U.S. Mortgage Rates Climb for First Time in Three Weeks

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Purchase Contracts In a sign that buyers are starting to hold back, contracts to purchase previously owned U.S. homes slipped 0.4 percent in June after climbing in May to the highest level since December 2006, the National Association of Realtors reported this week. D.R. Horton Inc.
Full original article: U.S. Mortgage Rates Climb for First Time in Three Weeks

Texas and Reverse Mortgages; More on Possible Ginnie Changes; Upcoming Training

Generally, investors want a deep and broad market, with as many TBA-eligible loans and pools as possible, but any new platform should retain some of the beneficial features of the current GN2 program. Taking into account TBA eligibility, varying payment delays, and the merits of a conversion mechanism, experts think that there are three potential options for implementing a combined GNMA MBS program – perhaps a Ginnie III? In the first option for a single issuance platform, the Government National Mortgage Association could maintain existing GN1 and GN2 pools, with new issuance through the GN2 program, mesh the payment date for existing GN1 and GN2, and for new issuance, for investors, and expand TBA (to be announced) eligibility to single-issuer pools and certain custom pools (i.e., specified pools). Under this option, the payment dates are harmonized at either the 15th or 20th, with newly issued Ginnie securities having the same payment date, and any current GN1 and GN2 securities retain TBA eligibility and would be deliverable into a single TBA contract. Generally it is believed that this option results in the greatest float and liquidity, and helps foster a robust specified pool market. It is also one of the easier approaches to implement operationally.
Full original article: Texas and Reverse Mortgages; More on Possible Ginnie Changes; Upcoming Training

Banks and mortgage companies eye Texas for growth in home lending

1 3 Guild Mortgage Co. is aggressively courting homebuyers in Texas. Last month, the San Diego mortgage company opened loan offices in Richardson and Austin, adding to its growing network across the state. Guild now has 28 offices here, up from 15 just nine months ago. We wanted to enter Texas for Get Subscriber Content access to read this story To read the full story, you need Subscriber Content access. Subscribe to The Dallas Morning News, Briefing, Al Dia or The Denton Record-Chronicle and enjoy Subscriber Content on dallasnews.com and our tablet and smartphone applications.
Full original article: Banks and mortgage companies eye Texas for growth in home lending

Texas Tops $5 Billion Reverse Mortgage Mark

From the time Texass first home equity conversion mortgage (HECM) was originated in 2000, more than 52,000 seniors living in the state have accessed more than $5 billion in home equity through a reverse mortgage. This is a great milestone for the reverse mortgage industry in Texas, said Scott Norman, VP of Sente Mortgages Reverse Mortgage Division and a member of the National Reverse Mortgage Lenders Association Board of Directors. Over the next decade, as more Texans are forced to deal with health care costs, stock market fluctuations and tax increases, reverse mortgages will continue to take on a greater significance in their financial planning. In the last two years alone, Texan homeowners accessed $1.24 billion in reverse mortgage funds, according to Sente Mortgage. Texas has the second-largest reverse mortgage market in the United States, commanding 8% of the national market share. It is positioned to become the largest reverse mortgage lending state in the country by 2020.
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