRQttiFSDh7E2V83ceuTBMQ6aURGbi_HCmB82FYMZ_Vky6a6yzSC5DuYZsXexbViba8jUN7XLn8kqRelbjpSN69MnDBx-lTwWqu5H].
In plain language Fannie & Freddie would reduce fees and relieve lenders from some
liability on home loans in order to lower the cost of borrowing to distressed homeowners.
Fannie Mae, in its revised guidelines, said: "The lender is not responsible for
any of the representations and warranties associated with the original loan."
Freddie's bulletin announces revised requirements for Freddie Mac Relief Refinance
Mortgages - Same Servicer and Relief Refinance Mortgages - Open Access offerings.
"A portion of these offerings, mortgages with LTV ratios greater than 80 percent,
represents our business implementation of HARP." Key changes to this segment include
no 125% LTV cap for fixed-rate Cash and fixed-rate Guarantor mortgages (the 105
percent maximum LTV ratio for ARMs will remain the same). "We're also adding a borrower
benefit provision that allows refinancing for the purpose of reducing the monthly
principal and interest (P&I) payment, and modifying our mortgage payment history
requirements for Relief Refinance Mortgages - Same Servicer and Relief Refinance
Mortgages - Open Access." "Updates are being made to requirements for when the P&I
payment on the new refinance mortgage increases by more than 20 percent, as well
as to requirements for income verification."
Freddie also states, "Loan Prospector will be updated on or before March 15, 2012,
to assess Relief Refinance Mortgages - Open Access with LTV ratios greater than
125 percent. The HVE estimate returned on Loan Prospector Feedback Certificates
can then be used to determine property values for Relief Refinance Mortgages - Open
Access. Until Loan Prospector is updated, loan assessments for Relief Refinance
Mortgages - Open Access with LTV ratios greater than 125 percent cannot be completed."
"The expiration date of our Relief Refinance Mortgage offering is being extended
to December 31, 2013. To be eligible for refinancing under this offering, mortgages
must have note dates on or before December 31, 2013. Representation and warranty
relief: For Relief Refinance Mortgages - Same Servicer with LTV ratios greater
than 80 percent, Sellers will no longer be required to retain certain Seller representations
and warranties on the mortgage being refinanced. New execution options: To support
the lifting of the maximum LTV ratio requirement for fixed-rate Relief Refinance
Mortgages - Same Servicer and fixed-rate Relief Refinance Mortgages - Open Access
with LTV ratios greater than 125 percent, we are introducing a Cash and Guarantor
execution option." "Changes to Freddie Mac Relief Refinance Mortgages announced
in today's Guide Bulletin are effective for application dates on or after December
1, 2011."
Much more information can be seen by reading the bulletin, and indeed Fannie came
out with more information: FannieHARP [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG2iJqLIz72M4p5jgmOkPpYCtFaj66I8jDJ_O5m_Avg4CDWKLAuSFchTrukWXZilONv4_pEkEariTdGXTA3iM06IqnG2r4Y8HPpWs6m1Jk_idz3Utw0VtYMk5BksLzmyGQfh1SYKJ813iQ==].
As noted above, we will see how the large investors fall into step with the guidelines.
Not to be outdone, HUD released its annual report on the FHA mortgage insurance
fund, and noted that it believes its capital position of the insurance fund remains
strong and expects to surpass its 2% capital ratio earlier than initially expected.
The positive outlook is largely driven by the profitability of new originations,
which are substantially better credit than 2005-08 collateral and are currently
paying much higher mortgage premiums. "However, if economic conditions and home
prices deteriorate much more than expected, the fund could find itself in a negative
capital position. This could cause HUD to reconsider its position and increase the
FHA annual premium. Such a move would be a substantial positive for GNMA convexity
going into 2012...HUD indicates that, in the midst of continued weakness in housing
markets across the county, the MMI Fund capital ratio remains positive this year
at 0.24 percent. With new risk controls and premiums put in place by the Obama
Administration, the independent actuaries predict the Fund will return to the Congressionally-mandated
threshold of two percent capital more quickly than was projected by last year's
review. FHA's capital reserve ratio measures reserves in excess of those needed
to cover projected losses over the next 30 years. The independent actuarial reviews
of the MMI Fund estimate FHA's capital reserve ratio to be 0.24 percent of total
insurance-in-force this year, falling from 0.50 percent in 2010."
How much is $15 billion in servicing worth? How about $1 million?Ocwen has agreed
to pay just under $1 million for a portfolio of mortgage servicing rights on an
estimated 82,000 non-prime loans. The seller of the MSRs (mortgage servicing rights),
which are valued at roughly $15 billion, is JPMorgan Chase. The deal, which is slated
to close in phases beginning on the first of the year, also includes servicing rights
for third-party private securitizations in which Chase and its affiliates were not
issuers or loan sellers.
One quick note on yesterday's link to the Middle East North Africa Financial Network's
"view of companies like Redwood Trust" - it turns out that the information concerned
Redwood Mortgage Investors, different than the Redwood Trust located in Northern
California. The two are not affiliated.
With MF Global going under, the Federal Reserve Bank of New York plans to start
demanding collateral from Wall Street dealers on trades that involve mortgage-backed
securities as part of a tougher risk management stance. The Fed privately told dealers
that mortgage securities sold to the central bank under its current buy-back program
will require the posting of initial margin of 2.5 per cent and daily variation margin
from Friday. (Margin refers to the deposit sellers will have to make with the Fed
until the securities are delivered and the trade is settled. This protects the Fed
in case a dealer runs into trouble.)
Speaking of MBS's, there's a new option for those that want to stay up to speed
on live MBS/Treasury pricing, industry chatter, etc. In partnership Thomson Reuters,
Mortgage News Daily has recently released MBS Live!, an innovative platform that
utilizes a web based streaming technology to deliver real time pricing, charts,
peer discussion, networking, news, mobile delivery and much more (feature list).
According to MND, user feedback has been outstanding, with product growth being
driven primarily by word of mouth. To see all the features go to MBSPricingFeatures
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG3Y63ILh2zIAbmIDC_vvRgWZLMdhbKkassNvGwE_p5CyNAyRj5kVGBQqUuTZtY60Fg59cTsjgBNMwYz_7WvQLUI09YqJ9BCMdoW7V0D50OIEXdCqHWM6YNDewtR0mRLXlOYE_4_v6btUqAXtIS1cAhQ4ipONU_6w65SL1plc14lXQ==].
Or to sign up for the free trial go to FreeMBSPrices [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108633239067&s=8721&e=001TP7b9e_xcG3fjDcfItM5f_f7ttvTYjr5sIQwImoeR_yv9aqr750lOrrsbqVQkYt7xnSqI2TXgBgzcLHBtJfIqtTCvF9bEyCCvHReRCIeOqPryYQN61IaR9ONXQcr2xKetzGgdOT1394rTv8b1BB7QgimHhWFS3vr19DZcNCaseTICaU8aipnzDYf66VM-sm1InrY22IqWlU=].
Things seem to be relatively quiet out there in mortgage-land: rates are not gyrating
too badly. Better-than-expected Retail Sales, PPI, and Empire State numbers helped
the stock market, and although they don't always move in opposite directions Treasuries
ended slightly lower (with the 10-yr note closing around 2.06%). Mortgage-backed
security prices were practically unchanged from Monday's closing levels.
This morning we've already had the MBA's application index for last week: apps dropped
10% from the week before, with refi's -12% and purchases down about 2%. Every LO
out there knows that the thrill of low rates is wearing off, and high unemployment,
tighter lending requirements, and a stagnant housing market are keeping a cap on
things. Refi's dropped to about 77% of all apps.
Later this morning we'll have the Consumer Price Index, expected to be flat, Industrial
Production and Capacity Utilization, and the NAHB Housing Market Index. In the very
early going rates are slightly better with the 10-yr at 2.03% and MBS prices a smidge
better.
Part 1 of Men Teaching Classes for Women at THE ADULT LEARNING CENTER
REGISTRATION MUST BE COMPLETED By Sun, April 30, 2012 (Part 2 tomorrow)
NOTE: DUE TO THE COMPLEXITY AND DIFFICULTY LEVEL
OF THEIR CONTENTS, CLASS SIZES WILL BE LIMITED TO 8 PARTICIPANTS MAXIMUM.
Class 1
Up in Winter, Down in Summer - How to Adjust a Thermostat
Step by Step, with Slide Presentation.
Meets 4 weeks, Monday and Wednesday for 2 hrs beginning at 7:00 PM.
Class 2
Which Takes More Energy - Putting the Toilet Seat Down, or Complaining About It
for 3 Hours?
Round Table Discussion.
Meets 2 weeks, Saturday 12:00 for 2 hours.
Class 3
Is It Possible To Drive Past a Wal-Mart Without Stopping? Group Debate.
Meets 4 weeks, Saturday 10:00 PM for 2 hours.
Class 4
Fundamental Differences Between a Purse and a Suitcase - Pictures and Explanatory
Graphics.
Meets Saturdays at 2:00 PM for 3 weeks.
Class 5
Curling Irons--Can They Levitate and Fly Into The Bathroom Cabinet?
Examples on Video.
Meets 4 weeks, Tuesday and Thursday for 2 hours beginning at 7:00 PM
Class 6
How to Ask Questions During Commercials and Be Quiet During the Program
Help Line Support and Support Groups.
Meets 4 Weeks, Friday and Sunday 7:00 PM
(Classes 7-12 tomorrow.)
If you're interested, visit my twice-a-month blog at the STRATMOR Group web site
located at www.stratmorgroup.com [http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1106435366068&s=4179&e=001SVt-ljbp53436QjxD9vbwURtIPPjV05jEcEKyBN3SjS2forXe0C_foO8RjEV-Uye0N7Z_Sh1il0SRXPx6PjQauayNXQjni-Hc9Sseu-hhZcR1ujeZyAEpw==]
. The current blog takes a look at the impact of HARP 2.0 and the differences in
the agency's programs. If you have both the time and inclination, make a comment
on what I have written, or on other comments so that folks can learn what's going
on out there from the other readers.
Rob
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