St Louis Loan and Consumer Lending News: Home Mortgage Applications Appear To Be Up
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The housing market was happy to see that mortgage applications increased 5.3 percent according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 15, 2011. 

The Market Composite Index, a measure of mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from one week earlier according to St Louis mortgage experts.

On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The Refinance Index increased 2.7 percent from the previous week.

The seasonally adjusted Purchase Index increased 10.0 percent to its highest level since December 3, 2010, driven largely by a 17.6 percent increase in Government purchase applications.

The unadjusted Purchase Index increased 10.9 percent compared with the previous week and was 11.4 percent lower than the same week one year ago.

“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. 

He continues: “Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week.” 

The four week moving average for the seasonally adjusted Market Index is down 2.9 percent.

The four week moving average is up 2.5 percent for the seasonally adjusted Purchase Index, while this average is down 5.7 percent for the Refinance Index. 

The refinance share of mortgage activity decreased to 58.5 percent of total applications from 60.3 percent the previous week.

This is the lowest refinance share since May 7, 2010. The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent from 5.9 percent of total applications from the previous week.

For Fannie Mae and Freddie Mac mortgage lenders to approve a mortgage to finance the purchase of a condo, a large majority of the units, 70 percent, have to be already sold or under contract to individuals. Before 2009, the threshold was 51 percent. 

If more than 30 percent are still owned by the company that built the complex or sponsored its conversion from rental units, the mortgage will be denied, no matter how qualified the buyer is. 

Fannie and Freddie have also increased their emphasis on income relative to debt. 

If someone’s total debt payments exceed 45 percent of income, the mortgage will be denied. In 2009, the limit was 55 percent.

Some borrowers lost homes to foreclosure but then diligently rebuilt their financial health.

Despite high credit scores, ample assets and income and steady employment, lenders are not allowed to finance their Fannie Mae and Freddie Mac mortgages if their foreclosures happened any time within the past seven years. 

Before spring last year, the wait time was five years. 

Fannie and Freddie also have gotten stricter in how they factor in missed payments on credit cards, auto loans and other debts in which the balances do not have to be paid off every month. 

They used to be okay with a missed payment or two.

Now, one missed payment will hit your debt-to-income ratio, because banks will add 5 percent of your outstanding loan balance to the debt part of the calculation.

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St Louis Finance and Mortgage Refinancing News: Adjustable Rate Mortgages Are Back
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After accounting for nearly 70 percent of all mortgages issued during the boom, adjustable rate mortgages (ARMs) vanished during the bust, totaling just 3 percent of the market in 2009.

Now they make up 5 percent of all mortgages issued, and Freddie Mac predicts 10 percent by December according to St Louis lending experts.

Behind the comeback is a simple fact: ARMs are a great bargain right now.

The most common ARM loan currently has a rate of 3.5 percent compared to 5 percent for a 30-year fixed-rate mortgage.

“For anyone with a high likelihood of moving soon, the 5/1 is a great product,” said Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association.

He continues: “It’s a well understood product too; there’s not a lot of danger with it.”

So why isn’t everyone grabbing an ARM?

Well, because fixed-rate mortgages are seen as safer because they carry the same rate over life of the loan. Borrowers always know what their payment will be.

But with ARMs, interest rates change over time.

For example, the 5/1 ARM which is the most common loan has the 3.5 percent introductory rate for the first five years. After that, the rate adjusts annually.

That sounds kind of dangerous, but one must look deeper.

On a $200,000 mortgage, the monthly ARM payment at 3.5 percnet would be $898 compared with $1,074 for a 30-year, fixed-rate loan at 5 percent.

That’s a $10,560 difference after five years, when the ARM would adjust. At that point the ARM rate could jump to a worst-case scenario 8.5 percent and the monthly payment to $1,538.

It would still take more than 22 months of the higher ARM payments to offset the first five years of savings.

Many buyers remember the so-called toxic or exploding ARMs and how their defaults triggered the mortgage meltdown, helped sink the housing market and usher in the Great Recession.

These loans failed for a couple of reasons.

First, many were issued to people who lacked the income to pay once the initial years of low fixed rates ended and the interest rate reset higher.

Second, the caliber of borrowers was very low.  The 5/1 is an entirely different animal, experts says.

Unlike the toxic ARMs, these products are issued to borrowers with high credit scores, making substantial down payments and with assets, debt and income carefully underwritten before approval.

Rosenbaum said he’s always featured the 5/1 ARM as the product of choice unless the clients tell him they’re planning to live in the home for 15 or 20 years.

For people planning to stay for less time, “it’s paying for insurance they don’t need,” he said.

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Business Owners and Medical Groups: You can now offer customer financing and consumer finance programs to your customers and patients. We are the lender and have approximately $2.7 Billion dollars to loan. Best of all, there is NO risk, NO recourse and NO new equipment to lease for your and your company or medical group. Once your customer is approved, your money is in your bank account within 48 to 72 hours. Turn your credit declines into cash by calling Floyd Tapia at (314) 627-5729.

In addition, if you need commercial financing or a merchant account company that will save you money, Floyd Tapia and his lending and new business resources team can focus on bringing you innovative private lending solutions and financial services to meet all types of financing needs. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.

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News: Mortgage Fiasco Dragging Economic Rebound Down The Tubes (News Hot Line: 877-334-0210)

There is practically no one who has followed this mortgage crisis that would disagree that it has drug the economic recovery downhill as more and more homeowners are falling behind on their loan payments.

Although St Louis refinance experts are predicting improvements soon, the number of homeowners that are in default or at risk of foreclosure will no doubt have a lingering effect on the overall economy.

Current statistics show that more than 10 percent of homeowners have missed at least one mortgage payment in the first quarter of 2010 according to the Mortgage Bankers Association.

This has become a new record high showing a big jump in the number of borrowers who have missed three months of mortgage payments.

Approximately 3.5 percent of homeowners nationwide had missed one month of mortgage payments.

The total of possible foreclosures  equates to about 4.3 million homeowners, or about 8 percent of all Americans who are at risk of losing their homes.

And if any of the loan modification programs fail to help these consumers, their properties will go up for sale either as a foreclosure or a short sale.

This leads to what many St Louis mortgage analysts have been saying and that is that home prices will dip once again as more of these homes sell for deeply discounted prices.

Mark Zandi, chief economist at Moody’s Analytics said, “It’s certainly a weight on the economy.”

He also goes on to predict home prices will fall about 5 percent and hit bottom in the spring of 2011.

Perhaps the one thing the government got right during this crisis involved the Federal tax credits which boosted home sales this spring but of course expired on April 30th.

As a result, mortgage applications fell to their lowest level in almost 13 years said the Mortgage Bankers Association in a separate industry report.

It’s interesting to note that heating bills and holiday expenses normally push mortgage delinquencies higher near the end of the year which explains needed statistical adjustments due to seasonal factors.

Then when spring arrives, most of those borrowers become current on their St Louis home loans again.

And with more than 4.6 percent of homeowners  in foreclosure which is also a record high, it clearly shows that the Obama administration’s $75 billion foreclosure prevention program hasn’t put much of a dent in the problem.

Some of the catalysts that has kept our economy in the proverbial toilet has been unemployment or reduced income which continues to keep these distressed homeowners in fiscal limbo.

Another major problem that led to this lending snafu started with less than stellar lending standards.

But surprisingly, homeowners with good credit who took out conventional, fixed-rate loans are now becoming the fastest growing group of foreclosures.

In addition, the often misused adjustable rate mortgage (ARM) loans that kicked off the foreclosure crisis are now making up a smaller share of new foreclosures with only 14 percent of new foreclosures in the first quarter which was down 27 percent just a year ago.

However, there was some encouraging news on the horizon.  The number of homeowners starting to show early financial trouble is starting to go down.  Let’s hope this downward trend continues throughout 2010.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

Or call our known syndicated columnist Floyd Tapia at 314-698-4092 or 877-334-0210, host of the St. Louis “Mortgage Minute” and successful hedge fund originator assisting local and national business owners in getting private and public St Louis commercial financing with no upfront fees.

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News: Will There Be Other Devastating Events to This Already Fragile Economy?

Just when the average consumer thought things were possibly turning the corner, it appears that we may be heading for a double dip recession.

Many have been wondering why the Federal Housing Administration (FHA) recently gave the green light for property flipping to FHA buyers and sellers?

More and more professionals are saying that the FHA has seen the chilling, yet proverbial handwriting on the wall.

They no doubt anticipate that things are going to get worse, so they obviously need to start moving more properties as soon as possible.

There are several pessimistic and urgent reasons for this cleaning of the housing market.

1. While the sub-prime crisis may be showing signs of early stabilizing, the adjustable rate mortgage (ARM) crisis is just beginning to rear its ugly head.

According to one business journalist:  “The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won’t be realistic.”

Thus, both buyers and sellers may be seeing more short sales transactions in 2010.

2. Municipal Defaults – It may sound unbelievable but local towns and counties are feeling the financial pinch with foreclosures and tax defaults draining their fiscal bank accounts.

And when a town or county goes broke, it will put the  homeowner’s property even further underwater or in a negative equitable state.  Definitely not good news.

3. Commercial Real-Estate Collapse:  Now that the tidal wave of residential foreclosures have hit hard, the commercial sector is experiencing the very same eventuality.

The second largest chain of malls has already declared bankruptcy.  Obligations needing refinancing in the commercial market are totaling in the trillions.

And most of them, even with positive cash flows, are as underwater as residential mortgages.  As these businesses crash, they will cause even more unemployment.

4. Loan modifications are simply not working.  The St. Louis Refinancing Group news team has reported that unless and until there is meaningful principal reduction, most people getting a loan modification will stop making their payments if they are $100,000+ upside down on their home.

And that number of people who are underwater is growing by leaps and bounds.  Many economists are saying look for lots of “jingle mail,” where the homeowner voluntarily sends back the keys in 2010.

In fact, there are a few banks that have put together such a “voluntary eviction program” where the owners give back the keys to their home and if it is in good shape, will not have to compensate the bank for any future losses on the property.

They feel this is cheaper than going through the entire foreclosure process… and after seeing the foreclosure blood-bath, they may be absolutely correct.

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When applying for a St Louis mortgage or a St Louis home loan Liberty Lending Consultants loan, call the recognized St Louis home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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News: Even the Treasury With Mixed Comments Knows  HAMP Not Working

With the numerous reported failures of the federal program known as HAMP, inside senior officials seem to be jumping on the band wagon sharing their new found pessimistic viewpoints on where this program may be headed.

With letters being traded between Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP),  and one key senator, he has recently said in a report that the U.S. Treasury now expects only 1.5 million to 2 million homeowners to get mortgage relief.

Compare this to the 4 million it initially claimed, even if this new number of permanent loan modifications could be accomplished at this point seems to be only a miracle.

The reason for this  bleak outlook is that fewer than 200,000 or five percent have actually advanced from the trial program into a permanent modification mode.

But if matters couldn’t be worse, the inspector general’s report warned that many borrowers are at risk of re-defaulting on their St Louis mortgages even after receiving help under the federal program.

Is this due to irresponsibility on the homeowner’s part?  Consider this:  Many of these consumers still owe significantly more money than their homes are worth.  In addition, some have second mortgages or other debts.

Sidebar:  One statistic that we won’t even mention in this article would be the amount of homeowners who were irresponsible and bought homes they knew they couldn’t afford, those who took adjustable rate mortgage (ARM) St Louis loans with interest only payments just to get into a bigger house they didn’t deserve and finally the ones that are guilty of getting the so-called “liars loan” or in other words those who lied on their stated income application.

Barofsky then goes on to express his ongoing skepticism that the continuous offering of modifications was less than a meaningful goal.  What did the Treasury have to say in regards to what Barofsky said?

In a long, drawn out response included in the report, Herbert M. Allison, assistant Treasury secretary for financial stability said the program “should be measured by how many eligible homeowners are able to avoid the pain and stigma of foreclosure by reducing their mortgage payments to affordable levels while either remaining in their homes or transitioning with dignity to more suitable housing.  The number of permanent modifications is one element, but not the only element of gauging the success.”

It is rather interesting how politicians and their ever-so-loyal henchmen try to inadvertently, yet aggressively make excuses at why everyone is looking at things the wrong way except for them.

Well, in reality, he said the problem is not that it’s (HAMP) failing, but rather that Barofsky and other critics are not measuring its lack of success the correct way?  Oh, really.

Of course, I don’t even think the U.S. Treasury firmly believes that nonsense because Allison added that permanent modifications are really only one way to help struggling homeowners.

The fact that servicers’ offering other foreclosure prevention initiatives and alternatives such as short sales must be taken into consideration.

Yet, most people who have been following this program from its inception were spoon fed the amazing idea that permanent loan modifications through HAMP was the best and perhaps the only way the country would see this insurmountable amount of foreclosures go away.

It should also be noted that any permanent modifications that do not include meaningful principal reduction will in all likelihood fail.

I imagine the next set of reports to be issued is why everyone and everything caused HAMP to fail and what the final percent of foreclosures HAMP did help not taking into account the new wave of foreclosures coming in 2010 and 2011.

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When applying for a St Louis mortgage loan or a St Louis refinancing loan, call the St Louis home loan experts at 877-334-0210 or 314-334-0210 and ask for Steve, Doug or Floyd Tapia, host of the St Louis Refinancing Mortgage Minute.

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News:  Mortgage Delinquencies Continue to Rise According to TransUnion

Statistics recently reported to the public state 6.89 percent of mortgage payments were 60 days or more past due in the fourth quarter of 2009 according to TransUnion. 

This percentage was up from 4.58 percent in the final three months of 2008.  The previous record delinquency rate for mortgages was 6.25 percent in the third quarter of 2009. 

Part of the blame for the fourth-quarter uptick was due in part to normal seasonal spending shifts which ended the year on a fiscal sour note.

F.J. Guarrera, the Vice-President of TransUnion’s financial services business unit explained that more consumers have trouble paying their bills because of year end holiday spending. 

The major concern Guarrera has is if mortgage delinquency percents continue to go higher in 2010, then our economy may be heading towards more financial diaster.

He continues:  “To see continuing growth in the first quarter would certainly raise an eyebrow.” 

TransUnion tracks mortgages that are two months in arrears as a warning indicator that the consumer may be heading for a potential foreclosure. 

The reasoning is this makes it more difficult for the delinquent homeowner to come up with three payments to bring an account current.

The credit depository company said the delinquency rate were the highest in Nevada, at 16.2 percent and Florida, at 14.9 percent.

The other two states hit hardest by the housing debacle is Arizona and California.  They were third and fourth, at 11.3 percent and 11 percent respectively. 

Another potential crisis that is looming are homeowners who are waiting for their adjustable rate mortgages (ARMs written in late 2006 or early 2007) to reset to higher rates in coming months.

That may very well drive foreclosure numbers even higher, especially in areas where home prices have fallen to the point where values are lower than mortgages.

As Guarrera succintly put it: “We’re not out of the woods yet.”

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News:  Homeowners Need to Know There Are Two More Problems with Option ARMs

The option adjustable rate mortgages (ARMs) we have talked about in the past were most popular in bubble markets namely California, Nevada, Florida and Arizona where double digit home annual price increases put the cost of buying a home out of reach.

That means the markets where they’ll produce the most foreclosures are among the most vulnerable in the nation.  Home prices in many of the markets where option ARMs are most concentrated have fallen 30%, 40% or more.

When the these loans readjust, most borrowers will find themselves severely underwater as far as home values are concerned.

“Because borrowers of [options ARMs] are in a much worse position,” said Westerback.  “You’ll see defaults rising very rapidly.”

And most option ARM borrowers will not be good candidates for refinancing or mortgage loan modifications because their loan-to-value ratios will be far too high.

For example, under the administration’s Making Home Affordable program, mortgages with balances that exceed 125% of the home’s value are not eligible for help.  But here’s the kicker:  “Upwards of 80% of were stated-income loans,” said Westerback.

These are the so-called “liar loans” in which lenders did not verify that borrowers earned as much money as they said they did, so lenders may not be able to modify mortgages because many of the borrowers’ income could not stand up to the scrutiny.

And on the other hand, borrowers may not want to go through underwriting again because they could be held legally liable for deliberate inaccuracies on their original applications.

Add to those conditions the still fragile economy and high unemployment rates, and you have a recipe for continual financial disaster.

This is not to say that adjustable rate mortgages (ARMs) are bad loans.  They do serve a purpose for some homeowners who perhaps will be moving within 5 years of getting their loan.

The St. Louis Refinancing Group news team recommends discussing this type of financing or various other St. Louis home loans with Steve Swan or Doug Stahlschmidt at Liberty Lending Consultants in Westport.  Their number is 314-698-4092.

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News: Consumers Drowning In Debt With 1 in 4 Mortgages Underwater

Financial research firm First American CoreLogic confirmed that nearly 23% of Americans with mortgages owe more than what their home is worth.

Estimates put that alarming total at 10.7 million U.S. mortgages, or almost 1 in 4 with another 2.3 million homeowners within 5% of negative territory.

Further reports have it that home prices have fallen so far that currently 5.3 million U.S. households are tied to mortgages at least 20% higher than their home’s value.

More than 520,000 of these troubled borrowers have received a notice of default, according to First American.

While most U.S. homeowners still have some equity in their home, an astounding 24 million owner-occupied homes don’t have any mortgage at all, according to the Census Bureau.

The majority of underwater mortgages are heavily concentrated in five states that have particularly suffered from the housing bust namely:  Nevada, at 65%;  Arizona, at 48%;  Florida, at 45%;  Michigan, at 37%;  and California, at 35%.

Negative equity, which most people know as being  “underwater” or having an “upside down” mortgage, has become commonplace even in St. Louis as home values plummet.

Mortgage analysts and bank servicers are closely watching these staggering numbers because borrowers who are underwater are more likely to be foreclosed upon.

The five states mentioned previously have been hit especially hard because of a high rate of prime loans that went bad.

Some of those home loans were option-adjustable rate mortgages, and when the accumulated debt reaches a certain point, usually 10% to 25% more than the original principal, the option-ARMs loans are adjusted into fixed-rate mortgages.

When that happens, many borrowers simply cannot afford the new mortgage payments.

And although the economy has been further burdened with hundreds of thousands of job losses, mortgage troubles are no longer restricted to the unemployed.

Approximately 588,000 borrowers defaulted on mortgages last year even though they could afford to pay.  This is more than double the number in 2007, according to a study by Experian and consulting firm Oliver Wyman.

“The American consumer has had a long-held taboo against walking away from the home, and this crisis seems to be eroding that,” the study said.

It is no surprise that in many cases the homeowner knowingly took a loan they marginally qualified for and only made matters worse by walking into this home with no down payment.

But now the question being raised is…

Should homeowners who in no way contributed to this great financial collapse be further obligated to ante up untold millions of dollars in taxes to solve a problem created by these irresponsible consumers and banking giants?

The St. Louis Refinancing Group mortgage news team will continue to follow these pressing news breaking events.

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News: Higher Mortgage Payments from Option ARMs Feeding Foreclosures

Although there is no mortgage data currently available on specific numbers as to how many option ARM loans there are, numerous analysts estimate that as many as 1.3 million borrowers took out $389 billion in option ARMs in 2004 and 2005.

A substantial amount of those option ARM loans have already re-adjusted to higher payments with many  more are on the way.

It is estimated that some 88 percent of Option ARMs originated between 2004 and 2007 are going to adjust to higher mortgage payments between now and 2012.

Literally millions of option ARM borrowers could see their housing bills go up as much as 63 percent, according to Fitch ratings.

“It’s going to kill off housing,” warns Patrick Pulatie, CEO of Loan Fraud Investigations, a predatory lending audit firm.

He continues:  “We have pretty close to 500,000 option ARM payments going higher in California alone over the next couple of years. The impact of the higher payments will be devastating for homeowners who are having trouble now making ends meet.”

The disaster on the horizon is quite clear:  As the terms of those mortgages readjust, homeowners are facing much higher mortgage payments at a time when the value of their house has plummeted and many are out of work.

In some cases, homeowners who chose a very low starting interest rate to get into a home that otherwise may not have been possible have actually seen the overall amount of their mortgage increase.

This in the mortgage industry is known as negative amortization which results in deeper in debt for the homeowner.

“Option ARMs have been a disaster from day one and a lot of them have already defaulted,” says Greg McBride, senior financial analyst with Bankrate.com.  “This is a very big issue because interest rates are rising.”

But the proverbial gloom and doom may not be over just yet.  If the Fed increases interest rates in the months ahead to fight inflation, rates tied to option ARM indexes will rise furthering more payments to adjust upwards even sooner.

And while local St. Louis Option ARM borrowers would obtain financial relief with a St. Louis mortgage refinancing, they often cannot because of falling home values and tighter credit restrictions.

“I don’t see how the option ARM problem is not a huge issue,” says Sylvia Alayon, vice president and director of operations for the Consumer Mortgage Audit Center, which provides auditing services to advocacy groups.

“This is a major hit for housing.  It will continue to feed the excess supply of housing with more foreclosures.”

While a St. Louis refinancing may not be the answer for everyone, the St. Louis Refinancing Group news team advises Option ARM mortgage owners to speak to a mortgage professional now before interest rates increase.

Knowledgeable mortgage brokers such as Liberty Lending Consultants will take the needed time to answer all your questions while helping you secure the right home loan or refinancing for you and your family.  Call them at 314-698-4092 or visit their website at www.libertylendingconsultants.com for one-on-one personalized service.

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