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Steve Brown

FHA APPRAISAL CHANGES

02-11-10
Steve Brown

•v FHA Appraisal Changes: Implementation of ML 2009-28 (Appraiser Independence) & ML 2009-51 (Adoption of the GSE (Fannie/Freddie) Appraisal Update Forms)

We have been told that the appraisal changes (prohibition of mortgage brokers and loan production staff from selecting appraisers) are ready to be implemented in FHA Connection this week-end and should be effective on February 15th barring weather problems. FHA hopes to publish this mortgagee letter this week.

How will the appraisal data entry changes work?

We have also been told that the appraiser ID field and appraiser assignment date have been removed from the Case Number Assignment screen. The "assigned appraiser" is also removed from the Appraisal Logging screen. Lenders will enter the "actual" appraiser on the Appraisal Logging screen. This is an existing field on the screen.

On the FHA use of the GSE appraisal update forms, we also expect a mortgagee letter to be published shortly.

Mortgage Rates Up Slightly In the San Antonio Area

02-11-10
Steve Brown

Mortgage Rates Up Slightly In the San Antonio Area

As reported by CNNMoney.com -- Treasurys turned lower Wednesday following a lackluster debt auction of 10-year notes for this morning 2/11/2010.What prices are doing: The benchmark 10-year note was down 13/32 to 97-13/32, and its yield rose to 3.70% from 3.65% earlier in the day. Prices and yields move in opposite directions. What analysts are saying is the week bidding was a "sign that foreign buyers are no longer aggressively stepping up to the plate" said Weiss Research analyst Mike Larson.

Mortgage rates in the San Antonio/Universal City/Schertz area are still around the 5.00% or below.

Steve Brown

Gold Financial Services

A Division of America Home Key

Office: 210-658-7474

Cell: 210-862-2885

San Antonio Mortgage Rates Rise

12-22-09
Steve Brown

San Antonio Mortgage Rates Rise

10 Yr Takes a Big Hit

As reported in CNNMoney.com -- Bond prices fell late Monday, rates up, as investors shifted their attention to higher-yielding assets like equities amid optimism about the economy.

"People are positioning ahead of next year, trying to focus on 2010," said Bill Larkin, analyst at Cabot Money Management. "They're hoping for a brighter new year."

Investors typically buy Treasurys as a so-called safe play because they are backed by the government with a guaranteed yield, although those yields are generally lower than stock returns.

Treasury prices fell Monday, with the 10-year note yield rising to 3.68% from 3.50% late Friday. Prices and yields move in opposite directions.

Yield curve geometry

The curve, which measures the difference between the yields of the 2-year and 10-year bonds, has been steepening. On Monday the curve hit 2.78%, or 278 basis points. Compare that with a year ago, when it was 2.16%.

Early Tuesday morning bonds are continuing the slide. Current 10 yr yield is at 3.73% at 8:30a.m., CST. up from the close at 3.68%. Rates in the San Antonio area were up an eight of percent Monday from Friday.

LOCK! LOCK! LOCK!

Steve Brown

Senior Loan Officer

Gold Financial Services

Office: 210-658-7474

Cell: 210-862-2885

San Antonio Mortgage Interest Rates Up Slightly

12-21-09
Steve Brown

Mortgage Rates In San Antonio Up Slightly

Treasurys Fall On Rebounding Stocks

December 18, 2009: 9:14am CST

As Reported by Reuters -- U.S. government bond prices slipped Friday after Thursday's scramble for low-risk investments, spurred by falling stocks and concerns over Greece's fiscal problems, tapered off.

In the absence of major U.S. economic data, traders will likely take their cue from technical factors, the stock market and non-economic developments, traders said.

Following Thursday's dramatic rally, Treasury yields are decidedly below their four-month highs set earlier this week.

Benchmark 10-year notes were down 6/32 in price at 98-30/32. Their yield which moves inversely to their price was 3.50%, up 2 basis points from late Thursday. Currently the 10 year note is 3.62%.

Not good if you were waiting to lock your mortgage rate.

Steve Brown

Senior Loan Officer

Gold Financial Services

Office: 210-658-7474

Cell: 210-862-2885

Texas Veterans Land Board Rates Remain Steady

12-21-09
Steve Brown

Texas Veterans Land Board Remain Steady

Texas Veterans Land Board rates remained steady at 5.05% for the week beginning 12/18/2009. The rate will be good until 4:30pm on Friday, 11/27/2009. With at least 30% disability the rate would drop to 4.55%.

Steve Brown

Gold Financial Services

Senior Loan Officer

Wow