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7/23/10--Investor Group Challenges Loan Servicers; Loss Mitigation Recommendations; What is "WillCap" and Who is "Talcott Franklin"?; EU Bank Stress Tests |
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Friday, 23 July 2010 07:40 |
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A recent NPR story stated that Germany now has 12 "local currencies" in circulation. The euro is now being used by 16 out of the 27 EU members, including Germany, but regional businesses are using local currencies in addition to the euro. Similar to script, the money is connected to a region - you can only spend it there - and thus promotes a "buy local" mentality. The currencies are not backed by any government, though some banks are offering loans and checking accounts in regional currencies. Obviously Germans are not wild about using their savings in bailing out less-economically responsible European nations. |
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7/21/10--Solid Earnings from Wells and MGIC; High Quality Loan Production; Labor Unions Threaten Big Banks; VA Underwriting Update |
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Wednesday, 21 July 2010 08:00 |
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If you want to see how mortgage companies did in the 1st quarter, check out the MBA's stats on originator profitability. Independent mortgage bankers and subsidiaries saw a sharp drop in their profits in the first quarter of 2010. The average profit made on each loan was $600, a decrease of 32% from the $890 that was earned in the fourth quarter of 2009 and a 44% decline from the $1,088 that was reported in the first quarter of 2009. Companies responding to the survey reported a drop in the average production volume of about 25% - and lower volumes with the same overhead leads to less profit. |
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7/14/10--Mortgage Investor Gossip; FICO Scores and Loan Production; "Hardest Hit" State Housing Programs; FHA Mini-Eagles; |
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Wednesday, 14 July 2010 10:43 |
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There is some expected, but not good, news for mortgage originators wondering why volume isn't better. (This may actually be somewhat good news for investors in existing mortgage-backed securities.) Figures provided by FICO Inc. show that as of April 25% of consumers (about 43 million people) now have a credit score of 599 or below, marking them as poor risks for lenders. This number is up from the historical norm of 15%. At the other end, interestingly, the number of consumers who have a top score of 800 or above has increased in recent years - mostly attributed to them cutting spending and paying down debt. Consumers on the lowest end of the scale are less likely to try to borrow, i.e., buy a house or refinance. |
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7/19/10--Yield Spread Already Removed from GFE; Goldman's Record Setting Fine; NMLS Update; MI Deductibilty; Bank Earnings |
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Monday, 19 July 2010 07:15 |
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From my limited view, there are hundreds of thousands of questions for regulators and investors to answer in the next several months (at least), and most large mortgage companies are doing their best to tell clients that "they just don't know yet" what the answers are to many questions. Certainly nothing will happen overnight. |
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7/13/10--HARP Subordination Scenario; Jumbo Loan Foreclosure Numbers; Rates Low But Fewer Qualified Borrowers; International Homebuyers |
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Tuesday, 13 July 2010 07:06 |
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As has been mentioned for quite some time, given economic issues around the world, at this time most economists don't believe that our economy can handle higher rates until 2011. In fact, the bond market has priced in slower growth and lower inflation over the next 12-18 months, and some believe that the Fed's first overnight rate hike won't be until the 2nd half of 2011. And if you like the yield on the 10-yr near 3%, you should be in luck since smarter minds than mine think it will sit here in the autumn, and mortgage rates right along with it. But in spite of low rates, the housing market is pretty stagnant. Mortgage purchase applications are down 41% from their peak in April, although apps to refinance are up about 33% from their low May levels. |
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