Empire State Manufacturing Survey – estimated to be 13 , actually 15.92 Consumer Price Index (CPI)- estimated to be 0.1% , actually 0.1% Industrial Production- estimated to be 0.6% , actually 0.6% Capacity Utilization - estimated to be 71.9% , actually 72% *Consumer [...]]]> The reports are in folks, and here’s what we got this morning:

Empire State Manufacturing Survey – estimated to be 13 , actually 15.92
Consumer Price Index (CPI)- estimated to be 0.1% , actually 0.1%
Industrial Production- estimated to be 0.6% , actually 0.6%
Capacity Utilization - estimated to be 71.9% , actually 72%
*Consumer Sentiment Index - estimated to be 74 , actually 72.8

The Consumer Sentiment Index is where 500 households are surveyed each month on their financial conditions, and most importantly, their attitudes about the economy. This report is also related to the STRENGTH of consumer spending, and when it comes down to it, the consumer (you and me) is what makes or breaks the economy.

Companies can make all the products they want, but at the end of the day, if nothing is bought, there’s no profit to report to its shareholders on that long, big, shiny table at the end of the each quarter.

Mortgage bonds have broken through the 25 DMA (Day Moving Average) and have also broken the 200 DMA, so today would be a good day to lock any of your transactions you are in the middle of. There have been some nice gains these past couple of days, so ride it all you can, because I don’t think its going to too much longer.

Make sure to tell you loan officer to be prepared to lock possibly today if things take a turn for the worst.

Again, this is where understanding the market pays off for the consumer.

With the new RESPA rules that have come out, many consumers may now THINK that they are now going to be guaranteed the “best deal” out there, but that’s really not the case if you’re wasting your time. You may save a few dollars folks, but TIMING AND MARKET COMPETENCE is what counts.

Just my 2 cents!

Also had the Retail Sales report this morning, and while it was expected to come in at 0.4%, it actually came in alot below that [...]]]> Well after a pretty rough day for mortgage bonds yesterday, we are seeing a little rebound after this morning Jobless Claims. The figure came in higher than expected at 444k.

Also had the Retail Sales report this morning, and while it was expected to come in at 0.4%, it actually came in alot below that at -0.3%.

The FNMA 4.5% coupon has been approaching the 25 Day Moving Average the past few days, it has not gone above it, so that’s what’s basically being used to test mortgage bond resistance.

Folks, tax credit is going to be over soon and what that means is that everyone is going to be piling in wanting to close YESTERDAY.

With this being said, you have the almighty Capitol Hill lobbyists that have royally “boinked” the Real Estate Industry by implementing the new RESPA rules.

Have you ever seen 2 trains collide before?

Well that’s what’s going to happen if everyone waits until last minute.

Make sure to get everything in early, get with a good lender that understand all the new changes, and get your home closed on time (or as close as you can to it).

Don’t be behind the 8 Ball when you have a chance to cash in on a new home AND 8k! You’ll regret it later!

Couple of things we do differently than other lenders:

The MRB instructed its staff to exercise such restraint in considering an action against Federal [...]]]> The U.S. Department of Housing and Urban Development’s (HUD) Mortgagee Review Board (MRB) will “exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA)” for the first four months of 2010, the agency announced Friday.

The MRB instructed its staff to exercise such restraint in considering an action against Federal Housing Administration (FHA)-approved lenders that have demonstrated that they are making a good-faith effort to comply with RESPA’s new requirements. The new requirements take full effect beginning Jan. 1, 2010.

HUD is asking other federal and relevant state enforcement agencies to exercise the same 120-day restraint in enforcement for non-FHA originators and other settlement service providers that demonstrate the good-faith effort to implement RESPA’s new rules.

In determining whether a mortgagee has made a good-faith effort, MRB staff will consider whether the mortgagee has relied on the new RESPA rule and other written guidance issued by HUD, and the extent to which the mortgagee has made sufficient investment and commitment in technology, training and quality control designed to comply with the new rule.

“We will work with those who are making an honest effort to work with us as we implement these important new consumer protections,” says HUD Secretary Shaun Donovan. “While we will not delay implementation of RESPA’s new requirements, we are sensitive to the concerns of the industry as it integrates these new rules into their day-to-day business practices.”

In October, several trade groups wrote to HUD Secretary Shaun Donovan and FHA Commissioner David Stevens urging HUD to provide a reasonable implementation period before compliance becomes mandatory.

“Despite the best motivations of HUD…we are headed for a mortgage market train wreck on the tracks of RESPA compliance,” wrote the groups, which included the Mortgage Bankers Association and the American Bankers Association.

SOURCE: Department of Housing and Urban Development and mortgageorb.com

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