Friday, February 4, 2011

[Mortgage Rate Watch] - How Did the Employment Report Affect Mortgage Rates?


Mortgage News Daily


How Did the Employment Report Affect Mortgage Rates?
Posted to: Mortgage Rate Watch
Friday, February 04, 2011 3:53 PM
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It finally happened.  The range has been officially broken.  In the wrong direction.....
The RANGE that has been the topic of so much conversation here has finally been broken.  Over the past 6-8 weeks, we've sat through an extremely stagnant market in terms of mortgage rate movements.  The only volatility we've experienced was seen in the closing costs associated with obtaining a "Best Execution" mortgage rate.

Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation


Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation
Posted to: MND NewsWire
Monday, January 31, 2011 3:10 PM
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The Census Bureau has released its survey of Residential Vacancies and Homeownership for the fourth quarter of 2010. 
Homeowner Vacancy and Rental Vacancy statistics are from the Housing Vacancy Survey, which is a supplement to the Current Population Survey. The homeowner vacancy rate is the proportion of the homeowner inventory which is vacant for sale. The rental vacancy rate is the proportion of the rental inventory which is vacant for rent. A housing unit is vacant if no one is living in it at the time of the interview, unless its occupants are only temporarily absent. In addition, a vacant unit may be one which is entirely occupied by persons who have a usual residence elsewhere.
Quick Recap.....
Total Housing Units in the United States:  130.85 million vs. 130.19 million in Q4 2009
How Many Are Occupied: 112.45 million (85.9% of total) vs. 111.37 million in Q4 2009
  • How Many Are Owner-Occupied: 74.78 million (57.2% of total) vs. 74.81 million in Q4 2009

TILA Change Implementation Halted

In a decision that has drawn praise from the Mortgage Bankers Association, the Federal Reserve has announced that it likely won't finalize a trio of pending regulations involving the Truth in Lending Act, since most of the regulations would come under the control of the Consumer Financial Protection Bureau later this year.

Monday, January 31, 2011

IRS not looking at 2010 taxes until February 15, 2011

With 8000 tax laws changed within the last 3 months of 2010, IRS will NOT begin looking at 2010 taxes filed by taxpayers until February 15th. 

What this means for self employed borrowers:
  •   If I need to see 2010 taxes (for length of employment or income purposes), the 4506T (tax transcript from IRS) which I need to submit to final underwriting will be delayed.  
  • My best guess for the delay will be 1 month from filing taxes for receipt of the 4506T.   

What used to be March 1st for approximate time frame for receipt of the 4506T after Tax filing in years past, is now moved out to April 1-15th, 2011 (a delay of 1 to 1.5 months).