N.C. Trade Group Clarifies YSPs Under New Law
A mortgage trade group in North Carolina has warned its members that news reports indicating yield spread premiums are prohibited under a new state law are wrong. The new law does, however, place limitations on mortgage broker income earned on high-cost loans.
Rates, Apps Edge Lower
Mortgage rates eased, but so did 1003s.
Government Originations to Double
As rates rise and conventional originations slide, government mortgage originations are projected to more than double.
States With Highest, Lowest Closing Costs
The cost to close a mortgage loan varies by nearly $1,400 between the states with the highest and lowest closing costs, according to a new report.
1-Year ARM & FHAs Improve, Purchases Worsen
As government loan applications and the 1-year adjustable-rate mortgage improved, purchase 1003s sank to their lowest level in more than five years.
Fannie Boosts Fees
Fannie Mae has increased some of its delivery fees and pricing adjustments.
Pricing Engines Gain Prominence
As nonconforming wholesale lending programs diminish, technology that scours the few remaining programs is flourishing. Other recent mortgage technology activity includes advancements in origination systems and compliance services.
MTA at 3-Year Low
The monthly Treasury average index fell to its lowest level in more than three years.
COFI Defies Mortgage Rates
The cost of funds index will not stop falling.
