Republicans Aim to Raise FHA Down-Payment Requirement

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May 25, 2011 5:07PM Republicans Aim to Raise FHA Down Payment Requirement The Republican led House Financial Services Committee has drafted legislation that would, among other things, raise the FHA down-payment requirement to 5 percent and prohibit borrowers from financing their closing costs . The draft legislation, ''FHA-Rural Regulatory Improvement Act of 2011'' , was discussed today in a House Subcommitte hearing entitled "Legislative Proposals to Determine the Future Role of FHA, RHS and GNMA in the Single-and Multi-Family Mortgage Markets... May 25, 2011 9:41AM Loan Demand Lags Interest Rate Rally. Several Reasons Cited The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 20, 2011. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly... Goldman Sachs Buying Up Jumbo Mortgage Product. More Lenders Chasing Non-Agency Deals; Appraisal Feedback Mortgage Rates: Still Aggressive. Still Sideways Simplifying Disclosures: GFE and TIL Combined by CFPB Indirects Hoard 5yr Notes. Short Squeeze Looming? Loan Servicing Education: Reform Perspectives Summarized Consumer Assumptions Altered by Crisis. Financial Future Impacted View: Front Page | Headline Viewer Micro News 4:16 PM: Last Full Day This Week, and Perhaps the Busiest 4:04 PM: MBS Find Support Close to Unchanged on the Day 1:44 PM: Fed's Kocherlakota: FOMC Should Hike Half a Point 12:01 PM: Profit Taking Kills Rally. Reprice Outlook Varies 10:08 AM: ECON: Home Prices Fall 0.3 pct in March - FHFA 10:02 AM: Mortgage Banks Focus on Controlling Expenses 9:00 AM: Foreclosuregate: Banks Threatened by State Attorneys 8:45 AM: OECD: Structural Unemployment is Pressing Issue »View All Micro News Around the Web House Price Index Falls 2.5 Percent in First Quarter 2011 7 Cities Where Home Prices Are Rising Mortgage Defaulters Not Necessarily Credit Risk Home Builders Still in the Woods Is now the time to dump your ARM? Lenders Should Require Red Flag Compliance for Their Own Protection »View More Around the Web Video News Faber Report: Subprime Market Down Dodd-Frank Under Fire Warren Spat Caught on Tape »View More Video News Today's Comments "A whole 'lotta paper shuffling going on…not much to show for it in terms of directionality." "Justin--I'm good with the bubble deflating, as long as ALL the players who made bad investments (pension funds, retirement funds, global governments..." "if the demand was not prop'ed up. they would not have the demand and/or pool of buyers to allow grossly overpricing exit stratgies." »View More Comments Today's Q&A "Is real estate tax Paid "in advance" or for the past..." "I have excellent credit rating/score/history but low income,..." "I stopped paying my mortgage for 9 months but it has been a year..." »View More Q&A Today's Forum Discussions "Loan Scenario View All Post A Scenario Loan State: Texas Loan County: --- Loan Type: Purchase Loan Amount: $900,000 Property Value: 206977,199,000 LTV: 75..." "Loan Scenario View All Post A Scenario Loan State: Rhode Island Loan County: --- Loan Type: Purchase Loan Amount: $200,000 Property Value: $250,000 LTV..." "Loan Scenario View All Post A Scenario Loan State: Alabama Loan County: --- Loan Type: Refinance (Rate and Term) Loan Amount: $138,000 Property Value:..." »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.69 -0.01 15YR 3.98 0.00 FHA30YR 4.38 -0.02 Jumbo30YR 5.18 0.00 5/1ARM 3.30 0.00 MBS Quotes FNMA 3.5 96-05 -0-01 FNMA 4.0 100-08 -0-01 FNMA 4.5 103-16 -0-01 FNMA 5.0 106-04 -0-02 Treasuries 2 YR 0.5354 -0.0116 3 YR 0.8825 -0.0135 5 YR 1.7623 -0.0137 7 YR 2.4449 -0.0021 10 YR 3.1286 0.0126 30 YR 4.2791 0.0301 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% New Home Prices -10.46% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

New Home Inventory at Record Low. Economists React

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May 24, 2011 11:45AM New Home Inventory at Record Low. Economists React The Census Bureau and Department of Housing and Urban Development have released New Residential Sales data for April 2011. New Residential Sales data provides statistics on the sales of new privately-owned single-family residential structures in the United States. Data included in the press release are (1) the number of new single-family houses sold; (2) the number of new single-family houses for sale; and (3) the median and average sales prices of new homes sold. A house is considered sold when... May 24, 2011 1:46PM Loan Servicing Education: Reform Perspectives Summarized Last December the Mortgage Bankers Association (MBA) assembled a task force to examine and issue recommendations for the future of residential mortgage servicing. That group, the Council on Residential Mortgage Servicing for the 21st Century is led by Debra W. Still, President and CEO of Pulte Mortgage and composed of key MBA members. That group has released its first product. The white paper titled "Residential Mortgage Servicing in the 21st Century" provides information on what a servicer does;... Consumer Assumptions Altered by Crisis. Financial Future Impacted Mortgage Rates: Sideways at Six Month Lows Declining Productivity in Home Lending; 620 FICO FHA Buyers; Non-Agency Product Funding; Google Mortgage Advisor MBS RECAP: Positive Reprices Reported Customary and Reasonable Fees: Appraisers Under Fire Fate of Private-Label MBS Market Rests on Two Pillars View: Front Page | Headline Viewer Micro News 4:25 PM: More Fed Speakers, More Econ, and Another Auction 3:50 PM: MBS, TSYs Hold Late Day Gains 2:57 PM: J.P. Morgan Cuts GDP Forecast. Expect More Downgrades 2:46 PM: Expect Fed to be on hold after June: Bullard 1:19 PM: Healthy 2yr Note Auction May Lead To Positive Reprices 12:16 PM: Fed Adds GSEs to Reverse Repo Counterparty List 10:07 AM: ECON: Richmond Fed's Composite Index Down -6 10:02 AM: US April New Home Sales at 4-Month High »View All Micro News Around the Web Fed Invites Fannie, Freddie to Join List of Counterparties The Foreclosure Pipeline Mortgage Delinquencies by Loan Type States to ask banks for larger mortgage settlement Republicans, Realtors To Spar Over FHA Loans Counseling Before Borrowing - Mortgages »View More Around the Web Video News New Home Sales Rise Zandi Says New Home Sales Not `Fundamentally' Improved Subprime Crisis Brewing? »View More Video News Today's Comments "This seems inevitable: "One suggestion that came from the panel was the establishment of a Resolution Trust type of entity to acquire troubled mortgages..." "Final Request: If the CFPB is really serious about consumer education, there must be a statement about the historical price trends in the property's..." "The problem is indeed derived from the language of HVCC. It gave the lenders an upper hand in playing favoritism of AMCs or creating AMCs to gain more..." »View More Comments Today's Q&A "Is real estate tax Paid "in advance" or for the past..." "I have excellent credit rating/score/history but low income,..." "I stopped paying my mortgage for 9 months but it has been a year..." »View More Q&A Today's Forum Discussions "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..." "If you had the choice.... Rent or Own. If you could do either, which would you prefer? OWN (66%) RENT (34%) You voted for 'OWN'. Total Votes: 103 Voting..." "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..." »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.70 0.01 15YR 3.98 -0.01 FHA30YR 4.40 0.00 Jumbo30YR 5.18 -0.01 5/1ARM 3.30 -0.02 MBS Quotes FNMA 3.5 96-05 0-08 FNMA 4.0 100-09 0-05 FNMA 4.5 103-18 0-04 FNMA 5.0 106-06 0-02 Treasuries 2 YR 0.5070 -0.0200 3 YR 0.8959 -0.0111 5 YR 1.7723 -0.0097 7 YR 2.4474 -0.0146 10 YR 3.1158 -0.0132 30 YR 4.2535 -0.0155 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% New Home Prices -10.46% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

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... Fate of Private-Label MBS Market Rests on Two Pillars The Week Ahead: Treasury Auctions, GDP Update, Fed Speak Rents Seen Rising as Poor Credit Hurts Homeownership Demand Delinquency Survey Shows Positive Developments MBS RECAP: Gains Leaked MBS MID-DAY: Fed Prepares for Eventual Exit View: Front Page | Headline Viewer 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 »View All Micro News Around the Web Podcast: I.M.F., the Mortgage Crisis and the Dollar Real Estate News: U.S. Steps Up Loan Scrutiny Mortgages: Counseling Before Borrowing Foreclosures vs. Delinquencies: It's All About the Courts Are Home Vacancies Bottoming Out? NY Times: The Glut of Foreclosed Homes »View More Around the Web Video News Banks Fight Principal Forgiveness Tornado Rips Through Missouri U.S. Banks, Lenders Hold 872,000 Homes; Gas Prices Fall: Video »View More Video News Today's Comments "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..." "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..." "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..." »View More Comments Today's Q&A "Is real estate tax Paid "in advance" or for the past..." "I have excellent credit rating/score/history but low income,..." "I stopped paying my mortgage for 9 months but it has been a year..." »View More Q&A Today's Forum Discussions "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..." "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..." "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..." »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.69 -0.01 15YR 3.99 -0.02 FHA30YR 4.40 -0.01 Jumbo30YR 5.19 -0.03 5/1ARM 3.32 -0.02 MBS Quotes FNMA 3.5 95-30 -0-01 FNMA 4.0 100-05 0-01 FNMA 4.5 103-14 0-00 FNMA 5.0 106-05 0-01 Treasuries 2 YR 0.5234 0.0084 3 YR 0.9066 -0.0024 5 YR 1.7807 -0.0133 7 YR 2.4597 -0.0193 10 YR 3.1304 -0.0166 30 YR 4.2681 -0.0319 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% New Home Prices -10.46% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031