Mortgage markets were volatile last week, making it very difficult to shop for mortgage rates. On most days, lenders issued multiple rate sheets with the trend putting rates higher in the morning, and lower in the afternoon. Overall, mortgage rates were unchanged on the week. It broke a three-week streak...

This update contains the pertinent changes to FHA Streamline Refinance guides as outlined in Mortgage Letter 2009-32 and are effective on November 17th, 2009.. Here are the 11 things you need to know about these changes: 1. Current loan must have 6 months payment history. 2. Current loans with 6...

Image by Getty Images via Daylife For the fourth consecutive month, the country’s foreclosure activity was dominated by a small number of states. As reported by RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in June concentrated in just 3 states: California Florida Nevada The states...

To: All Mortgage Brokers, Real Estate Agents, Appraisers, Lenders, Home Builders, Title Agents, and Consumers From: Marc Savitt, President- National Association of Mortgage Brokers After more than a year of exhaustive negotiations with Fannie Mae, Freddie Mac, James Lockhart, Director of FHFA (GSE Regulator),...

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented...

June 1, 2009 started as another brutal day in the Mortgage Market. On top of the negative bankruptcy news for GM Mortgage Rates increased after a nice head fake last Thursday and Friday.  After reaching as low as 4.375% on a 30 YR in May. Mortgage Rates came in like a lamb and left like a lion (see...

What a GREAT way to start the week.  After a horrible Thursday and Friday last week, the FNAM 30 YR 4.0% regained majority of its losses in today. The MBS closed higher by 50bp, translating into .25%-.375% depending on which rate sheets you or your lender was pricing off.   Mortgage Rates May 11,...

They might be rebranding there name, although I am sure all the inexperienced and shady Loan officers from Country Wide will still be working their loans! This is the TRUE meaning of Lipstick on a Pig!  It is sad how BIG Marketing dollars can convince millions that you have a great Knowledgeable staff. Country...

With reverse mortgages seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments – and they do not need an existing income to qualify. How does...

Mortgage Rates increased April 17, for a second day as MBS posted another day of losses.  Week over week rates are posted a 10bp improvement.  Although there was 3bp improvement lenders sill took advantage of the decline in MBS and increased Mortgage Rates. Overall rates remain low for the time being,...