COFI Turns Higher

Author:  //  Category: Mortgage

Though it had nearly fallen to a new low a month earlier, the Cost of Funds Index crept higher. A much more popular adjustable-rate index, however, tumbled.

The August index value for COFI, which is based on the interest expenses of 11th District Federal Home Loan Bank members, came in ever so slightly higher than in the prior month.

However, the index — which is utilized to determine rate and payment adjustments for some adjustable-rate mortgages — managed to improve 11 basis points from August 2012.


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COFI Turns Higher

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New Business and Delinquency Drop at Fannie

Author:  //  Category: Mortgage

After falling to a nearly five-year low, residential delinquency retreated again at the Federal National Mortgage Association. New business also retreated at the government-controlled enterprise.

Secondary activity at the Washington, D.C.-based company totaled 7 percent less in August than in the previous month, according to monthly operational data released Monday.

The drop was more dramatic when compared to the same month last year, with year-over-year volume declining by 21 percent.


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New Business and Delinquency Drop at Fannie

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Britain gives ‘thumbs up’ to Help to Buy on Twitter

Author:  //  Category: Mortgage

… make it up. Lets create sub-prime mortgages! #cpc13—
Nineteen Canteen (@nineteencanteen) September … as the Help to Buy mortgage guarantee. Borrowers with small deposits … able to apply for a mortgage under the scheme, from October …

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Freddie’s New CFO Was Ally’s CFO 

Author:  //  Category: Mortgage

The former chief financial officer of Ally Financial Inc. will be taking on that same role at the Federal Home Loan Mortgage Corp.

Forty-six-year-old James G. Mackey was CFO and executive vice president at Ally — the former mortgage giant that previously operated as GMAC Financial Services.

While at Ally, he reportedly led a financial staffing team of a thousand employees. He was responsible for oversight of the company’s financial analysis, controls and reporting as well as accounting, business planning and investor relations.


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HUD QM Proposed

Author:  //  Category: Mortgage

A new Qualified Mortgage definition has been proposed for residential loans that are insured by the Federal Housing Administration.

A proposed rule was announced Monday by the Department of Housing and Urban Development as required by the Dodd Frank Wall Street Reform and Consumer Protection Act.

Dodd-Frank requires that HUD propose a QM definition that is aligned with the Ability-to-Repay criteria set out in the Truth-in-Lending Act. It also must align with HUD’s mission to promote affordable home financing options for qualified borrowers with lower incomes.


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Default Service Provider Hiring Displaced Chase Workers

Author:  //  Category: Mortgage

A company that provides services for distressed home loans is hiring hundreds of New York employees recently laid off by JPMorgan Chase & Co.

In June, Chase disclosed that it was going to close down a call center in Albion, N.Y., this month.

Less than a dozen of the 413 employees at the center, which handled distressed loans, were expected to hired by Chase at another location.


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Program Cuts TX Downpayments to Under 1 Percent

Author:  //  Category: Mortgage

A wholesale lender is now participating in a program that will enable Texas mortgage brokers to offer loans that require less than 1 percent down.

The program, provided by the Southeast Texas Housing Finance Corp., is know as the 5 Star Texas Advantage Program.

It provides a 3 percent grant on loans insured by the Federal Housing Administration as well as mortgages guaranteed by the Department of Veteran’s Affairs or the U.S. Department of Agriculture.


Program Cuts TX Downpayments to Under 1 Percent

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Prospect Growing Correspondent, Purchase Production and Servicing

Author:  //  Category: Mortgage

A successful bond offering by Prospect Mortgage LLC will enable the company to grow its purchase financing market share, correspondent lending program and mortgage servicing.

An announcement Monday from parent Prospect Holding Company LLC indicated that the firm has completed a $150 million bond offering.

The Sherman Oaks, Calif.-based company said in the news release that the bond offering included five-year senior notes.


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SASH Hosts 400th Coffee Time Event for Elder Care Community

Author:  //  Category: Mortgage

SEATTLE, WA, USA, September 28, 2013 /EINPresswire.com/ — SASH Senior Home Sale Services, founded in Seattle, began hosting a networking event called Coffee Time in 2006 for the local elder care community. The 400th Coffee Time was celebrated recently at …

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Why has help to buy 2 been rushed out the door?

Author:  //  Category: Mortgage

… made his thoughts about state-backed mortgages pretty clear during his speech … of 95 per cent loan-to-value mortgages boosts demand which in turn … their hugely over-leveraged house purchase. Sub-prime mortgage anyone?
Of course that’s …

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