Fridays are good things - in the mortgage industry, there are sometimes reprices for the good near the end of the day - which is why the super savvy loan officer can be found in their office at 5:45pm on a Friday. Today was not a good day for Taylor-Bean-Whitaker Mortgage because apparently, as Bloomberg is reporting, they were dropped from the FHA program for possible fraud issues. Some independent auditor found the FHA's third largest lender to have some "irregular transactions" that "raised concerns of fraud." This is not good news for rates - mainly because if they fall out of the market, rates will most likely worsen.
In other less than wonderful news, the market opened up in a poor position today and rates were not stellar - par was around 5.375 - 5.5% today. The next two blog posts will cover some very interesting and new material - the new HVCC provisions and the Housing and Economic Recovery Act (HERA). We've been operating under the new HVCC or Home Value Code of Conduct for a month or so now, and it's been hit or miss. Yesterday I heard some good things, and the day before some bad things. There's currently a bill to impose a moratorium on the HVCC for 18 months, but it's not going anywhere at the moment. More info on that can be found here. http://www.opencongress.org/bill/111-h3044/show Until Monday, have a good weekend.
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