Archive for the 'News' Category
Fed Survey: Economy Expands Throughout U.S.
March 3rd, 2011
Written by Frost Mortgage
A Federal Reserve survey showed that all of the central bank’s 12 regions registered growth at a “modest to moderate” level in January and early last month, highlighted by an uptick in job creation. The Beige Book report also signaled, however, that housing remained the economy’s primary area of weakness during that time span. “Overall sales and construction remained at low levels across all districts,” the survey noted.
USA Today (03/03/11)
Discussion: No Comments »
US Construction Ticked Up in October
December 2nd, 2010
Written by Frost Mortgage
The Census Bureau reports that construction spending rose 0.7 percent in October compared to September, despite continued weakness in the single-family sector. Private residential investment climbed 2.5 percent for the month, due mainly to a 3.2 percent gain in new multifamily projects and a 6.2 percent increase in repair and maintenance work. Single-family home construction, however, decreased 1.2 percent for the month.
KHL Group (12/02/2010) Sleight, Chris
Discussion: 1 Comment »
The Good News About Rising Mortgage Rates
September 7th, 2010
Written by Frost Mortgage
The Mortgage Bankers Association’s upcoming data on mortgage-application activity might show whether the prospect of higher mortgage rates is spurring consumers to buy homes; mortgage rates tend to move in lock-step with bond yields, which suddenly rose by a significant amount on Friday.
Federal Reserve policy makers want to keep mortgage rates low to boost the economy and the housing market, and some observers believe they will introduce more policy-easing measures at their next meeting on Sept. 21. Still, the Fed is unlikely to make hasty decisions, considering the central bank may be willing to live with risk that gets people to buy homes due to concerns that rates will rise even further.
Wall Street Journal (09/07/10) Evans, Kelly
Discussion: No Comments »
US Home Loan Demand Rises as Rates Hit New Low
September 1st, 2010
Written by Frost Mortgage
According to the Mortgage Bankers Association, loan applications for buying a home or refinancing rose 2.7 percent last week as interest rates sank to a new low. The four-week moving average of mortgage applications, meanwhile, was up 5.2 percent. Refi demand gained for a fifth consecutive week, which some economists hope will provide a sorely needed boost to a struggling economy in the form of increased consumer spending.
Reuters (09/01/10) Haviv, Julie
Discussion: No Comments »
FHA: A range of creative options for borrowers
June 30th, 2010
Written by Frost Mortgage
The Federal Housing Administration (FHA) helps prospective borrowers in a wide range of ways. Frost Mortgage is a huge fan of the FHA program; in 2009, for instance, we were named No. 2 in America for FHA fundings by Mortgage Originator Magazine, and we’ve consistently been the top FHA lender in our home state of New Mexico.
CreditLoan.com has a great article on some of FHA’s main programs, including loans for
- First homes,
- Fixer-uppers,
- Reverse mortgages,
- Energy efficiency, and
- Manufactured or mobile housing.
We can help you with any of these needs–we’re FHA experts. Please call one of our experienced loan officers today for more information on how FHA programs can help you fund your next move.
Discussion: No Comments »
Great news for FHA lenders from Congress
June 29th, 2010
Written by Frost Mortgage
Federal Housing Administration (FHA) lenders will be exempted from new “risk retention” rules, which is great news for companies who issue loans insured by the government.
National Mortgage News reports that
[t]he legislation finalized by the conference committee late last week would require originators to retain at least 5% of the credit risk in loans they securitize unless the assets meet a “qualified mortgage” test. All loans backed by the FHA, the Department of Veterans Affairs or the Rural Housing Service will automatically meet that test.
This is a complex time to be in the FHA-backed mortgage business, but the opportunities are huge for those who are eager to learn to succeed as branch partners or loan officers.
Frost Mortgage has been a leader in FHA lending since 1991. If you’re looking to step up, take a look at our mortgage partner offering–we think you’ll find it’s the best in the business.
Discussion: No Comments »
FHA loans: Net worth timeline, new monthly scorecard
June 22nd, 2010
Written by Frost Mortgage
The Federal Housing Administration (FHA) has been busy recently.
We’ve written before about a move to raise the minimum net worth worth requirements for loan originators. The FHA recently set out a timeline for implementation (MortgageDaily.com; subscription required). Among the requirements is a $1 million net worth for all new FHA applicants, with at least 20 percent being liquid. The timeline was announced in a mortgagee letter.
The new requirements are likely to shake up portions of the mortgage industry, making it all the more important to look for evidence of stability in your potential lending partner (such as Frost Mortgage’s “Full Eagle” status). If you have any questions, please feel free to contact one of our loan officers today–we’ll be happy to talk with you about our qualifications and the depth of our resources.
Meanwhile, the U.S. Department of Housing and Urban Development (HUD) and the Treasury Department have announced that they’ll be distributing a monthly “scorecard” on the national housing market, including updates on FHA programs. This should be a good resource for those of us who follow the industry closely and should help us and our branch partners continue to provide you better service and useful products.
If you’re in the market for a loan, now is a great time thanks to low interest rates, and if you’re considering making a move up in the business, it’s a great time for that as well–Frost Mortgage has one of the best programs in the mortgage industry, and we’ve got the resources to thrive even in an environment like this one.
Discussion: No Comments »
Greg Frost Sr.: Training industry leaders, planning for the future
June 21st, 2010
Written by Greg Frost
Things are always cooking here at Frost Mortgage, and last week was no exception. I wanted to share a couple of experiences in particular that I’m excited about.
Last week, I was the guest speaker at the Casa Latino National Franchisee meeting held in Orlando, Florida. We shared current mortgage industry information and conducted my Productivity Sales Training based on the 6 Scientific Principals of Ethical Influence.
This week I am in the airport and on the way to meet with the Primary Residential Mortgage, Inc. executive team for a 2-day Master Mind conference in Salt Lake City on Monday and Tuesday. Strategizing for continued industry leadership is the meeting goal, which includes design work on a new 580 FICO score FHA product that will be originated and serviced by Primary. I believe that a manually underwritten, common sense FHA product, without the severe FICO score overlays that are currently being imposed by the big Banks, is essential to simulating mortgage production and home sales. During the first 65 of the 77 years FHA has been in existence there was no FICO score a and no automated underwriting. Loans were manually underwritten to the FHA credit manual, and still should be.
Coming weeks are no less packed. What’s on your agenda?
Discussion: No Comments »
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.
Discussion: No Comments »
More light at the end of the tunnel
June 16th, 2010
Written by Frost Mortgage
It has been a long, hard slog, but we’re seeing increased confidence that the worst may be over. This week, for instance, Reuters reported, “A strong global economic recovery is under way, and is unlikely to be thrown off course by European debt woes or the improbable event of the bursting of an asset bubble in China, a top Federal Reserve official said on Monday.” That followed earlier remarks from Federal Reserve Chairman Ben Bernanke, who said European debt would probably only impact the U.S. economy in a “modest” way.
Another report this week found that “U.S. home prices were trending up in 155 out of 384 metro areas” thanks to “optimism that a sustainable economic recovery is underway.” And as our President, Greg Frost Sr., noted recently, “Over time, home prices across all states have risen at average annual appreciation rates ranging from the high 3’s to over 7.5%.”
We never recommend trying to “time the market.” It’s just too unpredictable for that. Instead, we have to look at sound financial practices with a long-term view in mind. We’re glad to see signs that the national mood is returning to normal.
Discussion: No Comments »
