LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 26, 2009
Rates
5.375% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.875 %
10 Year Fixed 6.5%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.5 %
$ 362,500 -625,500 6%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Thursday, February 26, 2009
Wednesday, February 25, 2009
RATES & INFO FOR FEB 25th 2009
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
The $727,000 loan limit will available shortly!
Conforming Limits: $100,000 to $417,000 February 25, 2009
Rates
5.00% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
The $727,000 loan limit will available shortly!
Conforming Limits: $100,000 to $417,000 February 25, 2009
Rates
5.00% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Tuesday, February 24, 2009
RATES & INFO FOR FEB 24th 2009
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 24, 2009
Rates
5% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.5 %
$ 362,500 -625,500 5.75%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 24, 2009
Rates
5% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.5 %
$ 362,500 -625,500 5.75%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Monday, February 23, 2009
Febuary 22nd rates and news
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 23, 2009
Rates
5% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.5 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 Fax: 818-986-1066
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 23, 2009
Rates
5% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.5 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Friday, February 20, 2009
RATES & INFO FOR FEB 20th 2009
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 20, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 20, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Mortgage news and rates for Feb 20th
Mortgage Market Minute: What goes down must come up, or something like that. MBS prices are headed back up the old roller-coaster track, with the FNMA 4.5% up +.28 to 101.00, the 5.0% up +.22 to 102.06, and the 5.5% up +.16 to 102.56. MBS are being pulled along by a continued flight to safety, as Treasuries are ending up being popular hiding places this morning from a continuation of yesterday’s stock market rout. After hitting a 6-year low yesterday, equities today are plumbing still new depths, off nearly 2% on renewed bank concerns. So it turns out that last November’s stock market bottom wasn’t one. The specter of deflation has at least for now retreated, with the announcement that consumer prices broke their 6-month slide (see post below). B of A and Citi nationalized? Could happen anytime.More global bank concerns - Bank of America is off -15% at $3.25 and Citi is off -20% at about $2. The combined market cap of these once-behemoth corporations is down to an amazingly-low $27B. Looking at the charts for these stocks and hearing the media spin on continued bailouts (after billions and billions already spent) leads this author to predict that the government will nationalize these two firms in the next few weeks (possibly even this weekend)– remember how Fannie/Freddie went? Same playbook. Usually happens over a weekend.Mortgage rates head lower this week.Mortgage rates declined for the second consecutive week, said Freddie Mac this morning. The Primary Mortgage Market Survey for the week ending Thursday 2/19 showed that the rate on a 30-year fixed fell from 5.16% last week to 5.04% this week (and 0.7 point, unchanged). The 15-year fixed averaged 4.68% (and 0.6 point) compared to 4.81% (and 0.7 point) in the prior week. The 5-year ARM fell from 5.23% to 5.04% (and 0.6 point). The 1-year ARM slipped from 4.94% (and 0.5 point) down to 4.8% (and 0.5 point) this week.Consumer Price Index rises for first time in six months. As predicted in yesterday’s Mortgage Market Minute, Mr. Inflation is putting on his track shoes, and it appears that the Fed can (at least for now) relax its concerns about deflation. The Labor Department reported today that the Consumer Price Index (CPI) rose +0.3%, as forecast, marking the first increase in six months.. The core rate, which excludes food and fuel costs, increased +0.2%, driven by an end to falling gasoline prices, automobiles, apparel, and health care. This marks the first increase in six months. Annualized, the CPI was unchanged. Downward pressures on prices still exist, though, as retailers chop prices in response to falling demand. Chris Rupkey, chief financial economist in New York at Bank of Tokyo-Mitsubishi UFJ Ltd., said “Everything is heading in the same direction, which is down. Sales are down, profits are down, prices are coming down.” Treasuries, which had risen earlier in the day, remained higher after the report. Yields on the 10-year note dipped to 2.75% down about 10 basis points from yesterday’s levels. Atlanta Fed President sees recovery in second half of year.Atlanta Fed President Dennis Lockhart, speaking in Birmingham, AL, said he expects a recovery by the second half of the year, despite weak credit markets, housing oversupply, and low business and consumer confidence. Lockhart said he was encouraged by lower mortgage interest rates and stronger January sales, but that it was still important to have a comprehensive and coherent policy response by government. "We have reached a pivotal juncture. After a rapid onset of problems in the economy and financial system - both global and national - we've reached a point where incremental responses must proceed to something more comprehensive, scaled, and coherent," Lockhart said. "I believe the composite policy approach is correct in focus and intent, and now the devil is largely in the details and implementation," he continued. Lockhart’s comments appear to be on point, as investors continue to worry about the current lack of details and ineffective implementation of various economic recovery plans.
Diamonds are forever. The problem is, you can’t eat them.DeBeers, the world’s largest diamond company, has just borrowed $500 million from its shareholders in order to survive. Turns out that consumers worldwide prefer the taste of real food over diamonds when the going gets tough.On today’s date: February 20…1839: Congress prohibits dueling in District of Columbia1872: Metropolitan Museum of Art opens in New York City1933: House of Representatives completes congressional action to repeal Prohibition1937: 1st automobile/airplane combination tested, Santa Monica, Ca1943: Allied troops occupy Kasserine pass in Tunisia1962: John Glenn is 1st American to orbit Earth in Friendship 7The last word:“Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work.” --Robert Orben
Diamonds are forever. The problem is, you can’t eat them.DeBeers, the world’s largest diamond company, has just borrowed $500 million from its shareholders in order to survive. Turns out that consumers worldwide prefer the taste of real food over diamonds when the going gets tough.On today’s date: February 20…1839: Congress prohibits dueling in District of Columbia1872: Metropolitan Museum of Art opens in New York City1933: House of Representatives completes congressional action to repeal Prohibition1937: 1st automobile/airplane combination tested, Santa Monica, Ca1943: Allied troops occupy Kasserine pass in Tunisia1962: John Glenn is 1st American to orbit Earth in Friendship 7The last word:“Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work.” --Robert Orben
Wednesday, February 18, 2009
Febuary 18th rates and news
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 18, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 18, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to fico scores, loan to values and dwelling type and occupant status rates can change without notice. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Tuesday, February 17, 2009
RATES & INFO FOR FEB 17th 2009
FYI....CHASE BANK IS NOT AN FHA LENDER.SO BEWARE OF A CHASE PRE APPROVALS THAT SAY SO!!
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 17, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 17, 2009
Rates
4.75% 30-Year Fixed
HIGH CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,501-$10,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.25%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Thursday, February 12, 2009
Mortgage news and rates for Feb 12th
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 12, 2009
Rates
4.75% 30-Year Fixed
NEW CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.0%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers
NEW YORK (CNNMoney.com) -- Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
"The banks want to get rid of mortgage professionals to reduce competition," said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. "It's not good for consumers."
A few years ago, according to Rosenbaum, mortgage brokers were responsible for 80% of the mortgage-lending business in America. He said that's probably under 70% now and dropping.
The actions of two big banks have helped push that percentage down.
JP Morgan Chase (JPM, Fortune 500) announced in January that it would end its so-called wholesale operations. It will no longer fund loans arranged through brokers, instead it will make loans mostly through its own offices. And Citigroup (C, Fortune 500) said it will cut back the number of mortgage brokers it works with to 1,000 from 10,000.
"Our customers are best served when a mortgage officer works directly with them, explains our products clearly and then helps them carefully evaluate the choices in light of their personal financial situation," according to an internal Chase memo.
However, brokers say they perform a needed consumer service by monitoring offers from an array of lenders, picking and choosing the best deals. That helps keep rates low because lenders have to make their terms attractive to keep their volume flowing.
Borrowers going into a Chase branch for a mortgage loan would, on the other hand, only receive the terms available through Chase. If brokers disappeared, borrowers would have to shop all the individual banks to compare deals.
Marc Savitt, president of the National Association of Mortgage Brokers, suspects that banks like Chase may think they can increase profits by cutting out the middlemen, but the added costs of bricks-and-mortar operations will ultimately make the business less efficient. Loan officers may find themselves sitting around waiting for customers to come in rather than fielding applications from mortgage brokers.
Chase opened a slew of new branches lately, including 2,200 as part of the Washington Mutual acquisition it made this past fall.
"Five years ago, we had 600 branches, now we have 5,000," said Thomas Kelly, a Chase spokesman.
Despite Chase and Citigroup's actions, John Courson, president of the Mortgage Bankers Association, does not think all mortgage brokers will be driven from the business.
"Every lender has its own business model," he said. "Chase made a decision to only lend through its personnel, [but other large lenders] will still need loan production. Mortgage brokers will continue to be an important part of the mortgage channel."
Chasing higher profits
Chase took the step of discontinuing its wholesale lending for two main reasons, according to Kelly. For one, "The best people to originate the loans, we believe, are those working in our bank branches," he said. Secondly, Chase determined that loans originated by brokers defaulted at higher rates than did bank-originated loans.
The brokers scoff at that. "Mortgage brokers don't develop their own products, their own guidelines and parameters," said Savitt. "They take applications; Chase makes all the decisions."
"Mortgage brokers have been blamed for everything from tooth decay to global warming, and it's bologna," added Allen Hardester, a Maryland-based broker.
He pointed out that no mortgage broker ever underwrites a loan, creates a loan program or approves an application. Lenders always have the final say.
And, if the loans from brokers did perform poorly, it's because lenders encouraged, nay prodded, brokers into bringing them more and more poor-quality customers during the boom years. Subprime mortgages were very profitable, before they started to default at higher and higher rates.
"The lenders dangled large carrots in front of brokers," said Rosenbaum. "They told me, 'Unless you give us more subprime business, I can't improve your pricing for your good customers.'"
Now, he hardly deals with big banks at all. "We haven't done much business with them for more than a year. Banks are throwing the baby out with the bath water. They don't know the good mortgage brokers from the bad."
So far, the other big banks, Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), have not followed Chase and Citi's leads. "[These] lenders may be looking at this as an opportunity," Savitt said. "They said they were committed to the broker channel and would expand it," he said.
If that's true, it shouldn't affect the market too much even if two big-hitters drop out.
"It will remain a competitive environment," said Courson.
Plus, he said, the there will be a flight to quality. "I think even for banks that continue to take mortgage broker-originated loans, there will be much higher standards."
That includes requiring brokers to show greater stability by demonstrating higher net worth and posting higher surety bonds (a kind of performance guarantee).
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 12, 2009
Rates
4.75% 30-Year Fixed
NEW CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.0%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers
NEW YORK (CNNMoney.com) -- Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
"The banks want to get rid of mortgage professionals to reduce competition," said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. "It's not good for consumers."
A few years ago, according to Rosenbaum, mortgage brokers were responsible for 80% of the mortgage-lending business in America. He said that's probably under 70% now and dropping.
The actions of two big banks have helped push that percentage down.
JP Morgan Chase (JPM, Fortune 500) announced in January that it would end its so-called wholesale operations. It will no longer fund loans arranged through brokers, instead it will make loans mostly through its own offices. And Citigroup (C, Fortune 500) said it will cut back the number of mortgage brokers it works with to 1,000 from 10,000.
"Our customers are best served when a mortgage officer works directly with them, explains our products clearly and then helps them carefully evaluate the choices in light of their personal financial situation," according to an internal Chase memo.
However, brokers say they perform a needed consumer service by monitoring offers from an array of lenders, picking and choosing the best deals. That helps keep rates low because lenders have to make their terms attractive to keep their volume flowing.
Borrowers going into a Chase branch for a mortgage loan would, on the other hand, only receive the terms available through Chase. If brokers disappeared, borrowers would have to shop all the individual banks to compare deals.
Marc Savitt, president of the National Association of Mortgage Brokers, suspects that banks like Chase may think they can increase profits by cutting out the middlemen, but the added costs of bricks-and-mortar operations will ultimately make the business less efficient. Loan officers may find themselves sitting around waiting for customers to come in rather than fielding applications from mortgage brokers.
Chase opened a slew of new branches lately, including 2,200 as part of the Washington Mutual acquisition it made this past fall.
"Five years ago, we had 600 branches, now we have 5,000," said Thomas Kelly, a Chase spokesman.
Despite Chase and Citigroup's actions, John Courson, president of the Mortgage Bankers Association, does not think all mortgage brokers will be driven from the business.
"Every lender has its own business model," he said. "Chase made a decision to only lend through its personnel, [but other large lenders] will still need loan production. Mortgage brokers will continue to be an important part of the mortgage channel."
Chasing higher profits
Chase took the step of discontinuing its wholesale lending for two main reasons, according to Kelly. For one, "The best people to originate the loans, we believe, are those working in our bank branches," he said. Secondly, Chase determined that loans originated by brokers defaulted at higher rates than did bank-originated loans.
The brokers scoff at that. "Mortgage brokers don't develop their own products, their own guidelines and parameters," said Savitt. "They take applications; Chase makes all the decisions."
"Mortgage brokers have been blamed for everything from tooth decay to global warming, and it's bologna," added Allen Hardester, a Maryland-based broker.
He pointed out that no mortgage broker ever underwrites a loan, creates a loan program or approves an application. Lenders always have the final say.
And, if the loans from brokers did perform poorly, it's because lenders encouraged, nay prodded, brokers into bringing them more and more poor-quality customers during the boom years. Subprime mortgages were very profitable, before they started to default at higher and higher rates.
"The lenders dangled large carrots in front of brokers," said Rosenbaum. "They told me, 'Unless you give us more subprime business, I can't improve your pricing for your good customers.'"
Now, he hardly deals with big banks at all. "We haven't done much business with them for more than a year. Banks are throwing the baby out with the bath water. They don't know the good mortgage brokers from the bad."
So far, the other big banks, Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), have not followed Chase and Citi's leads. "[These] lenders may be looking at this as an opportunity," Savitt said. "They said they were committed to the broker channel and would expand it," he said.
If that's true, it shouldn't affect the market too much even if two big-hitters drop out.
"It will remain a competitive environment," said Courson.
Plus, he said, the there will be a flight to quality. "I think even for banks that continue to take mortgage broker-originated loans, there will be much higher standards."
That includes requiring brokers to show greater stability by demonstrating higher net worth and posting higher surety bonds (a kind of performance guarantee).
Wednesday, February 11, 2009
Mortgage Minute Febuary 11th
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 11, 2009
Rates
4.75% 30-Year Fixed
NEW CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.0%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Mortgage Market Minute: The market is cruising along in sideways fashion with the FNMA 4.5% down a tick to 100.56, the FNMA 5.0% up a tick to 101.69, and the 5.5% flat at 102.22. Wednesday we get details on Trade balance. Thursday we get Retail Sales (expect -0.3%, last month -2.7%) and Jobless claims (expect 625K, after last week’s 624K). Friday we get Consumer Sentiment (expect 61.5, last month 61.5). Lots of pressure on Treasuries trying to find a home in the market – pricing will likely be under assault, which may lead MBS prices lower (and mortgage rates higher). The 10-year yield is has climbed to 3.00% (as we predicted). The slugfest on Capitol Hill continues this week, with the much-debated stimulus bill having another go in front of Senate Democrats insisting on urgency and Republicans outrage over pork. Interestingly, the real tonic for the economy’s woes may instead be being pushed off stage by the mother-of-all-red-herrings stimulus plan, for postponed by a day is the announcement detailing the potentially very effective plans for purchasing toxic assets from banks and restart frozen credit markets (see next post).Government delays “bad bank” announcement by a day. The government delayed plans until Tuesday to announce a much-discussed mechanism for purchasing toxic assets from banks, as well as additional capital for banks, a new homeowner aid program, and the expansion of the Fed's Term Asset-Backed Securities Loan Facility. The plan, according to the Wall Street Journal, includes a government partnership with the private sector to purchase toxic assets though the creation of an aggregator bank which could purchase up to $500 billion in toxic assets. Sometimes called a 'bad bank', the main difference is that both government and the rescued firm will bear some of the risk in the transaction to ensure that the U.S. taxpayer does not overpay for the toxic debt. The aid to homeowners could be between $50-$150 billion in the form of loan modifications. TARP will be expanded to student loans, credit card debt and auto loans. The FDIC may also expand the types of debt it guarantees. Treasury Secretary Geithner was expected to unveil the details of the package on Monday, but President Obama delayed the announcement in order to focus energies on getting the Senate to pass the stimulus package being hotly debated.Bond market focusing on consuming large supply of TreasuriesThis week, there will be tremendous focus on bonds, as the U.S. Treasury pours supply onto the markets. The markets will also be affected by details being released on proposed government plans to resolve the financial problems plaguing the U.S. economy. Treasury Secretary Timothy Geithner this week plans to hold a press conference on new rescue initiatives aimed at bringing further stability to U.S. financial markets. The administration is also suggesting changes to the mark-to-market accounting system. RBS Greenwich currency strategist Alan Ruskin said the expectations of the changes are increasing risk appetite, helping to boost equities and dragging down the U.S. dollar. Traders are expecting bond markets to be in a tough position next week as more investors move back into equity markets and the U.S. government continues spending money. The Treasury will sell $151 billion in bonds, which will include three and six-month bills, three-year notes, 10-year notes and 30-year notes. Although there exists the potential for U.S. Treasury yields to move higher, traders are expecting gains to be limited. Guy LeBas, fixed income strategist at Janney Montgomery Scott, said if 10-year yields rise above 3.0%, the market will put pressure on the Fed to come in and buy bonds. "The last thing the treasury wants is for yields to rise," he said. "Yes it's going to be a challenging week, but the Fed is still anchoring the yield curve."
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 11, 2009
Rates
4.75% 30-Year Fixed
NEW CONFORMING
Conforming: $417,001-$625,500
Rate: 5.625% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
10 Year Fixed 6.0%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,000 5.00 %
$ 362,500 -625,500 5.625%
Rates are based on a 1- 1.5 point origination and are subject to change without notice and are for broker and realtor use only. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Mortgage Market Minute: The market is cruising along in sideways fashion with the FNMA 4.5% down a tick to 100.56, the FNMA 5.0% up a tick to 101.69, and the 5.5% flat at 102.22. Wednesday we get details on Trade balance. Thursday we get Retail Sales (expect -0.3%, last month -2.7%) and Jobless claims (expect 625K, after last week’s 624K). Friday we get Consumer Sentiment (expect 61.5, last month 61.5). Lots of pressure on Treasuries trying to find a home in the market – pricing will likely be under assault, which may lead MBS prices lower (and mortgage rates higher). The 10-year yield is has climbed to 3.00% (as we predicted). The slugfest on Capitol Hill continues this week, with the much-debated stimulus bill having another go in front of Senate Democrats insisting on urgency and Republicans outrage over pork. Interestingly, the real tonic for the economy’s woes may instead be being pushed off stage by the mother-of-all-red-herrings stimulus plan, for postponed by a day is the announcement detailing the potentially very effective plans for purchasing toxic assets from banks and restart frozen credit markets (see next post).Government delays “bad bank” announcement by a day. The government delayed plans until Tuesday to announce a much-discussed mechanism for purchasing toxic assets from banks, as well as additional capital for banks, a new homeowner aid program, and the expansion of the Fed's Term Asset-Backed Securities Loan Facility. The plan, according to the Wall Street Journal, includes a government partnership with the private sector to purchase toxic assets though the creation of an aggregator bank which could purchase up to $500 billion in toxic assets. Sometimes called a 'bad bank', the main difference is that both government and the rescued firm will bear some of the risk in the transaction to ensure that the U.S. taxpayer does not overpay for the toxic debt. The aid to homeowners could be between $50-$150 billion in the form of loan modifications. TARP will be expanded to student loans, credit card debt and auto loans. The FDIC may also expand the types of debt it guarantees. Treasury Secretary Geithner was expected to unveil the details of the package on Monday, but President Obama delayed the announcement in order to focus energies on getting the Senate to pass the stimulus package being hotly debated.Bond market focusing on consuming large supply of TreasuriesThis week, there will be tremendous focus on bonds, as the U.S. Treasury pours supply onto the markets. The markets will also be affected by details being released on proposed government plans to resolve the financial problems plaguing the U.S. economy. Treasury Secretary Timothy Geithner this week plans to hold a press conference on new rescue initiatives aimed at bringing further stability to U.S. financial markets. The administration is also suggesting changes to the mark-to-market accounting system. RBS Greenwich currency strategist Alan Ruskin said the expectations of the changes are increasing risk appetite, helping to boost equities and dragging down the U.S. dollar. Traders are expecting bond markets to be in a tough position next week as more investors move back into equity markets and the U.S. government continues spending money. The Treasury will sell $151 billion in bonds, which will include three and six-month bills, three-year notes, 10-year notes and 30-year notes. Although there exists the potential for U.S. Treasury yields to move higher, traders are expecting gains to be limited. Guy LeBas, fixed income strategist at Janney Montgomery Scott, said if 10-year yields rise above 3.0%, the market will put pressure on the Fed to come in and buy bonds. "The last thing the treasury wants is for yields to rise," he said. "Yes it's going to be a challenging week, but the Fed is still anchoring the yield curve."
Friday, February 6, 2009
Febuary 6th 2009
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
http://www.youtube.com/watch?v=DfjIxFfkVgs&feature=channel_page
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 6, 2009
Rates
5.5% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
7 Year Fixed 6.00%
Interest only available
FHA LOANS 3.5% DOWN
30 Year Fixed $100,000-$ 362,000 5.5%
30 Year Fixed $ 362,001-$625,500 6.0%
Rates are based on a 1 point origination and are subject to fico scores and dwelling type. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
http://www.youtube.com/watch?v=DfjIxFfkVgs&feature=channel_page
CONFORMING, JUMBO,BRIDGE AND REHAB LOANS
Conforming Limits: $100,000 to $417,000 February 6, 2009
Rates
5.5% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $729,751-$2,000,000
5 Year Fixed 5.75 %
7 Year Fixed 6.00%
Interest only available
FHA LOANS 3.5% DOWN
30 Year Fixed $100,000-$ 362,000 5.5%
30 Year Fixed $ 362,001-$625,500 6.0%
Rates are based on a 1 point origination and are subject to fico scores and dwelling type. Rates are constantly changing so call me for updates
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Thursday, February 5, 2009
Must read news for Feb 5th
Mortgage rates hit six week high
The 30-year fixed rate jumped to 5.70%, and more volatility is expected as Senate debates the economic stimulus package.
- Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.
The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.
The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%.
Adjustable rate mortgages were mixed over the past week, with the average 1-year ARM falling to 5.73% from 5.87% and the 5/1 ARM increasing to 5.5% from 5.41%.
The increase in mortgage rates makes borrowing more expensive for many would-be home buyers.
Last week, when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07, according to Bankrate.com.
With the average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 5, 2009
Rates
5.00% 10-Year Fixed
5.5% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6.25% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.75 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,500 5.5%
362.501 $625,000- 6.25%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores and dwelling type can affect the rate.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
The 30-year fixed rate jumped to 5.70%, and more volatility is expected as Senate debates the economic stimulus package.
- Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.
The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.
The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%.
Adjustable rate mortgages were mixed over the past week, with the average 1-year ARM falling to 5.73% from 5.87% and the 5/1 ARM increasing to 5.5% from 5.41%.
The increase in mortgage rates makes borrowing more expensive for many would-be home buyers.
Last week, when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07, according to Bankrate.com.
With the average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 5, 2009
Rates
5.00% 10-Year Fixed
5.5% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6.25% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.75 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,500 5.5%
362.501 $625,000- 6.25%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores and dwelling type can affect the rate.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
4.5% QUIT WAITING FOR IT!!!!!!
Important note to originators with borrowers in the “waiting” mode: If you have borrowers who are waiting around for the much-touted 4.5% mortgage that the media is slobbering all over, you need to get them locked and closed now. Look at what is being purchased by the Fed - - mostly 5.0%’s and 5.5%’s. To-date, their actions represent about 15% of their targeted purchases, which by now represents enough to get a read on whether it will work. And have rates come down dramatically since they started? No. In fact, they’ve gone the other way (read today’s post on the Freddie Mac survey). Just because the media heard 4.5% as a target doesn’t mean it will necessarily happen anytime soon. Also you have to look at the larger view. As mentioned above the Treasury’s refunding efforts (redeeming bonds with proceeds received from issuing lower-cost debt obligations with ranking equal to or superior to the debt to be redeemed) are now at record levels and will continue – the Obama $900B spending plan will only add to that. This staggering amount of debt supply will need higher yields to attract buyers. The yield curve is steepening already to accommodate supply, and will continue to do so. Higher Treasury yields will put downward pressure on MBS prices, and mortgage rates will climb. Some analysts now think that as the 10-year moves above 3% the Fed will have to step in and buy long-term Treasury debt. Government agencies buying debt from other government agencies. Sound a bit like Madoff? Any way you look at it, the weather vane is pointing to higher rates, not lower ones. If your borrower can be bettered now, better to act now.
Mortgage Market Minute: After the open we are up slightly on worse-than-expected news from the Labor Department about initial jobless claims. The FNMA 4.5% is up +0.06 to 100.66, the 5.0% is up similarly to 101.69, and the 5.5% is up +.03 to 102.28. The stock market opened in negative territory and has clawed its way back to roughly even with yesterday’s close. Yesterday the Treasury Department announced the quarterly refunding would total a sizeable $67 billion. This pushed Treasury yields higher, but mortgage rates roughly held, because cheaper MBS prices again welcomed day trading bargain buyers; to some degree this behavior is keeping mortgage rates in a sideways pattern as the yield curve gets steeper. Trading is light, as it should be, the day before the big jobs report comes out. Friday’s non-farm payroll report (expect -500K after last month’s -524K) is the one that usually moves markets. Initial jobless claims hit all-time high, exceed forecast. The U.S. Department of Labor reported that initial claims for unemployment benefits rose to a whopping 626,000 in the week ending January 31, following an upwardly revised 591,000 claims in the prior week. The expectation was for a figure of 580,000. The four-week moving average for initial claims rose to 582,250, up from 543,250 in the week prior. The figure also exceeds the 16-year high of 589,000 that was set during the week ending December 20. Continuing claims rose to 4.79 million in the week ending January 24, just a tad below the expected 4.80 million, but still above the prior week’s revised 4.77 million. This marks the 10th week that continuing claims have been above the four-million mark. Mortgage rates climb for second week in a row.The average rate on a 30-year fixed rate mortgage rose this week from 5.10% to 5.25%, according to the latest Freddie Mac survey released today, showing that the Fed’s efforts to reduce rates on home loans is less efficacious than hoped. The average 15-year fixed rate mortgage rose from 4.8% to 4.92%. Rates have risen for two consecutive weeks after falling to a more than three-decade low in mid January, when the 30-year fixed rate average hit 4.96%, the lowest on record (data back to 1971). “Investors are growing a little bit nervous about all the Treasury bonds they’re going to be asked to buy to finance the government’s response to the financial crisis,” said Mark Zandi, chief economist of Economy.com. The Senate yesterday unanimously approved a Republican amendment to the stimulus bill they are debating that would temporarily offer homebuyers a tax credit worth $15,000 or 10 percent of a home’s purchase price, whichever is less.Obama administration now promotes limited-size Bad Bank conceptThe Obama administration plans Monday to announce a new “smaller” aid plan for the financial services industry, including a bad bank component. The new plan will be focused on government guarantees and insurance of troubled assets, what's called a "ring fence" concept. The latest round of discussions also appear to have addressed the controversial pricing issues by having the government buy toxic assets below the banks "carrying value," which is basically market value, but not at fire sale levels, the source said. However, it could trigger an accounting problem for the banks, presumably because the institutions will have to report a loss on the transactions. The administration is evaluating a temporary suspension of certain accounting rules in order to address that. On today’s date: February 5…1816: Rossini's Opera "Barber of Seville," premieres in Rome1870: 1st motion picture shown to a theater audience, Philadelphia1922: Reader's Digest magazine 1st published1945: U.S. troops under General Douglas MacArthur enter ManillaThe last word:“Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them.” --W. Edwards Deming
Mortgage Market Minute: After the open we are up slightly on worse-than-expected news from the Labor Department about initial jobless claims. The FNMA 4.5% is up +0.06 to 100.66, the 5.0% is up similarly to 101.69, and the 5.5% is up +.03 to 102.28. The stock market opened in negative territory and has clawed its way back to roughly even with yesterday’s close. Yesterday the Treasury Department announced the quarterly refunding would total a sizeable $67 billion. This pushed Treasury yields higher, but mortgage rates roughly held, because cheaper MBS prices again welcomed day trading bargain buyers; to some degree this behavior is keeping mortgage rates in a sideways pattern as the yield curve gets steeper. Trading is light, as it should be, the day before the big jobs report comes out. Friday’s non-farm payroll report (expect -500K after last month’s -524K) is the one that usually moves markets. Initial jobless claims hit all-time high, exceed forecast. The U.S. Department of Labor reported that initial claims for unemployment benefits rose to a whopping 626,000 in the week ending January 31, following an upwardly revised 591,000 claims in the prior week. The expectation was for a figure of 580,000. The four-week moving average for initial claims rose to 582,250, up from 543,250 in the week prior. The figure also exceeds the 16-year high of 589,000 that was set during the week ending December 20. Continuing claims rose to 4.79 million in the week ending January 24, just a tad below the expected 4.80 million, but still above the prior week’s revised 4.77 million. This marks the 10th week that continuing claims have been above the four-million mark. Mortgage rates climb for second week in a row.The average rate on a 30-year fixed rate mortgage rose this week from 5.10% to 5.25%, according to the latest Freddie Mac survey released today, showing that the Fed’s efforts to reduce rates on home loans is less efficacious than hoped. The average 15-year fixed rate mortgage rose from 4.8% to 4.92%. Rates have risen for two consecutive weeks after falling to a more than three-decade low in mid January, when the 30-year fixed rate average hit 4.96%, the lowest on record (data back to 1971). “Investors are growing a little bit nervous about all the Treasury bonds they’re going to be asked to buy to finance the government’s response to the financial crisis,” said Mark Zandi, chief economist of Economy.com. The Senate yesterday unanimously approved a Republican amendment to the stimulus bill they are debating that would temporarily offer homebuyers a tax credit worth $15,000 or 10 percent of a home’s purchase price, whichever is less.Obama administration now promotes limited-size Bad Bank conceptThe Obama administration plans Monday to announce a new “smaller” aid plan for the financial services industry, including a bad bank component. The new plan will be focused on government guarantees and insurance of troubled assets, what's called a "ring fence" concept. The latest round of discussions also appear to have addressed the controversial pricing issues by having the government buy toxic assets below the banks "carrying value," which is basically market value, but not at fire sale levels, the source said. However, it could trigger an accounting problem for the banks, presumably because the institutions will have to report a loss on the transactions. The administration is evaluating a temporary suspension of certain accounting rules in order to address that. On today’s date: February 5…1816: Rossini's Opera "Barber of Seville," premieres in Rome1870: 1st motion picture shown to a theater audience, Philadelphia1922: Reader's Digest magazine 1st published1945: U.S. troops under General Douglas MacArthur enter ManillaThe last word:“Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them.” --W. Edwards Deming
Wednesday, February 4, 2009
RATES & INFO FOR FEB 4th 2009
http://youtube.com/watch?v=QaJeJKxDWOg&feature=channel_page
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 4, 2009
Rates
5.00% 10-Year Fixed
5.375% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.625 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,500 5.5%
362,501- 625,000 6.0%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores and dwelling type can affect the rate.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 4, 2009
Rates
5.00% 10-Year Fixed
5.375% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.625 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 362,500 5.5%
362,501- 625,000 6.0%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores and dwelling type can affect the rate.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
Bad Bank What Does It Mean??
The Obama administration is reportedly developing a plan to buy from U.S. banks some of their "toxic" assets -- troubled debt securities backed by subprime mortgages or complex derivatives. Many commentators agree that banks will not ramp up their lending until these assets are taken off their balance sheets.
However, the purchase of these securities faces a major challenge -- no one really knows how they should be priced since most have not traded for six months, a long time. Although the Treasury department could hire experts to estimate their prices by methods like discounted cash flow, these estimates would be educated guesses with considerable margin for error.
The pricing challenge is politically explosive. If Treasury pays too much for these assets, Congress and taxpayers will protest. If the prices offered by the Treasury are too low, the banks won't sell.
Here's a practical solution: After making its best estimate of an asset's current value, Treasury should offer the bank a cash payment equal to 80% of that value. For the remaining 20%, Treasury should provide the bank with a capital certificate, which would count as common stock in determining whether the bank meets its capital requirement.
The certificate will also entitle the bank to 80% of the actual price at which the asset is later sold by the government -- but only to the extent that the actual price exceeds the initial cash payment.
For example, suppose the Treasury estimates that a toxic asset is worth $700,000. It would pay the bank $560,000 in cash plus a capital certificate for $140,000.
If the government later sold that security for $660,000, the bank would receive an additional cash payment of $80,000 (80% of $100,000, the excess of $660,000 over $560,000). The Treasury would receive the remaining $20,000 of the excess.
On the other hand, if the government later sold the security for $550,000, the bank would receive nothing more. The Treasury would absorb a loss of $10,000.
This pricing plan should stimulate more lending by banks since they will immediately have cash on hand, instead of an illiquid toxic asset. Banks will also have the chance to receive more cash in the future if the toxic asset is sold at a price above the initial cash payment. In the interim, the capital certificate will help prevent the bank from becoming insolvent, since it will preserve the bank's capital for regulatory purposes.
The plan should also help banks sell new stock to institutional investors, instead of relying entirely on capital infusions from the Treasury. Institutional investors will not buy a bank's stock if they are worried that it will later announce large write-downs of its toxic assets. Now Treasury would effectively be setting a floor on the price of the asset equal to 80% of its estimated value.
However, the purchase of these securities faces a major challenge -- no one really knows how they should be priced since most have not traded for six months, a long time. Although the Treasury department could hire experts to estimate their prices by methods like discounted cash flow, these estimates would be educated guesses with considerable margin for error.
The pricing challenge is politically explosive. If Treasury pays too much for these assets, Congress and taxpayers will protest. If the prices offered by the Treasury are too low, the banks won't sell.
Here's a practical solution: After making its best estimate of an asset's current value, Treasury should offer the bank a cash payment equal to 80% of that value. For the remaining 20%, Treasury should provide the bank with a capital certificate, which would count as common stock in determining whether the bank meets its capital requirement.
The certificate will also entitle the bank to 80% of the actual price at which the asset is later sold by the government -- but only to the extent that the actual price exceeds the initial cash payment.
For example, suppose the Treasury estimates that a toxic asset is worth $700,000. It would pay the bank $560,000 in cash plus a capital certificate for $140,000.
If the government later sold that security for $660,000, the bank would receive an additional cash payment of $80,000 (80% of $100,000, the excess of $660,000 over $560,000). The Treasury would receive the remaining $20,000 of the excess.
On the other hand, if the government later sold the security for $550,000, the bank would receive nothing more. The Treasury would absorb a loss of $10,000.
This pricing plan should stimulate more lending by banks since they will immediately have cash on hand, instead of an illiquid toxic asset. Banks will also have the chance to receive more cash in the future if the toxic asset is sold at a price above the initial cash payment. In the interim, the capital certificate will help prevent the bank from becoming insolvent, since it will preserve the bank's capital for regulatory purposes.
The plan should also help banks sell new stock to institutional investors, instead of relying entirely on capital infusions from the Treasury. Institutional investors will not buy a bank's stock if they are worried that it will later announce large write-downs of its toxic assets. Now Treasury would effectively be setting a floor on the price of the asset equal to 80% of its estimated value.
Bad Bank What Does It Mean??
The Obama administration is reportedly developing a plan to buy from U.S. banks some of their "toxic" assets -- troubled debt securities backed by subprime mortgages or complex derivatives. Many commentators agree that banks will not ramp up their lending until these assets are taken off their balance sheets.
However, the purchase of these securities faces a major challenge -- no one really knows how they should be priced since most have not traded for six months, a long time. Although the Treasury department could hire experts to estimate their prices by methods like discounted cash flow, these estimates would be educated guesses with considerable margin for error.
The pricing challenge is politically explosive. If Treasury pays too much for these assets, Congress and taxpayers will protest. If the prices offered by the Treasury are too low, the banks won't sell.
Here's a practical solution: After making its best estimate of an asset's current value, Treasury should offer the bank a cash payment equal to 80% of that value. For the remaining 20%, Treasury should provide the bank with a capital certificate, which would count as common stock in determining whether the bank meets its capital requirement.
The certificate will also entitle the bank to 80% of the actual price at which the asset is later sold by the government -- but only to the extent that the actual price exceeds the initial cash payment.
For example, suppose the Treasury estimates that a toxic asset is worth $700,000. It would pay the bank $560,000 in cash plus a capital certificate for $140,000.
If the government later sold that security for $660,000, the bank would receive an additional cash payment of $80,000 (80% of $100,000, the excess of $660,000 over $560,000). The Treasury would receive the remaining $20,000 of the excess.
On the other hand, if the government later sold the security for $550,000, the bank would receive nothing more. The Treasury would absorb a loss of $10,000.
This pricing plan should stimulate more lending by banks since they will immediately have cash on hand, instead of an illiquid toxic asset. Banks will also have the chance to receive more cash in the future if the toxic asset is sold at a price above the initial cash payment. In the interim, the capital certificate will help prevent the bank from becoming insolvent, since it will preserve the bank's capital for regulatory purposes.
The plan should also help banks sell new stock to institutional investors, instead of relying entirely on capital infusions from the Treasury. Institutional investors will not buy a bank's stock if they are worried that it will later announce large write-downs of its toxic assets. Now Treasury would effectively be setting a floor on the price of the asset equal to 80% of its estimated value.
However, the purchase of these securities faces a major challenge -- no one really knows how they should be priced since most have not traded for six months, a long time. Although the Treasury department could hire experts to estimate their prices by methods like discounted cash flow, these estimates would be educated guesses with considerable margin for error.
The pricing challenge is politically explosive. If Treasury pays too much for these assets, Congress and taxpayers will protest. If the prices offered by the Treasury are too low, the banks won't sell.
Here's a practical solution: After making its best estimate of an asset's current value, Treasury should offer the bank a cash payment equal to 80% of that value. For the remaining 20%, Treasury should provide the bank with a capital certificate, which would count as common stock in determining whether the bank meets its capital requirement.
The certificate will also entitle the bank to 80% of the actual price at which the asset is later sold by the government -- but only to the extent that the actual price exceeds the initial cash payment.
For example, suppose the Treasury estimates that a toxic asset is worth $700,000. It would pay the bank $560,000 in cash plus a capital certificate for $140,000.
If the government later sold that security for $660,000, the bank would receive an additional cash payment of $80,000 (80% of $100,000, the excess of $660,000 over $560,000). The Treasury would receive the remaining $20,000 of the excess.
On the other hand, if the government later sold the security for $550,000, the bank would receive nothing more. The Treasury would absorb a loss of $10,000.
This pricing plan should stimulate more lending by banks since they will immediately have cash on hand, instead of an illiquid toxic asset. Banks will also have the chance to receive more cash in the future if the toxic asset is sold at a price above the initial cash payment. In the interim, the capital certificate will help prevent the bank from becoming insolvent, since it will preserve the bank's capital for regulatory purposes.
The plan should also help banks sell new stock to institutional investors, instead of relying entirely on capital infusions from the Treasury. Institutional investors will not buy a bank's stock if they are worried that it will later announce large write-downs of its toxic assets. Now Treasury would effectively be setting a floor on the price of the asset equal to 80% of its estimated value.
Monday, February 2, 2009
RATES & INFO FOR FEB 2ND 2009
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 2, 2009
Rates
5.375% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.125 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 417,000
5.5%
417,001-625,500
6%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores ltvs and condos can effect rates.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS
Conforming Limits: $100,000 to $417,000 February 2, 2009
Rates
5.375% 30-Year Fixed
NEW CONFORMING
Conforming Jumbo: $417,001-$625,500
Rate: 6% 30 Year Fixed
Rate
JUMBO LOANS
LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.125 %
10/1 Year Fixed 6.125%
Interest only available
FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30
30 Year Fixed $100,000-$ 417,000
5.5%
417,001-625,500
6%
Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores ltvs and condos can effect rates.
There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.
Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.
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