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HELOCs About to be a Problem?; Home Price Expectations Decline; FHA Lowers Loan Limits; Some Servicers Need Improvement
Published: 12/9/2013
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  • Kelcey Morange
    Answers: 100
  • MisterVA
    Answers: 94
  • Antonio Cibella
    Answers: 81
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Tue Dec 10 2013, 10:50 AM
right now, my 3yr is .5 better than my 5yr
Steven Stone
on Tue Dec 10 2013, 10:50 AM
5s have been priced much better
Steven Stone
on Tue Dec 10 2013, 10:50 AM
im seeing investors dropping fha 3 yr arms entirely
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FPH
Licensed Mortgage Originator in PA & NJ, Gateway Funding Diversified Mortgage Services LP
on Tue Dec 10 2013, 10:50 AM
Are you seeing 3yr arm rates at beter levels than your fixed?
Steven Stone
on Tue Dec 10 2013, 10:50 AM
all FHA hybrid arms do
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Tue Dec 10 2013, 10:50 AM
does an FHA 3yr ARM use the start rate to qualify?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Dec 10 2013, 10:49 AM
As far as I know, the only AMDC is the one you see, and you will no longer see it (unless you're in one of the 4 states specified) next Spring.
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Christopher Stevens
Secondary Marketing Manager, Premium Mortgage Corp
on Tue Dec 10 2013, 10:49 AM
not going away in my great state of NY
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Ross Miller
President, Miller Home Mortgage, LLC
on Tue Dec 10 2013, 10:49 AM
MG, the 25 basis point adverse market fee that Is going away, is that from the actual rate sheets or is it in the Fannie/Freddie rate sheets?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Dec 10 2013, 10:49 AM
RTRS- U.S. OCT WHOLESALE SALES +1.0 PCT (CONSENSUS +0.4 PCT)
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Dec 10 2013, 10:49 AM
RTRS - U.S. OCT WHOLESALE INVENTORIES +1.4 PCT (CONSENSUS +0.3 PCT)
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Christopher Stevens
Secondary Marketing Manager, Premium Mortgage Corp
on Tue Dec 10 2013, 10:48 AM
MG- great explanation of g-fee increase last night.
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Andy Pada
VP, 1st 2nd Mortgage Co.
on Tue Dec 10 2013, 10:48 AM
US Bank came out with their QM calculation analysis. They will include all discount points in their analysis; presumption that discount points are NOT bonafide.
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Ben Biscoe
Loan Officer, The Ashley Smith Team at Atlantic Coast Mortgage, LLC
on Mon Dec 9 2013, 3:31 PM
northern VA and DC metro area got dropped to 625,500
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Mon Dec 9 2013, 3:31 PM
As a general rule, FHA is not concerned with how a donor obtains gift funds, provided that the funds are not derived in any manner from a party to the sales transaction. Donors may borrow gift funds from any other acceptable source, provided the mortgage borrowers are not obligors to any note to secure money borrowed to give the gift.
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Mon Dec 9 2013, 3:31 PM
should just have to show a cleared check from the account it was written from, and show it was deposited in the buyer's account
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Curt Sandfort
Owner/Loan Officer, Premier Home Loans
on Mon Dec 9 2013, 3:30 PM
FHA still requires donors "ability" with copy of bank statement?
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Clayton Sandy
Mortgage Consultant, Veritas Funding, LLC, NMLS 432296
on Mon Dec 9 2013, 3:30 PM
We are currently at $729k in Salt Lake County. Going down to $300k...how does that even make sense?
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Ted Rood
Senior Mortgage Consultant NMLS 543290, Wintrust Mortgage
on Mon Dec 9 2013, 3:30 PM
I don't even want to think about the MIP costs for a 700K FHA loan.
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Jason Anker
Originator / LO, Salem Five
on Mon Dec 9 2013, 3:30 PM
ah I see. One of my countires was 385 and now 285 and needs 385. Boo on FHA.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Dec 9 2013, 3:30 PM
Clayton Sandy (12/8/13 11:06PM): I've got 5 borrowers right now that will be affected by it. Salt Lake County goes from $729K to $300?? How does that make any sense? I'll have to order case numbers and hope they don't cancel them before the homes are complete
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Jason Anker
Originator / LO, Salem Five
on Mon Dec 9 2013, 3:29 PM
anyone in a market where FHA loan limits are going down 100k+?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Dec 9 2013, 11:04 AM
Thanks Ali. It is indeed on Thursday.
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Clayton Sandy
Mortgage Consultant, Veritas Funding, LLC, NMLS 432296
on Mon Dec 9 2013, 10:51 AM
Steve, I do have quite a few people like that. Two of them had foreclosures 4 years ago and don't want to wait. And I'm hoping it gets revised up, but I do have on buyer at the $729k max. All the others are between $450k-$600k.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Dec 9 2013, 10:51 AM
I want to say 'no' AP, because they're not very high on my list, but we've seen markets react to just about every Fed speaker at times depending on what they say. That said, I'm not sure what they could say that bond markets aren't already accounting for. So I'd say just hint of concern by default.
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Andy Pada
VP, 1st 2nd Mortgage Co.
on Mon Dec 9 2013, 10:51 AM
should we be concerned about the 3 Wisemen speaking today?
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Ira Selwin
Vice President of Secondary Marketing, US Mortgage Corporation
on Mon Dec 9 2013, 10:51 AM
Or you can always check the website: https://entp.hud.gov/idapp/html/hicostlook.cfm and use the dropdown for CY2014 to search for a particular area
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Ira Selwin
Vice President of Secondary Marketing, US Mortgage Corporation
on Mon Dec 9 2013, 10:51 AM
There are two attachments on the mortgagee letter website. High cost areas (allowed up to $625k), and areas between the floor ($271,050), and the ceiling ($625,500). If it is not listed, then the max is $271,050
Steven M. Sims
on Mon Dec 9 2013, 10:50 AM
Clayton, there is a review process. I will be surprised if Salt Lake Co doesn't get increased
Gaius Rossini
on Mon Dec 9 2013, 10:50 AM
Ira - listing of the high cost and in-between counties... does that show everything? are there counties that are changing that aren't listed there?
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Ira Selwin
Vice President of Secondary Marketing, US Mortgage Corporation
on Mon Dec 9 2013, 10:50 AM
That is only for "high cost" areas. So not all areas are eligible to go up to the $625k
Gaius Rossini
on Mon Dec 9 2013, 10:50 AM
clayton - you serious? I thought it drops from a max of $729 to the conventional $625K.
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Clayton Sandy
Mortgage Consultant, Veritas Funding, LLC, NMLS 432296
on Mon Dec 9 2013, 10:50 AM
I've got 5 borrowers right now that will be affected by it. Salt Lake County goes from $729K to $300?? How does that make any sense? I'll have to order case numbers and hope they don't cancel them before the homes are complete
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FPH
Licensed Mortgage Originator in PA & NJ, Gateway Funding Diversified Mortgage Services LP
on Mon Dec 9 2013, 10:50 AM
Looks like I have about a 30k hit in my area, but not like to hurt those that would buy at those levels anyhow.
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Ira Selwin
Vice President of Secondary Marketing, US Mortgage Corporation
on Mon Dec 9 2013, 10:50 AM
If you check the news stream, you will see a headline about the mortgagee letter. In that letter there are links to the high cost, and in between counties
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FPH
Licensed Mortgage Originator in PA & NJ, Gateway Funding Diversified Mortgage Services LP
on Mon Dec 9 2013, 10:50 AM
When will county lists be available to tell how ours specific areas will be changed?
Ali Siddiquee
on Mon Dec 9 2013, 9:24 AM
The writeup twice mentions retail sales on Wednesday but the calendar shows it to be on Thursday.
tad hensley
on Sun Dec 8 2013, 2:20 PM
regarding the Encompass lock expiration date, we hedge and i use 762 as my lock expiration date w/o issue. However, i've chosen to use custom fields to represent lock cancel date as the Secondary Registration tool and it's associated fields are hard to use because they are virtual fields i believe. With Encompass, i take a "bare bones" approach electing to not use a majority of the Secondary tools due to how they add features to this tool and your limitations on virtual fields. I've instead created custom fields to represent most of whats in the Secondary Registration tool (lo comp, branch margin, etc.)
View Profile
Matt Geiszler
Marketing Manager, CoreLogic
on Fri Dec 6 2013, 3:46 PM
I saw a post yesterday regaring CoreLogic increasing credit report prices to $75. This is incorrect. The $75 fee is for a very robust credit supplement. Tri-merge prices are increasing about $0.40 per bureau, so less than $1.50 for a full tri-merge. Just wanted to clear up any confusion.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Dec 6 2013, 3:45 PM
Yeah Paul. There's some flexibility between 4.25 and 4.375, and again between 4.75 and 4.875, depending on how GSEs are paying for the loans. But it's always going to be one or the other.
Paul Philbin
on Fri Dec 6 2013, 3:45 PM
MG I know I've asked this before, but what rates are included in the 4.0 coupon. 3.875% - 4.375% ?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Dec 6 2013, 3:45 PM
4.0 is certainly the sweet spot.
 |  View Profile
Ted Rood
Senior Mortgage Consultant NMLS 543290, Wintrust Mortgage
on Fri Dec 6 2013, 3:45 PM
4.0 at the moment, BMay,unless you're planning on charging/paying discount points.
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BMay
Executive / Management / Banker,
on Fri Dec 6 2013, 3:44 PM
Which chart should I be watching 3.0, 3.5 or 4.0?
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Dave Pressel
Vice President, Peoples Bank
on Fri Dec 6 2013, 3:44 PM
it seems the pattern has been with multiple bad days that once we get some momentum we get multiple good days....could be wishful thinking but it's just my $.02
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Matt Hodges
Charlottesville Sales Manager, Presidential Mortgage Group
on Fri Dec 6 2013, 3:44 PM
one locked this morning, 3 more floating
Paul Philbin
on Fri Dec 6 2013, 3:44 PM
So a question for the risk takers that floated their loans. We've got better pricing today so do you lock it up or keep floating? I'm talking pipeline closing in Dec
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Matt Sullivan
Executive / Management / Banker, Peoples Bank
on Fri Dec 6 2013, 3:44 PM
REPRICE : 1:43 PM - Fifth Third Mortgage Better
View Profile
Scott Valins
Principal, Scott Capital Group
on Fri Dec 6 2013, 3:43 PM
REPRICE : 12:28 PM - Cole Taylor Better
 

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