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MORTGAGE RATES: Best Lock/Float Advice MND Can Offer

Posted To: Mortgage Rate Watch
I think it's safe to say that, consistently for the last 30 to 45 days, at least one lender (regional, major, or independent) has offered below market "record low" mortgage rates. Investor demand is consistently healthy for agency MBS, such that their prices are hitting new record highs on a daily basis. No lender faces a shortage of funding, nothing seems to be able to distract mortgage rates from rallying! This situation has forced us to refocus our attention on the competitiveness of the primary mortgage market, instead of closely monitoring every move in the secondary mortgage market (MBS). Here's how I would play it.... The "best executed" lock/float strategy comes down to finding an originator who knows the loan market, studies underwriting guidelines, and...(read more)
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USDA Rural Housing Bill Passes; Low-Income Rental Legislation Advances

Posted To: MND NewsWire
One government housing program that had run out of funds months ago was revived by Congress yesterday, and another bill targeted at low-income rental housing moved a step closer to approval. The Senate yesterday passed HR 4899 to reestablish the popular U.S. Department of Agriculture Single-Family Housing Guaranteed Loan Program (Section 502 Housing) as a self-sustaining program. Also, the House Financial Services Committee approved H.R.4868 , the Housing Preservation and Tenant Protection Act of 2010 which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants. The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to...(read more)
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MBS Lower and Wider. Reprices Reported. Buyers Lurking

Posted To: MBS Commentary
Rate sheet influential mortgage-backs are experiencing some localized weakness as stocks rally and swaps spreads widen. Nominally, yield spreads have been wider all morning but price levels were still pushing new records because Treasuries were catching a bid, but the poo hit the fan a few minutes ago and prices plummeted. We're still in the green though...just off the session highs. The September FNCL 4.0 is +0-03 at 101+30. The FNCL 4.5 is UNCH at 104-02. The secondary market current coupon is -1.6bps at 3.679. Yield spreads are at the wides of the week. After much rallying, agency MBS appear exhausted, but I doubt this will last long. Buyers have consistently jumped on any sign of weakness...unfortunately I've already seen a few reprices for the worse....(read more)
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There Is Help

Although we encourage you to work with your lender if you are a payment or two behind, the reality is that homeowners who have tried to negotiate on their own, with their mortgage company have usually come up with something worse than what they started with. According to HUD, a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.Mortgage Bankers are used to speaking with homeowners who know very little about their loan.

Also, these homeowners are generally taken advantage of for that very reason. In addition to negatively impacting the negotiation, homeowners also struggle making contact with a useful party at their mortgage company.