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Mortgage and Lending - kandola mortgage services
RECENT BLOG POSTS
 Wells Fargo CEO Richard Kovacevich estimates that approximately 20 percent of 375 metropolitan areas in the country have experienced a 20 percent decline in home prices. However, he believes that various economic factors will help to discontinue these declines in 2007.      "There's no way that ...
01/04/2007
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 A typical program in subprime lending is the "228", a loan with a fixed payment for two years (usually with a 2-yr pre-payment penalty). The 228's facing resets this year represent the biggest growth segment among the pile of loans resetting: according to FNMA, there are $321 Billion of such loa...
01/03/2007
 This morning look for an improvement in A-paper mortgage pricing. The ISM Manufacturing Index will be released this morning and is expected to increase slightly by 0.5 to a level of 50.0. (Any figure below 50.0 is a signal of contraction in the sector.)  The FOMC minutes of the December Fed meet...
01/03/2007
 Another large subprime lender has ceased funding loans: Mortgage Lenders Network USA. Based in Connecticut, with over 1,500 employees, the company is rumored to have run into trouble due to "pricing issues" and is thethird largest subprime lender to have negative press recently. It is certainly ...
01/03/2007
REVERSE MORTGAGES: This new law provides protection to consumers who obtain reverse mortgages. This law prohibits certain self-dealing activities by companies providing reverse mortgages, requires certain additional disclosures for reverse mortgages, and also requires a translation of the contrac...
12/29/2006
 Did you know that studies show 22% of Latinos have a "thin" credit file, or no credit history, compared to only 4% for Caucasians? Or that 35% of Latino families do not have a basic checking or savings account? Underwriting these files is a manual process, which obviously requires time and resou...
12/27/2006
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 What happened on Friday? Bond and mortgage prices worsened throughout the day due not so much to the strong economic news but more to selling heading into the holiday weekend. Many changed prices on their rate sheets, and those that didn't will certainly worsen this morning. (Mortgage prices thi...
12/27/2006
 According to the National Association of Realtors, over the last 10 years single female buyers have been the fastest- growing segment of the housing market. They account for nearly one in four home buyers and purchase houses at more than twice the rate of single men. Analysts say that more women...
12/27/2006
 Answer: not as many as in the past. That aside, National City has sold First Franklin to Merrill Lynch for $1.3 billion. The bank said mortgage servicing right (MSR) net hedging results were "modestly positive" in July and August. MSRs are rights to receive fees from collecting borrower's monthl...
12/24/2006
 What happens to a borrower's payment when they send it in every month? Sometimes servicers/investors will separate the principal and interest amounts, and if a company does this enough two new securities can be created: and IO (Interest Only) and PO (Principal Only). Stripped MBSs have been arou...
12/24/2006
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