Posted by mwm143 on 2/7/11 9:47am
Msg #371792

My phone has stopped ringing

I've been keeping tabs on the daily recordings for the counties I cover and it seems that attorneys are the only one's closing loans. And not that many either.

Reply by 101livescan on 2/7/11 9:59am
Msg #371794

Interest rates on the rise....keep the faith. It's quiet everywhere.

Reply by 101livescan on 2/7/11 11:20am
Msg #371798

Bankrate.com this morning.

http://www.bankrate.com/finance/mortgages/5-housing-trends-in-early-2011-1.aspx

Reply by Tish/CA on 2/7/11 1:27pm
Msg #371810

This exerpt taken from the link provided above. This doesn't look good for us...

<Mortgage refinancing is expected to experience a "very steep drop" in 2011 compared with 2010, according to Michael Fratantoni, vice president of research and economics at the Mortgage Bankers Association in Washington, D.C.

The prospect of higher interest rates on home loans is one reason for that outlook, but not the only reason.

Homeowners who have ample equity, sterling credit and steady employment probably refinanced at least once in 2009 or 2010, locking in low fixed rates and consequently, have little or no incentive to refinance again in 2011, Fratantoni says.

Those who didn't refinance in the last two years due to inadequate equity, unstable employment or impaired credit probably won't do so this year either because, while still-low interest rates may create an incentive, those challenges will remain to be overcome.

"Trillions of dollars' of mortgages that, on paper, look like they would be candidates, haven't (refinanced) yet, and we don't see them as a large factor in the year ahead," Fratantoni says>



Read more: 5 housing trends in early 2011 http://www.bankrate.com/finance/mortgages/5-housing-trends-in-early-2011-1.aspx#ixzz1DIpZs16K

Reply by mwm143 on 2/7/11 2:00pm
Msg #371816

While I agree somewhat with the article in theory I would have expected more of a gradual decrease rather than 60-0 overnight. I'm attributing the slow start to the year as a drop in loan applications over the holidays. I am certainly hopeful that business will pick up substantially by mid to late month and would expect an increase for the next couple of months before gradually dropping off as predicted by this article and others I've read.

What's the opinions of others here?

Reply by 101livescan on 2/7/11 4:33pm
Msg #371836

I just left a signing for a lady attorney who fought hard for refinance of her two loans into one fixed rate for 30 years. The bank, which shall remain nameless here, did not want to lend to her. She has $5Mil in various bank accounts. She told this lender if they didn't refi her, she would pull all her money out of their bank branches and get refi'd somewhere else. She has banked with them for 20 years. She has stellar credit, solid loan to value ratio and low DTI #s. She felt they did not want to continue to lend at these low rates (she has 4.25% and has been in the process for six months). Being a sole practitioner may not have helped her case, but she was pretty testy in the signing, we called the LO. Seems this lender makes around $300 marking up the appraisal for refi properties. She wondered by the loan amount was so much higher and she still was to bring money in to close! Simply the lender with all their ancillary fees. I think lenders are staving off applicants because they want to make more money than they are currently.

Reply by JanetK_CA on 2/8/11 12:55am
Msg #371870

Cheryl, I think you have hit on a very good point here. With interest rates starting to creep up, they now don't want to tie up their funds for 30 years at a low rate - especially with their ability to sell the loan right away at risk. Isn't it funny how their attitudes change with the possibility of being stuck with the consequences of their decisions?

Reply by Cheryl Meril on 2/7/11 12:03pm
Msg #371803

Re: Is it AT&T Poor Cell Service?

Make sure it's not your wireless carrier. A few days I didn't get any calls and learned the AT&T tower is having trouble in my area since 1/17/11. People break up on the other end a lot. I just got one month credit for the inconvenience. I have no idea if I've missed any calls though, no way of knowing.

Reply by Kay/IL on 2/8/11 4:32pm
Msg #371944

Now I heard the opposite.......

Just last week, there was a post about Chase expecting an increase in refinances. This was due to a reduction in government restrictions for borrowers, making more eligible for qualifiying for refinancing while rates are still low.

If I can find the link, I'll post it here.