We are your Minneapolis St Paul area home mortgage refinancing or purchase money mortgage broker. Our Minnesota mortgage loan programs include Conventional, FHA,VA mortgage loan programs-fixed rate or adjustable(ARM).   

Call Patti  Mazzara or John Mazzara at 952-285-4319 for an interest rate quote on current Minnesota mortgage rates -or- use the 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 for over 14 years-whether it be for a home purchase, refinancing to a lower rate, or debt consolidation.   

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.

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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 correct 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.

Are you waiting for a certain interest rate before you refinance your loan?  Would you like to obtain one of the Twin Cities best interest rates on your next Minnesota home loan?  Why not let us track the interest rate for you-and notify you when/if your rate is reached? Our MN mortgage rates are always very competitive-combined with excellent service and extensive product knowledge.

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.  Download a short PDF on Credit Repair

We have FREE e-book entitled "101 Fast Fixes To Boosting Your Credit Score" You can click on the title to get your copy.  Learn about credit repair and how to boost your credit score for a future mortgage and home purchase.   Another E-book of interest might be our book on family budgeting.  Ever end up with-too much month at the end of the money?  That could be due to the failure to establish and stick to a budget.  Our bugeting book will help you get your financial spending in order-- FREE Budgeting book.

MINNESOTA MORTGAGES & WIDE VARIETY OF HOME LOAN CHOICES

Think of Venture Development when you need a  "Minnesota mortgage" for " Minnesota Real Estate".  We can help.  We are primarily a Minnesota mortgage broker, although we may be able to help you with financing in another state.  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, Option ARMs, second mortgages, HELOC's, Reverse Mortgages, One time close, new construction loans, cash out refinance, interest only loan, credit problems, no credit score, debt consolidation, 100% financing, investor loans, no cost loans, low cost loans, no ratio, self employed, stated, true no doc, first time buyer, and investment property financing, 110% loans, and 125% loans, FHA secure, FHA, Veteran, and VA loans.

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

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!  We are one of the first brokers to have this product available.  ALMOST AN EXCLUSIVE-I don't know anybody else that is offering this program.  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. CALL ME!

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.  The special FHA program is called FHA Secure or FHA SecurePlan.  This plan has evolved since it first came out-call for the most updated information and to see if you qualify.

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.  The recent passage of a vote by the House of Representatives gives us hope that the FHA will become a more modernized agency that will provide programs that are more risk based and responsive to today's lending environment.  We'll have to wait to see if the Senate can pass the bill without to many modifications.  In any event, the FHA will come out a better and stronger organization than they are today. 

KEY FHA LOAN ADVANTAGES:

*Total buyer contribution required is 3%

*Fixed rate loans, ARM's and Buydowns

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

*Credit scores as low as 580 (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

*Increased FHA loan limit w/ 2008 Stimulus package

*Relaxed appraisal requirement in comparison to the past

*Cash out refy to 95% 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

*1.5% mortgage insurance can be financed in the loan, then .5% monthly

*FHASecure for those needing to refinance an adjusting subprime ARM

VA LOANS-VETERAN SPECIAL OFFER

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.  From time to time, we run various specials for exclusively for veterans and active duty participants.  Call us for details.  We want to honor those who make this country safe.  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 2% guarantee fee.

*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% for example)

*NO PMI-there is an upfront USDA Guarantee fee of 2% required which can be financed into the home loan.  On a refinance, the cost of the guarantee is .5%

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 owned by John Mazzara - President & Patti Mazzara - Vice President.  We can be reached at 952-285-4319.  We schedule appointments out of the RE/MAX Associates Plus office at 7450 France Ave S Suite 101, 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.selling.mn/ 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.

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	Mortgage News Daily MBS CLOSE: Tumultuous Week Sees MBS Gain, Tsy's Lose - 18 hours ago Posted To: MBS CommentaryIn a week that promised to be eventful, MBS played the volatility role with the rest of the market, but left it's benchmark's in the dust when all was said and done. The measure of the secondary MBS market that takes into consideration the prepayment speed weighted yields as well as the production mix of MBS volume and expresses that notional yield at parity fell to 4.258 (that's secondary market current coupon, btw...). With the 10yr yield ringing the 3.5 bell right on the nose, that brought spreads between MBS and Tsy's to an eye-wateringly tight 75.9bps! They started the week at an already tight 87.9bps... Though I could try, I'm not sure there's much I could do to convey just how tight these spreads are... Well, I guess a chart might do... This is the current coupon...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS AFTERNOON: Like It Never Happened... - 20 hours ago Posted To: MBS CommentaryIn breaking news, it has been determined that today's NFP report was all an elaborate hoax that was never intended to have any effect on the markets beyond today. Or at least that's how the headline could read at the top of the list of "things that would not surprise us." What do I mean? Nothing more than this: After all the sturm and drang of AM volatility, the market continues in the exact same direction suggested by it's previous trends, which would have been for a reversal at 3.56 (yesterday) and a continuation of the rally into today depositing us somewhere in the neighborhood of 3.5... For MBS, just an extension of previous trends as well (yesterday we warned against perceiving the rally in MBS as an indication of reversing downtrends from the beginning of the week...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective? - 22 hours ago Posted To: MND NewsWireIt is finally official. The homebuyers' tax credit has been extended to April 30, 2010. President Barack Obama approved the extension as part of a $24 billion economic stimulus bill signed Friday. The bill also includes an extension of unemployment benefits to the longtime jobless and tax credits for some businesses. The housing tax credit portion of the bill extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to other homeowners who have lived in their current home for at least five years and are seeking to relocate. Another modification to the original legislation raises the income limits for program participation from $75,000 for a single purchaser to $125,000 and from...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Fannie Mae Posts 3Q Loss; Asks Treasury for More Money - 23 hours ago Posted To: MND NewsWireCiting 22.0 billion of credit-related expenses, Fannie Mae Thursday night announced it lost a net $18.9 billion in the third quarter of 2009. Losses in the second quarter totaled $14.8 billion and $30 billion in the third quarter of 2009. The third quarter loss resulted in a net deficit of $15 billion as of September 30 and prompted the Acting Director of the Federal Housing Finance Agency (FHFA) to request an additional infusion of that amount from the Department of the Treasury. FHFA has asked that the $15 million be made available by December 31. The loss on a per share basis was $3.47, a substantial increase from the $2.67 loss posted last quarter, but a vast improvement over the $13 per share loss during the third quarter of 2008. Fannie reported net revenues of $5.95 billion in the third...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS MORNING: MBS Settling Into The Green Groove - 1 day ago Posted To: MBS CommentaryWe'd expect the wake of a much-anticipated NFP print to be volatile... That assumption isn't really a big leap of faith for most market watchers, and indeed that's what we're seeing. But as the volatility decreases, we're seeing suggestions of both stability and correction. Traders are preparing to cash in... So should you... Let's discuss the chart for a moment... Generally, today is a green one for MBS. I wouldn't even pay much mind to the outlying levels following NFP as those are merely the more violent death throws of the volatility that almost always peaks and begins to wane on the printing of this report. 101-00 looks reasonably supportive in a technical sense, and of course it always carries the "round number" psychological impact as well. Even...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Risk Retention and Transparency in the Mortgage Market - 1 day ago Posted To: Voice of HousingThe House Financial Services Committee’s systemic regulator bill, HR 1754 , is hung up this month on the proposed risk retention requirements. The proposal requires creditors to retain 10 percent or more of credit for securitized loans and let regulators adjust that level to between 5 percent and 10 percent. Financial institutions prefer a 5 percent base. The argument over the specific number will be resolved. The larger issue --- the need for “skin in the game” in the new mortgage lending paradigm --- no one disputes. Risk retention will establish a necessary sense of ownership and responsibility at the origination end of the home loan process. But any risk retention debate is incomplete unless policymakers give equal weight to time to the need for transparency. One doesn’t...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Float Bias Back as Mortgage Rates Hold Steady After Jobs Data - 1 day ago Posted To: Mortgage Rate WatchMortgage rates continued to hold steady yesterday as prices of mortgage backed securities slowly inched higher yesterday. AQ and MG were discussing the supply and demand dynamics of the MBS market yesterday, citing several reasons for the stable range being held by MBS coupons, even as benchmark 10 year Treasury rates held near recent highs. HERE is an explanation of the logic behind MBS stability. A few lenders who were pricing loans conservatively in the morning eventually repriced for the better by afternoon. Before we get into today’s data, I want to give a quick update on the First Time Home Buyer Tax credit. Two days ago the Senate passed a bill extending the credit and yesterday, yesterday the House of Representatives also passed the bill which in effect extends the tax credit...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS ALERT: Falling From the Highs to the Lows  - 1 day ago Posted To: MBS CommentaryLooks like the short base has not be taken out in 10s yet... The 10yr note yield just rose to 3.54%. Hopefully we get some short covering there and a reversal. Unfortunately this is having negative effects on "rate sheet influential" MBS coupons. The FN 4.0 is now -0-01 at 98-12 and the FN 4.5 is trading -0-03 at 100-31 after hitting an intraday high of 101-16. Look how steep the yield curve is now...this is getting rediculous. Buy the curve already! IF YOUR LENDER ALREADY PUBLISHED PRICING, A REPRICE FOR THE WORSE MAY OCCUR 10:15 UPDATE: The FN 4.0 is now +0-03 at 98-16 yielding 4.156%. The FN 4.5 has recovered from the lows of the day and is now trading +0-03 at 101-05 yielding 4.356%. The secondary market current coupon is 4.276%. The current coupon is +75/10yr TSY and +58/10yr...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Foreclosure and Lending Regulation News from North Carolina. Updates from Fannie, Freddie, PMI, AIG; Tax Credit Extended - 1 day ago Posted To: Pipeline PressA co-worker recently asked me about "instant messaging". I told him that the only instant messaging that I do is with my middle finger. (Illustration not necessary.) In a move that other states may take note of, North Carolina, the N.C. Office of the Commissioner of Banks (NCCOB) is sending a message by announcing that it is proposing mortgage rules to help reduce foreclosures, to improve consumer protection and the functioning of the mortgage market, and to implement the S.A.F.E. Act. (North Carolina's NCCOB regulates state-chartered banks, thrifts, savings and loans, trust companies, and more than 875 mortgage lenders/servicers/brokers and 9,800 mortgage loan originators, as well as numerous consumer finance companies, check-cashers, and other financial services.) They are considering...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. MBS OPEN: Rates RALLY After Jobs Data - 1 day ago Posted To: MBS CommentaryOct Non-farm Payrolls Worse than Expected at -190,000 vs. consensus -175,000 vs. Sept -219,000 (previously -263,000) Unemployment Rate: 10.2% vs. consensus 9.9% vs. Sept 9.8% (previously 9.8%). Highest unemployment rate since 10.2% in April 1983 August Non-farm payrolls revised to -154,000 from -201,000. July unrevised at -304,000 Average hourly earnings +0.3% vs. consensus +0.1% vs. Sept +0.1%, to $18.72 vs. Sept $18.67. Year-on-year average hourly earnings +2.4 % Average work week 33.0 hours vs. consensus 33.1 vs. Sept 33.0. Aggregate weekly hours index -0.2 % vs. Sept -0.5 % Below are the market's reactions to the data. Dont get comfortable yet, the market's initial reaction is not the best indicator of the day ahead. Give this a few minutes to set in... The 10yr.... The FN 4.5....(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.