My CA Mortgage

Team Simpson wishing everyone Happy Holidays and a great New Year!  Many changes coming to the lending business for 2010.  RWM just finished of a great year and looks forward to more growth and success in 2010!

A quick note on the House (not the Senate!) passing the Financial Overhaul bill: The legislation includes significant reforms to monitor systemic risk, improve stability of the financial markets, establish and administer a new agency, the Consumer Financial Protection Agency, that will be responsible for regulation and enforcement of consumer protection laws, and reform laws [...]

Repeat after me: Fed Funds are set by the Federal Open Market Committee, don’t vary daily, and have no direct bearing on 30-yr mortgage rates. 30-yr mortgage rates are set by supply and demand through the bond markets, vary every day, and prices are adjusted by what investors & servicers want [...]

The House passed legislation Friday aimed at preventing the next big financial crisis, ushering in the most sweeping set of changes to the banking regulatory system since the New Deal.
The bill, which passed 223-202, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms. It forces [...]

How did mortgage rates and prices do yesterday? Not too bad, all things considered. Traders reported selling from money managers and originators and “lighter than usual” buying from the Fed at the start of the day, but then that reversed itself as the day progressed. There are no large Treasury auctions [...]

Foreclosure filings fell by 8% in November, making it the fourth consecutive month of improvement in the housing market.
There were 306,627 filings last month, according to RealtyTrac, an online marketer of foreclosed properties. That decline follows a 3% drop in October, 4% in September and 1% in August.
“Loan modifications and other foreclosure [...]

Unfortunately rates were not the mortgage banker’s friend yesterday. The 10-yr auction was not the best, with a bid/cover ratio slightly less than other recent auctions, less foreign demand, and one trader said it was “somewhat sloppy”. This morning we’ve seen Jobless Claims and the Trade numbers – and that does [...]

Was your Lock Desk busier last week? Borrowers are taking advantage of the lower rates, as the MBAA reported that applications hit their highest level in two months (up 8.5%). Purchases were up 4% and refinancing was up over 11%, with refinancing accounting for almost 75% of apps.
Is it my [...]

Is it the right time to buy?  This is the talk of real estate these days.  Have we hit bottom?  Lets look at some key facts about today’s market.
Rates are at all time lows.  You can lock in on a low 30 year fixed mortgage and not have to worry about your payment adjusting.
Home [...]

The markets didn’t have much to hang their hat on yesterday, aside from Ben Bernanke’s speech to the Economic Club in Washington DC. The press stories said, “US faces significant headwinds to growth”. I don’t know if that is late breaking news. Today is something a little more interesting, like $40 [...]