St Casimirs Mortgage Minute. . . Help in navigating the mortgage application process. Get advice from Nelson Bayne, 410-342-1404 mortgage specialist with over 35 years of experience in the Baltimore metro area.
Wednesday, November 27, 2013
From Freddie Mac:
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-25, we are announcing that our 2014 base conforming loan limits will be maintained at the existing 2013 levels. The loan limits in designated high-cost areas will also remain unchanged with the exception of some counties where the loan limit will increase.
The Guide Bulletin is in line with the Federal Housing Finance Agency (FHFA) announcement today regarding the 2014 conforming loan limits.
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-25, we are announcing that our 2014 base conforming loan limits will be maintained at the existing 2013 levels. The loan limits in designated high-cost areas will also remain unchanged with the exception of some counties where the loan limit will increase.
The Guide Bulletin is in line with the Federal Housing Finance Agency (FHFA) announcement today regarding the 2014 conforming loan limits.
Monday, November 25, 2013
New Mortgage Disclosure Rule Could Raise Costs to Consumers
On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its much-anticipated final rule that merged federal mortgage disclosure forms. The two-year effort was required under the Dodd-Frank Act and was intended to simplify disclosures and help consumers more clearly understand the total costs of a loan. But bankers, while generally supportive of the final rule, say they are concerned that some of the changes need to be fixed or mortgage lenders will have to raise the costs of loans to consumers.
From "New Mortgage Disclosure Rule Could Raise Costs to Consumers"
American Banker (11/21/13) Berry, Kate
On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its much-anticipated final rule that merged federal mortgage disclosure forms. The two-year effort was required under the Dodd-Frank Act and was intended to simplify disclosures and help consumers more clearly understand the total costs of a loan. But bankers, while generally supportive of the final rule, say they are concerned that some of the changes need to be fixed or mortgage lenders will have to raise the costs of loans to consumers.
From "New Mortgage Disclosure Rule Could Raise Costs to Consumers"
American Banker (11/21/13) Berry, Kate
Wednesday, November 20, 2013
New Mortgage Form Said Required of Large and Small Banks
New U.S. rules requiring simplified mortgage paperwork will go into effect in August 2015 without an exemption for small lenders, according to individuals briefed on plans by the Consumer Financial Protection Bureau. CFPB Director Richard Cordray plans to unveil the rule Wednesday at a field hearing in Boston.
From "New Mortgage Form Said Required of Large and Small Banks"
Bloomberg (11/19/13) Dougherty, Carter
New U.S. rules requiring simplified mortgage paperwork will go into effect in August 2015 without an exemption for small lenders, according to individuals briefed on plans by the Consumer Financial Protection Bureau. CFPB Director Richard Cordray plans to unveil the rule Wednesday at a field hearing in Boston.
From "New Mortgage Form Said Required of Large and Small Banks"
Bloomberg (11/19/13) Dougherty, Carter
Monday, November 18, 2013
Are You Satisfied?
Satisfaction With Mortgage Lenders Hits 7-Year High
Customer satisfaction with mortgage lenders increased to its highest level in seven years as companies eagerly competed for first-time homebuyers and other new clients, according to a new survey. Quicken Loans topped the list among primary mortgage lenders for the fourth straight year, followed by BB&T, U.S. Bank, PNC Bank, and Chase, according to the J. D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday.
From "Satisfaction With Mortgage Lenders Hits 7-Year High"
Chicago Tribune (11/14/13) Podmolik, Mary Ellen
Customer satisfaction with mortgage lenders increased to its highest level in seven years as companies eagerly competed for first-time homebuyers and other new clients, according to a new survey. Quicken Loans topped the list among primary mortgage lenders for the fourth straight year, followed by BB&T, U.S. Bank, PNC Bank, and Chase, according to the J. D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday.
From "Satisfaction With Mortgage Lenders Hits 7-Year High"
Chicago Tribune (11/14/13) Podmolik, Mary Ellen
Wednesday, November 13, 2013
Fracking Concerns
Much of the East Coast oil boom is taking place on property where oil or gas rights have been sold to energy companies, bringing potential riches to some lucky landowners and headaches to some banks. At least three lenders -- Tompkins Financial in Ithaca, N.Y., Spain's Santander Bank, and State Employees' Credit Union in Raleigh, N.C. -- are refusing to make mortgages on such properties. The boilerplate New York state mortgage agreement, used by Fannie Mae and Freddie Mac, states that "you cannot cause or permit any hazardous materials to be on your property and it specifically references oil and gas ... That alone would make it a problem," says Greg May, vice president of residential mortgage lending at Tompkins.
From "Fracking Boom Gives Banks Mortgage Headaches"
American Banker (11/12/13) Peters, Andy
Monday, November 11, 2013
Wednesday, November 6, 2013
Mortgage Slump's Full Toll on Small Banks Revealed -- But Fixes
Remain Elusive
Mortgage banking income at banks with less than $20 billion of assets fell an average of 21 percent from the second quarter and 27 percent from a year earlier, according to new data from Keefe, Bruyette & Woods. The firm said activity is expected to slow even more in coming quarters as a spike in long-term interest rates continues to restrain refinance activity, and as more banks grapple with the Consumer Financial Protection Bureau's qualified-mortgage rule. The slowdown in mortgage revenue was a punch in the gut for banks that are trying to boost fee income, and was a major reason that non-interest income in the third quarter fell 9 percent from the second quarter and 11 percent from a year earlier, according to American Banker research of 350 banks' results.
From "Mortgage Slump's Full Toll on Small Banks Revealed -- But Fixes Remain Elusive"
American Banker (11/06/13) Stewart, Jackie
Mortgage banking income at banks with less than $20 billion of assets fell an average of 21 percent from the second quarter and 27 percent from a year earlier, according to new data from Keefe, Bruyette & Woods. The firm said activity is expected to slow even more in coming quarters as a spike in long-term interest rates continues to restrain refinance activity, and as more banks grapple with the Consumer Financial Protection Bureau's qualified-mortgage rule. The slowdown in mortgage revenue was a punch in the gut for banks that are trying to boost fee income, and was a major reason that non-interest income in the third quarter fell 9 percent from the second quarter and 11 percent from a year earlier, according to American Banker research of 350 banks' results.
From "Mortgage Slump's Full Toll on Small Banks Revealed -- But Fixes Remain Elusive"
American Banker (11/06/13) Stewart, Jackie
Subscribe to:
Posts (Atom)