Mortgage News

‘Obama’ FHA Refinance Program: Changes include reduced FHA insurance premiums for streamline refinance program

March 6, 2012 by Alex Stenback · Leave a Comment 

UPDATE:  HUD has now published the Mortgagee Letter: The new program will be available for FHA Case Numbers assigned on or after June 11th 2012.  This means eligible borrowers will need to wait about 3 months (and hope that rates remain low) before they can lock in. Additional fact sheet here. ——– Now here’s a [...]

Related posts:

1. The Obama Refinance Proposal: Don’t Hold Your Breath Just Yet
2. Congress Passes Tax Deductibility of Mortgage Insurance Premiums
3. HARP II: Fannie, Freddie Announce Changes to HARP Program

The Obama Refinance Proposal: Don’t Hold Your Breath Just Yet

February 10, 2012 by Alex Stenback · Leave a Comment 

I am getting a lot of email on the new “Obama Refinance Plan” that was announced last week. I’ll be back with a more technical breakdown of the key elements of the proposal, but I wanted to poke my head out to make two quick points on this: 1. The Obama Refinance Plan is a [...]

Related posts:

1. ‘Obama’ FHA Refinance Program: Changes include reduced FHA insurance premiums for streamline refinance program
2. HARP II: Fannie, Freddie Announce Changes to HARP Program
3. HARP II: Three Things You Can Do Right Now to Prepare

What Yesterday’s Fed Announcement Means for Mortgage Rates

January 26, 2012 by Alex Stenback · Leave a Comment 

Yesterday, the Federal Reserve Open Market Committee (FOMC) wrapped a two day conclave in the usual manner – with a policy statement and rate decision. The policy statement, in addition to reciting the usual litany of economic yin and yang (economic growth moderate in US, slowing overseas.  Employment bad, household spending kind of OK, housing [...]

Related posts:

1. What Today’s Fed Statement Means for Mortgage Rates
2. What Today’s (semi-surprising) Fed Statement Means for Mortgage Rates (Thanks Ben!)
3. Fed Day and Mortgages: No Policy, Rate Changes. More Help for Mortgage Rates a Possibility.

Get Smarter: Ignore the National Real Estate Market and Use Local Tools

December 22, 2011 by Alex Stenback · Leave a Comment 

I’ve been telling you for a while that there is no such thing as a “National Real Estate Market” and that if you really want to understand what is going on, looking at the local picture (wherever local happens to be for you) is crucial. Call it confirmation bias if you will, but here’s an [...]

Related posts:

1. Waiting for ‘The Bottom’? Think Local, Not Metro or National
2. Twin Cities Real Estate: Inventory Improves, and Why You Should Ignore Prices (sometimes)
3. All Real Estate Is Local: Best and Worst Zip Codes

Why Are Mortgage Documentation Standards So Strict?

December 9, 2011 by Alex Stenback · Leave a Comment 

A favorite question from many clients these days goes something like this: “Help me understand why we need to document every deposit on our bank statements – I mean, we have the money, clearly.  What gives?  Are we being singled out for special treatment here?” I find a speed limit analogy helps. Today, it is [...]

Related posts:

1. Fannie Losses May Mean Tougher Mortgage Standards to Come
2. Existing Home Sales: (Earth to NAR) Tighter Lending Standards are Not the Problem
3. De-Mystifying The Loan Approval Process (It is not as tough as you think)

Weekly Mortgage Market Commentary: Monday, November 21st 2011

November 21, 2011 by Alex Stenback · Leave a Comment 

Last Week: Mortgages chugged sideways last week.  From Monday through Friday there was actually some modest improvement in raw pricing of mortgage bonds, but not enough to impact consumer facing rates, which remained virtually unchanged all week. Why the drama free week?  Moderately OK economic data points in the US (weekly jobless claims average slipped [...]

Related posts:

1. Mortgage Market Weekly Update: Monday, Sept 26th 2011
2. Weekly Mortgage Market Update: September 6th 2011
3. Weekly Mortgage Market Update: Monday August 15th 2011

HARP II: Fannie and Freddie Release Expanded HARP Refinance Rules

November 17, 2011 by Alex Stenback · Leave a Comment 

Late in the day Tuesday, Fannie and and Freddie released their bulletins outlining the specific changes to the HARP, or Home Affordable Refinance Program. [ If you are just picking this up now: HARP (now HARP II) is designed to help borrowers who may be underwater, or have little or no equity in their homes [...]

Related posts:

1. HARP II: Fannie, Freddie Announce Changes to HARP Program
2. HARP II: Three Things You Can Do Right Now to Prepare
3. How To: Refinance Your Mortgage Without Paying Closing Costs

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