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7/12/10--Congress Goes Back to Work; Fannie Mae Appraisal Changes; Reverse Mortgage Volumes; G-Fees |
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Tuesday, 13 July 2010 07:04 |
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When I read about the post office's plan to raise first class postage again, it makes me realize that I learned very little about economics and budgeting in Cal's MBA program. I had always thought that if an organization is losing money, it is time to change the business model and/or hunker down. But as I understand it, the primary reason for the increase is that the United States Postal Service is expected to lose $6.5 billion this year, and another $7 billion in 2011. Yet I still receive mail 6 days a week, and pass by 3-4 post offices around town - nothing has changed. I must be missing something. Maybe the government will cover the loss with all the interest earned on the $1+ trillion of mortgages it recently bought, along with the TARP fund pay-backs. Alright, I will step down from my soap box, but right after... |
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6/21/10--Lender Updates Only an Underwriter Could Love; MBA Loan Buyback Seminar; Real Yields |
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Tuesday, 22 June 2010 06:36 |
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Economists have lots to go on, and usually everything is pointing to different economic trends, depending on one's viewpoint. What difference do numbers like Industrial Production, Capacity Utilization, Producer Price Index, etc., mean for anyone in the mortgage business? |
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6/14/10--Originator Identification Requirements; Mortgage Fraud Report; Flood Insurance Saga; Condo Guidance; FHA Annual Premiums |
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Monday, 14 June 2010 07:01 |
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Many years ago it was the government's intention to promote home ownership by asking the agencies to move down the credit curve, making home financing available to "harder-to-finance" groups of borrowers. How did that work out? Federal Housing Finance Agency (FHFA) regulations will soon require additional Loan Originator Identifiers on all Agency loans. In compliance with FHFA, on all apps after July 1, information on loans will also include Loan Originator ID and Loan Origination Company ID. There is some state-by-state variance with this. But for the Nationwide Mortgage Licensing System (NMLS), no action is required "of any mortgage loan originator who is an employee of a federally insured depository institution or an owned and controlled subsidiary of such a depository institution that is federally regulated." Link to article |
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6/16/10--HAMP Redefault Rate; Underwriters on Watch for Rent Buybacks and Short Sale Schemes; TBW CEO Fraud Case; MBS Volume |
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Thursday, 17 June 2010 07:04 |
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Investors are plainly backlogged in the processing of loans to be purchased, in part due to the tsunami of loans originated due to the first time home buyer tax credit. These loans must fund by June 30th and this closing deadline has not been extended. It may be, however, through the potential approval of an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit. The new deadline would be September 30, 2010. |
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6/10/10--More On Mortgage Insurance; Non-Agency Lending Thaw; FHA Reform Act Amendments; EPO Policies; Credit Rating Agencies |
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Friday, 11 June 2010 08:23 |
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One critic likened rating agencies being able to assign rating to having Lindsay Lohan as a guidance counselor. The latest headline out from the commercial securitization market: "Moody's Gives Aaa Grades to Riskier CMBS on Loan Diversity". |
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