Jul 28, 2011

California Defaults Reach Lowest Rate in Four Years

According to a report in dsnews.com,

For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company that tracks nationwide real estate activity.

DataQuick attributes the decrease to an increasingly stable housing market and new mortgage servicing policies.

“A lot of theories are being floated as to why the numbers are down. Bank policy changes. Legal challenges. Politics. Holding back temporarily so as not to flood the market,” said John Walsh, DataQuick president.

“The fact of the matter is that no one really knows, outside of lending and servicing industry insiders,” Walsh continues. “One thing is certain: Homeowner distress spreads fastest when home price declines are steepest. And it now appears likely that, barring some new economic shock, the worst of the price declines are behind us.”

The number of notices of default decreased 17 percent from April to June when compared with the previous quarter and 19.2 percent when compared with the second quarter of last year. It was the lowest rate reported since the second quarter of 2007.

DataQuick reports that most of the loans defaulting today were originated between 2005 and 2007 when weak underwriting standards were most prevalent.

Read more visit - http://www.dsnews.com/articles/california-defaults-reach-lowest-rate-in-four-years-2011-07-20

Jul 25, 2011

Mortgage Rates Stall

According to a report in the wall street journal,

Mortgage rates were mostly flat in the past week amid a series of mixed reports on the health of the U.S. economy, according to Freddie Mac's weekly survey of mortgage rates.

"Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up," said Freddie Mac Chief Economist Frank Nothaft, adding that a consumer sentiment reading fell to the lowest level since March 2009.

The 30-year fixed-rate mortgage inched up to 4.52% in the week ended Thursday, from 4.51% the previous week, though that is down from last year's rate of 4.56%. Rates on 15-year fixed-rate mortgages were 3.66%, compared with 3.65% last week and 4.03% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.27%, down from 3.29% last week and 3.79% a year ago. One-year Treasury-indexed ARM rates were 2.97%, up from 2.95% in the prior week but down from 3.70% in the prior year.

To obtain the rates, fixed-rate mortgages required an average payment of 0.7 point, while adjustable rate mortgages required an average 0.5-point payment. A point is 1% of the mortgage amount, charged as prepaid interest.

Read more visit - http://online.wsj.com/article/SB10001424053111903554904576459902604976450.html?mod=WSJ_RealEstate_LeftTopNews

Jul 18, 2011

Mortgage Rates Decline on Weak Jobs Data

According to a report in the wall street journal,

Mortgage rates in the U.S. followed long-term bond yields lower in the past week after a disappointing June jobs report, according to Freddie Mac's weekly survey of mortgage rates.

"The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2%, the highest since December 2010," said Freddie Mac Chief Economist Frank Nothaft.

Mortgage rates generally track Treasury yields, which have slid below 3% amid the uncertain economic environment.

The 30-year fixed-rate mortgage fell to 4.51% in the week ended Thursday, down from 4.60% the previous week and 4.57% a year earlier. Rates on 15-year fixed-rate mortgages fell to 3.65% from 3.75% last week and 4.06% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.29%, slightly lower than last week's 3.30% and down from 3.85% a year earlier. One-year Treasury-indexed ARM rates fell to 2.95% from 3.01% last week and 3.74% a year ago.

To obtain the rates, 30-year fixed-rate mortgages required an average payment of 0.7 point and 15-year fixed-rate mortgages required an average 0.6 point payment. Five-year adjustable rate mortgages required an average 0.6 point payment, while one-year adjustable rate mortgages required an average 0.5 point payment.A point is 1% of the mortgage amount, charged as prepaid interest.

Read more visit - http://online.wsj.com/article/SB10001424052702304203304576446061808902104.html?mod=googlenews_wsj

Jul 13, 2011

Name Calling, Market Whiplash and Mortgage Rates.

According to a report in origination news,

Oh the irony of the mortgage market! Loan rates are falling, home prices are the cheapest they’ve been (in most, but not all markets) in a decade, but the consumer is spooked by the prospect of the U.S. defaulting on its debt payments. (In short, what kind of crazy person would sign a home purchase contract in this environment?) Meanwhile, the GOP refuses to close tax loopholes (also known as “raising taxes”) and the liberal wing of the Democrats refuse to touch Medicare and Social Security. This morning, the top Republican in the Senate, Mitch McConnell of Kentucky, accused the President and Democrats of "deliberate deception" of the public during the ongoing negotiations to cut government spending and increase the nation's debt limit. But so far, ‘Mr. Market’ believes a debt ceiling deal will be reached because the yield on the 10-year has not yet spiked. Or is that a reaction to Italy and Spain probably defaulting on their debt and the U.S. (still) being considered a safe haven? Hang onto your seats…

Read more visit - http://www.originationnews.com/blogs/hearing/name-calling-whiplash-rates-1025652-1.html

Jul 9, 2011

Mortgage Jobs Rise Ever So Slightly

According to a report in National mortgage news,

Mortgage-related employment rose every so slightly in May with residential firms adding 2,600 new jobs during the month, according to government figures released Friday morning.

However, the mortgage broker segment continued to suffer job losses with 1,600 workers leaving the business either voluntarily or through a job loss.

Overall, the mortgage sector employed 241,500 full-time workers in May, up 1% from April. Compared to the same month a year ago the sector shed 17,300 jobs. (The mortgage figures trail the national numbers by a month.)

The mortgage broker segment supported 50,200 workers in May compared to 61,000 a year ago. Broker employed peaked in April 2006 at 148,200 workers.

Jay Brinkmann, chief economist for the Mortgage Bankers Association told National Mortgage News that during the second-half lenders will focus on how to “manage and reduce capacity.”

He noted that some smaller firms may increase hiring – with an emphasis on recruiting high performance loan officers – in an attempt to gain market share. “Of course not everyone can increase market share at the same time,” he said.

Although the Bureau of Labor Statistics provides numbers on broker employment it does not segment out servicing related jobs. MBA believes the emphasis on helping delinquent borrowers has increased servicing employment somewhat but with late payments now falling hiring may not be as robust going forward.

The national employment report came in much weaker than expected with nonfarm payrolls rising only 18,000 in June, the weakest reading since September, and well below economists' expectations for an increase of 90,000 positions. The unemployment rate rose 0.1% to 9.2%, the highest level this year.

In a statement Fannie Mae chief economist Doug Duncan said, “June’s nonfarm payroll gain of 18,000 shows that May’s weakness was not an aberration. This raises doubts that the second half of the year will see much improvement in the overall economy from the anemic performance of the first two quarters.”

He added that, “The disappointing news on the labor front will only serve to further damage already depressed consumer confidence and the demand for housing. While home prices have stabilized recently going in to the spring/summer selling season, this report bodes poorly for house price expectations.”

Read more visit - http://www.nationalmortgagenews.com/dailybriefing/2010_384/mortgage-jobs-rise-1025589-1.html?ET=nationalmortgage:e1491:92746a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_070811

Jul 6, 2011

Looking for Productive Brokers and LO's

Our Mortgage Banker is currently looking for productive brokers and loan originators to bring on board to our banking platform.

Our client works with 6 lenders and another 15 wholesale channels when needed.

UW times are 24-48hrs

You will have the ability to choose your own ysp without any ysp disclosure

No more dealing with wholesale underwriters, communicate with our underwriters directly!

Our client lends in 13 states.

Full fledged compliance department

We are able to move full broker shops to our banking platform in under 1 week.

Must be currently employed by a lender or broker (no "trying to get back into the business").

Must have closed at least $500,000 in volume/month for past 6 months.

For more information please email back with the following : -

# of loans closed in last 6 months:
Active Mortgage License: