Loans » Mortgage Loans

Activity Up Despite Rising Rates

davidguide — Thu, 09 Dec 2010 16:43:56 +0000

The Mortech-Mortgage Daily Mortgage Market Index for the week ended Dec. 18 rose to 260 from 188 a week earlier. The conventional 30-year fixed-rate mortgage averaged 4.68 percent this week, climbing from 4.51 percent. Although mortgage rates jumped, refinance activity picked up.

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Jan. 1 License Deadline for CA LOs

davidguide — Mon, 06 Dec 2010 16:42:11 +0000

Loan originators in California will have to be licensed and listed in the Nationwide Mortgage Licensing System and Registry as of Jan. 1, 2011. The law exempts those who work for banks that take customer deposits. “It really should help keep the bad actors out of the business,” a spokesman for the California Department of Real Estate said.

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U.S. Mortgage Jobs Expand

davidguide — Fri, 03 Dec 2010 16:41:17 +0000

The Department of Labor reported that mortgage employment expanded by 1,100 jobs during October. The latest improvement was fueled by growth at both mortgage bankers and mortgage brokers. Helping October’s numbers were mortgage hirings at The PNC Financial Group Inc., First California Mortgage and Gold Star Mortgage Financial Group.

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Fannie Clarifies Delivery of Repurchased Loans

davidguide — Tue, 30 Nov 2010 16:41:07 +0000

Fannie Mae issued a bulletin clarifying its policy on loans that have been repurchased. In some cases, the secondary lender will purchase mortgages that have been repurchased by the seller. Among other requirements on such loans, the condition that made the loan ineligible must be cured.

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New Activity Lower

davidguide — Sat, 27 Nov 2010 16:41:32 +0000

New mortgage activity was 14 percent lower this week, with the Mortgage Market Index declining to 250 from the previous week’s level of 291. The refinance share was lower, decreasing to 54 percent from 57 percent. This week’s share included a 39 percent rate-term share and a 15 percent cashout share.

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Secondary Purchases Down at Fannie

davidguide — Wed, 24 Nov 2010 16:43:09 +0000

During October, new business acquisitions fell 3 percent from September, Fannie Mae reported. Business was up, however, from a year earlier. During the first 10 months of 2010, volume was nearly $700 billion.

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Citi Settles With Wells for Far Less than $60 Billion Sought

davidguide — Sun, 21 Nov 2010 16:41:35 +0000

Wells Fargo & Co. will pay $100 million to Citigroup Inc. to resolve all claims in a dispute over Wells Fargo’s acquisition of Wachovia Corp., the banks said in a joint statement. The settlement is far less than the more than $60 billion in damages Citi initially sought when it accused Wells Fargo of interfering in its deal to purchase Wachovia. Citi had agreed to acquire Wachovia in September 2008 for $1 per share, but Wells Fargo swooped in with a rival offer of $7 a share that required no loss-sharing agreement with the government.

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Bad Week for Mortgage Market

davidguide — Thu, 18 Nov 2010 16:41:33 +0000

New mortgage activity was down 6 percent, based on the Mortech-Mortgage Daily Mortgage Market Index for the week ended Nov. 17. The decline in activity was tied to a drop in refinances, with total refinance share falling. Meanwhile, the conventional 30-year fixed-rate mortgage surged 23 basis points from a week earlier.

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Mortgage Casualties Could Fall in 2010

davidguide — Mon, 15 Nov 2010 16:41:48 +0000

In all, 146 federally insured banks have failed so far this year — more than during all of 2009. Non-bank mortgage-related closings, though, have tumbled to just 18 this year from 69 for all of last year. The level of Mortgage Graveyard activity thus far this year suggests the full-year 2010 total could end up lower than 2009′s total.

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Record Low Rates Drive Increase in Business

davidguide — Fri, 12 Nov 2010 16:41:34 +0000

The average 30-year fixed-rate mortgage fell 7 basis points in Freddie Mac’ most recent survey. It was the lowest level on record for the 30 year. In an apparent response to the new lows, mortgage activity was 8 percent higher based on the latest Mortech-Mortgage Daily Mortgage Market Index report.

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