Administration Revamps HAMP to Reach More Borrowers

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via DSNews.com/Carrie Bay

Changes announced Friday to the administration’s Home Affordable Modification Program (HAMP) are expected to extend relief to a larger share of struggling homeowners as well as renters, according to federal officials.

One of the key adjustments to the program centers around principal reductions. HAMP currently includes an option for servicers to provide underwater homeowners who are struggling with their payments with a modification that includes a principal writedown.

To encourage investors to agree to principal reduction modifications, Treasury is tripling the incentives for such restructurings, paying from 18 to 63 cents on the dollar, depending on the degree of change in the loan-to-value (LTV) ratio.

The Federal Housing Finance Agency (FHFA) has prohibited Fannie Mae and Freddie Mac from employing HAMP’s principal reducing option for their borrowers. Treasury has notified FHFA that it will pay these same principal reduction incentives to Fannie and Freddie if they allow servicers to forgive principal in conjunction with a HAMP modification.

FHFA issued a statement in response noting that it recently released analysis concluding principal forgiveness does not offer any greater benefits than principal forbearance as a loss mitigation tool.

But the agency says it will reassess the investor incentives now being offered, taking into consideration the number of eligible loans, operational costs to implement such changes, and the potential effects of incentivizing borrowers to remain current.

Among the other changes announced, borrowers who are struggling because of debt beyond their mortgages, such as second liens and medical bills, will be eligible for an alternative program evaluation with more flexible debt-to-income criteria.

In addition, Treasury will expand eligibility to include investor properties that are currently occupied by a tenant as well as vacant properties slated for rental use.

Tim Massad, Treasury’s assistant secretary for financial stability says single-family homes serve an important function as affordable rental housing, and foreclosure of investor-owned homes has disproportionate negative effects on low- and moderate-income renters, as well as communities.

The deadline for HAMP will be extended for an additional year through December 31, 2013.

To date, HAMP has helped approximately 900,000 struggling homeowners permanently modify their mortgage loans, providing them with a median savings of more than $500 a month.

Massad says the administration is committed to a multi-pronged effort to support American homeowners and the housing market recovery.

In addition to foreclosure prevention initiatives such as HAMP, Massad says the federal government plans to focus on transitioning foreclosed properties into rental housing, making it possible for responsible homeowners to refinance, and providing hard-hit states with resources to develop targeted relief programs.

 

Mortgage Rates : Rapid Rise Likely In The Coming Months

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via TheMortgageReports.com

Looking for a Fannie Mae or Freddie Mac loan; or an FHA Streamline Refinance; or an VA IRRRL loan; or a USDA mortgage? What about a jumbo loan? Act quickly. The forces that, since 2009, have conspired to keep mortgage rates low are now poised to fade into history. And when they're gone, so will low mortgage rates.

Low mortgage rates are on a short lifeline.

 

There Are 4 Reasons Why Mortgage Rates Will Rise

The HSH article is titled "The End Is Near For Low Mortgage Rates". It's a brief history of the last 2 years with respect to mortgage rates. It covers the 2009 Crisis of Confidence that spawned today's Refi Boom.

Mortgage rates would not be at today's levels if it was for a series of events including Eurozone bailouts, massive job loss nationwide, and 3 rounds of Federal Reserve intervention. Mortgage rates are low not on fundamentals, but on fear -- and on Wall Street, fear always gives way to greed.

 

Here's an excerpt from the article :

Many forces conspired to keep mortgage rates low in 2011. Now, some of that energy spilled into 2012. If we examine those forces one-by-one, though, we see that rates can't stay low forever. Mortgage rates look poised to jump. It won't gradual, either. It will be all at once."

The piece breaks down mortgage bonds, market psychology and what's next for rates. The conclusions aren't so far-fetched. Beginning this February -- just in time to doom those HARP refinancers! -- mortgage rates could surge northward.

 

Low Rates Are A Gift. Get Locked While You Can.

Mortgage rates are at the mercy of the markets. You don't get a second chance to lock yesterday's mortgage rate. The only way to guarantee a mortgage rate reservation is to actually place that order with your lender.

Housing May Turn the Corner in 2012: CoreLogic

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via DSNews.com

CoreLogic’s chief economist Mark Fleming says housing statistics and the duration of the downturn to date indicate 2012 may be the year the housing market begins to turn the corner.

In the first release of CoreLogic’s new MarketPulse newsletter Wednesday, Fleming explained his rationale for such an assessment.

He notes that housing is an industry with long business cycles. Regional housing recessions have typically taken anywhere from three to five years to find their bottom, and Fleming says the national housing recession has behaved similarly in that it has bounced along a bottom for the past two years.

Fleming points out that housing affordability is rising dramatically due to a combination of home price deflation and rock-bottom mortgage rates. In fact, he says, after adjusting for inflation, this has been a “lost decade” for housing as prices are the same as at the beginning of the millennium.

“The time is right in 2012 for prices to begin growing again,” Fleming said, “and housing affordability will put a floor under any further significant declines.”

Fleming says he will be watching the spring and summer buying season closely for positive signs of demand.

He points out that households are paying off their debts and at the same time accessing credit more easily, with some even adding Home Equity Lines of Credit in the third quarter of last year – the first such movement for these second-lien mortgage products since the financial crisis began.

Fleming cites a quarterly survey by the New York Federal Reserve Bank, which shows total household debt continues to decline. At the same time, consumer sentiment rebounded strongly in the latter part of 2011, posting a six-month high in December – an indication that consumers’ confidence in the strength of the economy is growing, according to Fleming.

Most housing statistics basically moved sideways in the latter part of 2011, but Fleming finds several positives in the numbers. Although market indicators are coming off of very low levels, he notes that both existing-home sales and single-family housing starts have begun to increase, homebuilder confidence is improving, and affordability is at an all-time high.

Putting all of these statistics together suggests that while there is a very long way to go, the housing market is likely to sustain these upward movements in 2012, according to Fleming.

“While we cannot say with a high degree of certainty what 2012 has in store for us, indications based on the latter part of 2011 are that both the broad economy and the housing market are moving toward positive growth in 2012,” Fleming said.

He concedes that some impediments do exist, including slower global economic growth, a recession in Europe, and fiscal and political uncertainty in the United States.

But Fleming says when you look at the big picture, “we are bullish on the prospect of improving economic performance in 2012 from 2011.”

Veterans Lender Services and LRES Corporation Announce Partnership

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via DSNews.com

California-based LRES Corporation has teamed up with Veterans Lender Services to form a new partnership known as VLS/LRES.

As the first nationwide minority and service disabled veteran-owned asset management joint venture, it will provide financial institutions with asset disposition solutions that provide jobs and market defaulted and foreclosed properties as affordable homeownership opportunities to the underserved first-time military, veterans, and minority communities.

VLS/LRES will be reaching out to financial and government institutions in the coming weeks to create solutions that will address challenges for first-time military and veteran homeowners in the current market.

“As a veteran, I understand the financial challenges of service-members and veterans as they try to purchase a home,” said Son Nguyen, managing partner of VLS/LRES. “I am happy to see new pro-military incentive programs being implemented by the large lending institutions and look forward to being part of the solution.”

VLS/LRES is committed to employing and subcontracting minorities, service-disabled veteran-owned businesses, and veteran-owned businesses in the real estate community.

Nguyen says he is proud to be of a minority heritage, having become a U.S. citizen and served in the Navy. “[N]ow it is time for me to give back by creating opportunities for others who have valiantly served us,” Nguyen said.

VLS/LRES will work in support of the recently signed Vow to Hire a Hero’ Act, providing clients with asset management services while creating jobs and homeownership opportunities for what the organization describes as “a well-deserved but underserved community.”

Roger Beane, CEO of LRES Corporation, says his firm is both excited and proud to be teaming with Veterans Lender Services on this initiative.

“We proudly support our veterans and look forward to improving awareness and opportunity within the real estate community,” Beane commented.

Foreclosure Starts Decline on West Coast

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via DSNews.com

West coast states saw a decline in foreclosure starts in December, according to ForeclosureRadar. In fact four of the five states tracked by ForeclosureRadar’s monthly survey saw double-digit declines.

The exception was Oregon, where foreclosure starts rose by 5 percent.

Foreclosure sales in the West coast states were mixed but “down far less than we expected given lender announcements of holiday moratoriums,” ForeclosureRadar reported.

Foreclosure sales rose in California and Washington and fell in Oregon, Nevada, and Arizona.

Foreclosure timelines declined overall, which was “surprising,” according to California-based ForeclosureRadar.

The greatest drop in foreclosure timeline was seen in California, where the time to foreclose is now 250 days, a 16.9 percent drop from November.

After a 3.2 percent decline, Nevada’s 331 day foreclosure timeline was the greatest, while Washington’s 104-day timeline was the lowest. Washington also posted the lowest rate of change for the month – a 0.9 percent increase.

Arizona’s timeline also increased in December, rising to 145 days after a 2.1 percent increase.

With a 30.6 percent drop, California posted the greatest decline in foreclosure starts in December. Arizona followed with a 24.2 percent decline.

ForeclosureRadar reported a 45.8 percent rise in foreclosure cancellations in December, which it attributes to the closing of a trustee sale location in Norwalk.

Affecting foreclosures in Nevada, which declined 14 percent in December, is a new law requiring lenders to file an additional affidavit.

“Nevada’s new foreclosure rules appear on track to bring a near complete halt to foreclosures in that state.” stated Sean O’Toole, Founder and CEO of ForeclosureRadar

New ARMs *Finally* Cheaper Than Adjusting ARMs

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via TheMortgageReports.com

If your adjustable-rate mortgage is in its adjustment phase, refinance it. For the first time since last decade, new ARM teaser rates are lower than the rates on adjusting ones.

 

New ARMs Fall Below 3 Percent

Fixed-rate mortgages are très popular these days, but for homeowners with plans to move or sell, or in want of the lowest mortgage payments possible, adjustable-rate mortgages are a very attractive option.

Mortgage rates on all types of ARMs -- conforming, jumbo-conforming, FHA, and jumbo -- are  super-cheap and readily available.

ARM mortgage rates are so low, in fact, that it's now cheaper to refinance into a new ARM than it is to let your current ARM adjust to the current market conditions.

This hasn't happened in years and it's creating opportunity for astute homeowners to save money via refinance.

 

How Adjustable-Rate Mortgages Work

First, let's review how conforming, adjustable-rate mortgages work.

1. For some finite time period, the ARM mortgage rate stays constant (e.g. 5 years)
2. When the finite time period ends, the mortgage rate changes based on a preset formula
3. Every 12 months thereafter, the mortgage rate changes again, based on the same formula

The formula by which a conforming, adjustable-rate mortgage adjusts is straight-forward. The new rate is equal to ( Constant ) + ( Variable ) where Constant = 2.250% and Variable = The current rate of the 12-month LIBOR.

LIBOR Rises As U.S. Mortgage Rates Fall

LIBOR stands for London Interbank Offered Rate. It's the interest rate at which banks lend money to each other.

Given the large-scale sovereign debt concerns within Europoe, then, it's no surprise that LIBOR has been rising since last Summer. As the debt crisis spreads from Greece to Spain to Italy and to the rest of Europe, and as credit downgrades affect nearly all Eurozone members, the risks of inter-bank lending increase.

This is why LIBOR is rising.

Meanwhile, as investors watch Europe wrestle with debt issues going on 2 years now, they continue to seek safety of capital and the U.S. mortgage market offers that. With higher yields than a comparable-term Treasury and the implicit backing of the U.S. government, mortgage-backed bonds have been in high demand.

It's why mortgage rates are so low. As investor clamor for MBS, bond prices rise and bond yields fall. This means lower mortgage rates for everyone from San Diego, California to Reston, Virginia and everywhere in between.

LIBOR touched its all-time low 7 months ago. It's been rising since. And, while it's been rising, standard, conforming ARM mortgage rates have dropped. The two crossed paths in August 2011 and the gap continues to widen today.

It's now a half-percent cheaper to get a new ARM than to let your current ARM adjust.

 

Get A New ARM Rate Quote

If your current loan is an ARM -- adjusting or not -- take a look at your future. As LIBOR rises, the benefits of refinancing increase. It's easier to let your loan adjust, I know, but this is an instance where "doing nothing" can cost you thousands.

Today's adjustable-rate mortgage rates are extremely low. Know your options.

 

Foreclosures in Most of Top 20 Metros Decline From Past Two Years

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via DSNews.com

With Atlanta as the exception, all of the metro areas on RealtyTrac’s top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosures from both of the previous two years.

Foreclosure filings in the Atlanta area in 2011 were 2 percent higher than in 2009.

Atlanta took the No. 12 spot on the top 20 list for the year with a 3.69 percent foreclosure rate.

Half of the metros in RealtyTrac’s list top 20 foreclosure rates for 2011 were located in California. The California metro with the highest foreclosure rate for the year was Stockton, which came in second on the top 20 list with a rate of 5.43 percent.

California metros also took the third, fourth, and fifth spots on the top 20 list: Modesto (5.20 percent), Vallejo-Fairfield (5.2 percent), and Riverside-San Bernardino (5.16 percent).

Las Vegas had the highest foreclosure rate in 2011 among metro areas with populations of at least 200,000. About one in 14 homes – 7.38 percent – received at least one foreclosure filing in the Las Vegas area over the year.

However, Nevada’s foreclosures declined sharply from the third quarter to the fourth quarter after the implementation of a law mandating lenders file an additional affidavit in order to initiate the foreclosure process.

With Arizona posting the second-highest foreclosure rates among the states, Phoenix also maintained an elevated foreclosure rate of 3.69 percent, earning it the No. 6 spot on the top 20 list.

More lenders added to Calif. mortgage-aid program

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The number of loan servicers taking part in a state mortgage-aid program continues to grow roughly one year after its launch, said officials from the California Housing Finance Agency.

The Keep Your Home California program, which began in February, now has 55 participating mortgage servicers, up from 21 in June.

The growing list is important because the $2 billion in aid, which aims to help low- to moderate-income homeowners, is contingent on lender participation. Homeowners send their monthly mortgage payments to loan servicers.

State housing officials said the 55 mortgage servicers that are taking part in the program represent 90 percent of the home loans in the state. They include some of the biggest names in the industry, including Wells Fargo, Bank of America and Chase.

"Adding servicers is critical for our effort to help financially strapped families in the state," said Executive Director of the California Housing Finance Agency Claudia Cappio in a statement.

Even though the list of lenders has grown, not every lender has been willing to take part in all four sub-areas that fall under the "Keep Your Home California" umbrella.

For instance, most of the 55 servicers are participating in two subprograms that provide unemployment mortgage assistance and mortgage reinstatement assistance. But only a dozen of the 55 servicers are willing to cut principals for their borrowers. About half are involved in the transition assistance program.

See all the participating servicers here.

In all, 10,000-plus borrowers in California have either received funding or are about to get assistance from all four subprograms, officials said. The latest figures from the housing finance agency show 635 households in San Diego County have benefited from the program. That translates to almost $13 million in assistance.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays.

Visit: www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

via: San Diego Union Tribune - Lily Leung

Mortgage Rates At Record Lows

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via MarketWatch.com

30-year mortgage rate at record low 3.89%

WASHINGTON (MarketWatch) -- Mortgage rates have hit record lows, Freddie Mac said Thursday in its weekly report on these rates, following "mixed" labor-market indicators. The average rate on the 30-year fixed-rate mortgage fell to a record low of 3.89% in the week ended Jan. 12, compared with 3.91% in the prior week, according to Freddie, a buyer of residential mortgages. These data go back to 1971. A year ago, the 30-year rate was at 4.71%. "Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated," said Frank Nothaft, Freddie's chief economist, in a statement. To obtain the latest rate, payment of an average 0.7 point was required. A point is 1% of the mortgage amount, charged in prepaid interest. The 15-year fixed-rate mortgage fell to a record low of 3.16% in the latest week from 3.23% in the prior week. These data go back to 1991. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to a record low of 2.82% from 2.86%. These data go back to 2005. The 1-year Treasury-indexed ARM fell to a record low of 2.76% from 2.80%. These data go back to 1984.  

Mortgage rates hit record lows: Freddie Mac

Fixed-rate and adjustable-rate mortgages break records this week

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) — Mortgage rates dropped to record lows this week, with 30-year fixed-rate mortgages falling to 3.89%, its sixth week below the 4% mark, according to Freddie Mac’s weekly survey of conforming mortgage rates.

The mortgage averaged 3.91% last week and 4.71% a year ago.

Rates on 15-year fixed-rate mortgages averaged 3.16% for the week ending Jan. 12, down from 3.23% last week and 4.08% a year ago.

Adjustable-rate mortgages also dropped, with 5-year Treasury-indexed hybrid ARMs averaging 2.82%, down from 2.86% last week and 3.72% a year ago, according to the survey. One-year Treasury-indexed ARMs averaged 2.76%, down from 2.8% last week and 3.23% a year ago.

To obtain the rates, 30-year mortgages and 5-year ARMs required payment of an average 0.7 point, 15-year fixed-rate mortgages required an average 0.8 point and 1-year ARMs required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

“Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,” said Frank Nothaft, vice president and chief economist, Freddie Mac, in a news release.

“Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941,” he said. The government’s official jobless rate for December was 8.5%.

Nothaft also pointed to the Federal Reserve’s regional economic review known as the Beige Book, released Wednesday. It indicated most industries “saw limited permanent hiring at the end of last year,” he said.

Fannie Mae Extends Mortgage Relief for Unemployed Borrowers

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via DSNews.com Carrie Bay

Fannie Mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default.

With unemployment forbearance, the servicer reduces or suspends monthly payments for a specified period for a borrower who is unemployed.

With the new guidelines, the servicer can approve an unemployment forbearance term of six months without obtaining Fannie Mae’s approval, provided that all borrower eligibility requirements are met.

If during the final month of the initial unemployment forbearance period, the borrower remains unemployed, the servicer must determine if the borrower is eligible for an extension no more than six additional months.

Forbearance extensions may be recommended on a case-by-case basis and must be submitted to Fannie Mae for review and a final decision.

The new directive from Fannie Mae mirrors the unemployed forbearance guidelines issued by Freddie Mac last week.

Fannie Mae says the program “simplifies and streamlines the use of forbearance options” for the GSE’s servicers.

The new guidelines prohibit the servicer from proceeding with foreclosure during the forbearance period.

Servicers are required to implement Fannie Mae’s unemployment forbearance policies and procedures no later than March 1, 2012, for borrowers who become eligible for such assistance on or after that date. However, the D.C.-based GSE is encouraging all servicers to adapt their processes to the program guidelines immediately.

 

Buy A Home Without A 20% Downpayment

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via: Dan Green - TheMortgageReports.com

The housing market is quietly building momentum, buoyed by mid-range home values and a growing group of buyers. If your plans for 2012 call for buying a home, the sooner you act, the better "deal" you may get.

First-Time Home Buyers Drive The Market

Each month, the National Association of REALTORS® releases its Existing Home Sales report. The Existing Home Sales report includes a tally of Total Units Sold during the month prior; and Home Supply, the number of months it would take to sell the nation's housing stock given today's sales pace.

These figures are known as "headline data"; the easy-to-understand data nuggets on which the media reports to the public.

The Existing Home Sales report goes deeper than just headline data, though. It includes all sorts of statistics that can help the astute home buyer better understand what's really happening in housing.

One such statistic is the real estate trade group's breakdown of Home Sales By Buyer Type.

In November, the Existing Home Sales report shows, 35 of every 100 buyers were First-Time Buyers, an increase from October and part of a longer-term, pro-housing trend. 

One year ago, First-Time Home Buyers were just 32 of every 100 buyers.

First-Time Home Buyer Financing Spurs Housing

In November, home sales were dominated by homes sold for $250,000 or less.

This price point is the domain of the majority of first-time home buyers, with the notable exception of such "high-cost" cities such as Washington, D.C.; San Jose, California; and even Chicago because many of its city condos sell at price points north of $250,000. 

For every one else, the combination of relatively low home prices, historically low mortgage rates, plus access to low downpayment mortgages made home ownership possible.

Click here to get a mortgage rate.

As one example, the FHA 30-year fixed rate mortgage allows for a 3.5% downpayment on a purchase, and seller-paid closing costs. The program is also liberal on mortgage qualifiers including credit scores and income history, making the FHA mortgage an ideal choice for first-time buyers.

Ultra-low mortgage rates help, too.

While conventional mortgage rates have dropped to 4% and lower, so have FHA mortgage rates. Today, you can buy and finance a home with an FHA mortgage cheaper than at any time in history. It's no wonder that 3 times as many mortgages are financed via the FHA versus just 5 years ago.

First-Time Home Buyers have other low downpayment programs available to them, too, including the 100% USDA mortgage and the 100% VA mortgage for veterans of the U.S. military.

You don't need a 20% downpayment to purchase a home.

Home Prices Rising For First-Time Buyers

When 2011 ended, home sales were rising and home supplies were falling. This combination leads to higher home prices -- it's basic economics. And now, with the jobs market showing signs of a thaw, demand for homes should rise again this year.

When it does, first-time home buyers may find themselves priced out of a purchase, save for falling mortgage rates and access to low downpayment mortgages.

If you're planning to buy your first home in 2012, therefore, consider buying sooner rather than later. You may find your best deals of the year are the ones you grab early.

Number of 'Improving' Housing Markets Nearly Doubles

via DSNews.com Carrie Bay

The number of housing markets showing measurable improvement nearly doubled in January, with the addition of 40 new metros to the Improving Markets Index put out by First American and the National Association of Home Builders (NAHB).

The index tracks housing markets that are showing signs of improving economic health based on three independent datasets – employment growth from the Labor Department, home price appreciation from Freddie Mac, and single-family housing permits from the Census Bureau.

The index identifies metropolitan areas that have shown improvement from their respective troughs in employment, home prices, and housing permits for at least six consecutive months.

The following 40 metros were added to the Improving Markets Index this month:

• Florence, Alabama
• Tuscaloosa, Alabama
• Fayetteville, Arkansas
• Denver, Colorado
• Greeley, Colorado
• Bridgeport, Connecticut
• New Haven, Connecticut
• Cape Coral, Florida
• Jacksonville, Florida
• Punta Gorda, Florida
• Honolulu, Hawaii
• Ames, Iowa
• Des Moines, Iowa
• Dubuque, Iowa
• Elkhart, Indiana
• Indianapolis, Indiana
• Lafayette, Indiana
• Lake Charles, Louisiana
• Worcester, Massachusetts
• Grand Rapids, Michigan
• Lansing, Michigan
• Monroe, Michigan
• Minneapolis, Minnesota
• Columbia, Missouri
• Joplin, Missouri
• Fargo, North Dakota
• Manchester, New Hampshire
• Cincinnati, Ohio
• Oklahoma City, Oklahoma
• Tulsa, Oklahoma
• Corvallis, Oregon
• Erie, Pennsylvania
• Philadelphia, Pennsylvania
• Chattanooga, Tennessee
• Clarksville, Tennessee
• Nashville, Tennessee
• College Station, Texas
• Dallas, Texas
• Victoria, Texas
• Madison, Wisconsin



While relatively small metropolitan areas continue to dominate the list, several major metros in diverse parts of the country were added this month, including Dallas, Denver, Honolulu, Indianapolis, Nashville, and Philadelphia.

The full list now stands at 76, with 31 states and the District of Columbia all represented by at least one entry. The current tally is up from 41 in December. Five metros on the list in December were dropped from the index in January. These included Anchorage, Alaska; Fort Wayne, Indiana; Canton, Ohio; Scranton, Pennsylvania; and Charleston, West Virginia.

According to Bob Nielsen, NAHB chairman, the list would be much stronger, were it not for restrictive lending and growing inventories of distressed properties in certain markets.

A complete list of all 76 metropolitan areas currently on the Improving Markets Index is available at: nahb.org/imi.