This morning we had retail sales figures. Shopping in Texas can be a different experience (30 seconds).
Small lenders can be assured that whatever happens larger players in the mortgage will ultimately affect them in one way or another. It seems that the Obama administration puts more pressure on Fannie and Freddie to write down principal. (I've never missed a mortgage payment - where do I sign up for this program?)
In the Chicago area only, I have been detained by a well established 100 year old community bank based in the far NW Suburban Chicago. It seeks to expand its presence in northern, northwestern and western suburbs with the addition of a Branch Manager and production team. The Bank is an approved FNMA seller-servicer, and also offers several options correspondent. They have local activities for underwriting, processing, etc. All interested parties should send their CV to me at rchrisman@robchrisman.com.
In other parts of the nation, too hiring continues. Carrington Mortgage Services is expanding its sales force in both retail and wholesale channels. The LO has positions open in CA, AZ, FL, GA, NC, VA, PA and NJ. Carrington is also hiring Wholesale AE and Area Sales Managers for the following countries: CA, AZ, WA, CO, UT, TX, NM, IL, FL, GA, VA, PA and NJ. "Carrington is a Ginnie Mae direct seller Services offers a wide variety of loan programs: FHA / VA direct GNMA, Conventional, Fixed, ARM and more." All wholesale candidates must have an active broker base prior to treatment. Interested candidates contact John Cervantes at john.cervantes @ carringtonmh.com.
Friday I noted that the economic crimes Enforcement Network (FinCEN) has new rules requiring non-bank mortgage lenders and originators to establish anti-money laundering (AML) programs and submit suspicious activity reports (SARS) and that the law firm Ballard Spahr has a free webinar on Thursday for his lawyers to explain the new requirements and discuss the steps that non-bank mortgage lenders and organizers must take now to meet the new requirements. There is a link to the website where readers may learn more about the webinar.
Drama continues with FHA. For many months, analysts have pointed to its reserve fund, says it is congressionally mandated levels, and some suggest it is basically insolvent. Even the White House, in his budget proposal, noted that the Agency's capital reserves would run out in the coming year, forcing it to pull as much as $ 688 million from the Treasury. But wait - HUD Secretary Donovan later said that the banks involved in a $ 25 + billion mortgage servicing settlement had agreed to pump nearly $ 1 billion into the FHA. He also said that the agency would give prizes to the loans it insures, in a further step to strengthen its reserves, with the numbers coming out this week. Roughly speaking, HUD's 2013 budget requests 44 billion dollars from Congress, about the same as this year. In addition, HUD "asks permission to guarantee 400 billion dollars in loans through the FHA has Mutual Mortgage Insurance Fund, are expected to deliver 1.2 million single family mortgage loans, $ 149 billion in loan volume during the year and $ 500 billion in Ginnie Mae guarantee authority in order to help fund a wide range of government-insured products "per Mortgage News Daily.
So let's see - the first extra guarantee fees charged by agencies for the next 10 years to pay for a payroll tax cut for two months. And now the five banks involved in the service liquidation swath of 1 billion dollars in order to support the FHA? Soon, the increase in FHA mortgage insurance premiums will at least go to support themselves. The FHA now supports nearly $ 1 trillion in mortgages, and more than 9% of these loans are at least three months in arrears, per a story in the WSJ. Remember that the FHA does not make loans, but instead provides lenders against loss on mortgage loans that meet its standards, and revenue by charging upfront and monthly premiums to borrowers. The Agency said Monday that it would increase the annual insurance premium of a quarter of one percentage point for loans exceeding $ 625,500.
The FHA takes some extra steps to reduce risks and strengthen the finances, and HUD may seek compensation for "serious and material 'violations of FHA origination requirements, and for" fraud and misrepresentation, so that the mortgage ... "Many lenders are not prepared for this risk and has not begun reserved for the risk, but it may not be enough. There are options, one is insurance to protect against withdrawals or contractual responsibilities related to loans sold, including FHA. Contact Justin Vedder with Arthur J. Gallagher in justin_vedder@ajg.com to learn more.
Speaking of taxpayer support recently CFPB has published its first biannual report to Congress describing its activities. The report showed that CFPB had hired more than 750 employees; fielded 13,210 consumer complaints (70% involved credit card, 18% involved
mortgages and 12% were other) launched a surveillance program to promote compliance with consumer protection laws and to evaluate and develop information that makes financial products costs and risks easier to understand. The Bureau will soon unveil a prototype for a new monthly mortgage statement (View) for consumers to be clearly displays important information from their services. The report will include the principal owed on the loan, the current rate, the next date on which the interest rate may change, a description of late payment fees and a phone number and e-mail address homeowner could use to contact the company servicing the mortgage. The Agency is also working on a new disclosure rule for hybrid ARMs, which would require that consumers be notified months before their first hike, and to have a good faith estimate of the new monthly payment. Service companies would also have to tell customers about alternatives to try to stave off a higher interest rate, such as refinancing, per Politico.
Jerami A. Marshal, President of the Massachusetts Mortgage Bankers Association, was recently quoted, "Investors continue to tighten their assessment of loan files during post-closure and pre-purchase review. In the first three decades, investors asking for more Evidence that is not required before GSE guidelines or investor overlays in an effort, as they say, "to strengthen the loan file. 'Marshal went on to say, "The typical mortgage banker is left to interpret investor guidelines for a more conservative way than usual, not as a means to correct the direction of former mortgage philosophies, but to ensure salability of the loan transaction in the secondary market. Because of this, low credit borrower with a high credit score and low debt relative to income, finding it more difficult to obtain funding at record low interest rates. " In his opinion, Marshal says, "There seems to be a clear direction in the days of common sense analysis under delegated underwriting authority may become a thing of the past in the not too distant future."
Most if not all, of lenders use some types of employee interviews management companies, one selling industry that sprang from HVCC. Going to a press release from NAIHP noted that the AMC has discovered many operating without authority in most states, and has failed to pay state income tax. "When companies are formed, they are obliged to register with their Secretary of State for permission to operate. This recording warns State Tax Department you exist, and may be responsible for certain taxes. The same applies if you work outside your home state, according to Marc Savitt, NAIHP president. Most AMC has only recorded a handful of states but operates nationwide. If you are not registered, you are not paying taxes, said Savitt. Although HVCC and now the appraiser independence rules not require the use of AMC has many banks and big lenders, which owns all or part of certain AMC has, require their use by consumers. RESPA requires disclosure of these related relationships. After polling NAIHP members in several states, we have not found an AMC or any of their partners, which describe these beliefs. We have also found other RESPA violations as well, said Savitt. "
Regarding the markets Monday was more of the same: limited sales by originators met by purchasing the Fed and the usual suspects of money managers, banks and hedge funds. There was no news here in the U.S. and Greek situation continued to dominate the press. At the close on Monday, 10-year was 1.97% and MBS prices were largely unchanged. This morning, things took a little with Retails Sales for January, + 0.4%, less than expected, but ex-auto was + 0.7%, better than expected. Import + .3% as expected. The effect on the market is negligible: the U.S. 10-yr note is unchanged at 1.93% and MBS prices have risen.
In honor of Valentine's Day:
Nicknames
If Laura, Kate and Sarah go out for lunch, they will call each other Laura, Kate and Sarah.
If Mike, Dave and John go out, they will affectionately refer to each other as Fat Boy, Bubba and Wildman.
Eateries
When the bill comes, Mike, Dave and John each throw $ 20, though it's only for $ 32.50. None of them will have anything smaller and none will actually admit they want change back.
When the girls get their bill, out come the pocket calculators.
MONEY
A man will pay $ 2 for a $ 1 item he needs.
A woman will pay $ 1 for a $ 2 item that she does not need, but it's on sale.
BATHROOMS
A man has six items in his bathroom: toothbrush and toothpaste, shaving cream, razor, a bar of soap and a towel.
The average number of elements in the typical woman's bathroom is 337th A man would not be able to identify more than 20 of these items.
ARGUMENTS
A woman has the last word in any argument.
Everything a man says after that is the beginning of a new argument.
FUTURE
A woman worries about the future until she gets a husband.
A man never worries about the future until he gets a wife.
MARRIAGE
A woman marries a man expecting he will change, but he does not.
A man marries a woman expecting that she will not change, but she does.
OFFSPRING
Ah, children. A woman knows all about her children.
She knows about dentist appointments and romances, best friends, favorite foods, secret fears and hopes and dreams.
A man is faintly aware of some short people living in the house.
Thought for the Day
A married man should forget his mistakes.
There is no need for two people remembering the same thing!
If you are interested, visit my two-a-month blog on STRATMOR Group website at www.stratmorgroup.com. The current blog discussing housing loans and mortgage programs around the world, Part 2 If you have both time and inclination, to make a comment about what I've written, or at other comments, so people can learn what is going on out there from other readers.
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NATO Renews Commitment to Afghanistan
12 years ago
