Pipeline Press - Rob Chrismanhttp://www.mortgagenewsdaily.com/channels/pipelinepress/atom.aspxCommunity Server2013-04-29T00:45:00Z/channels/pipelinepress/05172013-fha-va-loans-home-ownership.aspx2013-05-17T17:18:31Z2013-05-17T17:18:31Z<p> <p>Among the nation's 30 largest metro areas included in a recent Zillow&nbsp;study, Pittsburgh (39%), Tampa (33%), New York (30%), Cleveland (29%) and Miami (29%) had the highest percentage of free-and-clear homeowners. It appears that areas with lower home values generally have higher outright homeownership rates, as smaller loan amounts are easier to pay back more quickly, but the age and credit rating of primary borrowers also influence free-and-clear homeownership rates. Zillow found that 65- to 74-year-olds are most likely to be free-and-clear (21%), followed by 74- to 84-year-olds (18%). Interestingly, when examining free-and-clear ownership rates as a percentage of homeowners in various age groups, Zillow found 35% of 20- to 24-year-old homeowners are free of debt.</p> <p>And one last unsurprising housing stat for Realtors:&nbsp;price and proximity to work are<strong>&nbsp;key concerns for first-time homebuyers</strong><strong>, while trade-up buyers tend to be most focused on the</strong><strong>design of the home and the neighborhood</strong>, according to "Characteristics of Home Buyers," an analysis of the recently released 2011 American Housing Survey (AHS) by the National Association of Home Builders.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05172013-fha-va-loans-home-ownership.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309094/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309094" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05152013-mortgage-litigation-bravehart.aspx2013-05-16T13:27:55Z2013-05-16T13:27:55Z<p><span>"Talent hits a target no one else can hit; genius hits a target no one else can see." Hedge funds and investment banks have a lot of talent, and periodicals note how&nbsp;</span><strong>some prominent hedge funds have been buying preferred shares in Freddie Mac and Fannie Mae</strong><span>. And something tells me those guys don't buy stuff on whims. The preferred shares have been rallying lately as the GSEs post massive profits and the overall housing market improves. But the official stance is that it is unlikely Fannie/Freddie will be recapitalized and sold back to investors.&nbsp;As you would expect, the hedge funds<a target="_blank" href="http://www.bizjournals.com/washington/blog/2013/05/hedge-funds-betting-on-fannie-and.html">&nbsp;have been lobbying Washington</a>&nbsp;for the government to sell its stake in the firms</span><span>.</span></p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05152013-mortgage-litigation-bravehart.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/308879/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308879" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05152013-texas-cash-out-refis-mortgage.aspx2013-05-15T15:42:29Z2013-05-15T15:42:29Z<p> <p><strong>Where's the Fed's head when it comes to housing?</strong><span>&nbsp;I can't say for sure, but Fed Governor Duke's speech on "<a target="_blank" href="http://www.federalreserve.gov/newsevents/speech/duke20130509a.pdf">The Mortgage Market and Housing Conditions</a>" is usually a good read. &nbsp;</span><span>Duke tends to provide a pointed view of the&nbsp;<a href="http://www.mortgagenewsdaily.com/05102013_federal_reserve_credit_access.asp">Fed's take on housing and lending conditions</a>.&nbsp; If any of this filters into their timelines for QE3 with the objectives of securing the housing, mortgage lending, there is a long journey ahead.</span></p> <p><strong>But where is the market's head when it comes to housing,</strong><strong>&nbsp;especially investment properties?&nbsp;</strong>Small investors can certainly tag along by buying stock in companies like Blackstone. About three weeks ago&nbsp;<strong>IMN held its second Single Family REO-to-Rental Forum</strong>&nbsp;in Miami. (Attendees primarily included private institutional funds investing in the space, third-party property managers, and service providers.)&nbsp;<strong>The participants remained optimistic on the outlook for the business in terms of both potential home price appreciation and cash returns</strong>.&nbsp;Of course all real estate is local, but rental yields remain in the 8-14% range on a national basis, with the highest-quality homes and locations modestly below that and opportunities on some specific acquisition criteria (by location, price point, or rental profile) remaining modestly above that - and it is all certainly better than I am earning on my bank account! The consensus on operating expenses as a percentage of revenues appeared in the 40-45% range. Observers noticed increased attention toward the importance of proper tenant selection, as well as a majority of participants focusing on the buy and hold strategy as opposed to flipping. While longer-term rates of rental inflation are fairly stable, participants expect to prioritize retention of high-quality tenants over rent increases. Some companies provided examples of tenant outreach and relationship management; one made the interesting comment that a public REIT could issue OP-units to its tenants as a way to align incentives.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05152013-texas-cash-out-refis-mortgage.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/308699/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308699" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05142013-fed-governor-duke-credit.aspx2013-05-14T14:13:42Z2013-05-14T14:13:42Z<p><strong>"Rob, why would Warren Buffett recommend stocks and not bonds?&nbsp;</strong><strong>And do they always move in opposite directions?"</strong><span>&nbsp;The answer is no, they don't always move in opposite directions. Rates are still very low, yet several measures of stock market performance are near or at their all-time highs. But the more important concern, long term, is that everyone knows that rates are being held artificially low by the Fed's QE3 program. Buying $85 billion a month moves markets: demand is held high, supply is steady, and that drives prices higher and rates lower. Just look at the market last week, and especially Friday: Treasuries sold off on Friday sending the 10 year yield north of 1.90% for the first time since mid-March. Why? The sell-off was sparked by rumors that the Fed would cut back on MBS and Treasury purchases by the end of 2013.&nbsp;This was followed by a story in the WSJ giving some educated insight into the&nbsp;Fed&nbsp;strategy for winding down the $85 billion a month bond purchase program. Officials say they plan to carefully reduce and/or vary the amount of purchases as they become more comfortable with their outlook on the overall market.&nbsp;Setting expectations is important.&nbsp;</span><strong>Where will agency mortgage rates be</strong><strong>&nbsp;when they stop buying MBSs?&nbsp;</strong><strong>Most seem to think they could be much closer to where jumbo rates are, but probably a little less, of course, given the government guarantee.</strong></p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05142013-fed-governor-duke-credit.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/308490/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308490" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05132013-bank-mergers-acquisitions.aspx2013-05-13T14:16:25Z2013-05-13T14:16:25Z<p> <p>It is a time to celebrate those 65 and older through ceremonies, events and public recognition - in which most of which the folks in this group have no interest in participating. As usual, the Census Bureau gives us a tally: 13.3% of the population, or 41.4 million people, were 65 and older in the United States in 2011. The projected population of people 65 and older in 2060 is 91 million - more than double where it is now! People in this age group would comprise just over one in five U.S. residents at that time. Of this number, 18.2 million would be 85 or older. About 16% of people 65 and older were in the labor force in 2010 - 6.5 million, 44% of who worked full-time, year-round. (<i>That is a lot of old people peeking over the wheels of their Cadillacs in Florida, or attending mortgage banking conferences!)</i></p> <p><span>Regarding the FHA MI changes coming up, I received&nbsp;</span><span>feedback&nbsp;</span><span>from Saturday's commentary</span><span>, "After 20 years of being in the mortgage business I have never seen such a bone-headed move by FHA to do what they are doing with MI.&nbsp; Think about it. Why would anyone do a FHA loan? The answer is DTI is above the tolerance of Fannie and Freddie. Guess where the majority of de-faults come from. You got it."</span></p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05132013-bank-mergers-acquisitions.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/308312/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308312" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05102013-fannie-mae-brotherly-love.aspx2013-05-10T16:11:16Z2013-05-10T16:11:16Z<p><span>Yesterday I was speaking to a group from&nbsp;</span><strong>International City Mortgage</strong><span>&nbsp;(a solid company on the rise, adding their own servicing, selling to the agencies, etc.) when I received word on a CFPB opinion. Usually I don't print verbal news, instead preferring to see it in print first. But I thought this reliable eyewitness statement was worthwhile passing along. "I attended the Maryland Mortgage Bankers annual meeting. Brian Webster, CFPB's originations program manager, was a panel speaker and addressed the fair lending risk with QM. &nbsp;He said that&nbsp;</span><strong>CFPB fair lending has repeatedly weighed in that QM does not create a fair lending risk</strong><span>&nbsp;and that lenders would not be penalized for only originating QM. He also said that&nbsp;</span><strong>an AUs 'accept' or 'approve' (even if retained in portfolio) would meet the QM test</strong><span>. In addition, he is very interested in attacking the closing complexity (from the consumer standpoint) and wants to eliminate the confusion associated with high level of documentation." We all wish him the best - 10 pages or 100 pages, no one reads it anyway. (Do you think CFPB folks read rental car agreements before signing them?)</span></p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05102013-fannie-mae-brotherly-love.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/308114/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=308114" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05092013-discrimination-lawsuit-jokes.aspx2013-05-09T15:15:59Z2013-05-09T15:15:59Z<p> <p><span>The employment picture continues to evolve. For example, earlier this week&nbsp;</span><strong>BB&amp;T announced it will consolidate 37 markets into 23 and eliminate 14 regional president positions</strong><span>, as it seeks to streamline operations and reduce costs.</span></p> <p>There will continue to be discussion about how the CFPB's QM will impact borrowers seeking lower loan amounts (will any LO want to do a loan below $100k?). But&nbsp;<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/274570.aspx">QE3</a>&nbsp;is a huge issue also, and impacts the global fixed-income markets. Warren Buffett, who knows a thing or two about economics, recently suggested that bonds are over-valued, given that the Fed is artificially keeping&nbsp;<a target="_self" href="http://www.mortgagenewsdaily.com/mortgage_rates/">rates</a>low. You can't really argue with him.&nbsp;<strong>But what will be the impact on investors, and on mortgage-backed securities,&nbsp;<a target="_blank" href="http://www.stratmorgroup.com/RobChrismansBlog/tabid/83/Article/103/mbs-life-after-qe3.aspx">if and when QE3 ends</a>?</strong>&nbsp;</p> <p>Yesterday the commentary discussed how important names were (RFC - GMAC - Greentree), and I received this note, "Rob, don't forget that&nbsp;<strong>ING Financial announced it will rebrand itself in the US and switch to the name 'Voya Financial</strong>,' which is short for 'voyage.' ING will roll out the new brand over the next few years." Thanks - it removed itself from the mortgage biz a few years back, but one never knows if it'll return.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05092013-discrimination-lawsuit-jokes.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/307892/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=307892" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05082013-mortgage-stock-prices-license.aspx2013-05-08T14:13:44Z2013-05-08T14:13:44Z<p>What's in a name? Plenty - just ask anyone about how the name Fifth Third came about, or the confusion resulting from RFC to GMAC to Ally to...Green Light? Anyway,&nbsp;<strong>Carrington Holding Company announced that it was renaming several of its businesses</strong>&nbsp;in an initiative designed to "bring the entire Carrington Family of Companies under one brand umbrella, more effectively leverage the Carrington name and capitalize on the full continuum of services offered by the organization's various business units. All management, personnel, ongoing business operations and principal executive offices will remain the same. As part of the rebranding activities, the company's national residential real estate brokerage, Atlantic &amp; Pacific Real Estate, LLC will operate as Carrington Real Estate Services, LLC, while Atlantic &amp; Pacific Foreclosure Services, LLC and Atlantic &amp; Pacific Document Services, LLC will operate as Carrington Foreclosure Services, LLC and Carrington Document Services, LLC respectively. Specialized debt resolution services provider Compass Resolution Services, LLC will operate as Carrington Resolution Services, LLC and White Van Real Estate Services, L.P., which offers a full range of inspection, property preservation, maintenance and repair services to lenders, servicers and asset managers, as well as institutional clients, private real estate investors and real estate agents, will operate as Carrington Home Solutions, L.P. Carrington is also renaming its business units currently housed under the Telsi brand. Telsi Real Estate Solutions, LLC, and Telsi Escrow, Inc. will become Carrington Title Services, LLC, and Carrington Escrow, Inc."</p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05082013-mortgage-stock-prices-license.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/307683/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=307683" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05072013-down-payment-assistance.aspx2013-05-07T14:49:57Z2013-05-07T14:49:57Z<p>"Rob, do you know if an LO, AE, or correspondent rep has a matching 401(k) plan with their company, are bonuses including in that? Has the CFPB ruled on that?" I don't know. &nbsp;<span style="font-size: 10px;">But one thing I do know is that one gauge of a business is whether or not a broker or banker is using&nbsp;</span><strong>a personal e-mail address</strong>. I am no expert in compliance, but I am wary when the owner of a mortgage company writes to me about something business-related and they are using some e-mail like&nbsp;<span style="font-size: xx-small;">StanTheMan@hotmail.com.</span><span style="font-size: 10px;">&nbsp;In fact, I received this from a compliance expert: "Loan officers who have been in the industry for a long time, particularly brokers, are accustomed to using their personal email account (gmail, yahoo, etc.) for business purposes. Bank information security rules require that confidential customer data (</span><i style="font-size: 10px;">basically anything not found in the phone book</i>) be protected. When LOs conduct business that includes this data using their personal email account, the lender has no control over it and can't properly protect the data. Training old dogs new tricks is difficult, but&nbsp;<strong>LOs should only use their bank/mortgage company email accounts to conduct business</strong>." Shows how much I know....I didn't know they still made phone books!</p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05072013-down-payment-assistance.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/307504/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=307504" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05062013-100-ltv-loans-credit-unions.aspx2013-05-06T14:34:16Z2013-05-06T14:34:16Z<p>How about some historical perspective to help LOs learn a little history on assumable loans? I recently received this note: "FHA and VA had assumable loans back in the day.&nbsp;All&nbsp;you did was sign the assumption&nbsp;form and pay $300 or transfer everything.&nbsp; The original borrower was not released from liability, and the vet did not regain VA eligibility until that loan paid off. In the past&nbsp;<strong>Fannie/Freddie never had assumable loans</strong>&nbsp;for fixed product - the ARMs were assumable to a qualified borrower as long as it remained an ARM.&nbsp;The ARM&nbsp;loans that could be fixed after a time were not assumable once the loan became fixed. A "due on sale" clause was up to the lender, although in some states this is prohibited.&nbsp;This stuff was a hot topic back in the 1980s when rates were so high.&nbsp;I remember calculating ARM loans and if the&nbsp;maximum rate did not exceed 10% it&nbsp;was considered a pretty good loan.&nbsp;The original 1 year ARMs were called CHARM loans.&nbsp; Lord, they were horrible but we were able to keep real estate moving and loans moving when the prime rate was 22% and fixed mortgages were 18%."</p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05062013-100-ltv-loans-credit-unions.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/307320/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=307320" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05032013-mbia-flagstar-settlement-jobs.aspx2013-05-03T14:49:16Z2013-05-03T14:49:16Z<p> <p>The seminar, earning, and agency news&nbsp;<strong>just won't stop!</strong><strong>&nbsp;&nbsp;</strong><strong>Richey May &amp; Co</strong>., an accounting firm based in Denver that specializes in serving mortgage banking companies nationally, will be hosting its&nbsp;<strong>4^th&nbsp;annual Mortgage Banking Roundtable&nbsp;</strong><strong>on June 20^th&nbsp;in Denver</strong>.&nbsp;The event is designed specifically to facilitate peer-to-peer discussion among the CEO's and Presidents of independent mortgage banking companies regarding trends in the industry and best practices. I am looking forward to attending and helping out on a panel.<strong><i>&nbsp;</i></strong>Last year, there were more than 100 attendees representing approximately 60 companies.&nbsp; For more information, email Nathan Lee at nathan@richeymay.com.</p> <p>And in just a couple weeks the&nbsp;<strong>Texas Mortgage Bankers Association</strong><strong>&nbsp;</strong><strong>will be hosting its</strong><strong>&nbsp;annual conference,</strong><strong>&nbsp;May 19-21</strong>.&nbsp;Who wouldn't want to visit Austin? I am certainly looking forward to it, and for more information visit the&nbsp;<a href="http://www.texasmba.org/convention/default.asp">TMBA site</a>.</p> <p>Well, here's one more lawsuit settled, this time between&nbsp;<a target="_blank" href="http://investors.flagstar.com/phoenix.zhtml?c=91343&amp;p=RssLanding&amp;cat=news&amp;id=1814728">Flagstar and MBIA</a>. &nbsp;</p> <p>We've had several MI companies release earnings, and it is important to keep things in perspective and that the details are important. For example, one industry observer wrote to me saying, "It is true that&nbsp;<strong>MGIC</strong>lost more in Q1 2013 than Q1 2012 but that was primarily driven by substantial realized gains taken in Q1 2012 that were not taken in 2013. Adjusting for the lower realized gains shows improvement in the operating performance. &nbsp;Losses incurred were $266mm, down from $689mm last quarter and $337mm in Q1 2012.&nbsp;<strong>The level of new insurance written was up 55% year over year</strong>. &nbsp;The number of new default notices received was down 20% year over year and down from Q4 levels while only 2% of new notices came from books written since 2009. The number of delinquent loans fell 9.5% in the quarter and 21% over the year. &nbsp;So while the legacy book losses still impact financial results as disclosed, improvements shown in new business written since 2009 along with its recent capital raise (bringing MGIC's risk to capital to 20.4:1) paint a more optimistic future."</p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05032013-mbia-flagstar-settlement-jobs.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/307118/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=307118" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05022013-fhfa-nominee-bok-phh.aspx2013-05-02T14:56:33Z2013-05-02T14:56:33Z<p> <p>Lots of lenders do loans in rural areas, and lots of lenders do loans with escrow accounts, and/or escrow holdbacks (different, of course). The CFPB issued rules on those topics a couple weeks ago, and I continue to receive questions about them. Here's a&nbsp;<a target="_blank" href="http://www.law360.com/banking/articles/432839/cfpb-moves-to-keep-mortgage-protections-from-lapsing">well-written link</a>&nbsp;with the gist of&nbsp;<strong>the CFPB's take on what "rural" actually means.</strong><span style="font-size: 10px;">&nbsp;</span></p> <p>Zandi who? Tozer what?&nbsp;<strong><a href="http://www.mortgagenewsdaily.com/05012013_fhfa_watt.asp">President Barack Obama nominated Congressman</a>&nbsp;Mel Watt (D-NC) to be the director of the Federal Housing Finance Agency (FHFA)</strong>. Watt, who has served in the House of Representatives for 20 years, will succeed Edward J. DeMarco who has acted as director through most of the Obama presidency.&nbsp;<strong>But does it really mean anything?</strong>&nbsp;In the Senate, 60 votes are required for his confirmation - good luck with that one! In announcing the nomination the President said the Congressman "has led efforts to rein in unscrupulous mortgage lenders, he's helped protect consumers from the kind of reckless risk-taking that led to the financial crisis in the first place, and he's fought to give more Americans in low-income neighborhoods access to affordable housing." Certainly there is one good thing, given the apparent lack of business background in the CFPB's and government ranks: Watt has two decades in the private sector as a small business owner. There were plenty of platitudes, but Watt's confirmation is far from assured. Several Republican senators have already expressed opposition to the appointment including Senator Bob Corker (R-TN) who sits on the Senate Banking Committee which must vet the appointment.&nbsp;<i>Corker said he could not be more disappointed in the President's pick.</i></p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05022013-fhfa-nominee-bok-phh.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/306926/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=306926" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/05012013-rate-lock-renegotiations-cfpb.aspx2013-05-01T14:35:52Z2013-05-01T14:35:52Z<p><span>CMC, along with several other companies, hedge pipelines, which reminds me of a note I recently received. "Rob, I work for a mid-size wholesale company as an AE. My brokers say to me all the time, '</span><b>You guys hedge. Why are you so strict on extending rate locks, or renegotiating them?' What should I tell them?</b><span>&nbsp;Whenever I ask my secondary guy, the explanation seems like some guy's PhD thesis." &nbsp;First of all, from a company's point of view, you should probably stick with your secondary guy's explanation - we usually try to stick together. &nbsp;But...</span></p> <p>What I usually tell folks is that just because a company is hedging doesn't mean the broker or borrower can ignore an agreement. &nbsp;<b>On their part, the company has agreed to honor that lock, regardless of what rates do - shouldn't the other party honor it as well?&nbsp;</b>&nbsp;The argument that, "A lock applies to them but not to me" carries little logic, and brokers and borrowers need to be reminded of that. &nbsp;Hedging or not, the lender cannot ignore market forces. &nbsp;Companies hedge against changes in the price of oats or wheat or pork bellies, but that doesn't mean they ignore changes in those markets.</p> <p>&nbsp;</p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/05012013-rate-lock-renegotiations-cfpb.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/306721/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=306721" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/04302013-lo-comp-baby-videos-mortgage.aspx2013-04-30T14:44:41Z2013-04-30T14:44:41Z<p> <p>Innovation among vendors appears to be alive and well, as does taking customer surveys. Have you ever read reviews of hotels on Trip Advisor or product reviews on Amazon?&nbsp; 90% of&nbsp;homebuyers&nbsp;look online prior to buying a home according to&nbsp;Trulia.com and 72% say they trust online reviews as much as personal recommendations.&nbsp; Now there is&nbsp;<strong>a mortgage specific&nbsp;<a target="_blank" href=" http://www.rateyourlender.com/">site</a>&nbsp;that will let your customers rave about the great service you provided</strong>.&nbsp;</p> <p>Lenders in the Sunshine State know what HB87 is.&nbsp;<strong>The</strong><strong>&nbsp;Florida House voted overwhelmingly Monday to speed up the residential mortgage foreclosure process</strong>, withthe writer of the bill saying her bill preserves due-process rights for distressed homeowners while trying to stimulate Florida's real-estate market by getting foreclosed property "back into the stream of commerce." Before Florida loan&nbsp;servicers&nbsp;celebrate, however, they should know that HB 87's fate is not certain: the Senate is considering similar legislation as Florida lawmakers face a Friday deadline to pass bills in their 60-day session. The legislation would make banks prove in more detail that they own a mortgage or explain why they can't prove ownership, but creates a process for others besides mortgage-holders to ask the court to speed up foreclosure cases. In addition, it would reduce the statute of limitations, or amount of time, for banks to go after foreclosed homeowners on deficiency judgments - from five years to one year. Deficiencies are the difference between the money obtained from selling a foreclosed home and what the original homeowner still owes on it. And the measure also would allow senior, or semi-retired, judges to hear foreclosure matters to relieve the backlog of cases.</p> </p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/04302013-lo-comp-baby-videos-mortgage.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/306492/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=306492" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx/channels/pipelinepress/04292013-hud-realtors-and-los-fdic.aspx2013-04-29T15:15:40Z2013-04-29T15:15:40Z<p><a name="_MailOriginal">The demand for capital never goes away - it is matter of supply and demand setting the rate and price for certain types of loans. Putting political naming niceties aside, <b>subprime is back in the </b></a><b><a href="http://www.latimes.com/business/realestate/la-fi-subprime-mortgage-20130427,0,6498564.story">news</a></b><a href="http://www.latimes.com/business/realestate/la-fi-subprime-mortgage-20130427,0,6498564.story"></a>.</p> <p>Subprime is one thing, issuing non-agency securities another. Does it ever feel like over the last few years, in the high school dance that is mortgage banking, the only ones to show up have been the principle, the marching band, and your 4^th period English teacher? Is it time to think about spiking the punch? Reuters reported recently that <b>private labeled RMBS is starting to creep back into the <a href="/mbs/">mortgage market</a></b> with JPMorgan making their first post-2007 deal of $570mm, with 60% originations made in-house by their bank...</p> <p>&nbsp;</p>...(<a href="http://www.mortgagenewsdaily.com/channels/pipelinepress/04292013-hud-realtors-and-los-fdic.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/306285/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=306285" width="1" height="1">robchrismanhttp://www.mortgagenewsdaily.com/members/robchrisman/default.aspx