Holiday Schedule: July 4th
06/30/2008
Bryant Surety Bonds will be closed on Thursday, July 3rd for Independence Day Weekend; we will return on Monday, July 5th. We hope you all have a safe and pleasant holiday. While we are closed, please explore our website for information on surety bonds, and when you are ready, use our free online application. We look forward [...]
Mortgage Apps drop to over 6 year low?.Rates also Fall
06/25/2008
Mortgage applications for the week ended June 20 dropped 9.3%, the lowest since December 28, 2001.
Borrowing for a 30 year fixed-rate mortgage averaged 6.39% in last week, down 0.18 percentage points from the previous week, this is also below the average 6.60% of a year ago.
Bill Sponsor: Rep. Maxine Waters (D-CA)
Status: Introduced on March 29, 2007 the bill passed the House on September 18, 2007. It currently awaits a vote in the Senate.
Stated Goal: To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.
Currently in order to offer FHA loans mortgage broker are required to provide audited financials. One provision in this Bill will allow mortgage brokers to obtain a $75,000 FHA Bond in place of audited financials. Many have felt that the cost having these financials prepared was too much for many brokers to justify and therefore limited the amount of FHA loans offered, limiting the effectiveness of the program. In short, it is hoped that this policy change will allow more people to get the assistance they need by enabling more mortgage brokers to offer these loans.
Please check back as we will follow the progress of this Bill and keep you updated.
