Treasury yields are lower for a third day, after the Commerce Department said home builders broke ground on fewer homes in July and wholesale prices jumped more than economists expected  FNMA 30 yr Mortgage Backed Securities DOWN 1.9 basis points* to 6.266%  10 Year Treasuries unchanged at 3.81%  DJI Stocks are down 121 in early trading.  Crude Oil down to 112.57 a barrel. Links to additional industry news. Reverse Mortgage Broker Fee in Dispute 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA   10 Ways to Avoid A Closing Nightmare An easy list that will make your life easier   DPA May Not Be Dead! New Bipartisan Legislation Introduced   $7,500 First Time Buyer Tax Credit Up to $7,500 can be borrowed from IRS *A Basis Point is 1/100 of a percent.   08/19/2008

Mortgage rates begin the week going in the right direction.  Treasury yields also declined. FNMA 30 yr Mortgage Backed Securities DOWN 3.6 basis points to 6.285% Ten-year Treasury note yields fell 2 basis points to $3.824%. DJI stocks down 33 in early trading. Crude oil up $ $1.58, to $115.35 on New York Mercantile Exchange. Current market and lending updates: http://www/YourFhaGuru.com   08/18/2008

Unapproved FHA brokers will no longer be able to collect 25% of the commision on FHA Reverse mortgages. HUD will be issuing a Mortgagee Letter within the next 30 days eliminating any so-called "HECM Advisor" programs. Because the law requires that, "All parties that participate in the origination of a mortgage to be insured under this section shall be approved by the Secretary," once the forthcoming M.L. is issued and takes effect, only employees of FHA-approved lenders and correspondents will be permitted to participate in the origination of HECMs. See all the changes to the FHA Reverse Mortgage (HECM): http://www.themtgmentor.com/End_HECM_Advisor_Program.html Market and Lending Updates: http://www.YourFhaGuru.com   08/17/2008

Unapproved FHA brokers will no longer be able to collect 25% of the commision on FHA Reverse mortgages. HUD will be issuing a Mortgagee Letter within the next 30 days eliminating any so-called "HECM Advisor" programs. Because the law requires that, "All parties that participate in the origination of a mortgage to be insured under this section shall be approved by the Secretary," once the forthcoming M.L. is issued and takes effect, only employees of FHA-approved lenders and correspondents will be permitted to participate in the origination of HECMs. See all the changes to the FHA Reverse Mortgage (HECM): http://www.themtgmentor.com/End_HECM_Advisor_Program.html Market and Lending Updates: http://www.YourFhaGuru.com   08/17/2008

Wednesday AM Market Wholesale mortgage rates are down this morning after Fannie Mae Mortgage Backed Securities dropped 4.5 basis point to 6.333% from 6.378% yesterday. A basis point is 1/100 of a percent Dow Stocks down 141 in early trading. Crude oil is up $1.84 at $114.85 a barrel. Treasurys edged higher Wednesday after a pair of government reports showed retail sales fell while import prices rose in July.  Excluding automobiles, sales rose 0.4% last month, the smallest gain since February. The median forecast was for a 0.5% increase. Current market and lending updates: http://www.YourFhaGuru.com   08/13/2008

Borrowers should never go first when a lender tells them "show me yours and I'll show you mine". A flyer came in the mail the other day; gray, semi-official looking, undated.  It was from the "Negotiation Center" claiming that I might be able to negotiate a 30 year fixed rate loan for 5.875% (5.923% APR).  Because the letter undated I guess, the rates were always good.  Well... maybe not because a pretty good wholesale rate today (08/11/08) is 6.375% at par and the advertised APR did not allow for even one discount point. I had to check this out.  After I dialed the 800 number and I was eventually hooked up to a woman with an Irish brogue who called herself Paddy Kelly, Really!  When I asked about the 5.875% rate Paddy explained that it was indeed available but she needed my application... 08/12/2008

The FHA 203(k) is a great tool for purchasers of trashed REOs or even buyers who wish to remodel the kitchen in their new home.  The 203(k) loan provides one home loan for buyers to purchase and rehabilitate.  It is also a great tool for Realtors to create a marketing niche. Click for a quick 5 minute presentation.  http://YourFhaGuru.com/203k.html You can always find updated market and lending information at: http://www.YourFhaGuru.com   08/07/2008