I was at the University of Arizona Campus Saturday for volunteer orientation on the Tucson Festival of Books. A quick glance of the UofA mall showed the future of our community. Our group was there to review the layout of the Tucson Festival of Books  (March 13 and 14th). This event is in its sophomore [...]

Both stocks and Mortgage Backed Securities (MBS) finished the week stronger than they began. This is not typical, as they tend to move inversely to each other, but is a good indicator of the market dynamics: Two steps forward on the economy, followed by a step back. There were several days of volatile intraday swings [...]

In a speech to the National Association of Mortgage Brokers (NAMB) FHA Director, David Stevens, said HUD had to take a “paternalistic” approach to regulating the mortgage industry and ensuring consumer protection. This was in response to a suggestion from a California Mortgage Broker that with a few adjustments, the new Good Faith Estimate (GFE) [...]

As you may know, I am attending the NAMB legislative conference in Washington DC. We are having meetings with members of Congress about the current climate of mortgage lending. Days are also filled with speakers from various regulatory and legislative groups. Yesterday, we heard from Vicki Bott, Deputy Assistant Secretary of HUD. She discussed FHA [...]

Future retrospection will likely show 2009 as the most challenging year for the modern mortgage industry, and 2010 as the most defining. The Mortgage Industry Update will be back in full force on January 11th, covering all of the issues that will reshape the mortgage industry. The new 3-page Good Faith Estimate goes into effect [...]

After the Civil War, the United States underwent massive growth in the railroad industry and thirty-five thousand miles of new track was laid across the country between 1866 and 1873. A large infusion of cash from speculators caused abnormal growth in the industry as well as overbuilding of docks, factories and ancillary facilities. At the [...]

On Thursday, the stock market soared on news that the third quarter’s Gross Domestic Product (GDP), the total market value of goods and services produced, grew by 3.5%. Recently, the GDP had been in negative territory revealing that our economy was shrinking, thus the Great Recession. News of economic growth spurred the stock rally that [...]

May and June have been subject to a significant increase in mortgage rates. On the Daily Rate Watch, we marked a low of 4.625%, for a 30-year fixed with no discount points, on April 18th. At the time the media was saying we were heading down to 4.0%, but the industry was saying we were [...]

Listed on page 63 of 87 President Obama’s financial reform plan is the only mention of financial education. I am glad it made the final draft, but it appears as a minor, secondary concern of the administration. Financial reform is necessary and it’s coming, but it will be diminished if the importance of financial education [...]