![\"pipeline-press\"](\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/02\/pipelinepress7.png\" "\\"pipeline-press\\"")
<\/a><\/p>\n\u00a0<\/p>\n I once worked in an office where there was a sign that said, ” Even though it is only the 10th, don’t forget that that the FHA’s new appraisal policy is effective with case numbers assigned on\/after February 15: FHA-approved lenders are prohibited from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender’s staff who is compensated on a commission basis. (Mortgagee Letter 09-028.)<\/p>\n Several astute folks pointed out that any statistics involving pools of jumbo loans are older production, often from 2005-2008, are not going to look good. The popular press often leaves information like that out of their reports: what the press portrays to the public is different. I agree, and savvy investors can reap some better-than-average returns. Many private money investors are reaping the benefits of higher returns making loans with no loss of sleep. There is a significant difference in the value of a mortgage which would pass FNMA’s guidelines as “approved\/ineligible” and the jumbo stuff generated a few years ago as stated income or Option ARM. There should be a healthy market for approved\/ineligible current production.<\/p>\n I received too many e-mails discussing this video link to not mention it<\/strong>.<\/a>\u00a0 Even though the video focuses on IndyMac Bank, the FDIC, and OneWest Bank, if the public catches wind of this, both mortgage bankers and bankers will have more explaining to do:<\/p>\n For those who don’t feel like taking notes, it is a study on the sweetheart deal they cut, complete with an example of a bad $478,000 loan with six months of missed payments purchased at 70% for $334,600. The borrower is forced into a short sale on property at $ 241,000, so the loss on the original loan is $244,200. The FDIC pays 80% of the loss calculated from the original price, not the reduced 70% reduced price, bringing the loss payment to the purchaser to it to $195,360. So the short sale proceeds plus the FDIC guarantee totals $436,360. Already the profit for the purchaser is $241,000+$195,360 – $334,600 = $101,760, and on top of this, the original borrower was forced to sign a promissory note for $75,000.<\/p>\n Remember when cash-out refinancing was the bulk of your business, and any investor who would tweak their price slightly on this product would either see all or none of the business? Four or five years ago, that category of loan hit 88%, which, according to Freddie Mac, put another way, means that 9 out of 10 refi borrowers were increasing their loan balance! Now, however, the trend has moved in the opposite direction: in Freddie’s latest quarterly survey of refinancings, 33% of homeowners put cash into the deal to lower their mortgage balances, which was the highest ever, and cash-out refi’s are down to 27%. And why not, IF you have the cash – you’re certainly not earning much on it in the bank – and if you’d like to qualify for a better rate by lowering your LTV. Columnist Ken Harney points out that it is one form of savings plan – just like it used to be!<\/p>\n Locks desks were steady last week, generally speaking, and the MBAA reported that their poll of applications fell a seasonally adjusted 1.2% compared with the week before. According to the survey, which is said to include about half of all US retail residential applications, purchases dropped 7%, but refi’s rose 1.4%. Over the last four weeks apps are up almost 4%. ARM loans still account for less than 5% of volume, and refi’s still account for around 70%.<\/p>\n more news on ING wholesale, US Bank wholesale, markets and snow, treasury auctions, economy, and joke of the day \u2026 <<< CLICK HERE TO CONTINUE<\/a><\/strong><\/p>\n \u00a0 \u00a0 I once worked in an office where there was a sign that said, ” AFTER COFFEE BREAK STAFF SHOULD EMPTY THE COFFEE POT AND STAND UPSIDE DOWN ON THE COUNTER.” Someone either couldn’t write or had a sense of humor. Speaking of the workplace, next Monday is a holiday for most companies! Banks, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-302432","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/302432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=302432"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/302432\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=302432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=302432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=302432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"rob-chrisman-daily\"](\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/02\/robchrismandaily7.jpg\" "\\"rob-chrisman-daily\\"")
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\nAFTER COFFEE BREAK STAFF SHOULD EMPTY THE COFFEE POT AND STAND UPSIDE DOWN ON THE COUNTER.” Someone either couldn’t write or had a sense of humor.
\nSpeaking of the workplace, next Monday is a holiday for most companies! Banks, post offices, and commentary writers are shut down…<\/p>\n<\/img><\/a>
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