Local mortgage exec to lead FHA-focused task force

By Geert De Lombaerde Posted on October 27, 2009 at 1:30 pm

Dan Crockett, CEO of Franklin American Mortgage Co., has been named chairman of a Mortgage Bankers Association panel that will advocate for the health of the Federal Housing Administration.

“During the recent run up in business, the folks at FHA have done an incredible job given the limited resources at their disposal,” said Council Chairman Dan Crockett. “Our members want to help ensure that FHA can effectively manage the risks that come with the increased business the agency is seeing. As a strong advocate of FHA and its mission, MBA wants to take proactive steps to ensure the safety and soundness of the agency today and in the future.”

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Tags: Dan Crockett, Federal Housing Administration, Franklin American Mortgage Co., lending, Mortgage Bankers Association, mortgages, The Council on the Future of FHA  

Refi tide retreats

By Geert De Lombaerde Posted on June 10, 2009 at 9:11 am

Yes, Johnny, we’re still price-sensitive consumers. The quick rise in mortgage rates in the past month is just as swiftly driving down the number of loan applications.

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Tags: banking, economic indicators, interest rate, Mortgage Bankers Association, mortgages, refinancing  

Lower mortgage rates not getting passed on to homebuyers

By Kleinheider Posted on December 18, 2008 at 1:07 pm

Via Bloomberg:

While the average rate on a fixed 30-year mortgage fell to 5.18 percent last week from 6.47 percent in October, according to Mortgage Bankers Association data, the historical relationship between home loans and mortgage bonds shows rates should be at least half a percentage point lower. Though the U.S. is paying nothing to borrow in some cases, homebuyers are paying about $730 more a year than they would otherwise on a $200,000 mortgage.

The demise of lenders including Countrywide Financial Corp. of Calabasas, California, and Seattle-based Washington Mutual Inc. reduced competition as refinancings soar. At the same time, surviving mortgage banks face a credit crunch that limits their lending ability, industry officials say.

“Lenders have raised their prices over the last few weeks because of capacity concerns amid all this additional business,” said Brian Simon, chief operating officer at Freedom Mortgage Corp. The Mount Laurel, New Jersey-based firm is among the five biggest independent mortgage companies.

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Tags: home loans, loans, Mortgage Bankers Association, mortgage bonds