The FHA's new refinancing assistance program, Hope for Homeowners, went live on October 1, 2008. It gives homeowners the opportunity to obtain 10 percent equity in their homes, plus lower loan payments, but they must agree to pay mortgage insurance premiums, share in the equity gains created by the refinance, and give up a share of the home's future equity appreciation. The program is managed by the U.S. Department of Housing and Urban Development (HUD) and the FHA. Officials at Bank of America/Countrywide have hinted that they may proactively review their mortgages and contact qualified borrowers to participate in Hope. Distressed homeowners, however, shouldn't wait for the lender to propose a solution. A better strategy is to proactively call the lender, mortgage servicer, or a qualified mortgage counselor right away; any of these parties can recommend a borrower for the program. Those who wish to speak to a counselor should contact the Hope Now Alliance at 888-995-HOPE.
Hope for Homeowners can avert foreclosure, but there are costs and risks involved. Since the new mortgage balance cannot exceed 90 percent of the home's current value, lenders must voluntarily write-off a portion of the debt. Some lenders may not be willing to comply. Writing off principal ensures a loss for the investors backing the mortgage, so it's typically considered a last-resort option. Homeowners end up paying for the debt write-off with equity sharing and shared appreciation arrangements. If the homeowner sells the property within one year of the refinance, the full value of the written-off amount must be paid back to the FHA. That percentage is gradually reduced in time to a floor of 50 percent if the home is sold after five years. On top of that, the homeowner must also split any increase in the property's value with the FHA. In other words, if the home is sold for $50,000 more than what is was worth when the refinance was done, the FHA gets $25,000, plus the appropriate percentage of the written-off amount. Homeowners also have to pay upfront and ongoing mortgage insurance premiums to the FHA. The upfront amount is 3 percent of the mortgage balance; the ongoing portion is 1.5 percent of the mortgage per year, split up among the 12 monthly payments. The program is only available to owners who live in the mortgaged home and can't afford their current mortgage. Credit requirements apply, including a maximum mortgage debt-to-income ratio of 31 percent.Lawmakers believe that Hope is a workable solution to a complex problem. If lenders support the initiative, homeowners really will have something to believe in.
Please let us hear from you!!
Rather than debate the issue, it may be sufficient to point out that the U.S. mortgage market is valued at about $12 trillion. Subprime loans account for approximately $1 trillion. More importantly, the Community Reinvestment Act only applies to banks that receive coverage from federal insurance, and the vast majority of institutions who sold subprimes didn't qualify for that kind of taxpayer-backed coverage. Even if bank subprimes caused the crisis, the CRA isn't responsible for the sloppy and negligent underwriting that led to handing out high-risk loans to unqualified homeowners. Lending standards decayed, but not because of something as isolated and antique as the CRA legislation. That kind of regulation is the job of the banks and the government agencies tasked with auditing and monitoring their business practices. Deregulation of the banking industry is, therefore, a more suspicious culprit than the CRA.
Several significantly important deregulations happened within the past decade:
Loans were made to people who didn't have enough income to repay them. But many of those subprimes were not made to low-income borrowers, but to wealthy real estate speculators who bought upscale properties and tried to flip them into an overheated market that soon burned out and collapsed. As Judith Kennedy, President and Chief Executive of the National Association of Affordable Housing Lenders in Washington, says, "The CRA isn't the problem. It's been a critical part of the community and economic development solution for 31 years."
Please post your responses. We want to hear what you have to say.
Mortgage rates moved south this week, reaching their lowest point in five weeks, according to Freddie Mac's nationwide survey. The company reported a drop in the average interest on a 30-year fixed loan to 6.04 percent from 6.46 percent last week and a slide in the 15-year fixed rate to 5.72 percent from 6.14 percent. Meanwhile, interest on adjustable-rate mortgages slipped to 6.06 percent from 6.14 percent for five-year ARMs but bumped up to 5.23 percent from 5.16 percent for one-year ARMs.
Please give our office a call to check out the rates as they do change daily! We want to hear from you!
Federal Reserve chairman Ben Bernanke urged the House Budget Committee to support another government stimulus package, particularly one that would encourage consumers to buy houses and cars."If the Congress proceeds with a fiscal package, it should consider including measures to help improve access to credit by consumers, homebuyers, businesses and other borrowers," Bernanke said. Many economists believe members of the Fed will again lower its key rate – now at 1.5 percent – when it meets Oct. 28-29.
We'd love to hear what you have to say!
Lenders emphasize that loans continue to be available for a range of potential home buyers, not just those who are putting down 20 percent and have a credit score higher than 720.Although credit underwriting is tougher and loan terms stricter, borrowers can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on some Fannie Mae and Freddie Mac loan programs with private mortgage insurance.FHA standards are designed to help people with problem credit and those with scores in the upper 600s can still qualify for loans with reasonable rates offered by Fannie Mae and Freddie Mac.Maximum loans in high-cost markets are capped at $729,750 through December. In June, they are expected to fall to approximately $625,000. "I don't think consumers really know how free-flowing capital is right now in the residential mortgage market. There are no shortages, no breakdowns. People ought to be aware of that," says Jeff Lipes, president of Family Choice Mortgage.
Let us hear your thoughts. Please Post!
The Mortgage Blog Post That Will Start Your Day Right
Historically, mortgage markets are boring place for everyday Americans. I know this because every day I write the blog.
Over the past few weeks, however, it's been anything but boring. There's been so much news that keeping up with it all has been a challenge.
To help you sort through what matters and what's trivial, I thought I'd just brain dump on you, Twitter-style.
What follows is a handful of short-burst stories and commentary on today's market, linked out to interesting sites and sounds.
All you need is just a little patience: First, let's be clear about something -- credit markets aren't going to thaw overnight. Like Jamie Moyer, the Treasury Plan will get better with age. If you want instant results, try coffee.
The Float-or-Lock Dilemma: The toughest part about choosing to lock a mortgage rate is that to lock means to commit to a long-term plan whose success is highly dependent on what the mortgage market is doing this exact instant. No wonder people get hamstrung about it.
Prime Rate : According to the Federal Reserve Bank of Cleveland, the Federal Open Market Committee is likely to cut the Fed Funds Rate at its Oct 28-29 meeting. This will drop credit card and HELOC rates for Americans, but should cause mortgage rates to rise. The Fed Funds Rate does not control mortgage rates.
The Treasury went zig, not zag: When the government announced its $250 billion plan to buy mortgage debt, rates dropped because markets expectated the government to create new demand for mortgage bonds. When the government changed its mind, however, and bought banks instead, mortgage rates started to roll back and then some. Rates are up a lot this week as a result.
Mortgage rates are volatile: I could spell it out for you or just take my word for it. Either way, by the time you finish this sentence, lenders will have likely issued new rate sheets again.
I've seen 18 recessions and I've rocked them all: In its history, the United States has entered into recession 18 separate times. Earth has survived each of them.
Bad news for real estate investors: Private mortgage insurance companies will no longer insure new investor mortgages over 80 percent loan-to-value. This includes both lender-paid MI and borrower-paid MI features. Given Fannie Mae's high fees, though, investors may want to put down 25 percent or more anyway.
Pleasant diversions: If portfolio performance has got your down, this 3-minute video should cheer you up.
Where to find Super Jumbo Mortgages: As Big Bank exit the super jumbo mortgage market, niche banks are stepping in to fill the void. For holders of mortgages of $1 million mortgage or more, it means more product and at lower rates. Today's super jumbo mortgage rates are actually lower than conforming mortgage rates for similar 5-year ARMs. Wow.
Adaptive headlights for economists: If the economy was a long and winding road and the world was traveling by car, we'd see massive monetary supply inflation just around the next bend. When we finally get there, mortgage rates are going to soar.
3:00 PM stock market rallies: The last 60 minutes of trading each day are like last call at a college bar -- everyone rushes to get their orders in. The 3:00 PM hour has caused mortgage rates to move more than any other hour in the day by far since September.
Making up for losses: Private mortgage insurers recently raised insurance premiums on all new mortgages and borrowers. The irony here is that today's borrower is likely to be exceedingly more qualified for a home loan than yesteryear's because of tighter mortgage guidelines. In the eyes of the insurers, it's as if we're all driving little red corvettes now.
Home Equity is the new Full Documentation: Speaking of PMI, most private mortgage insurers eliminated coverage on non-owner occupied properties Thursday and will discontinue coverage on primary residence cash out refinances effective November 1. Once again, what lenders will do is more important that the rate at which they'll do it.
Nobody knows nothing: In May 2008, analysts at Goldman Sachs predicted $200 oil. Now, it predicts $50 oil. That's some about-face. In the end, folks, remember -- experts are paid to make guesses.
The dollar is on a tear: For non-resident aliens investing in U.S. real estate, don't forget that a strengthening U.S. dollar makes your downpayment relatively more expensive. If you have a pending purchase, consider moving earnest money into escrow as soon as possible.
How quickly fear turns to greed: In 1974, The stock market lost 27 percent of its value in its worst year since the Depression. The next year, the Dow gained 38 percent in its second-best year since the Depression. This pattern repeats itself throughout history.
Desperate for deposits: Shortly before its failure, Countrywide offered CD yields vastly higher than its competitors. IndyMac did the same before its failure and Washington Mutual did, too. See whose CD yields are highest today on Bankrate.com's High Yield Rates report.
Freddie Mac's stale mortgage data: Each week, Freddie Mac surveys mortgage lenders and reports back the national "average mortgage rate". That's fine, except that it takes Freddie 48 hours to compile and publish the report and rates change every 3.85 hours. You want real-time rate quotes? Talk to a loan officer, not a government group.
The 40-year cycle: We get these big market dips every 40 years or so -- 1929, 1973, 2008. We've been through them before, we'll go through them again. Long-term investing will always include short-term losses somewhere on the timeline.
Don't underestimate the American Shopper: Retail Sales were down dramatically in September, driving analysts to predict that holiday shopping will be weak and that the economy will move into recession. I say no way. Americans outspend themselves every year during the holidays and with huge retail discounts already in place, 2008 will be no different.
Four fingers pointing back at me: Yes, I recognize that my Retail Sales prediction is a guess about the future, like the Goldman Sachs oil thing. But, you may feel better about my predictions after knowing that I subscribe to the Bill and Ted philosophy on wisdom. That's me, dude.
Questioning behavioral economics: And, on the subject of "sales", it's interesting to me how people will wait in line to buy discounted toys, clothing and cars but will run like the wind from discounted stocks and bonds. Odd.
The obvious truth about mortgage rates: Look, it doesn't matter how far mortgage rates fall if you can't get a mortgage approval. Underwriting is tightening so if you know you need a new home loan soon, stop waiting to see if rates fall. Just get it done.
Early expiration for the jumbo-conforming mortgage program: It can take a mortgage lender 30 days to get loans off its books and sold to Fannie Mae. So, without clear guidance on 2009 jumbo conforming loan limits, lenders are requiring jumbo conforming loans to fund no later than December 1, 2008. That's 42 days from now.
Burning questions: There are two great mysteries in life. The first is "Why do people still believe that the 10-year treasury note is a proxy for mortgage rates?". The second is best referenced by video. I don't think we'll ever know the answer to either for sure.
How to keep your 30-day mortgage rate lock from expiring: Mortgage refinance applications spiked last week which means that loads of new loans will soon enter the underwriting . If you want to preserve your rate lock, put yourself in the front of the stack -- not the back. Get your pending applications signed and supporting documents in, like, now.
Don't look now: But, mortgage rates have changed again.
Mortgage Rates And 10-Year Treasury Rates Don't Move In Lockstep
Mortgage bond markets are signaling a slight return to risk this morning. If you're watching the wrong market indicators, though, you probably didn't get the memo.
Looking at the chart above, we see that as of 9:02 AM ET:
This tells us that mortgage markets and treasury markets are moving in opposite directions. It also tell us that mortgage rates are improved today.
The chart counters the popular notion falsehood that 10-year treasuries are a good proxy for the mortgage market. They're not. Long-term, maybe. But on a day-to-day basis -- no way. This is because investors continue to treat the debt types differently even though the government nationalized the mortgage market six weeks ago.
That's kind of a big deal because, in theory, U.S. treasuries notes and mortgage-backed securities should behave the same. In practice, however, they don't.
Investors still place risk premiums on mortgage-backed money and that prevents treasuries yields and mortgage rates from moving in lockstep. The risk premium prevents the theory that 10-year treasuries can be used to predict mortgage rates from ever being true.
Last week offered a terrific, in-the-wild example.
For the first few days of the week, as stock market money headed for the exits, it flowed equally to treasury and mortgage-backed markets. Rates on both types of debt improved.
By the end of the week, however, fear had gripped the markets so tightly that money flowed into treasuries almost exclusively. The assumption was that treasuries were a less risky market.
Mortgage rates got hammered as a result.
If the risk in treasuries was truly equivalent to the risk in mortgage-backed markets, this separation would never have occurred.
So, today, what we're seeing is money is un-parking itself from the relative safety of U.S. treasuries, flowing back into stocks and mortgage markets. This is helping to edge rates lower even as U.S. treasury yields rise.
Starting December 13, 2008, Many Mortgage Approvals Will Require Larger Downpayments And More Home Equity
Posted on October 20, 2008
In a move that will stymie thousands of would-be home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes last week.
Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates zero in home equity and home buyer downpayments.
This is consistent with the emerging underwriting philosophy that Collateral is King.
Paraphrasing Jeff Spicoli:
No home equity, no downpayment, no dice.
Effective December 13, 2008, Fannie Mae will enforce the following single-family residence restrictions:
Each bullet point represents a 5 percent tightening over the previous guidelines.
Now, to be clear, Fannie Mae isn't the only source for mortgage money. The others are comprised by the FHA, the VA, and an innumerable amount of portfolio lenders. To date, these groups have yet to announce similar loan-to-value restrictions.
But, because Fannie Mae (along with Freddie Mac) guarantees almost half of the nation's home loans, it does swing a big stick. Historically, when Fannie Mae gets tight with its money, the other groups tend to follow.
Starting 60 days from now, qualifying for a conforming mortgage will require more home equity than at any time since 2003.
Now, there are a lot of people sitting around right now, waiting for mortgage rates to fall before buying or refinancing their home.
I'd offer a more prudent idea: Just get on with it already.
None of us can predict what where mortgage rates will go. Recession, inflation, whatever -- it's a big mystery. But, we do know with 100% certainty that guidelines will tighten effective December 13, 2008, and it will prohibit Americans from getting access to mortgages.
We know this because Fannie Mae published it on its Web site.
If you're buying a home or in need of a refinance, consider moving up your timeline. If rates fall after-the-fact, you can always try to refinance into something less expensive. But if guidelines shut you out, there's nothing you can do about in hindsight.
If you know you need mortgage money now, just take care of it. Great low rates don't mean a thing if you can't get qualified. And starting December 13, 2008, the qualifying hurdles are going to be raised.
Please let us know your thougths on this blog. You can always call upon Envoy Mortgage for all your mortage, title and realestate needs.
For How Long Is Your Mortgage Rate Quote "Good"? Try 3 Hours and 51 Minutes.
What To Do When Your Mortgage Lender Goes Out Of Business
Mortgage guys "retire"and never tell their clients, who then miss rate dips.
Story goes like this, folks. Mortgage guys are leaving the business in droves. Some leave because their company failed, but many more leave for other reasons.
Open Letter To Congress: Your Indecision Is Making Rates Rise On A Day When They Should Be Falling
If Your ARM Is Adjusting In November 2008 Or In 2009, You May Be A Victim Of Bad Timing
(Adjusted Rate) = (Variable) + (Constant)
Why Can't The Media Tell You When Mortgage Rates Are Falling? It Doesn't Know How Mortgage Rates Work.
Interesting video of what caused the real estate and mortgage crisis! Click the attached link:
http://www.youtube.com/watch?v=GIVvvoDbCV0&feature=email
After viewing the short video, let us know what your thoughts are on the whole Mortgage Crisis situation. We always like to hear what you have to say!!
Envoy Mortgage is pleased to announce the following new
Senior Mortgage Banker Advisors to our team:
Marcus D. Jefferson, often introduced by others in the Mortgage Banking Industry as a Banker’s Banker, Marcus works tirelessly to earn the trust of America’s hardworking men and women to be known as the Community’s Banker!Celebrating over twenty years as a Financial Advisor, Marcus recently joined America’s premier residential financier, Envoy Mortgage as a Senior Mortgage Banker. He is one of the few bankers who count’s his success, not on how many loans he has financed over the many years (literally thousands) but on how effectively he was able to help his client achieve their dream. It was this laser sharp focus on the needs of his clients that caught the eye of the Illinois Association of Mortgage Professionals who elected Marcus last September 2007 to a three year term on the Board of Directors. SRB Financial Services is called upon everyday to help his clients “restore their firm financial foundation.” While serving his clients from Alaska to Florida and California to Maine, Marcus never hesitates to take time to teach Financial Literacy to the young and old alike. His volunteer activities are borne out of the desire to be a true giver. Always humbled by the numerous awards and citations that he has been honored to receive, Marcus Jefferson counts a small certificate of appreciation from a class of 7th graders that he taught financial literacy as one of the most impactful! Although his leisure time comes sparsely he enjoys traveling with his new lovely bride of two years, Jasmine M. Jefferson.
Pam La Vinka, a Senior Mortgage Banker in Illinois, is licensed in Illinois, Wisconsin and Maryland. She has 25 years of experience in financing, investments and banking, having held a Series 3 Futures and Options license, a Series 7 Equities license, and a real estate license. She has served as a Trust Operations Officer at a major Florida bank, handling investments for estates and trusts. She has also handled investments for a major charitable corporation. Pam La Vinka as been a branch manager of a large mortgage banking firm as well as an independent mortgage broker. Her knowledge of the overall mortgage and investment market assists her in giving the borrower the best possible advice with their interests in mind.
Pam Solomon, a Senior Mortgage Banker in Colorado has been in the mortgage business since 1997. Her experience includes operating a mortgage brokerage with a staff of 17 and subsequently becoming a managing partner of a national mortgage lender. Pam's experience prior to the mortgage industry was as Vice President of Sales and Finance for an international natural gas company. All of Pam's experience has led to the conviction that is highlighted on all communications and demonstrated with extraordinary customer service. . . . I will EARN the right to be your mortgage lender for life. Our business is built on our customers' satisfaction and their referrals.
Bob Beall, a Senior Mortgage Banker in the St. Louis, Missouri office has been in the mortgage business since 1998. His experience includes operating a mortgage brokerage and subsequently becoming a property developer through 2006 while running his mortgage office. Bob’s experience is working with clients that are in subprime loans and transferring them into conventional or as we like to say "A" paper loans. Many of these clients don’t understand that there are good loans for them; you just need someone who knows where to find them. As the market has changed over the past two years, Bob is now using FHA to accommodate these clients. "I will EARN the right to be your mortgage lender for life. Our business is built on our customers' satisfaction and their referrals".
About Envoy Mortgage:
Envoy Mortgage is a mortgage-banking firm licensed in 20 states that offers expertise in every aspect of the residential mortgage lending process. Envoy has an assortment of products and services including full access to an offshore facility for loan processing assistance, more competitive loan pricing, electronic signature capability, a complete in-house underwriting system and a unified paperless lending platform. These benefits enable Envoy Mortgage to offer its customers lower rates and further enhance the quality of its services through expanded product offerings, reduced operating costs and faster loan closings. "Innovative technologies enable the company to maintain a completely in-house origination process, this reducing the costs and improving efficiencies" says Branch Manager, GARY BUSSARD. For more information, visit www.4StlLoans.com
Please welcome our new members to our Envoy Mortgage Team! Feel free to contact us with any questions you may have. As always, please keep us in mind for all of your financial, title and real estate needs. We want to be your one-stop-shop.
The Chinese have a proverb: “May you live in interesting times.” And we are living through interesting times indeed.
Whatever the political posturing regarding the current rescue plan, a plan needs to be passed. Credit markets are frozen and banks are going bust every day. This is not totally because of "toxic" mortgages. This has a lot to do with FASB 157, also known as "mark to market". Each day lenders must mark their assets to the marketplace. It's like you having to appraise your home everyday and if your neighbor was under duress because they got very ill, divorced, lost their job and was forced to sell their home quickly they may have sold it super cheap. Now, does that mean your house is worth that super cheap price? Clearly not. Why? Because you are not under duress. You have the time to sell your home and get a more normal price, which more accurately reflects true market conditions. But "mark to market" does not allow for this, which creates a vicious cycle. Why is this so bad? Because as lenders mark down their assets, the amount that they have loaned previously becomes much riskier in relation to their assets. For example, say a bank has $1 million in assets and say they have $15 million in loans outstanding. Their ratio is an acceptable 15 to 1. But should they take a paper write down of $500 thousand due to "mark to market" requirements, their ratio suddenly changes to 30 to 1. This is because their assets are now only $500 thousand after taking the paper loss, while their loans outstanding are $15 million. And at 30 to 1 this bank is viewed as a risky investment. So the stock price starts to get hit, it becomes harder to borrow, and most importantly harder to make money. The bank is then forced to sell some of its loans to reduce its ratio...at cheap prices. And this makes the vicious cycle continue. And a quick look at the holdings of these loans show that 95% are problem free. Additionally, the Credit Default Swaps (CDS) that are used with the pools of mortgages are relatively safe. But this requires a bit of understanding. You see, when a pool of mortgage loans is put together, it isn't just A paper or B paper etc….it's everything. It’s got some A paper, B paper, C paper…and even what looks like toilet paper. An "A" investor buys the whole pool but because they are an "A" investor their safety is greater because they can avoid the first 20% (an example) of defaults. So they own the whole pool but are sheltered from the first batch of defaults, and for this they get the lowest rate of return. As you can figure from here the more risk investors want to take, the higher the return. So the investments are relatively safe, but the accounting rules currently place undue pressure on the banking institutions.Now add to all this, the opportunistic “shorting” done on the financial stocks, much of it illegal because those shorts did not legitimately borrow shares (called naked shorting), and you exacerbate this whole problem. Thank goodness for the recent temporary ban on shorting in the financial sector. As for the plan the government is the only one who can step in to do this. And they have to do this. And they will do this. The nauseating political posturing from both sides is just part of the process. This is not easy to understand for the general public. In fact most politicians don't get this either. That's why it is a difficult yet critical bill for them to vote on.Once this is done it will take some time but the markets will stabilize. As for the real estate and mortgage industries, it will take a bit of time but we will make it through this. Rates will remain attractive and the influx of credit availability will help the housing market gradually improve. This ultimately will be the medicine needed to improve the situation overall.
As always – please keep in touch, especially during these volatile times. I am here to help you in any way that I can.
Schumer and Clinton made their point. The version of the EESA that was sent to the House on September 29 did include mortgage aid provisions. It came in the form of a requirement that the Treasury modify troubled mortgage loans wherever possible. The legislation also directs other federal agencies involved in mortgage lending to rework their at-risk loans. And finally, the EESA widens the eligibility requirements for the "HOPE for Homeowners" program. HOPE for Homeowners is an FHA-based refinancing program that targets borrowers who have loans that they can't afford. Almost as a reassurance, the official summary of the EESA twice states that the intention is to help "American families keep their homes."These provisions are tucked into a complex plan to buy up hundreds of billions of dollars worth of mortgage-related securities. Lawmakers, fearing an impending global financial crisis, have been forced to move quickly to come to an agreement on the package. Thankfully, Republicans and Democrats did eventually join forces on the deal, just as the Jets and the Sharks dropped their feud at the end. Supporters say the plan will add liquidity to the credit markets, stabilize the financial system, and protect the interests of taxpayers and homeowners. We know you have some opinions on this subject! Please post them! We'd love to hear from you.
"Friends of Kids with Cancer" Charity Event Sponsored in part by Envoy Mortgage
Greg Iverson-Envoy Mortgage
Gary Bussard-Branch Manager STL Envoy Mortgage
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