Industry protests potential cut in conforming loan limit

Realtors, lenders and home builders are protesting a proposed method for calculating the conforming loan limit, saying federal regulators lack the legal authority to reduce the limit if housing prices decline.  more...

Countrywide boosts June loan production by 4%

Countrywide Financial Corp. managed to make $45 billion in mortgage loans in June -- a 4 percent increase over the same month last year, despite "increasingly challenging" market conditions, the company said.

Although Countrywide made significant cutbacks in funding of subprime and adjustable-rate mortgages, delinquencies and foreclosures are up sharply from last year. Foreclosures pending as a percentage of unpaid principle balance have more than doubled in the last 12 months, to .96 percent, the company said. That compares with .45 percent in June 2006.  more...

Missouri overhauls title insurance regulations

Missouri's governor has signed legislation overhauling the state's title insurance regulations that's intended to provide better safeguards for funds held in escrow, and provide consumers with more information so that they can shop around.  more...

GSEs to require lenders to follow guidance for 'exotic' loans

Mortgage repurchasers Fannie Mae and Freddie Mac say that as of Sept. 13 they will no longer buy nontraditional mortgages from lenders who don't follow underwriting and disclosure guidance issued by federal regulators last fall.

Fannie and Freddie were directed to follow the guidance, which applies to "exotic" interest-only and payment-option loans, by the Office of Federal Housing Enterprise Oversight, which oversees the government-sponsored entities.  more...

Slight change in overnight real estate rates

Long-term mortgage interest rates barely budged Friday, and the benchmark 10-year Treasury bond yield dipped to 5.1 percent.

The 30-year fixed-rate average edged up to 6.31 percent, and the 15-year fixed rate held at 6.01 percent. The 1-year adjustable stayed at 5.54 percent.

The 30-year Treasury bond yield was down at 5.19 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Imprev on InmanTV

Imprev CEO Renwick Congdon discusses current real estate marketing trends and what practitioners should consider when planning a mix of online and offline materials. The most popular marketing tool for real estate today may surprise you.