Mortgage

This is a good article to give your customers.
How-to Monday: Paying off your mortgage early
http://weblogs.baltimoresun.com/business/realestate/blog/2008/06/howto_monday_paying_off_your_mortgage_early.html

FHA News

FHA's role expanded in U.S. mortgage fix
http://www.upi.com/Business_News/2008/06/29/FHAs_role_expanded_in_US_mortgage_fix/UPI-84121214745418/

Ethics Panel Seeks Fuller Disclosure of Senators' Mortgage Deals

Ethics Panel Seeks Fuller Disclosure of Senators’ Mortgage Deals
http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=cqmidday-000002904320

Nationwide Mortgage Licensing System Expands to 14 States

The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announce that six more states -- Connecticut, Louisiana. Mississippi, North Carolina, New Hampshire and Vermont -- will begin using the Nationwide Mortgage Licensing System (NMLS) beginning July 1st.The eight states currently using NMLS are Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, Rhode Island and Washington.
To date, 42 state agencies representing 40 states have committed to participate.
NMLS is a web-based system that allows state-licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online for all participating state agencies using a single set of uniform applications.A total of 19, or more than one-third of the states are scheduled to be using NMLS by the end of the year.
"This unprecedented adoption rate is the result of hard work begun several years ago by state regulators as we envisioned a new regulatory framework that would begin to address some of the gaps we experienced in state and federal oversight of the mortgage industry," said Gavin Gee, Idaho's Director of Finance and chairman of State Regulatory Registry LLC, the CSBS subsidiary which developed and operates NMLS.
NMLS was immediately successful at launch and is proving to be an invaluable supervisory tool, said Neil Milner, president and CEO of CSBS.

VA Issues A New Circular

Circular 26-08-9 Interior Inspections on Abandoned Properties. PURPOSE: The purpose of this circular is to clarify VA’s position on requirements for conducting interior inspections on and abandon properties. http://www.homeloans.va.gov/circulars/26_08_9.pdf

Zillow's New Toy

From Zillow; Live Interactive Mortgage Rate Charts
http://latimesblogs.latimes.com/laland/2008/06/from-zillow-liv.html (article)

http://www.zillow.com/mortgage-rate-explorer/United-States_30-Yr-Fixed-Mortgage_High-Credit_High-Down_1Mo-Span (live Chart)

Fannie and Freddie News

Did you ever think of Fannie and Freddie as odd ducks?
Mortgagers' Dual Roles Clash
http://online.wsj.com/article/SB121322191893365863.html?mod=googlenews_wsj

VA News

VA Taking Steps To Deal With Mortgage Crisis
http://www.pntonline.com/opinion/mortgage_13929___article.html/crisis_lost.html

RMIC News

RMIC is implementing a new Streamline Refinance Policy to provide as much flexibility as possible to improve borrowers' financial positions and reduce the ultimate number of home foreclosures and mortgage insurance claims. Increasing borrowers' ability to ultimately repay their home mortgages through refinancing or modifying their existing loans will help many of these borrowers avoid losing their homes. RMIC will take aggressive action to waive or modify standard underwriting guidelines for streamline refinances of existing loans insured by RMIC. Additionally, due to the continued decline of credit performance and the deteriorating housing market, RMIC is modifying its policy regarding Construction/Permanent loans. You can view the complete bulliton attached

http://www.rmic.com/ratesguides/releasenotes/Documents/Release_6.4.08.pdf

FHA MI Changes July 14, 2008

Effective for case numbers assigned on our after July 14, 2008 mortgage insurance will change on FHA Title II Loans. Attached is the link to a PDF format of the Bill. Please notice that they eliminated the source of down payment from the original proposal as a determining factor for MI. This is good news for DPA programs and new home owners. The bill also eliminated from the original proposal the restrictions for nontraditional credit eligible for 97% LTV.

The upfront MI depending on FICO score and LTV ranges from 1.25 to 2.25 . The monthly will be .55%-50% depending on LTV. http://portal.hud.gov/pls/portal/docs/PAGE/FHA/IMAGE_LIBRARY/5171-N-02%20RBP%20FINNTC%20TO%20PUBLISH%20%205-13-08%20.PDF

MGIC annouces changes

This MGIC Bulletin announces:
• modifications to Bulletin 02-08
1. an increase to the maximum LTV/CLTV in Restricted Markets
2. a delay in the implementation of the Restricted States add-ons for lender-paid premiums
3. a modification to the definition of Restricted Markets, as defined in Bulletin 02-08
• an explanation of MGIC’s policy regarding DU 7.0
• a clarification to MGIC’s approach Agency AU systems and DTIs
• a change to MGIC’s PreQual program/commitments issued prior to property selection
Go to http://www.mgic.com/pdfs/MGIC_Bulletin_04-08_LPMI_&_Conforming_Jumbos_Final.pdf