Stonegate Mortgage Wholesale Update

USDA Rural Housing 2012 Income Limits Published

Gary Long — Mon, 23 Jan 2012 19:43:27 +0000

The 2012 Income Limits for USDA RD home loans have been published. Effective January 18, 2012. USDA’s and the Income Eligibility calculator in the Eligibility website (http://eligibility.sc.egov.usda.gov) has been updated to use the new income limits.

USDA Rural Development Annual Fee Payments

Gary Long — Thu, 12 Jan 2012 15:00:20 +0000

All section 502 guaranteed loans require a 0.3 percent annual fee effective October 1, 2011. Some lenders have attempted to pay a portion of the annual fee payment in advance. USDA will bill lenders annually or when the loan is paid off. USDA will bill lenders for the fee 12 months from the date the loan funded.

For example, if a loan was closed October 25, 2011, the first annual fee will be billed by the Agency and due on November 1, 2012. The first billing for the annual fee will be in October 2012 and will be due November 1, 2012.

Lenders should collect 1/12 of the annual fee on a monthly basis into an escrow account, until billed by USDA Rural Development.

USDA has its guarantee up-front and annual fee calculator it will be posted on the USDA LINC website identified below. This version corrects the annual fee payment date information and is the most current version to utilize.

https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

Know Before You Owe: Closer to Closing — Testing, Testing ….

Gary Long — Mon, 09 Jan 2012 16:43:13 +0000

The Consumer Finance Protection Bureau has begun testing two new forms to replace the current HUD-1 and Final TIL, which integrate the existing forms into one consumer user friendly form.

The Bureau is seeing feedback on which of the two designs works best. To see examples go to: http://www.consumerfinance.gov/knowbeforeyouowe/ and share your thoughts.

Unlike previous changes that have impacted mortgage brokers and bankers, the Bureau is seeking input on the forms, the process and how functionality of disclosures. The new forms are being tested in Birmingham Alabama. To have your say go to:

http://www.consumerfinance.gov/knowbeforeyouowe/

Which design works best? Why?
Is the information presented in a consumer-friendly format?
Could consumers easily identify key loan terms and closing costs?
Does the disclosure cover all the important information you need?
Is the document easy for lenders and settlement agents to use?

2012 USDA Refinance Fees

Gary Long — Tue, 27 Dec 2011 14:28:03 +0000

EFFECTIVE Wednesday, December 7, 2011: The upfront guarantee fee for all refinance transactions increased from 1 percent to 1.5 percent at this time.
Conditional Commitments for refinance transactions that have previously been issued by USDA “subject to the receipt of commitment authority” at the 1 percent upfront guarantee fee structure will be honored by the Agency once the commitment authority becomes available.
Effective Wednesday, December 7, 2011, new Conditional Commitment requests for a refinance transaction will be issued by the Agency utilizing a 1.5 percent upfront guarantee fee and a 0.3 percent annual fee. The new fee structure for FY12 is as follows:
•2 percent upfront guarantee fee for purchase transactions;
•1.5 percent upfront guarantee fee for refinance transactions; and
•0.3 percent annual fee for both purchase and refinance transactions.

Columbus Day

Gary Long — Thu, 06 Oct 2011 15:00:17 +0000

Monday, October 10^th is Columbus Day, a federal holiday. Stonegate Mortgage Corporation offices will be open, however bond market and most if not all banks are closed for the day.

As such there will be no funding of loans Monday October 10^th, and the lock desk will not be open.

Most importantly, as a federal holiday, Monday October 10^th cannot be counted as a rescission day for refinance loan closing purposes.

Lock expirations falling on a weekend or holiday “roll” to the next business day, however we remind you to check your expiration dates to account for the non-rescission day and shorter week in your loan funding schedules.

USDA Rural Housing Availability of Funds

Gary Long — Wed, 05 Oct 2011 15:38:41 +0000

Stonegate Mortgage has received word from USDA that funds for USDA refinance transactions are not available, at this time. USDA refinances may be originated, processed, underwritten and submitted to USDA for a conditional commitment. However, these loans may not close until funds are available again.

USDA’s fiscal year ended September 30, 2011. The word from USDA is that funds should be available the latter part of October. We hope this is a short lived issue. When we get word that funds are available again, we will begin closing refinance transactions.

Purchase transactions are still able to close, as there is no shortage of funds for purchases.

Mortgage Market Update

Gary Long — Wed, 10 Aug 2011 15:24:25 +0000

Good morning,

We are seeing unprecedented trading in the MBS markets this morning and traders as well as Tier One lenders have been struggling to come up with prices to convert to mortgage rates-we will have pricing posted as soon as possible however the lock desk may be delayed slightly from the 11am ET start time to allow some consensus to be built in the markets.

MBS is trading up 24 ticks after the huge run up late yesterday so expect some improvement once pricing is established.

Thank you,

Mike Brown

Capital Markets

Stonegate is Peddlin’ for Pet Victims at RAGBRAI!

Gary Long — Fri, 15 Jul 2011 17:07:14 +0000

Stonegate’s participation in the 2011 Register’s Annual Great Bicycle Ride Across Iowa (RAGBRAI) is dedicated to the relief of pets affected by natural disasters such as the tornadoes and floods that occurred across the Midwest this year.

Prior to and during RAGBRAI, Stonegate will host a fundraiser, Peddlin’ for Pet Victims, to help provide shelter and care for animals displaced during similar natural disasters, or rescued from mass cruelty situations.

With Stonegate branches, customers and Partners located well within areas affected by the recent disasters, Peddlin’ for Pet Victims will help those communities by collecting monetary donations for RedRover Responders (formerly the Emergency Animal Rescue Service, or EARS) who:

Offer financial assistance so pet owners can obtain urgent veterinary care
Shelter animals who are displaced by natural disasters and other crises like criminal seizures of puppy mills and hoarding cases
Strengthen the common bond between people and animals through a variety of programs
Help children develop compassion and empathy through stories and discussion

The RedRover Responders Program consists of 3,000 volunteers nationwide and in Canada who are ready to respond when a natural or man-made disaster puts animals at risk.

Founded in 1987, RedRover (formerly United Animal Nations) has a 25-year track record of providing shelter, care and compassion to animal victims of disasters, reuniting them with their families or placing them in new homes.

Thank you for your support of Peddlin’ for Pet Victims. Donate now, or text ANIMAL to 85944 for an automatic $10 donation, and help RedRover Responders and Stonegate make a difference in animals’ lives.

Mortgage Market Update

Gary Long — Mon, 06 Jun 2011 16:21:07 +0000

After a wild week last week economic releases are light in the coming days, so focus in bond and equity markets is the world-wide recovery, or more importantly lack thereof. With 10 year treasury dabbling with the 2 handle last week, we find the yield early today at 2.99% so the safety play is still on.

Stocks appear slightly weak at the open but no 200 point drops in the works for this morning. MBS is trading close to the closing price from Friday so do not expect much excitement today-for a change.

Greece, Portugal and the growing concern of losing momentum in the US is driving yields lower-stocks still holding up after a long run from the bottom in 2009, as it appears the only place the US stimulus activity seems to have made a difference is in corporate treasuries! Now that that has run out, we shall see how the earnings look this summer.

Mike Brown

Capital Markets

Stonegate Mortgage Corporation

Mortgage Market Update – Afternoon

Gary Long — Wed, 04 May 2011 20:08:03 +0000

Market has held on to a small gain this afternoon, 4/32nds from the opening price at 9:30. We have not posted new prices; however, we are improving our fixed rate products by 0.20 in price for the balance of the day. We will not send new rate sheets but pricing has been added to pricing engines for retail users.

Thank you,

Mike Brown

Capital Markets

Stonegate Mortgage Corporation