VA Home Loan News | BofA Correspondent Update

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Basel Rules Called “Anti-American”; MetLife Servicer-Quality Rating Reduced

 

BY: ROB CHRISMAN

 

Even dumpsters can be turned into homes – but what about the comps? Is There Room For The Rat? 

Rates are great, but no experienced loan originator, of sound mind and body, believes that a mortgage company should not make a profit on a loan. But in order to cover the extreme volatility in the last month, profit margins per loan have grown, and thus, as I am often asked, movements in the MBS market are not directly transferred to changes in rate sheet pricing. In addition, besides the volatility increasing the hedge cost, given how the cost of originating each loan has increased due to underwriting, regulatory, and compliance issues, margins have indeed gone up.Good Rates But

If you’re a senior, and you read USA Today, what was your takeaway on reverse mortgages? What The Public Reads

If you’re wondering about the latest on Mike Perry and Indymac (aka IndyMac), see Indy.

There are a couple big conferences coming up. In New England, the 24th annual New England Mortgage Banking Conference (NEMBC) is next week in Newport, Rhode Island. “Thriving in a Challenging in Market” is the theme (“Together we will navigate through the maze of industry challenges while identifying areas of opportunity. Learn more about the top regulatory issues facing our industry today such as Dodd-Frank, MLO Compensation and the Consumer Finance Protection Bureau and regulatory issues.”) For more information contact Melody Bohl, Conference Director, at [email protected] or go to http://www.nembc.net/. Another is the Mortgage Bankers Association of the Carolinas 56th annual convention titled, “News You Can Use”, in two weeks in Myrtle Beach, South Carolina. Contact Rhonda Marcum at [email protected] for more information.  Details are available at www.mbac.org at “Upcoming Events”. And the MBA is having its annual conference, of course, in Chicago in early October.

Basel III is back in the front page financial news. JPMorgan Chase’s Jamie Dimon called the Basel III capital rules “blatantly anti-American.” “He was referring to new capital requirements that call for banks to hold core tier one capital that equals 7% of risk-weighted assets. That number climbs to 9.5% for systemically important financial institutions like JPMorgan Chase, Citigroup and Bank of America.” For a complete write up visit Forbes Chase Basel.

Many in the industry are waiting and watching for news on Bank of America’s correspondent channel.

Read full article here:Mortgagenews

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