Bankers Field Services

October 21st, 2009 | No Comments | Posted in Mortgage Average mortgage interest rates are continuing to climb in 2009’s fourth quarter, as the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 16 found that rates for all mortgage types rose for the second straight week.The increase reported by the MBA might be enough for real estate investors to realize that a rising trend in mortgage rates.

Via [ Michael Ramirez ] Comment: I hope that the Frontline show, The Warning , last night was widely viewed. If you didn’t see it, it is available online here . I thought it was nicely done and got some points across that need to be more widely known, like the character of certain individuals who still wield a lot of power today in Washington DC. Like the fact that, the more things change , the more they stay the same. Watch it. Email it to your friends. Help spread the word.

PONTE VEDRA BEACH, Fla. — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

Mortgage application volume decreased by double digits in two weekly surveys. Mortgage Maxx’s survey, a measure of mortgage applications adjusted to reflect the number of households applied for loans, declined 10.7% for the week ending Oct. 16. The Mortgage Bankers Association’s (MBA) weekly survey, a measure of gross mortgage applications, was down 13.7% on a seasonally adjusted [...]

“For 2009, total foreclosures are estimated to be 2.4 million. But coupling state-by-state delinquency rates and foreclosure starts (as reported by the Mortgage Bankers Association) with other data, the [Center for Responsible Lending] projects that for most states, foreclosure totals will more than triple over the coming 4 years, for a total of 8.1 million foreclosures, with only about one in ten of these being saved thanks to court-supervised modifications.

A large fear was the $8K, first time buyer; tax credit was akin to the “Cash for Clunkers” program – The creation of a false demand for housing sales at the expense of future sales.  It looks like that may have been the case as Mortgage Apps fell 13.7% , week to week, in advance of the First Time Buyers program coming to an end. Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer.

Full scoop here from Pam Martens via Counterpunch.org. Cue Britney Spears’ song “ Toxic “. Perhaps I’ll have to make my own version of the video where she’s passing out junior tranches of CDO’s to pudgy businessmen as they pass out in their seats. “T he financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.

(RTTNews) – Mortgage applications fell dramatically last week, as rising interest rates stifled consumer demand for mortgage loans, industry data showed Wednesday. The Mortgage Bankers Association reported that its market composite index, which … View original story…

(RTTNews) – Mortgage applications fell dramatically last week, as rising interest rates stifled consumer demand for mortgage loans, industry data showed Wednesday. The Mortgage Bankers Association reported that its market composite index, which … View original story…

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The Mortgage Bankers Association said today its loan demand index fell 13.7 percent last week vs. the week before, as rates rose slightly. Breaking the index into its components, refinance demand dropped 16.8 percent and purchase demand slipped 7.6 percent from one week earlier. The graph below from Calculated Risk shows the purchase index over time. click to enlarge The four-week moving average index of overall demand is down 1.0 percent.

For the second straight week mortgage applications dropped with a huge decline in refinancing home loans.  Mortgage interest rates moved up and remained above 5% which is a psychological level that many home owners would like to refinance the home loan under.  The Mortgage Bankers Association reported that its seasonally adjusted index was down 13.7% for the week of October 16th.  This is the lowest the index has been since September 11th.

NEW YORK (CNNMoney.com) — Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer. The Mortgage Bankers Association said its index of … View original story…

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

PONTE VEDRA BEACH, Fla. (SEND2PRESS NEWSWIRE) — Capital Markets Cooperative has added IDS, Inc., to its list of preferred service providers. This relationship will bring the cooperative membership greater benefits when contracting with IDS for its state-of-the-art document preparation technology. Similarly, CMC will provide best-in-class secondary marketing solutions to those banks, credit unions, and independent mortgage companies operating on the IDS platform.

Mortgage applications drop in the latest week as a big falloff in refinancing activity and a slackening of demand for home-purchase loans weighs on the Mortgage Bankers Association index.

Mortgage applications drop in the latest week as a big falloff in refinancing activity and a slackening of demand for home-purchase loans weighs on the Mortgage Bankers Association index.

A Cram Down is the due sustenance in the regulatory remodel check which would concede failure judges to cgange mortgages upon first homes by forcing lenders to revoke (or squeeze down) debt balances. Obviously, many lender organizations have been opposite such the provision

October 21st, 2009Leave a commentGo to comments A Cram Down is a proposed provision in a regulatory reform bill that would allow bankruptcy judges to modify mortgages on primary homes by forcing lenders to reduce (or cram down) mortgage balances. Obviously, most lender organizations are against such a provision.

A Cram Down is a proposed provision in a regulatory reform bill that would allow bankruptcy judges to modify mortgages on primary homes by forcing lenders to reduce (or cram down) mortgage balances. Obviously, most lender organizations are against such a provision. Here’s what David Kittle, chairman of the Mortgage Bankers Association, had to say about it: Allowing judges to retroactively modify borrowers’ mortgage balances will destabilize a mortgage market that desperately needs stability right now.

mike ashley shakedown2007 Lend America TV commercial Lend America Believes in Keeping Families in their Homes HUD Notes Alleged FHA Violations at Lend America : HousingWire … The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board issued a notice of violation against Ideal Mortgage Bankers, parent company of Lend America and Lending Key. HUD notified the company Tuesday of violations … Government Cuts Ties With Controversial Lender Long Island’s Lend America looked to capitalize on feds’ $300 billion mortgage insurance initiative.

I didn’t find your piece on “The Un-recovery” either very helpful in understanding our current economic problems or very balanced in coverage of the crisis.  As credit disappeared due to the unconscionable acts of the mortgage bankers and insurers of those assets, lots of businesses began to lose sales and, in order to stay in business, reduce costs which meant reducing jobs.  This resulted in large losses in stock value which hit a bottom in March of this year.  Since then we have had the same

The Federal Housing Administration announced Friday that it is appointing a chief risk officer and making changes in its credit policies to make sure its reserves against future losses stay above a minimum set by Congress.The FHA now insures about 5.3 million mortgages, up from about 4 million three years ago.As of this summer, about 17% of FHA borrowers were at least one payment behind or in foreclosure, compared with 13% for all loans, according to the Mortgage Bankers Association.

Mon MMRecap for October 19 th While Wall Street celebrated the Dow revisiting 10,000, U.S. Treasury watchers saw the 10-year note yield, which moves in the opposite direction of price, rise to near two-month highs. Selling began a week ago last Friday when traders took statements by Fed chairman Bernanke as hints that rate hikes might come sooner than expected.  In addition, the 0-interest-rate policy has pushed the dollar downward, causing fear that foreign buyers might shy away from government debt.