Mortgages and Housing: FICOs Creep Up, Reverse Endorsements Fall, Litigation Game Changer?, Owning 1 Rent 0, Fed Likes Rentals, FHA Impacts Homebuilders, REIT Renters Buy, Origination Profit Margins, Trulia Price Monitor, DeMarco To Decide?

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

email signup          Receive MNC in RSS news reader          me @ LinkedIn

————

Ellie Mae: February mortgages had higher FICOs, flat LTVs – By Kerri Panchuk – Loans closed in the month of February had relatively higher FICO scores than last fall while loan-to-value ratios remained flat, according to the most recent Ellie Mae origination insight report. Ellie Mae said 67% of the loans moving through its Encompass360 mortgage management software were classified as refinancings in February, up from 64% when the report was last published in November. – Housingwire

————
Reverse Mortgage Endorsements Fall 19%, Sink to 2005 Level – by Elizabeth Ecker – Reverse mortgage endorsements fell 19% in March to 4,381 loans—the lowest volume since September 2005. Data released this week by the Department of Housing and Urban development indicates this is the first time endorsements have fallen below the recent bottom seen in May 2010, wrote Reverse Market Insight in its latest analysis. – Housingwire

————
Have Four Pension Funds Blown Up the $8.5 Billion Bank of America Settlement? – Yves Smith – A ruling in the Retirement Board of the Policemen’s Annuity and Benefit Fund of the City of Chicago et al v. Bank of New York Mellon is a game-changer in mortgage investor litigation … But a ruling on Tuesday by Judge William Pauley against Bank of New York on 26 Countrywide securitizations may have opened the floodgates to trustee litigation … This is extremely significant. This lawsuit provides a road map for any investor unhappy with the Bank of America settlement to take action against Bank of New York and Countrywide. … – Naked Capitalism

————
As Home Rents Head Higher, Owning Regains Its Appeal – By DAWN WOTAPKA and NICK TIMIRAOS – Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents, helping what appears to be a good start to the housing industry’s all-important spring selling season. – Wall Street Journal
————
(OK with the Fed) Fed Outlines Guidelines for Rental of Foreclosed Properties – By Joshua Zumbrun – Bloomberg

————
press release – Federal Reserve Board issues policy statement regarding rental of residential properties acquired in foreclosure – FR Board
————
New FHA collections rule impacts homebuilders, not Ginnie Mae – By Jon Prior – A new rule prohibiting homebuyers from getting a Federal Housing Administration mortgage if they owe more than $1,000 in outstanding collections accounts could cut demand by up to 20%, according to banking analysts. … the FHA clarified the rule this week, stating if a borrower documents the collections account stems from a "life event" such as a medical bill, divorce or loss of employment, he or she could still qualify for the loan. … Chase analysts estimate this rule should negatively impact roughly 10% to 20% of demand for the FHA universe over the next two to three months. …Housingwire
————
(homeownership) A Generational Shift In The Making – Rick Palacios – The housing market is carving out a bottom and renters are slowly starting to purchase homes again. As shown below, the percentage of apartment REIT renters moving out to purchase a home rose last quarter. – John Burns RE Consulting
————
Mortgage Banking Firms Report Strong Q4 Profitability - Brian Collins - Small mortgage banking companies benefited from a 32% jump in loan production from the third quarter to the fourth quarter, but profitability per loan was crimped by a slight drop in pricing in the secondary mortgage market, according to a new report by the Mortgage Bankers Association.  National Mortgage News

————
Trulia announces new "mix adjusted" House Asking Price Monitor, Prices up 1.4% from Q4 – by CalculatedRisk

————
FHFA’s DeMarco: FHFA to make decision on GSE Principal Reductions this month – by CalculatedRisk
————

For Rob Chrisman’s latest daily post, click here.

To subscribe to Joe Garrett’s news letter, send an email to  jgarrett at garrettmcauley dot  com

About these ads

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s