Mixed Movements for ARM Indices

Author:  //  Category: Mortgage

The Cost of Funds Index moved 5 basis points lower during September, the Federal Home Loan Bank of San Francisco reported.

The yield on another index used for adjustable-rate mortgages, the one-year Treasury, was 2 BPS higher than August.

But the six-month London Interbank Offered Rate fell 6 BPS during the same period.

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Mixed Movements for ARM Indices

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All MERS Foreclosures in R.I. Assigned to 1 Judge

Author:  //  Category: Mortgage

The presiding justice of Rhode Island superior court issued an administrative order directing courts in three counties to transfer all their Mortgage Electronic Registration System cases to a single superior court justice.

A judge in a case leading up to the order ruled that state law “does not prohibit MERS from invoking the Statutory Power of Sale [foreclosure]” because “statutes should not be construed to reach an absurd result.

“To rule for the borrowers, the judge wrote, “would be an absurd result because named mortgagees and lenders would be precluded from employing servicers to service and collect obligations.”

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All MERS Foreclosures in R.I. Assigned to 1 Judge

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LPS CEO Sees Growth Despite Bumps

Author:  //  Category: Mortgage

The chief executive officer of Lender Processing Services Inc. told investors, “We are not aware of any defects in our signing and review processes that resulted in the wrongful foreclosure of any borrower.”

He also denied allegations in a recent lawsuit filed in U.S. Bankruptcy Court in Mississippi that LPS is engaged in illegal fee-splitting arrangements with law firms in exchange for referrals in bankruptcy and foreclosure cases.

While foreclosure activity has slowed down as lenders review their processes, he said that the company projects foreclosure starts to grow by 15 percent in 2011.

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LPS CEO Sees Growth Despite Bumps

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New Appraisal Rules Could Help Free Up Lending

Author:  //  Category: Mortgage

Along with tight credit and unstable home values, a new set of rules governing home appraisals have been blamed for making it hard to buy a home or refinance a mortgage over the past year. Now those rules are being replaced, which hopefully will lead to more accurate valuations and make home loans a bit easier to obtain as well.

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Private M.I. Firms Gain on FHA

Author:  //  Category: Mortgage

The Mortgage Insurance Companies of America reported that its members issued 6 percent more policies in September than in August.

At the same time, endorsements fell 6 percent at the Federal Housing Administration.

MICA also reported that new mortgage insurance applications were virtually unchanged.

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Private M.I. Firms Gain on FHA

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FHA Finishes Year Lower

Author:  //  Category: Mortgage

The Federal Housing Administration reported that it endorsed 10 percent fewer loans during fiscal-year 2010 than in fiscal-year 2009.

The housing agency fell short of its original projection of 1.9 million endorsements.

Annual volume was dragged down by refinances and home-equity conversion mortgages.

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FHA Finishes Year Lower

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Housing Market a Drag on GDP Growth

Author:  //  Category: Mortgage

The U.S. economy grew at a modest 2.0 percent annual rate in the third quarter of the year, but was restrained by weakness in home construction, the Commerce Department is reporting.

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Shift From Freddie to Fannie

Author:  //  Category: Mortgage

Fannie Mae reported that its total book of business rose last month after falling each month since March.

The increase was approximately $6 billion between August and Septmber.

The month-over-month growth appears to be coming at the expense Freddie Mac — which reported that its total mortgage portfolio closed out last month around $13 billion lower than on Aug. 31.

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Shift From Freddie to Fannie

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Fixed Mortgage Rates: Trends and Outlook

Author:  //  Category: Mortgage

Tarot cards may be great fun, but they won’t shed any light on the future of mortgage rates. If you want to know how rates are trending, slip on your reading glasses and start taking notes.

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Refis Retreat as Rising Rates Headed Higher

Author:  //  Category: Mortgage

The average 30-year fixed-rate mortgage was 2 basis points higher in Freddie Mac’s latest Primary Mortgage Market Survey.

The 15-year fixed-rate mortgage was also up 2 BPS.

An analysis of data from the U.S. Department of the Treasury suggests fixed rates could be higher in next week’s reports.

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Refis Retreat as Rising Rates Headed Higher

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