Your Minneapolis St Paul area mortgage broker. Our Minnesota mortgage loan programs include: Conventional, Jumbo, FHA,VA,HARP,& Investment property mortgage loan programs-Both fixed rate (15-30yr) or adjustable (ARM) for your purchase/refinance!  How can we help YOU?

When you're ready, call Patti  Mazzara-Vice President or John Mazzara-President at 952-285-4319 to discuss your loan scenario and current Minnesota mortgage rates.  

Take a look at our mortgage calculators to calculate your debt consolidation savings with a refinanced mortgage payment. 

Minnesota Mortgage Broker- Venture Development - has been committed to your Minnesota real estate mortgage loan needs since 1995-whether it be for a home purchase, refinancing to a lower rate, or debt consolidation.  We source loan options & investors.

We offer Minnesota loan financing for first time buyers, move up buyers, home remodel and rehab,  and investment property loans throughout the Twin Cities, MN-Minneapolis St Paul and Greater Minnesota. We are located in Edina, Minnesota.

Our mortgage loan programs offered include: Conventional fixed rates, 30 year, 15 year, 10 year, ARMS, adjustable rate mortgages, Interest Only loans, FHA, VA, Veteran loans, USDA, Reverse mortgages, new construction, second mortgage, lines of credit,  low closing cost & "no closing cost" loans-(these loans have a higher interest rate/apr).

SERVICE: WE REMAIN IN BUSINESS BECAUSE OF YOU!

Customers First! Satisfied customers are more important to us than anything else. We strive to be your Minnesota mortgage lender/broker for life for all your real estate financing.  Our goal is to make the loan process as simple and worry-free as possible. We at Venture Development pride ourselves in offering the highest level of customer service, and appreciate the opportunity to earn your business. We do it all-whether you want to refinance to a lower mortgage rate, consolidate debt, get a new home mortgage for a purchase, home equity line of credit or second mortgage, or purchase of an investment property.  We have grown our business one loan at a time, based on repeat business and referrals.  

We have the tools you need to make the correct decision regarding your next home mortgage.  We  can help you compare products so that the loan you select will match your goals.  We can create a special report specific to your situation by utilizing a number of special software programs.  We are your "mortgage doctor" we only "prescribe" the recommended product after a financial consultation. Whether you are a first time home buyer or have obtained many mortgages throughout your lifetime you will find that the depth of knowledge and products that we have access to will meet your needs.

Want more of an explanation of the job duties & responsibilities of a Mortgage Broker?   Watch the video below:

SOLUTIONS: PERFECT CREDIT-POOR CREDIT-DEBT CONSOLIDATION

If your credit score is not quite where it needs to be for a specific loan program, we will use one of our credit analyzer programs to see if there is something we can do to improve your scores.  In some cases, we have dramatically improved the borrower's scores to where the borrower can qualify for a better set of mortgage loan products.  At the same time, we have some clients that are in credit repair mode for the next 6-12 months.  We believe in being proactive.  We can make some suggestions on how you can re-establish credit.  Start now-so you can buy a home in the future! Credit repair just takes time-Let's get started today! The sooner you do, the sooner you will be in a new home.  Not all mortgage brokers will take the time to help you make permanent fixes to your credit.  We take pride in doing business the right way. Use our debt consolidation mortgage calculator to see how much you can save.

Bankruptcy, Chapter 7, Chapter 13, Foreclosures and Short sales-we've seen it all.  Different loan programs have different requirements for re-establishing acceptable credit.  For example, FHA loans can be obtained while in a chapter 13 bankruptcy if certain conditions are met.  The key is to start planning for your future mortgage sooner rather than later.  We can refer you to companies that work with you to restore your credit and we might be able to provide you with some helpful tips.  We understand that bad things can happen to good people-Life Happens.  It's how you deal with the circumstances that matter.  CALL us to discuss your scenario.  We can give you some idea of what to expect during underwriting and what steps you may want to take to get back on track.

WE OFFER A WIDE VARIETY OF HOME LOAN CHOICES

Think of Venture Development when you need a  "Minnesota mortgage" for " Minnesota Real Estate".  We can help.  We only do loan originations in Minnesota as a Minnesota mortgage broker.  Whether you are a first time home buyer, move up buyer, second home buyer, investment property buyer, vacation property, or interested in financing commercial property please call us.  As a mortgage broker, we have access to some products that other lenders and other mortgage brokers simply don't have.  Here are just a few of our products and unique situations:  Fixed rate loans, adjustable rate loans, ARM, second mortgages, HELOC's, cash out refinance, interest only loans, debt consolidation, 100% financing, investor loans, no cost loans, low cost loans, first time buyer, and investment property financing, HARP loans for underwater homeowners-Fannie DU Refy Plus and Freddie Open Access loans, FHA, Veteran, and VA loans.

REVERSE MORTGAGES: STAY IN YOUR HOME OR EVEN PURCHASE A NEW HOME

WE CURRENTLY DO NOT OFFER THESE LOANS-BUT MAY AGAIN IN THE FUTURE-THEY ARE AVAILABLE FROM OTHER SOURCES IN THE MARKETPLACE.

With regards to reverse mortgages-if you are over age 62 and own a home, you are eligible for this type of loan.  There is no financial qualifying! There is a new JUMBO reverse mortgage product that allows you to get a loan of up to 4M.  This can be used for purchasing a new home or accessing the equity on a second home.  WOW!   Let's review the criteria again-Are you age 62, and would like to purchase a home but either on a fixed income-SS and/or pension, retired, good credit/bad credit?  YES you CAN use a reverse mortgage for a purchase a home in Minnesota.   There is NO QUALIFYING-other than your age, required downpayment, and new loan amount must be over 200K.  Remember, with a reverse mortgage you make no payments.  This means you could purchase a new home without qualifying and have no payments. Venture Development currently is unable to provide this loan, but it does exist.  John can help you purchase a home with this type of loan.

NEW STATE OF MN AND FEDERAL MORTGAGE LAWS-ALWAYS CHANGING

Minnesota has some new mortgage laws that became effective on August 1st 2007.  These laws have removed the ability of Minnesota mortgage brokers to offer no documentation loans on primary residences but not for investment property purchases.  We STILL CAN do low/no documentation programs for investment and commercial properties that are not considered residential properties.

Lenders/Investors change programs qualifying criteria on a regular basis.  We keep up to date on what the new laws are and how they affect your ability to get a mortgage. Call us with your loan scenario.

CONVENTIONAL FIXED RATE MORTGAGES AND ARM's (ADJUSTABLE RATE LOANS)

The 30 year fixed rate mortgage is probably the most popular loan that we write for our clients.  At the same time, we offer 10 yr loans and 15 year loans.  In addition, we have all types of Adjustable Rate Mortgages-ARM's.  We try to counsel borrowers to select the correct loan product based on the length of time they will remain in the property.  Both Fixed Rate loans and ARM's can be amortizing-where you pay both interest and principal or just interest only.  Some people prefer to pay down their loan whereas other will want the maximum tax deduction combined with the lowest payment that interest only has to offer.  There is no right answer as everybody has a different situation and specific goal that they would like to accomplish.  We at Venture Development will take the time to inform you of the options so that you can make the correct choice.  Call us and ask us what our most popular program is at this time and why it is so popular. 

FHA LOANS - VA-VETERAN LOANS| FHA MORTGAGES- VA VETERAN MORTGAGES

With FHA loans, we can utilize Down Payment Assistance programs-like Nehemiah, Ameridream and Genesis to help you pay for the downpayment and closing costs so you can purchase a new home.  Don't let the lack of money be an obstacle to home ownership.  Read more about down payment assistance using gifts from qualified charities.

In addition, many subprime lenders have either left the business or the loan programs that used to be offered have gone away.  The government is trying to create some new solutions by revamping old programs and creating new programs.  These proposed adjustment primarily are occuring in the FHA programs, but there may be some in VA (Veteran loans) too.  Call me for details as these changes are evolving.  Click under the tab FHA to your on the side bar for updates on FHA.  This may be a solution to stemming the foreclosure crisis in the Minnesota housing market. 

If you have an existing FHA loan there is also the FHA Streamline refinance that is available for a lower cost refinance.  This program may not require an appraisal, credit check or proof of employment-but must have made your last 12 months payments on time.

There is an FHA 203K loan available for rehabilitation of an existing home for an owner occupant.  There is the "lite" version allowing up to 35K and an expanded version allowing for greater repairs.  The investors available to purchase this loan come and go-we may or may not have an outlet for this loan.  Would you like more info on the 203K?  We have created a downloadable PDF that covers a lot of the highlights-Streamline 203K

Existing FHA programs allow the seller to pay some of your closing costs-usually up to 6%.  There are down payment assistance programs too.  We are creative, so call us with your situation.

As a side note, do you know what the anacronym stands for? FHA stands for "Federal Housing Administration." The mandate of the FHA is to be an agency of the federal government that will insure private loans that are issued for new and existing housing.  In addition, FHA loans can be granted for approved  home repairs. The entity FHA was actually created by congress in 1934 and subsequently became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965. 

KEY FHA LOAN ADVANTAGES:

*Total buyer contribution required is 3.5%

*Fixed rate loans, ARM's and Buydowns

*Buyer contribution can be a gift from a relative or qualified charity program-up to 100% of the amount for down payment and closing costs

*Credit scores as low as 640 (possibly lower w/manual underwrite)

*Credit can be non-traditional credit with manual underwriting

*No cash reserves required unless 3-4 unit

*Sellers can contribute up to 6% towards closing costs w/minimum down payment

*Cash out refy to 85% loan to value-consolidate first & second to 97%

*Borrower can have an open Chapter 13 w/12 months of on time payments

*Non occupying Co-borrower allowed-come together as one on the application

*Mandatory loss mitigation by the loan servicer-not automatic foreclosure-if asked

*31/43 qualifying ratios- compensating factors allowed for additional flexibility

*U.S. Citizenship not required

*FHA loans can be assumed at the note rate with full qualify (credit & income)

*Streamlined refinance for existing FHA loans-less documentation, limited qualifying criteria and less expensive.

*Condominiums are acceptable with 51% owner occupancy within the project and high rises are allowed-project must be on approved list-other factors may apply

*1 % mortgage insurance can be financed in the loan, then 1.15% monthly.  If you put more than 5% down the monthly MIP is 1.1%.   If you get 15 yr instead of 30 year loan the monthly MIP is .5% with up to 10% down and .25% monthly if you put more than 10% down.

VA LOANS-FOR VETERANS ONLY

If you are a Veteran, you are eligible for 100% financing with a VA loan.  VA loans are insured through something called the funding fee.  This protects the administration against loan defaults.  The funding fee can be added to the back of the mortgage but is a reasonable trade off, when you consider that the loan is financed at 100% of the properties value. 

When all things are compared, it may turn out that a conventional loan or FHA loan might be a better fit.  Veteran loans take a little more time to process, so if that is the route you want to pursue, please allow ample time. The nice thing is that you have more mortgage finance options to evaluate. If you have served our country in the armed forces since 9/11 or are currently serving full time or in the guards, let us know.   Thank you for your sacrifice.

Great news for Veterans!  The Minnesota state legislature has just passed a new state law that allows disabled vets to receive a permanent property tax exemption on their primary homestead.  Here is how you qualify-if you have a service related disability that is between 70-100%, you can get a $150,000 exclusion.  If you have a service related disability that it 100% and qualified as total and permanent, then you can get a $300,000 exclusion.  You need to file a form with the county assesor in order to qualify.  The form is CR-DVHE100.  You can find out more at http://www.taxes.state.mn.us/  Read property tax fact sheet #13

KEY VA LOAN ADVANTAGES

*100% Purchase financing possible

*Funding fee can be financed in the loan

*Funding fee may be waived for disabled vet

*90% ltv cash out refinance

*Sellers can contribute 4% towards buyers closing costs

*41% qualify ratio

USDA GUARANTEED RURAL HOME LOAN PROGRAM

The USDA offers a program to finance single family homes in rural areas.  So it won't work in major population areas, but might on the fringe.  Here are some of the highlights and things to consider:

*The loan is a fixed rate for 30 years

*Up to 100% of the appraised value can be financed.  This needs to include the 3.5% guarantee fee on a purchase an lower on a refinance.

*Sellers are allowed to contribute up to 6% towards the closing costs

*Only 1 unit single family residences allowed

*Purchase and Refinances-OK.  The refinance is ONLY for rate and term improvement, not cash out.

*Full documentation loan underwriting

*$417K is the maximum loan size allowed

*No cash reserves required

*No minimum contribution from the borrowers funds required (FHA loans require 3.5% for example)

*NO PMI-there is an upfront USDA Guarantee fee of  up to 3.5% required which can be financed into the home loan.  On a refinance, the cost of the guarantee is lower.

MINNESOTA CORPORATE MORTGAGE BENEFIT

Patti Mazzara is our corporate real estate benefits director.  She will be happy to review this program with you if you have any questions.  Here is the internal link to an overview of the program- Minnesota corporate mortgage  

The formal website for this program is located at http://www.minnesotacorporatemortgage.net/

Common mortgage questions answered at our site!

Throughout our website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Wondering if a new home equity loan or second mortgage can lower your monthly payments? Use our Debt Consolidation Mortgage Calculator! Confused by all the loan programs from which to choose? Our Loan Program page will help you find the right type of loan for you. Also, we'll be happy to prepare a personalized mortgage quote for the home mortgage program of your choice. 

WIN A FREE MONTHS MORTGAGE PAYMENT-SWEEPSTAKES

Please check out all the tabs on the left.  Under the "Venture Development" tab you can enter the mortgage payment sweepstakes.   How would you like to win a one month's mortgage payment-up to $5K?  You have to enter to have a chance at winning!

Venture Development Inc is operated by John Mazzara - President & Patti Mazzara - Vice President.  We can be reached at 952-285-4319.  We schedule appointments out of the RE/MAX Results office at 7300 France Ave S Suite 410, Edina, Minnesota 55435.  Call us for directions and to schedule a time to take your loan application. 

If you are looking for real estate information on any of the communities within the 7 county metro area, just ask John Mazzara.  We recently wrote a series of reports on the various cities in and around Minneapolis and St Paul.  You can find them on the tabs to the left.  Just click and read up on the cities to see which community you might want to call home.  We  have specific reports about the real estate activity in each city at John's real estate site under "press releases/reports".  Visit http://www.minneapolisstpaulhomes.com/  to find out more.

MINNESOTA MORTGAGES AND REAL ESTATE

We are more than just a Minnesota mortgage broker, we are able to help you with all aspects of a Twin Cities relocation. John has been successfully selling Twin Cities real estate since 1986.  The first 9 years were with Burnet Realty and the balance has been with RE/MAX.  John sells homes throughout the metro area.  We live and work in Edina and know the Edina real estate market extremely well.  John has lived in Edina MN since 1986 and in Minnesota his entire life.

You can visit our real estate site at http://www.minneapolisstpaulhomes.com/  and go to reports and press releases to get a ton of information or start your ON LINE HOME SEARCH for a new home IMMEDIATELY.  If you are moving from out of state, not working with another real estate agent, and need a relocation package we can help-call us.   If you are leaving Minnesota-we can refer you to a top Realtor in your new community.

If you find yourself needing to sell your home in light of a distressed situation that might involve letting the home go to foreclosure, I would encourage you to consider ALL of your options first-then decide what is right for you-loan modification, forebearance repayment plan, as well as a short sale may work as well or better.  There are a number of tax and credit implications to whatever your decision will be-so you are highly advised to contact an attorney and accountant and possibly the IRS at http://www.irs.gov/ If you do decide that a short sale is the route to pursue, then contact John Mazzara to help sell your home.  John has completed the CDPE-Certified Distressed Property Expert program-and can share his knowledge of how to proceed with the short procedure.  You can learn more as well at Short Sale Option

REAL ESTATE INVESTING BOOK- "REALITY BASED" REAL ESTATE INVESTING

John Mazzara recently wrote a book about investing in investment real estate.  The book covers over 23 years of his personal experiences and insights into selling/owning/managing rental real estate.  You can find out more about the book and investing in real estate at our investment property book's website.  While the book is based upon Twin Cities Minnesota real estate, much of the lessons and information is applicable across the US. Visit http://www.realitybasedrealestateinvesting.com/ and get your personal copy today.

  This is the cover of the book.

FIRST TIME BUYER AND LANDLORD EDUCATION CLASSES

We offer classes throughout the Twin Cities through various community education and corporate locations. Call us to see what class location and time would be most convenient for you. Our class topics include:  the importance of credit, obtaining a mortgage, purchasing a home, selling a home, and becoming a successful landlord.  These classes are always offered in the evenings.  For those of you who are unable to attend our classes but would like home buying and landlording education, let me offer the FREE online classes offered by MGIC.  MGIC is a leading private mortgage insurer and underwriter.  They have created a two online classes that you can take.  Upon the successful completion of the course and passing a test online, you will obtain a certificate.  Besides obtaining knowledge, you MIGHT be required to complete a home buying class under certain first time buyer mortgage programs.  This class MAY be acceptable.  Here is how you get to the classes:  go to http://www.mgichome.com/  sign up and take the class, when you are done, you will need the lender code-here it is:  learning@ventureloanapp.com 

You don't have to be a MN home buyer to take the class.  Feel free to share this resource with anyone that will be looking to become either a home owner in need of understanding the process or a landlord looking to do landlording successfully.  The best part is that you can take the class from the convenience of your home or office online at on your time line. 

If you are a landlord-let me give you a link to a Free landlord website.  This site allows you to enter data and photo's about your property.  Once you have your site built, you can advertise your URL on Craigslist, the newspaper or even online on your website. Go to my Twin Cities real estate site and scroll down under Investment Property in Minnesota-click on the link that offers the website

MORTGAGE CALCULATOR WIDGET

We just created the widget you see below. It allows you to calculate a mortgage payment or see an amortization schedule.  Would you like a copy for your blog or website?  Just visit mortgage payment calculator and get yours today-it's free!

We help sell and finance mortgage loans throughout Minnesota in cities such as Minneapolis, St Paul and all surrounding suburbs such as Edina, Eden Prairie, St Louis Park, Minnetonka, Plymouth, Maple Grove, Robbinsdale, New Hope, Crystal, Chaska, Chanhassen, Waconia, Savage, Prior Lake, Shakopee, Richfield, Bloomington, Mendota Heights, Eagan, Apple Valley, Lakeville, Rosemount, Brooklyn Park, Brooklyn Center, Fridley, Columbia Heights, Shorview, Vadnais Heights, Lino Lakes, Roseville, Falcon Heights, North East Minneapolis, St Anthony, Stillwater, Inver Grove Heights, Lake Elmo, Afton, Cottage Grove, So St Paul, West St Paul, Woodbury, Oakdale, and Greater MN Minnesota.  We are your Minnesota mortgage broker and we finance Minnesota homes all throughout the State of MN.

	Mortgage News Daily Judicial States Continue to Skew Foreclosure Statistics - 7 hours ago Posted To: MND NewsWireThere were substantial improvements in delinquency rates during the first quarter of 2012 according to the National Delinquency Survey for the period released this morning by the Mortgage Bankers Association. At a conference call for media accompanying the release, Jay Brinkmann, MBA's Chief Economist and Senior Vice President of Research and Education said that the combined percentage of loans in foreclosure or at least one payment past due was 11.33 percent, a 120 basis point (bp) decrease from last quarter and 98 from one year ago. This was the lowest that this measure has been since 2008. This improvement was driven by a 62bp decrease in the rate of loans that were 30 days or more delinquent. Brinkmann said that the first quarter generally experiences a decline in 30-day delinquencies for...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS RECAP: Another Logical Day Of Record Highs - 7 hours ago Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary We characterized yesterday as "logical and well contained" with the benefit of some hindsight. While today's session wasn't "well contained," it was rather logical in that it went where you'd expect it to go given the events. Merkel surprisingly supportive of Greece remaining in the Euro-zone? Bond markets selling = logical. ECB wires saying certain MoPo operation with certain Greek banks is on hold? Bond markets bouncing back = logical. FOMC Minutes from a meeting that took place BEFORE the recent round of Euro-drama ramped up showing no incrementally hawkish viewpoints? Bond markets inferring Fed must be that much more willing to stimulate given recent events = logical. All in all it led MBS to all-time highs yet again, and bond markets were generally...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Mortgage Rates Steady At All-Time Lows Thanks To Europe And The Fed - 8 hours ago Posted To: Mortgage Rate WatchMortgage Rates are steady to slightly improved today following as Europe's fiscal woes continue providing downward pressure on US interest rates. The forces at work keeping rates low were joined today by "minutes" from the most recent FOMC meeting. All told, several notable lenders are offering their all-time lowest interest rates while others remain close. Markets actually got off to a shaky start as far as rates were concerned. Had it not been for the European headlines and the FOMC Minutes , we'd likely be looking at slightly higher rates today. Mortgage-backed-securities (aka "MBS," the most direct influence on mortgage rates) and US Treasuries began the day in weaker territory until news that the European Central Bank had ceased it's normal interactions with several Greek banks, and the...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Concerns Grow Over Freddie/Fannie Price Dislocations - 9 hours ago Posted To: Secondary MarketsOne of the themes discussed at the MBA’s recent conference in New York was the idea of “a merger” of the mortgage-backed securities issued by Fannie Mae and Freddie Mac.  The FHFA itself now lists one of its goals to "build a single securitization platform" in the Strategic Plan for 2013-2017 this morning.  MBA President David Stevens recently addressed the concept, expressing concerns about the growing price and economic disparity between Fannie Mae and Freddie Mac securities. Before continuing, it will be helpful to discuss the differences between the Fannie and Freddie securitization programs. Since it takes time for cash to be passed from servicers to the GSEs to and then to investors, both types of securities (as well as Ginnie Maes) pay investors after a “delay.” This is fairly simple in concept. All securities have a “record day” which determines who is the “holder of record” at any point in time. For agency MBS, the record day is always the 30th of the month. The actual cash (principal and interest) owed to the investor is then remitted to investors in the following month. Fannie Mae always pays bondholders on the 25th day of the month following the record date; Freddie Golds pay on the 15th day of the following month. (Freddie Mac pools originally paid on the 15th day of the second month after the record date. In the late 80s/early 90s Freddie Mac created the Gold program, which moved the payment date up a month for fixed-rate pools; note that Freddie ARMs are still issued under the “green” program and have the old payment structure and delay.) Because time has value, the shorter delay for Gold pools means that they should trade at a higher price than Fannies, assuming they are priced to the same yield and prepayment speed. At current levels, the constant-yield price of 30-year Gold 3.5s is roughly 2+ ticks higher than Fannie 3.5s. (The economic value of the delay difference is a function of a number of factors, including the pool’s coupon and yield.)Despite the shorter payment delay, however, Gold pools have almost always traded at a concession to Fannies rather than at a premium. The differential is largely due to the liquidity difference between the two agencies’ securities. According to the MBA, daily trading volumes for Fannie MBS are 20 times larger than those for Freddie Golds. The relatively impaired liquidity of Golds implies wider bid/ask spreads, making trading in the securities more expensive; it also means that prices are more apt to be impacted by heavy trading volumes and/or increases in market volatility. As a result, it is significantly more expensive for investors and issuers to trade in Golds, meaning that they need to trade at a concession to Fannies in order to compensate for their reduced liquidity and higher trading costs. The price differential between the two programs is also growing, as illustrated by the following chart showing the pricing difference between Freddie Mac Gold and Fannie Mae 3.5s over the last few years. The 60-day moving average of the concession has widened from 2-3 ticks in the fall of 2011 to its current level of 9-10 ticks; as of the close on Monday 5/14 the spread was 9/32s. Keep in mind that this shows only the actual price difference; the economic difference (i.e., including the delay difference) is roughly another 2+ ticks wider over time.There is an unfortunate circularity to the price/liquidity issue. The lower prices paid for Gold securities means that originators pricing to Gold execution are at a significant disadvantage relative to those using Fannies as their benchmarks; in order to offer comparable rates, they must factor lower profit margins into their pricing. As a result, fewer originators create Gold securities, which results in reduced float for the securities, which serves to further impair liquidity. Interestingly, Stevens’ comments included one questionable statement. He was quoted following the speech as saying “…(A)nd the taxpayer subsidizes the lender for the difference between the two. Taxpayers will be saved hundreds of millions of dollars because the execution will no longer be subsidized." In the current market, with comparable g-fees for Fannie and Freddie, the cost of the price concession and inefficient execution is borne by the originators creating Freddie Mac pools. However, without action to either combine the securities of Fannie and Freddie or somehow eliminate the price concession, the price and liquidity disparity is likely to grow worse, and issuance of Freddie pools will continue to shrink. The true cost to taxpayers will come in the future; over a longer horizon, it’s easy to imagine that the government will be forced to continue supporting an increasingly uncompetitive enterprise....(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. "Mega-Lenders" Lagging Smaller Ones in Processing Time - 9 hours ago Posted To: MND NewsWireSmall and medium-sized lenders and community banks appear to be closing loans for refinancing faster than their "mega-lender" counterparts according to the Origination Insight Report for April released Wednesday by Ellie Mae. The company, which samples loan applications that are processed through its loan management software, reported that, "While the average refinance going through our platform took five days longer in April than in March, it still only took 47 days." Ellie Mae contrasted this to a report from The Wall Street Journal which recently said that the largest retail lenders are now quoting timelines as long as 60 to 90 days for refinancing. Insight , which covers approximately 20 percent of U.S. loan originations, reported that the share of refinance applications actually dropped...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Stats Point to a Decent Housing Market; Nationstar and ResCap; Europe Continues to Move Rates - 11 hours ago Posted To: Pipeline PressObama played golf with Joe Biden last weekend. They were kicked off the course because every time Obama yelled "Fore", Biden screamed - "More Years!" But the mortgage industry is more concerned with another Biden: Joe's son Beau, who is Delaware's Attorney General. Officials wonder why banks aren't excited about residential lending, yet the industry faces Biden's comments that the states' attorneys general need to make it clear that the recent $25 billion settlement with five major banks is the beginning not the end of their enforcement actions . "This crisis, which was man made," he said, "cost the economy trillions and I can't really find anyone who has been held accountable." And apparently he and his ilk will their attention to mortgage securities: "whether or not there were false securities...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS MID-DAY: After Merkel-Speak Soothes, Draghi Speaks Sooth  - 11 hours ago Posted To: MBS CommentaryMBS Live : MBS Morning Market Summary The main market-mover this morning was a CNBC interview with Angela Merkel. In it, the German chancellor offered an increasingly supportive tone on Greece remaining in the Euro-zone, saying that Germany would be open to Greece seeking additional stimulus. This was a net-negative for bond markets and generally soothed broader markets, though Treasuries and MBS maintained supportive ledges. Moments ago, news hit that the ECB would be stopping some monetary policy operations to some Greek banks. This follows earlier statements from ECB President Mario Draghi that point to a line in the sand that the ECB will not cross in order to keep Greece in the EZ--a decidedly different tone than the Merkel interview. Bonds bounced back somewhat, and in the heaviest volume...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Single Family Construction Strengthens, Multi-family Falls Sharply - 12 hours ago Posted To: MND NewsWirePermits for construction of multi-family housing plummeted in April, offsetting a small increase in single family permits and dropping the total down 7 percent from revised April figures. Permits for all privately owned residential construction were issued at a seasonally adjusted annual rate of 715,000, down from the March rate of 769,000. The March rate was revised substantially upward from the original estimate of 747,000. The April permitting rate is 23.7 percent higher than that of April 2011 when the annual rate was estimated at 578,000. Permits for single family authorizations were at a rate of 475,000, up 1.9 percent from the March rate which was upwardly revised from 462,000 to 466,000. The April figure is 18.5 percent higher than the rate of 401,000 one year earlier. Permits for construction...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Ending Uncertainty is Prescription for Housing Recovery - 13 hours ago Posted To: MND NewsWireFederal Reserve Governor Elizabeth A. Duke told attendees at a break-out session of the National Association of Realtors® (NAR) Midyear Legislative Meetings that she wished she had, as the session title suggested a " Prescription for Housing Recovery ." "I do see policies that I believe will help reduce the shadow inventory of houses in the foreclosure pipeline," she said. "I also see policy actions that could be taken to improve credit availability for potential homebuyers and, in turn, demand for houses." Duke briefly recounted the toll that the housing market had taken on homeowners and the nation's housing stock and some of the signs of recovery such as improving delinquency rates, and declining inventories of unsold and foreclosed homes. She said there have also been signs that home...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Refinancing Applications Jump by Double Digits - 13 hours ago Posted To: MND NewsWireRefinancing activity spiked during the week ended May 11, rising 13.0 percent from the previous week's level according to the Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association (MBA). Refinancing represented 74.9 percent of all applications compared to 72.1 percent the previous week. The increase drove the Market Composite Index, a measure of mortgage application volume, up 9.2 percent on a seasonally adjusted basis and 8.7 percent unadjusted from the week ended May 4. Refinancing more than offset a 2.4 percent dip in both the seasonally adjusted and the unadjusted Purchase Indices on a weekly basis. The unadjusted index was 1.0 percent lower than during the same week in 2011. The four week moving averages for all indices were up. The Market Index...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.