Pipeline Press - All Comments

re: Fannie Mae Suspends RMIC; Ocwen's Shared Appreciation Modification Program; Title Claim Trouble

Michael Poulos — Thu, 09 Feb 2012 14:06:25 GMT

I have seen title insurance companies deny claims and take quite ridiculous positions, such as title insurance does not provide protection from a false condominium assessment letter or does not cover an undisclosed claim for a private easement for a sewer under a house. Frankly, I do not see how title underwriters can pay claims at all since most of the premium goes to the title agent for selling the policy.

re: BofA Halts Cash-out Refinancing; Letters From the Trenches; Mortgage Hiring Continues

Zackery Williams — Tue, 24 Jan 2012 07:14:50 GMT

BoA, Liars & Thieves. BoA turned down my refi w cash out in October of 2008. I paid my mortgage early every month for ten months. I paid 10,000 dollars towards the principal in the same ten months. Who does that ? responsible borrowers. The rates dropped 1 point, I applied, ....then denied. The scumbags changed the lending rules, so the working class, would have no chance of earning, and working towards prosperity. Dont Pay Your mortgage, it is now officially worse than Madoff.

re: Guarantee Fee Increase Chatter; Cordray in at CFPB? MERS Update; PHH's New Chief

Garth Cook — Fri, 20 Jan 2012 20:48:01 GMT

Been off for a while, so do not know if this has been discussed. Do you guys see the effect on pricing as a result of the GFee?? Leave to our Congress to pay for the payroll tax cuts by taxing the industry that is the hardest hit by the economy (housing). Talking about chasing your tail!

re: How MetLife's Exit Impacts the Industry - Will Others Follow?

Bones 322 — Fri, 20 Jan 2012 14:48:27 GMT

http://online.wsj.com/article/SB10001424052970204555904577162860377816318.html?mod=googlenews_wsj

re: Special Holiday Edition Dedicated to the Mortgage Tax

Padmewan McGregor — Wed, 18 Jan 2012 21:17:43 GMT

Thanks Matthew, that's helpful. Is there any way I can calculate the way that coupon translates into interest rates in my particular case? 80 or even 40 bps feels like a pretty sharp spike to me.

re: Special Holiday Edition Dedicated to the Mortgage Tax

Matthew Graham — Wed, 18 Jan 2012 21:08:24 GMT

because 10bps of the "proposed FHFA fee," (which is now no longer "proposed") is priced in COUPON. That means that a loan with a 4.125% interest rate is now a loan with a 4.025% interest rate. Depending on where you are on a particular lender's rate sheet, 10bps could cost 40-80 bps in price.

re: Special Holiday Edition Dedicated to the Mortgage Tax

Padmewan McGregor — Wed, 18 Jan 2012 19:54:46 GMT

Why are the bank rate hikes (40-50 BPS) so much higher than the proposed FHFA fee (10 BPS)? (I posted this question to the wiki as well).

re: How MetLife's Exit Impacts the Industry - Will Others Follow?

craig joseph — Thu, 12 Jan 2012 05:43:08 GMT

To find a great refinance rate, you should talk to at least one national mortgage lender, one local lender, a credit union and 123 Refinance. Also ask your friends which bankers and brokers they have used.

re: GE De-banks MetLife; Bank of America and Turbulent Times; PHH's Financial Condition; Two Banks' Housing Market Forecasts

terry clinez — Thu, 29 Dec 2011 05:08:15 GMT

Mortgage refinancing is an outstanding plan particularly as the home mortgage rates are imminent downward. Under such state of affairs it will be beneficial for you to refinance your home as you’ll be able to obtain a lower interest rate thereby reducing the amount of your monthly payment. Search online for 123 Refinance to learn more.

re: New Agency Borrowers Will Pay for Payroll Tax Cut Extension; Catch the Wave - Move Back in With Your Parents

scott arroyo — Sat, 24 Dec 2011 09:56:21 GMT

The borrower and the lender need to do the calculation to see how long it will take for the effect of the lower interest rate to make up for the cost of the refinance, read more about refinancing your home at 123 Refinance

re: New Agency Borrowers Will Pay for Payroll Tax Cut Extension; Catch the Wave - Move Back in With Your Parents

Jim Begley — Fri, 23 Dec 2011 16:06:19 GMT

Are the new Fannie/Freddie fees permanent or do they end with the expiration of the payroll tax cuts? And does this open the door to keep "Guarantee Fees" as a revenue stream for Treasury?

re: Broker Market Share Increases; Las Vegas' Foreclosed-upon Property Law; Mortgage AE jobs

Frank Ceizyk — Tue, 13 Dec 2011 03:51:27 GMT

Please stop with this sales pitch" buying a home is an investment. Investments can go both up and down." An 80% increase in home prices from 1999 to 2005 is not an "investment" market--it is a speculative market. I am so sick of the misuse of the term "investment". "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. OPERATIONS NOT MEETING THESE REQUIREMENTS ARE SPECULATIVE. Page 18--The Intelligent Investor--The Definitive Book On Value Investing. As an industry we haven't been willing to look in the mirror and say--WE SCREWED UP. WE TURNED HOMEOWNERSHIP INTO SPECULATIVE DEBT AND ASSET SPECULATION. Now we need to undo the mess, create a sustainable homebuying paradigm that starts with ensuring every prospective homebuyer and current homeowner understands how to VALUE INVEST in real estate by educating them about the difference between investing and speculating.

re: Lending to Borrowers with Negative Equity: Spotlight on the FHA's Negative Equity Program

Frank Ceizyk — Fri, 09 Dec 2011 01:42:00 GMT

Jason--I think bigger problem is for decades now the housing industry has sold buying a house as the "biggest investment you will ever make"...tax benefits, the pride of ownership, etc. Perhaps that is where the problem lies--"investment" is used very loosely but we really saw during the housing boom was debt speculation tied to asset speculation. Consumers got caught in the crossfire, and no one appeared concerned with the never ending Case Shiller charts showing how overpriced things were getting based on basic economic principals. The problem I have with Brad's comments about the consumer's brain "checking out" at the time of signing, is that the housing "investment value" police were nonexistent--or perhaps checked out, and "experts" in real estate, mortgage finance, the Federal Reserve, Wallstreet----all had succeeded in making "house values never fall" an accepted economic principle. So now, now that consumers have started making an investment value decision, such as "should I continue to make ANY payment on a asset that is growing in debt burden with foreclosure vultures lurking to get the lowest cents on the dollar I can get which drives down my values even more and results in appraisers valuing my property as a prospective default"--it is hard to call that an "entitlement mentality". Speculators throw in the towel all the time, so if a home owning consumer "speculator" wants to cut their losses, why is that decision characterized as entitlement? Why should they pay $1 towards an asset that despite the best efforts of government, financial and tax payer intervention continues to decline in value more than 3 years after the initial implosion? I am happy to be able to help my customers refinance to lower their payments on their houses, but the most recent round of refinances has been a sobering experience for many homeowners who (hoped) thought the value bleeding had stopped last year. One thing that drives me crazy is hearing the argument that the lower rates/payments will help the economy? We aren't seriously suggesting people go out and spend money with the monthly payment savings are we--we are suggesting they use the savings to pay down the principal faster, right? I've heard the negative feedback loop mentioned many times....but it continues to gain more suction power when we do nothing to improve the equity positions these borrowers have with the only tool the powers that be appear to have--lower rates. Don't get me wrong...the low rate environment has a powerful psychological positive on homeowners who otherwise have watched their "biggest investments" value drop by 20-30-40 or 50% from 4 years ago. But if the next round of valuations into 2012 don't start showing some reasonable level of price stability or at least a nominal appreciation rate, we could find we've kicked this can to the end of the net tangible benefit road into a massive brick wall of rational defaults.

re: Lending to Borrowers with Negative Equity: Spotlight on the FHA's Negative Equity Program

Jason Harris — Thu, 08 Dec 2011 20:14:24 GMT

Brad...I understand your thoughts and can respect that. I would mention that some folks ultimately view it as a business decision. If taking into consideration the reprecussions, one decides that it is in their best interest to walk away...I can understand.

re: Wind Continues to Come Out of HARP 2.0 Sails; NY Fed Reports on Multiple Non-owner Loans

Jason Harris — Thu, 08 Dec 2011 20:10:40 GMT

Mo...I am not sure...but as it sits the anticpated start date for unlimited LTV HARP's with us is 12-19. Not sure if that will hold up, but that is our guidance.