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Events Calendar



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  • Automated Appraisals Don't Paint the Whole Picture Thu, 14 Dec 2017 16:17:53 GMT

    Posted To: MND NewsWire

    The use of Automated Valuation Models (AVM) is expected to expand following the announced plans of the Fannie Mae and Freddie Mac to waive the requirement for a professional appraisal on qualified purchase loans where the loan-to-value (LTV) ratio is at or below 80 percent. Fannie Mae had previously allowed this waiver only for refinancing, while Freddie will now allow automated evaluation tools for both purchase and refinancing loans when working with its Loan Advisor Suite. CoreLogic's Principal Economists Yanling Mayer, writing in the company's Insights Blog, says these changes come as the industry is hearing of shortages of certified and licensed appraisers, especially in rural areas. But there is still controversy. The Appraisal Institute has raised safety and soundness concerns over eliminating...(read more)

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  • Downpayments at Record Highs as Home Prices Rise Thu, 14 Dec 2017 14:23:02 GMT

    Posted To: MND NewsWire

    Homebuyers ponied up the highest downpayments on record to purchase homes in the third quarter of 2017. ATTOM Data Solutions' (formerly RealtyTrac) Residential Property Loan Origination Report says that the median down payment for a single-family home or condo purchased with financing during the quarter rose to $20,000 from $18,162 in the second quarter of this year. In the third quarter of last year the median was $14,400. The most recent number is the highest in ATTOMs records which date back to 2000. The $20,000 downpayment represents 7.6 percent of the median sales price during the quarter of $263,000. The percentage amount was also a recent high, up from 7.1 percent the previous quarter and 6.1 percent in the third quarter of 2016. It was the highest downpayment percentage since the third...(read more)

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  • Tax News; State-Level Changes; Jumbo/Non-Conforming Updates; Dot Plot Primer Thu, 14 Dec 2017 14:15:31 GMT

    Posted To: Pipeline Press

    There’s a lot of airport travel coming up. It is best to stay cool, calm, and collected . Unfortunately, something else that is cool, and calm, is the entry level market for homes. Thousands of housing stats are spit out every year, and here's another one: Zillow finds about 270,000 fewer homes are sold each year compared to 2006, owing to the rentals. Put another way, the number of single-family homes that are rented out grew by 5 million between 2006 and early 2017. (For perspective, Michigan has 4.6 million units total.) Jumbo, Non-conforming, and High Balance Updates Plaza has a Solutions Program that offers a solution for your borrowers with DTI > 43% , self-employed borrowers with difficult income to document, or for transactions that do not fit standard Agency or Jumbo guidelines...(read more)

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  • MBS Day Ahead: Big Directional Moves All About Keeping Things SIdeways Thu, 14 Dec 2017 13:29:51 GMT

    Posted To: MBS Commentary

    Volume swelled during the first 3 days of the week, culminating in yesterday's CPI/Fed combo and a fairly large move lower in rates. That's what we can observe about the short -term. If we're looking at longer -term trends, however, yesterday's big directional move was all about keeping things sideways. The yields seen just before the CPI data were right in line with the highest since late October. The upper boundary of the consolidation trend was clearly being pushed and the rally that followed the data and the Fed clearly pushed back. As the chart suggests, this makes the sideways momentum even stronger . At this point it's bordering on uncanny. If something other than "time" or the tax bill will challenge this sideways range, it has yet to present itself. Today...(read more)

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  • MBS RECAP: Bonds Cheer Weak Inflation Data and Fed Forecasts Wed, 13 Dec 2017 22:59:57 GMT

    Posted To: MBS Commentary

    Heading into the day, we knew we were looking at 2 key market movers in the form of the CPI data and the afternoon's Fed festivities (which include an announcement, economic projections, and a Yellen press conference). The morning's inflation data got the party started with Core annual CPI coming in at 1.7 again. This was notable it had just ticked up to 1.8 for the first time in 6 months when it was last reported a month ago. The move up to 1.8 looked like the start of a bounce back toward 2%. Today's regression reminds markets of inflation's intractability. Bonds looked ready for the inflation data to tell a different story as rates were pushing against their recent ceiling. The weaker data led to an immediate surge back into the safety of the prevailing range. From there...(read more)

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  • Mortgage Rates Quickly Lower After Inflation Data and Fed Wed, 13 Dec 2017 21:57:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates fell fairly quickly this afternoon following the Federal Reserves updated economic projections. While it is indeed true that the Fed "raised rates" this afternoon, there are two reasons that doesn't matter. First of all, the rate the Fed adjusts (aptly named, the Fed Funds Rate), governs only the shortest-time frames (overnight loans among big banks). Although its effects radiate to longer-term debt like mortgages, the two are far from joined at the hip. Short term rates often move one direction while long term rates move another . More importantly, EVERYONE responsible for trading the bonds that govern interest rates (and I do mean every last person without a single exception) was well aware that the Fed would be hiking rates today. No Fed rate hike has been better telegraphed...(read more)

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  • Differences Between Previous and Current FOMC Statements Wed, 13 Dec 2017 19:02:24 GMT

    Posted To: MBS Commentary

    Information received since the Federal Open Market Committee met in SeptemberNovember indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate despiterate. Averaging through hurricane-related disruptions. Although the hurricanes caused a drop in payroll employment in September,fluctuations, job gains have been solid, and the unemployment rate declined further. Household spending has been expanding at a moderate rate, and growth in business fixed investment has picked up in recent quarters. Gasoline prices rose in the aftermath of the hurricanes, boostingOn a 12-month basis, both overall inflation in September; however,and inflation for items other than food and energy remained soft. On a 12-month basis, both inflation measures have...(read more)

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  • Realtors Raise Last-Minute Red Flags Over Tax Bill Wed, 13 Dec 2017 18:04:02 GMT

    Posted To: MND NewsWire

    Realtors are expressing concern over three measures that exist in either the House or the Senate versions of the Republican tax cut bill and have sent a letter to Orrin Hatch (R-UT) and Kevin Brady (R-TX), chairs of the Senate Banking and House Ways and Means Committees respectively, about these issues. The letter was sent as a conference committee is about to begin discussions of changes to the bills that will allow passage of a single version by both side of the Congress. Signed by, current National Association of Realtors (NAR) President Elizabeth Mendenhall, the letter stresses the important of homeownership to the U.S. economy and says the Congress needs to keep in mind where their decisions "can create a tremendously better outcome, not only for current and prospective homeowners, but...(read more)

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  • Fannie and Freddie Will Wait Until Jan 2nd to Evict You Wed, 13 Dec 2017 14:49:33 GMT

    Posted To: MND NewsWire

    Both Freddie Mac and Fannie Mae announced this week that evictions from foreclosed single-family and two-to-four-unit properties owned by the GSEs will be suspended during the holiday season. The moratorium will begin on December 18 and extend through January 2 of next year. The two companies said that legal and administrative proceedings for evictions can continue during the period as well as other foreclosure-related activities. Families, however, must be allowed to continue living in the homes. "We're taking steps to support families and to extend the timeline of help for struggling borrowers during the holidays," said Jacob Williamson, Vice President of Single-Family Distressed Assets at Fannie Mae. "We also encourage homeowners who may be struggling with their mortgage to reach out to...(read more)

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  • Lender/Appraiser Product; Investor Disaster Updates; Movement's Penalty Wed, 13 Dec 2017 14:16:22 GMT

    Posted To: Pipeline Press

    Word on the street has House and Senate negotiators agreeing to scale back the mortgage interest deduction in the latest version of the GOP tax bill. The move means homeowners will now be able to deduct interest on the first $750,000 of a new mortgage, down from the current limit of $1 million. Legislation has been introduced in Congress recommending that the CFPB employee pay structure be aligned with the rest of the government. In the meantime, in other government related news besides Alabama’s vote, Movement Mortgage must pony up $1.1 million for California mortgage servicing violations. “Overcharged borrowers and serviced loans without a state license” – not a long-term recipe for success. Fire and Disaster Updates One should always start with the FEMA website for...(read more)

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  • For Purchase Applications, This December is Better Than The Last Wed, 13 Dec 2017 13:30:00 GMT

    Posted To: MND NewsWire

    Applications for mortgages, both for home purchases and refinancing, declined during the week ended December 8. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, was down 2.3 percent on a seasonally adjusted basis compared to the volume a week earlier. On an unadjusted basis, the Index decreased 4 percent. Applications for purchases decreased 1 percent on a seasonally adjusted basis from the week ended December 1, and the unadjusted version of the Purchase Index was down 6 percent. The unadjusted index remained 10 percent higher than during the same week in 2016. The Refinance Index was 3 percent lower than the prior week, but the share of applications that were for refinancing increased to 52.4 percent from 51.6 percent. It was the...(read more)

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  • MBS Day Ahead: Bonds Navigate Dual Landmines in CPI and Fed Dots Wed, 13 Dec 2017 13:26:52 GMT

    Posted To: MBS Commentary

    Today brings 2 key developments in the form of the 8:30am CPI data and the afternoon's Fed announcement. CPI--the Consumer Price Index--was one of the top inflation metrics in terms of market movement. Like other inflation metrics, it faded into obscurity for post of the decade following the financial crisis. Markets simply didn't care about inflation data because the general notion of inflation was so far off the radar. The Nov 2016 presidential election seemed to mark a sharp turning point for inflation hawks. With Trump seen as highly likely to increase deficit spending and perhaps even aggregate demand (via promises of stimulus and tax cuts), there was a legitimate reason to fear an uptick in inflation. But even before that, the Fed had begun to warn that inflation was inexplicably...(read more)

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  • MBS RECAP: Key Technical Ceiling Holds Firm After Auction Tue, 12 Dec 2017 21:59:32 GMT

    Posted To: MBS Commentary

    It was a pretty straightforward day for bond markets, which CONTINUE to operate in an exceptionally narrow, sideways range. That's been the case for close to 3 months now. As such, with yields approaching the ceiling today, a breakout would have been big news, and we haven't quite gotten to the headlines and events that constitute "big news." All that to say that bonds didn't do anything too surprising by maintaining the range today. Still, to see it happen in real time, it looked like our salvation depended upon the 30yr bond auction. Heading into the auction 10yr yields were pushing the key technical ceilings near 2.42%. After stronger auction results were released, bonds immediately found their footing, and managed to avoid returning to the higher levels. On the other...(read more)

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  • Mortgage Rates Slightly Higher Ahead of Fed Tue, 12 Dec 2017 21:30:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates moved modestly higher for the 4th straight business day today. Last Wednesday saw the best levels in a month with some lenders in the best shape since early September. The recent move higher brings rates back into the higher part of the prevailing range. If that all sounds somewhat dramatic, it's not . The "prevailing range" is so narrow that it barely bears mentioning. In fact, quite a few loan scenarios would be quoted the same "note rate" on any day in the past several months. Why, then, are we talking about rates "moving?" Technically, it's the "effective rate" that's moving because lenders use upfront costs to make finer adjustments to the cost of financing. In other words, if two people are quoted 4.0%, and everything about the quotes is the same except for a $200 difference...(read more)

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  • MBA Sees Sales Falling in Nov Despite Longer-Term Strength Tue, 12 Dec 2017 15:59:03 GMT

    Posted To: MND NewsWire

    The Mortgage Bankers Association (MBA) projects a decrease in new home sales in November compared to the previous month, but still sees those sales running well ahead of last year . MBA's Builder Applications Survey (BAS), conducted among mortgage subsidiaries of home construction companies, indicates that sales during the month were down 6 percent from October, but were a healthy 12.2 percent higher than in November 2016. MBA estimates this puts the number of sales during the month at a seasonally adjusted annual rate of 663,000 units compared to 659,000 units in October. On an unadjusted basis, there was an apparent decline month-over-month of 11.3 percent, from 53,000 to 47,000 new homes. The sales estimate is derived using mortgage application information from the BAS, as well as assumptions...(read more)

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