Home Price Declines Worsen As We Enter the Fourth Quarter of 2008 Data through October 2008, released by the S&P/Case-Shiller Home Price Indices, shows continued broad based declines in the prices of existing single family homes across the United States, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10% versus October 2007. Full Story
Recession is Getting Stronger as Application Volume Surges Government data confirms the economic recession is getting stronger. Consumer spending is down. Durable good orders fall again. Mortgage applications continue to surge. US bank Regulators are close to a deal to sell IndyMac. Full Story
Brokers File Lawsuit Over RESPA Rule The National Association of Mortgage Brokers filed a lawsuit against the U.S. Department of Housing and Urban Development after it recently issued the Real Estate Settlement Procedures Act Final Rule issued November 17, 2008. NAMB argues that the Final Rule is in violation of law, finalized on a flawed consumer testing methodology, and will have a detrimental impact on small businesses consequently having a negative affect on consumers. Full Story
Streamlined Modification Program Now Available to Borrowers Fannie Mae said that the Streamlined Modification Program announced by the Federal Housing Finance Agency in November is now available to Fannie Mae servicers and borrowers as an option to help prevent foreclosures. Full Story
A New Year Requires a New Plan By Scott Messina As any successful businessperson knows, it's vital to have a well thought out plan for success – or a roadmap if you will – for the next year. It's wise to begin this process by looking back and documenting your results in 2008. Did you meet your production goals? What were the challenges you faced? How can you improve in 2009? Full Story
Interest
Rates and Origination Volume
The Mortgage Market This Week Monday, January 05, 2009 Mortgage Market Live With 2008 now in the rear view mirror, we can begin to look ahead to what's in store for rates in 2009. The first full week of trading boasts the all important Jobs Report which is due out on Friday and will likely impact rates for several weeks to come. After last months loss of over a half a million jobs, all eyes will be focused on this month's report. So how will rates react? Read on to find out. Full Story
Mortgage Applications Little Changed In Latest MBA Weekly Survey Wednesday, December 31, 2008 The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending December 26, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1245.7, essentially unchanged, on a seasonally adjusted basis from 1245.4 one week earlier. This week's results included an adjustment to account for the shortened week due to the Christmas holiday. Full Story
Long-Term Rates Fall For Ninth Consecutive Week Wednesday, December 31, 2008 Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.10 percent with an average 0.7 point for the week ending December 31, 2008, down from last week when it averaged 5.14 percent. Full Story
Lenders One, DocMagic Partner for Mortgage Loan Fulfillment Monday, January 05, 2009 Lenders One Mortgage Cooperative Lenders One Mortgage Cooperative has developed a partnership with Document Systems Inc. to provide cooperative members with preferred pricing of DocMagic’s fully compliant initial disclosures and closing documents. Full Story
Federal Reserve Announces Details of Program to Purchase Mortgage-Backed Securities Friday, January 02, 2009 The Federal Reserve The Federal Reserve announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities and that it has selected private investment managers to act as its agents in implementing the program. Full Story