FHA Appraisal Policy REMINDER; Approve/Ineligibles; How PIIGS impact MBS; ING & YSP
Posted To: Pipeline Press
I once worked in an office where there was a sign that read: "AFTER COFFEE BREAK STAFF SHOULD EMPTY THE COFFEE POT AND STAND UPSIDE DOWN ON THE COUNTER." Someone either couldn't write or had a sense of humor. Speaking of the workplace, next Monday is a holiday for most companies! Banks, post offices, and commentary writers are shut down… Even though it is only the 11 th , don't forget that that the FHA's new appraisal policy is effective with case numbers assigned on/after February 15 : FHA-approved lenders are prohibited from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender's staff who is compensated on a commission basis. (Mortgagee Letter 09-028.) READ…(read more)
FHA Appraisal Policy REMINDER; Approve/Ineligibles; How PIIGS impact MBS; ING & YSP
Posted To: Pipeline Press
I once worked in an office where there was a sign that read: "AFTER COFFEE BREAK STAFF SHOULD EMPTY THE COFFEE POT AND STAND UPSIDE DOWN ON THE COUNTER." Someone either couldn't write or had a sense of humor. Speaking of the workplace, next Monday is a holiday for most companies! Banks, post offices, and commentary writers are shut down… Even though it is only the 11 th , don't forget that that the FHA's new appraisal policy is effective with case numbers assigned on/after February 15 : FHA-approved lenders are prohibited from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender's staff who is compensated on a commission basis. (Mortgagee Letter 09-028.) READ…(read more)
Lenders Improve Mortgage Rates as Stocks Panic. Locking Ahead of Employment Report
Posted To: Mortgage Rate Watch
Mortgage rates extended their streak of moving sideways near the most aggressive levels of the year yesterday. Although prices of mortgage backed securities were moderately weaker at the end of the day, lenders were not forced to reprice for the worse, leaving rates unchanged at the end of the day but marginally worse than the previous day. All was generally quiet in the interest rate market….until today. First out this morning were Weekly Jobless Claims, released by the Department of Labor at 8:30am. This report gives us three measures on the number of Americans who filed for first time unemployment benefits in the previous week. Since our economy is driven by consumer spending, higher unemployment leads to less spending which is a negative for the stock market and generally supportive of…(read more)