My Mother liked to say, “No man has ever been shot
while doing the dishes.” I can’t tie that in to RESPA news, but thought
it was pretty witty. Speaking of matters related to doing dishes, any single
guys looking for houses in Florida
might be interested in this: http://www.msnbc.msn.com/id/25416138/?GT1=43001
Now that June is over with, with many companies reporting a
good funding month, what does July look like? Not as good, according to many.
Rates do not seem to be helping, unless an agent has a qualified borrower with
equity in the property and an ARM rate that is shooting up. Nor are the
mortgage credit markets making things much easier. A slowing economy will help
rates eventually, but there are obvious costs associated with that – like
increased unemployment. It is already helping rates, with the 10-yr down to
3.89% and mortgage prices better by another .125 this morning.
FAMC finally, unless I am missing
something, “In response to the Economic Stimulus Act of 2008”,
announced the availability of the Conforming Jumbo Fixed Rate Program.
CIT Group Inc., the business lender that's lost
money for four straight quarters, is exiting consumer lending and agreed to
sell its manufactured housing and home-loan businesses for $1.8 billion to Lone
Star Funds. Vanderbilt Mortgage and Finance Inc. agreed to buy CIT's
manufactured housing portfolio for $300 million.
RMIC put in some further restrictions
beginning July 14th, which include “Investor properties will require a
minimum FICO of 720, and Rate & Term Refinances for Investor properties
will no longer be eligible (Cash-outs were previously retired from
eligibility),
Wachoiva eliminated their
“pick-a-pay” loan program: http://www.bizjournals.com/atlanta/stories/2008/06/30/daily16.html.
Wachovia also discontinued any mortgage product offerings with payment options
that would allow a customer to go into negative amortization.
Wells Fargo announced a change to their
guidelines, and will now require a full appraisal and one of the following for
any transaction with a Wells Fargo loan amount greater than $1M up to $2M: One
Desk Review with data verification; or one Enhanced Desk Review with data
verification; or Fannie Mae Field Review Form 2000.
The Review appraisal will be replaced with the Collateral
Consultation Review (CCR) for loan amounts greater than $1M, and the Desk
Review will no longer be an option for loan amounts greater than $1M up to $2M.
(The CCR is a Uniform Standards of Professional Appraisal Practice (USPAP)
compliant review product which provides a full review of the appraisal, a
market analysis with two additional sales, and two additional listings that support
the review conclusion.)
The National Association of Purchasing Management-Chicago
said yesterday its business index increased to 49.6 this month from 49.1
last month, signaling a slower pace of contraction. (“You’re still
bleeding, but not as badly…”) The consumer is getting squeezed more
and more with little, no, or negative equity in their homes to tap into, and
will either have to rely on credit cards or cut spending. Any questions class?
Economists believe that consumers will add to their debt by use of credit cards
rather than deprive themselves of anything, thus leading some to think that
credit card debt will be the next debacle. They will have to continue to buy
fuel and food, but will be forced to spend less on discretionary items.
“Do I really need that new suit?” This will definitely slow the
economy further, which may help rates eventually. We still have to grapple with
oil and food prices that make one nauseous every time they fill up their tank
or go through the check out line.
A senior loan officer was standing by the desk of a junior
loan officer when the telephone rang.
The junior officer answered, saying, "No...no...no...no...yes...no,"
and hung up.
The senior officer questioned him immediately. What had he
said "yes" to?
"Don't worry," said the junior officer reassuringly. "I said
‘yes’ only when he asked me if I was still listening."
Rob
