There's a little bit of demand for mortgages this morning, but hoping to see a whole lot more, as the "bad bank" concept makes room for some good mortgages in lender portfolios.
As to market: Can we get to 872+? I'm hopin' so. Call buyers are sure fired up....
Well that didn't last long! Rates are right back up today to the 5.25% area, and after hitting the target 872+ area, the market is right back down. I missed locking in 4.75% yesterday, but did lock in some of that 872+ market. 
Guess that bad bank isn't in biz quite yet. 
{bad bad bank.....}
nice job
Thanks IC. I didn't post in real time here so I can't really take credit, but I'm quite pleased anyhow....
Don, what is the FHA loan size limit in Hawaii, and are you doing quickie rate reduction with no appraisal FHA's?
How about conforming conventionals? I read the other day that only some 30% of those of actually closing because the drop in appraisal values is killing deals that cannot meet the 90LTV FNMA, or they cannot come up with enough cash to make it 90 LTV?
And, sorry to exhaust you with so many questions, but how about the "rewrites", are you succesfully negotiating and closing some of all the many you have in your pipeline?
Me and mama Norton are pullin for ya !!!!!!
John
Hi Norton! I started to post back to your post from yesterday but got caught up in a whole lotta stuff. Just briefly, loan limit is $625500 conventional conforming and $720000 conforming jumbo. Actually values are holding well here, surprisingly, so LTV, while a problem, isn't nearly as big a problem as on most of mainland. But underwriting is very slow and difficult, with loans taking, on average, nearly two months- more than double what we had been able to do.
You were right yesterday, that perhaps half of "modifications" are failing- and imho it's because homeowners just do not want to pay for "negative assets" no matter how low the payment. Yes, I'm getting them done, finally, but not taking any new ones even though I have lots and lots of requests, because they are just way too uncertain, slow, and STRESSFUL! Meantime FHA, VA, and same-lender Fannie/Freddie loans are allowing "no appraisal, no credit check" {streamline} refi refinances- a GREAT deal for underwater and credit challenged himeowners. We just need to get verification that the mortgage is being paid on time.
Mucho gracias for your support. It's a crazy and stressful time, here and everywhere. Hope your biz is hanging in there in this crazy climate....Very best, D
