Who sells loans directly to Fannie or Freddie? The lists
shouldn’t be a surprise. Fannie’s top 10, last to first, are
Flagstar, AmTrust, BofA, Indymac, GMAC, Suntrust, Chase, Citi, Wells, and
Countrywide. Freddie’s are First Horizon, GMAC, Citi, Taylor Bean, US
Bank, WaMu, Chase, Countrywide, BofA, and Wells.
On July 14th HUD, and the Federal Housing
Administration, will start charging upfront mortgage insurance premiums on
their FHASecure program, based on the borrower's credit score and down payment. Currently,
the FHA charges borrowers 1.50 percent of the loan balance upfront and .50
percent annually regardless of their credit standing. Under the new rule for
FHASecure loans, FHA's upfront mortgage insurance premium will range from 1.25
percent to 2.25 percent, and they will operate like most other insurance
companies. This premium structure will preserve lower premium costs for FHA's
traditional borrowers, including low-income and minority families who have a
strong credit history and save for a down payment.
Did you know that all first time homebuyers (none of the
borrowers has a 12 month mortgage history reflected on their credit report
within the last 3 years) require pre-purchase counseling for FHA financing? Participation
in pre-purchase counseling/first time homebuyer education is required for all
first time homebuyers using FHA financing. For a list of acceptable first
time homebuyer courses, refer to HUD Approved Counseling Agencies at www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.
Want to do a loan in Sonoma
County, CA through
Wachovia? Be careful. Unfortunately, Sonoma
is considered “stressed” and therefore limited to a 60 % maximum
LTV by Wachovia/ex-World!
Radian clarified some earlier announcements. If a loan is
submitted as a 95% and the fico is 620-679 and in a declining market, that loan
would need to be dropped to a 90% LTV (even with a DU Approve/Eligible or LP
Accept/Eligible). If loan comes in at a 95% and the fico is 680 and
above, the borrower would not need to lower it 5% to 90%. The maximum LTV
for Condo’s/Attached PUD’s in declining markets is 90% and that condos
in the state of Nevada or in Miami-Dade or Broward Counties in Florida are not
eligible for Radian Mortgage Insurance.
Economic news-wise, there is nothing this morning, although mortgage
prices are slightly worse and the 10-yr is up to 3.78%. Interestingly,
there are a large number of speeches by Fed officials, including a speech
tomorrow by Fed Chairman Bernanke. (Market expectations for future Fed policy
were little changed last week, and analysts are currently giving an 18% chance
of a rate cut to 1.75% at the FOMC’s next meeting at the end of June.)
Tomorrow at 5:30AM PST is the release of April’s Retail Sales data. Since
consumer spending makes up two-thirds of the U.S. economy, this data is
relatively important. Are you going out and buying new suits and expensive car stereo
systems? If not, others probably aren’t buying many either…current
forecasts are calling for no change in sales from March to April.
On Wednesday we have April’s Consumer Price Index
(CPI). It is similar to next week’s PPI report, but measures inflationary
pressures at our level of the economy. Current forecasts are calling for
increases of 0.2% and 0.3% respectively in the overall index and the core data
readings. Lastly, Friday brings April’s Housing Starts and early May US
Consumer Confidence.
A married man was having an affair with his secretary.
One day they to went her place and made love all afternoon.
Exhausted, they fell asleep and woke up at 8 PM.
The man hurriedly dressed and told his lover to take his shoes
outside and rub them in the grass and dirt.
He put on his shoes and drove home.
"Where have you been?" his wife demanded.
"I can't lie to you," he replied, "I'm having
an affair with my secretary. We were together all
afternoon."
"You liar! You've been playing golf!"
Rob
