Day One of the 2014 NAMB Legislative & Regulatory Conference in Washington, D.C. was met with the threat of horrific weather. Cancelled flights, cancelled programming and more led to many fearing poor attendance for this vital pilgrimage of mortgage professionals to D.C.Click to continue
On March 4, members of NAMB—The Association of Mortgage Professionals from all over the U.S. braved the record cold tempuratures to represent mortgage professionals, small businesses, and most importantly, consumers to lobby for HR 3370, the Homeowner Flood Insurance Affordability Act of 2013 by Rep. Michael Grimm (R-NY).Click to continue
Markets in 59 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This represents a net gain of one from the previous month. The Index's nationwide score held steady at 0.87. This means that based on current permits, prices and employment data, the nationwide average is running at 87 percent of normal economic and housing activity.Click to continue
Question: Our company recently commenced requiring prefunding quality control (QC) audits which requires substantial manpower. I have heard conflicting views on whether prefunding quality control audits are required by Fannie Mae and/or HUD. Can you clarify the prefunding requirement for me?Click to continue
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving down following weaker than expected economic and housing news, as the 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.7 point for the week ending March 6, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.52 percent.Click to continue
Mortgage applications increased 9.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 28, 2014. The Market Composite Index, a measure of mortgage loan application volume, increased 9.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 11 percent compared with the previous week. The Refinance Index increased 10 percent from the previous week. The seasonally adjusted Purchase Index increased 9 percent from one week earlier.Click to continue
Rates on the most popular types of mortgages backed down this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by six basis points (0.06 percent) to 4.37 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.08 percent.Click to continue
California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue
Pending home sales were essentially unchanged in January, according to the National Association of Realtors (NAR). Monthly gains in the South and Northeast were offset by declines in the West and Midwest. The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.1 percent to 95.0 in January from an upwardly revised 94.9 in December, but is 9.0 percent below January 2013 when it was 104.4.Click to continue
Question: May I deliver an appraisal and other valuations to the applicant(s) via e-mail, thereby reducing the waiting period required prior to closing?
Answer: In order to provide an answer to this question, many issues need to be discussed.
By now, everyone in the mortgage industry should be aware of the new ECOA Valuations Rule which applies to all applications received on or after Jan. 18, 2014. Click to continue