Archive for the 'Announcements' Category

Freddie Mac: Mortgage rates fall to new lows

July 22nd, 2010

Written by Frost Mortgage

Long-term mortgage rates fell again this week, with both 30-year and 15-year fixed-rate mortgages at the lowest levels since McLean, Va.-based Freddie Mac began keeping track.

The average rate on a 30-year fixed-rate mortgage in the week ending July 22 was 4.56 percent, down from 4.57 percent last week, the lowest since at least 1971. A 15-year fixed-rate mortgage averaged 4.03 percent, the lowest since at least 1991.

A one-year, adjustable-rate mortgage averaged 3.70 percent, down from 3.74 percent last week.

“The decline in mortgage rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Freddie Mac (OTC: FMCC) chief economist Frank Nothaft.

Read more: Freddie Mac: Mortgage rates fall to new lows – New Mexico Business Weekly

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Latest Housing Scorecard shows continued affordability in U.S. market

July 21st, 2010

Written by Frost Mortgage

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have jointly released the second edition of the Administration’s Housing Scorecard showing that, thanks in part to interest rates continuing at all-time lows, home affordability in the U.S. remains near the most attractive levels in 10 years. In addition, for the first time, the report now tracks the impact of HUD’s Neighborhood Stabilization Program (NSP), which has spurred local investment and is beginning to make affordably-priced homes available to consumers. The Housing Scorecard is the Administration’s comprehensive report on the nation’s housing market.

http://nationalmortgageprofessional.com

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Dodd-Frank Wall Street Reform passes Senate and heads to White House

July 15th, 2010

Written by Frost Mortgage

“The U.S. Senate has announced the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (HR 4173) by a vote of 60-39. The 2,300-plus-page bill, HR 4173, is intended to address the problems that led to our nation’s economic collapse, will add new regulators to analyze any potential economic crisis situations in the future; create a federal bureau in charge of consumer protection; and adopt new regulations designed to end the practices that contributed to the American economic downturn.”

http://nationalmortgageprofessional.com/

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Regulatory Reform Set to Clear Senate

July 15th, 2010

Written by Frost Mortgage

As National Mortgage news online reports www.nationalmortgagenews.com The Senate Thursday morning voted 60-38 to break a filibuster on the Dodd-Frank Wall Street Reform bill, clearing the way for final passage in the afternoon. Senate majority leader Harry Reid said the landmark financial services regulatory reform bill will help restore trust in the U.S. financial system. “We’re going to give consumers and investors the strongest protections they’ve ever had against abusive banks, mortgage companies, credit card companies and credit-rating agencies,” Reid said. Financial Services Roundtable president and chief executive Steve Bartlett said there are parts of the bill the banking industry likes, but noted that some sections are problematic. “The bottom line is this: the Dodd-Frank bill soon will be the law of the land. As an industry, we will make it work—working closely with regulators, who will implement the new law—in the best interests of the American people and the economy,” Bartlett said in a speech at the National Press Club.

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Money Market Recap & Forecast for July 12th

July 12th, 2010

Written by Frost Mortgage

MMRecap for July 12

Even though trading was light and economic news was scarce last week, U.S. Treasuries had a tough go of it.

On Tuesday, stocks rallied as bargain hunters moved in, apparently taking advantage of the 15% slide that has taken place over the past two months.  Stocks also reacted well to booming European markets.

Treasuries sold, sending yields, which move inversely to price, up.  But Wall Street lost steam in the afternoon, and bonds recouped some losses.  The benchmark 10-year yield closed at 2.93% after hitting a mid-morning high of 2.98%.

The ISM index on the service industry for June fell more sharply than expected.  It dropped to 53.8 from 55.4, but it still indicates expansion in the sector.

Bonds never recovered from Wednesday’s huge rally on Wall Street.  A pre-announcement of much stronger-than-expected earnings by State Street bank provided hope for the earnings season, which starts this week.  Money flew into equities, and Treasuries suffered.

The suffering continued Thursday.  A decline of 21,000 first-time unemployment claims to 454,000 for the week ended July 3 set the tone.  In addition, the four-week average, which eliminates volatility, fell to 455,000.

Retail stores also released same-store sales, which were stronger than expected, and positive news regarding the European banks encouraged more buying in stocks as Treasuries sold.  At the end of the session the 10-year yield hit 3.02% — the first time it’s been above 3% since June 28.

The week ended with wholesale inventories for May, which rose 0.5%.  Treasuries sold on upcoming auction news and suspicion that global recovery is on the way, sending the 10-year yield to 3.05%.

Refinancers continued to rule during the week ended July 2.  According to the Mortgage Bankers Association, refis rose 9.2% with the index hitting a 13-month high.  Purchase apps fell 2% and are down 34.7% from one year ago.

As promised, this week is loaded with economic reports, but it doesn’t get going until Wednesday when retail sales for June are due.  Analysts expect sales to fall 0.3%, which would better than May’s 1.2% decline.  Excluding transportation, sales could edge down 0.1%, which also beats the previous 0.8% loss.  If on target, these numbers shouldn’t excite the stock market nor cause buying in Treasuries.

The other reports scheduled — import and export price indices for June and business inventories for May — won’t make a ripple.

The minutes from the Fed’s June 22-23 meeting, to be released Wednesday afternoon, could provide information regarding the economic outlook and clues regarding rate hikes.  This always interests bond traders and could move the markets.  But no one knows what was said.

Thursday is major as far as reports go, starting off with first-time unemployment claims for the week ended July 10.  The producer price index (PPI) for June, which checks for price inflation at the wholesale level, is also due.  It’s expected to rise 0.1% versus a 0.3% decline in May.  But that’s well within acceptable guidelines.  The core rate, which is the one the Fed watches, could also rise by an acceptable 0.1% — down from a 0.2% gain in May.  The core rate excludes volatile food and energy prices.  The lack of inflation indicators should sit well with traders.

The remaining reports focus on manufacturing, starting out with industrial production and capacity utilization for June.  Production is expected to rise 0.2% — down from May’s’ 1.3% increase.  Capacity utilization, which is less important, should edge up to 74.2% from74.1%.  These numbers could foster light buying in Treasuries.

Traders might like the NY Empire State index on July manufacturing conditions.  It’s expected to decline to 18.5 from 19.57.  The more influential Philly Fed index for July should tick up to 8.6 from 8.0.

On Friday the June consumer price index, which is THE index on inflation, should come in flat after falling 0.2% in May.  The core rate is expected to rise 0.1%, the same as in May.  These data should calm inflation watchers.

The reports end with what could be bond-friendly news from the University of Michigan.  Analysts expect the preliminary consumer sentiment survey for July to show a significant drop to 72 from 76.  This could stir up buying in bonds.

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Thanking Local Heroes: Frost Will BBQ for APD

July 9th, 2010

Written by Frost Mortgage

Frost Mortgage proudly supports the people who make our country and our communities great–especially those who selflessly protect us.

On Tuesday, July 13, from 1 to 3 p.m., at 2051 Wyoming Blvd. NE in Albuquerque (map), we will be grilling free Nathan’s Hot Dogs for members of the Albuquerque Police Department.

These men and women are heroes–they work daily to make our communities safe and they aren’t thanked enough. Please help us spread the word to these public servants–lunch is on us!

The aroma of grilled hot dogs and fresh donuts will be in the air in our neighborhood that week, as Albuquerque’s second Krispy Kreme donut shop opens the same day at 5:30 a.m. across the street from the Frost Mortgage national headquarters across from the Wyoming Mall. The Krispy Kreme team will be joining us in honoring the Albuquerque Police Department. Beginning at 1 p.m. and continuing through 3 p.m., officers can stop by the Wyoming Frost Mortgage office, located directly across from the new Krispy Kreme location for free donuts.

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Mortgage Success Source announces new faculty including Greg Frost Sr.

June 17th, 2010

Written by Frost Mortgage

“Mortgage Success Source (MSS), the joint venture of The Mortgage Market Guide, LoanToolbox, and The Duncan Group, announces a new contributing faculty composed of strong mortgage industry producers and top performing loan originators from across the country who are as diverse in their style of business as they are in their locale. This new faculty assemblage will add to the wisdom and insight that MSS leaders Barry Habib, Sue Woodard, Todd Duncan, Greg Frost, and Jim McMahan share with MSS members, inspiring loan professionals to work smarter, increase their loan volume and find success in today’s market. … MSS is the one-stop-shop for loan originators looking to achieve higher levels of success.”

via Mortgage Success Source Announces New Contributing Faculty Members.

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Now even easier to follow Frost on Facebook!

May 18th, 2010

Written by Frost Mortgage

As our fan base grows, it’s now even easier to become a fan on Facebook thanks to a web address that will be easier to find and remember.

Our new Facebook address is:

http://www.facebook.com/FrostMortgage

Please tell your friends and coworkers! If you scroll down on the left side to the bottom of our page, you’ll find a “Share” button that makes this process easier.

Thank you for your support. We look forward to continuing to share valuable and entertaining content with our fans, and please let us know if there’s anything else we can do. Because at Frost Mortgage, we don’t just close loans–we open doors.

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Indianapolis 5/18: Learn to thrive rather than survive from Greg Frost Sr.

May 17th, 2010

Written by Frost Mortgage

Sponsors:

Ottimo Capital Group of Primary Residential Mortgage
Chicago Title
Fifth Third Wholesale
Jim Cherco—West Point Financial

Tuesday, May 18:

North: 8:30—11:00
WestPoint Financial
900 E. 96th Street Suite 300
Indianapolis, IN 46240

Thrive Rather than Survive

• Do you want a system that is guaranteed to identify borrowers?
• Are you concerned with how you will survive the predicted $1.2 Trillion drop in national mortgage fundings in 2010?
• Do you want to create systems that are guaranteed to identify borrowers?
• Do you want to have a steady flow of pre-qualified prospects to be able to refer to your Realtor referral partners?

If you answered YES to any of these questions, then attending this Business Planning event is perfect for you!

Greg Frost Sr. will share the market tested systems, strategies and tactics that helped him become our industry’s 1st Billion Dollar Originator.

Join him on Tuesday, May 18, North Side at 8:30 a.m. Space is limited. Register fast.

• Learn Cutting Edge Production Strategies
• Increase the Number of Referral Partners
• Generate More Leads
• Close More Loans
• Put More Money in Your Pocket
• And much more!

WHO SHOULD COME:

Loan Originators, Branch Managers and Production Assistants are encouraged to participate in this Free Success Secret Training Seminar!

For more details contact Rock Planck @ 317.663.3034 or Amber Morris @ 317.697.0880

Don’t Forget to Register ASAP—Space is Limited

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Broker/Owners and Producers: Thrive or Survive?

May 7th, 2010

Written by Greg Frost

Are you a Broker/Owner or Producing Branch Manager who is looking for a platform from which to catapult and grow your business for the next 5 years?

If so, you owe it to yourself to take a serious look at our Branch Partner business model.

• Top 20 National Lenders
• Billion Dollar Monthly Funding Capacity
• 2 Day Underwriting/ 1 Day Re-submits
• Very Competitive Pricing

In addition, you can count on my assistance at building a business plan that will allow you to thrive rather than survive. Please visit this page, designed just for you, today to learn more:

http://frostmortgage.com/branch-opportunities-e1/

If you are a Top Producing Originator who wants to enter the Mortgage Banking world under a Full Eagle, FHA/VA approved lender, please visit:

http://frostmortgage.com/loan-officer-e1/

Greg Frost

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