Tax Cut Extension Now Officially Raising Mortgage Rates

According to a report in the Mortgage News Daily, As part of the temporary resolution to the recent battle over the Tax Cut Extension that took place in the last weeks of December, Congress decided that mortgage borrowers should foot part of the bill. Technically, Congress increased the "Guaranty Fees" that Fannie Mae and Freddie Mac charge to lenders that securitize MBS (Mortgage-Backed-Securities) with the Agencies, but ultimately, this cost must either be absorbed by lenders, passed on to consumers, or some combination of the two.

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GSE Guarantee Fee Hike Coming April 1

According to a report in the National Mortgage News, The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to implement a congressionally mandated increase in their loan guarantee fees on April 1.

For more visit: http://www.nationalmortgagenews.com/dailybriefing/2010_506/gse-guarantee-fee-hike-1028074-1.html#. PrivoCorp is a contract mortgage processing company, and we keep track of movements in fees like these and try to correlate fees increase/decrease to processing volumes

Realtors Report Signals Higher Sales in Coming Months

According to the report in National Mortgage News, A leading indicator of future home sales jumped 7.3% in the November to its highest level in over 19 months, according to the National Association of Realtors.

For more: http://www.nationalmortgagenews.com/dailybriefing/2010_506/realtors-report-signals-higher-sales-1028071-1.html

We at PrivoCorp consider this a good opportunity for contract mortgage processors, Visit us @ http://www.privocorp.com/

Wells Fargo Breaks 25% Market Share

According to a report in the National Mortgage News, Wells Fargo continued to dominate the origination landscape in the third quarter, funding $90 billion of product and amassing a market share of just over 25%—the largest reading ever for one lender. 

For more information on this check the following website: 

http://www.nationalmortgagenews.com/nmn_features/wells_breaks_25_percent-1027886-1.html

PrivoCorp has processed mortgages for various companies, but our proportion is not indicative of the marketshare of Wells Fargo. PrivoCorp is a contract mortgage processing company that is licensed in various states in the country. For more info about PrivoCorp  visit us @ http://www.privocorp.com/

After Starting Out Weaker, Mortgage Rates Finish Strong

According to Mortgage News Daily a strong Treasury auction and an uneventful policy statement from the Federal Reserve paved the way for mortgage rates to improve to their best levels since late September/early October today. Although the improvements haven't translated to a lower Best-Execution rate, the costs involved in obtaining those rates should be slightly lower today than they were last Thursday (12/8/11).

Today's auction of 10yr Treasuries showed extremely high demand and at lower rates than markets had been trading. Although mortgage rates are not based on US Treasuries, the Mortgage-Backed-Securities (MBS) that DO influence rates are similar to Treasuries and tend to trade in the same direction, even if it's by different amounts. 

After spending weeks at an average 4.0% Best-Execution, rates recently dropped to the next rung lower on the ladder at 3.875% late last week. Two days of marginal weakness was beginning to reintroduce 4.0% Best-Ex rates at several lenders. Rates were on a path higher again this morning, and 4.0% continued to proliferate, but the solid improvement this afternoon renders that phenomenon all but non-existent.

For the entire article please visit:

http://www.mortgagenewsdaily.com/consumer_rates/239509.aspx

PrivoCorp is the fastest processor of conventional and FHA mortgages in the country. For more information about our services, please visit http://www.privocorp.com/