Monday, May 23, 2011

Customary and Reasonable Fees: Appraisers Under Fire

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May 23, 2011 11:29AM

Customary and Reasonable Fees: Appraisers Under Fire

I don't know if this quite falls under the "No good deed goes unpunished" category, but the proposed simplified combined version of the GFE and TIL is coming under pressure already." Industry groups say the revisions may lead to limits on innovation and variety in lending, while consumer advocates are resisting changes that might limit borrowers' right to sue to stop a foreclosure." CanWeAllBeHappy? The latest Dodd Frank turmoil is over appraisers. Under the Act, lenders are now required to pay ...

May 23, 2011 4:09PM

Mortgage Rates: Illustrating the Wall

Home loan borrowing costs continue to hover near seven month lows. Continued improvements have however been hard to come by since the recent rally hit a wall. We've entered a period of stagnation. Sideways behavior is apparent in the chart below of Consumer Rate Quotes. If the line is moving up, origination costs are rising for the particular note rate offer. If the line is moving down, costs are getting cheaper. The chart above compares the average origination costs (as a percentage of loan amount...


Micro News

3:48 PM:

TSY Note Auctions Begin Tomorrow. Light Econ Data.

3:17 PM:

Reprices for the Worse Reported. Minimal Damage

2:42 PM:

Inflation Expectations: Main Street = Poor Forecaster

2:31 PM:

Ginnie Mae Adds Pool Transparency to MBS Issues

2:14 PM:

Inching Into Negative Reprice Territory

12:08 PM:

Funding the Housing Clean-Up: HUD Awards $152 Million

10:53 AM:

FED EDUCATION: Preparing for an Eventual Exit

8:56 AM:

NYTimes: Lenders Continue Building Shadow Inventory

Around the Web

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U.S. Banks, Lenders Hold 872,000 Homes; Gas Prices Fall: Video


Today's Comments

Brett

"Regina - My condolences on the loss of your home, but you might also consider that a subprime loan probably made it possible for you to buy your condo..."

Michael Deery

"Recovery???...it is taking 900 days to foreclose on a home in the state of New York and almost 500 in CA.....the banking system is insolvent and is surviving..."

Jason Harris

"I knew Wells was doing it, but as you said it cannot possibly amount to much actual volume. I do not necessarily have a problem with lending in that score..."

Today's Q&A

Anonymous

"Is real estate tax Paid "in advance" or for the past..."

Anonymous

"I have excellent credit rating/score/history but low income,..."

Anonymous

"I stopped paying my mortgage for 9 months but it has been a year..."

Today's Forum Discussions

FC McGee

"Hi everyone, I need advice from you guys on how the interest rates work. I'm going with Wells Fargo and I've locked in my interest rate at 4.25..."

Adam Quinones

"If you had the choice.... Rent or Own. If you could do either, which would you prefer? OWN (65.7%) RENT (34.3%) You voted for 'OWN'. Total Votes: 99 Voting..."

ohhhdear

"Hello, I was wondering if someone could help me. I have questions about the Adjustable Rate Rider and the Rider to the Note. My question is this--- If..."