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New Home Purchase Apps Dwindle; Foreclosure Crisis Defeated?; Appraisal Exemptions; Rates are Actually Near Recent Highs
Published: 12/12/2013
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  • Kelcey Morange
    Answers: 100
  • MisterVA
    Answers: 94
  • Antonio Cibella
    Answers: 81
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Ted Rood
Senior Mortgage Consultant NMLS 543290, Wintrust Mortgage
on Thu Dec 12 2013, 4:35 PM
Wow, loans under 25K are exempt! That should impact at least two loans per state per year. Thanks, Washington!
Jon
on Thu Dec 12 2013, 1:25 PM
Initial reaction is choppy. Any signs of more green on the way once traders are done with their paninis?
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Jeff Anderson
Loan Officer, Salem Five
on Thu Dec 12 2013, 1:25 PM
Ok, pretty bland auction, traders run out for quick sammy, supply rally in 20 mins? Who's in?
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Paul Carlin
Loan Officer, Bank of England
on Thu Dec 12 2013, 1:25 PM
Nothing exciting to see here, move along.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 1:25 PM
RTRS- HIGH YIELD AT LATEST 29-YEAR 11-MONTH BOND SALE WAS LESS THAN 1 BASIS POINT ABOVE ITS 1 P.M. WHEN-ISSUED LEVEL - REUTERS DATA
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 1:25 PM
RTRS - BID-TO-COVER RATIO 2.35, NON-COMP BIDS $4.95 MLN
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 1:25 PM
RTRS- U.S. SELLS $13 BLN 29-YEAR 11-MONTH BONDS AT HIGH YIELD 3.900 PCT, AWARDS 17.28 PCT OF BIDS AT HIGH
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 1:24 PM
I'd only add that the refundings drag down the average a bit, so 2.42 would be low over the last 10 auctions, but still right about middle over he last 4-5 (because post May 2013 is sort of a different era).
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Jeff Anderson
Loan Officer, Salem Five
on Thu Dec 12 2013, 1:24 PM
Ha. I was in mid-type and got distracted. The VB Report really was today. Nicely done, VB.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 1:24 PM
thanks for crunching those numbers Vic! A true "VB report!" Jeff will be stoked.
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Victor Burek
Mortgage Planner, Open Mortgage
on Thu Dec 12 2013, 1:24 PM
the last 10 30yr auctions avg a btc of 2.42, lets hope for a higher btc
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Victor Burek
Mortgage Planner, Open Mortgage
on Thu Dec 12 2013, 10:52 AM
either they cant sell their products, or they expect future demand
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Andy Pada
VP, 1st 2nd Mortgage Co.
on Thu Dec 12 2013, 10:52 AM
what does rising inventories mean?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:52 AM
RTRS- U.S. OCT BUSINESS SALES +0.5 PCT VS SEPT +0.3 PCT (PREV +0.2 PCT)
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:52 AM
RTRS- U.S. OCT BUSINESS INVENTORIES +0.7 PCT, BIGGEST RISE SINCE JAN (CONSENSUS +0.3 PCT) VS SEPT +0.6 PCT (PREV +0.6 PCT)
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:51 AM
Is it sorta funny that foreclosure starts are the lowest since 2005, loan quality is through the roof, GSE profits are massive, delinquencies are shrinking every month, --all trends that have been intact due to the industries own self regulation--and we haven't even crossed the starting line of QM yet? I know I know... It's not that simple, but there's some sort of conclusion there.
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Jason Anker
Originator / LO, Salem Five
on Thu Dec 12 2013, 10:51 AM
on November 7, 2013, 118 members of Congress sent a letter to the CFPB requesting a one-year extension to the Qualified Mortgage (QM) rules, which are presently set to go into effect in January 2014. They requested the CFPB to respond by December 1, 2013. As of the release of this Compliance Hotline edition, the CFPB had yet to respond.
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Jason Anker
Originator / LO, Salem Five
on Thu Dec 12 2013, 10:51 AM
you guys see this?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:51 AM
volume is low as well. No major decisions being made. Just a grindy range trade between 2.8 and 2.88 since Dec 4th.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:51 AM
JM: " At current levels, or something reasonably close to them, it feels like bond markets are fairly well hunkered down for next week's FOMC Announcement"
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John McClellan
Branch Manager, Supreme Lending
on Thu Dec 12 2013, 10:51 AM
what was that uptick about ?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Dec 12 2013, 10:51 AM
more of a zone of yields based on 12/5 12/6 highs, 2.863 to 2.883, and I threw out the 5 minute post-NFP spike, FWIW
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Oliver Orlicki
Senior Loan Originator, Innovative Mortgage Services
on Thu Dec 12 2013, 10:50 AM
where is our pivot?
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Matt Hodges
Charlottesville Sales Manager, Presidential Mortgage Group
on Thu Dec 12 2013, 10:49 AM
don't discount retail effect today. claims are written off all the time when they are worse than expected... play defense
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Evan Putt
Analyst, Quicken Loans
on Wed Dec 11 2013, 2:57 PM
taught Draghi too
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Dec 11 2013, 2:57 PM
other than what today's articles convey (i.e. smart dude... taught Bernanke at MIT... saved Israel's banking system or some such thing).
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Dec 11 2013, 2:56 PM
I don't know anything about him.
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Evan Putt
Analyst, Quicken Loans
on Wed Dec 11 2013, 2:56 PM
MG: is Fischer seen as more of a hawk or dove when it comes to QE?
Gaius Rossini
on Wed Dec 11 2013, 2:56 PM
those are the two links getting passed around.
Gaius Rossini
on Wed Dec 11 2013, 2:56 PM
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/02/15/stan-fischer-saved-israels-economy-can-he-save-americas/
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Hugh W. Page
Senior Mortgage Consultant, M.B.A., Shelter Mortgage Company, LLC
on Wed Dec 11 2013, 2:56 PM
Good piece on his views here http://blogs.wsj.com/economics/2013/09/23/the-key-to-forward-guidance-dont-give-it-fischer-says/
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Hugh W. Page
Senior Mortgage Consultant, M.B.A., Shelter Mortgage Company, LLC
on Wed Dec 11 2013, 2:56 PM
He's against giving "Forward Guidance" which I agree with completely. He says it can cause market confusion because the Fed really doesn't know with precision what it's going to do in the future. Creates uncertainy, confusion, and volatility. Totally agree..... I say sign hm up
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Victor Burek
Mortgage Planner, Open Mortgage
on Wed Dec 11 2013, 2:56 PM
Fischer has a reputation for beng more hawkish than most - evidenced by his refusal to engage in the kind of dovish activity the rest of the world did while in charge in Israel and is especially downbeat on forward guidance.
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Michael Gillani
President, Boardwalk Lending LLC
on Wed Dec 11 2013, 10:59 AM
Wow, Stonegate pricing is almost 30 bps worse than yesterday's rate sheet??
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Wed Dec 11 2013, 10:59 AM
I would say with a good LOX, letter from employer, and showing YTD earnings increase YOY, you could have a very strong case
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Jason York
Vice President of VA Operations, Prime Mortgage Lending, Inc
on Wed Dec 11 2013, 10:59 AM
per FHA - Commission income earned for less than one year is not considered effective income. Exceptions may be made for situations in which the borrower’s compensation was changed from salary to commission within a similar position with the same employer. A borrower may also qualify when the portion of earnings not attributed to commissions would be sufficient to qualify the borrower for the mortgage.
john murphy
on Wed Dec 11 2013, 10:58 AM
As an UW I would assume that the Co's move to commission is NOT intended for employee to remain at same level of earnings or higher. Sounds like a comp expense reduction move.
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Christopher Stevens
Secondary Marketing Manager, Premium Mortgage Corp
on Wed Dec 11 2013, 10:58 AM
My u/w said need to wait two years because the past guaranteed salary is not indicative of potential future commission earnings.
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Victor Burek
Mortgage Planner, Open Mortgage
on Wed Dec 11 2013, 10:58 AM
have a client that has worked for same company for about 5 years, she was salary, but earlier this year she was changed to 100% commission. Do we have to wait 2 years to use that income, or since it is with same company, can we make it work now?
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Michael Gillani
President, Boardwalk Lending LLC
on Wed Dec 11 2013, 10:58 AM
Just saw a headline from the Labor Dept. that the number of people quitting their jobs is at a 5 yr high. If I quit my job and then someone else is hired, is that considered a job added?
Erik Forgue
on Tue Dec 10 2013, 3:17 PM
Senate Banking Commitee Live if interested http://www.banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=528c6bdb-59eb-4357-8a42-12a016b017f7
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Hugh W. Page
Senior Mortgage Consultant, M.B.A., Shelter Mortgage Company, LLC
on Tue Dec 10 2013, 3:16 PM
Thanks! That was the form I was looking for 23 and 22 it is
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Sung Kim
Originator / LO, McLean Mortgage Corp.
on Tue Dec 10 2013, 3:16 PM
http://www.mgic.com/pdfs/71-40323-cashflow-sam_final.pdf
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Ira Selwin
Vice President of Secondary Marketing, US Mortgage Corporation
on Tue Dec 10 2013, 3:16 PM
23 for 2012, 22 for 2011
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Hugh W. Page
Senior Mortgage Consultant, M.B.A., Shelter Mortgage Company, LLC
on Tue Dec 10 2013, 3:16 PM
Borrower has $4K in Unreimbursed Exp but 2500 Bus Miles are part of that and we can give it back at a certain rate that escapes me at the moment but 22 sounds right
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Chip Harris
President, Integrity Financial LLC
on Tue Dec 10 2013, 3:16 PM
I've never seen an UW give that back. Would love to be able to though.
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Hugh W. Page
Senior Mortgage Consultant, M.B.A., Shelter Mortgage Company, LLC
on Tue Dec 10 2013, 3:16 PM
no the number we're allowed to use to give credit back
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John Paul Mulchay
Mortgage Consultant, CMG Financial
on Tue Dec 10 2013, 3:16 PM
Not this? http://www.irs.gov/pub/irs-pdf/i2106.pdf
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Sung Kim
Originator / LO, McLean Mortgage Corp.
on Tue Dec 10 2013, 3:16 PM
its 21 or 22 i think
 

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