MMag Mortgage Lending January 15, 2008

• Consumer Confidence Rebounds in May
Consumer confidence bounced back unexpectedly in May, helped by optimism about the job market even as shoppers` concerns about gasoline price-driven inflation increased. -- MortgageMediaMag.com,, 05/29/2007

• Consumer Confidence Rebounds - Yields Up
Analysts said that job market optimism drove most of the increase. Consumer spending is said to drive the vast majority of the economy, so improvement like was seen on Tuesday usually will have some impact on markets. In fact, MBS and Treasury yields did increase on the day. The 10-year Treasury yield was up to 4.88% by the end of the day. -- MortgageMediaMag.com,, 05/29/2007

• Jobless Claims Improve Again - Yields Up
MBS and Treasury prices both traded with higher yields on Thursday than they did on Wednesday. Just after 12:00 Eastern on Thursday, the 10-year Treasury yield was floating around 4.74%, moving up to 4.76% by closing. -- MortgageMediaMag.com,Rob Hain,San Antonio Texas 05/17/2007

• CPI Report Tame - Yields Pulled Up By Equity Rush and Manufacturing
MBS and Treasury prices slid Wednesday, partially due to the encouraging data, but also because of the equities markets pulling investment money out of bonds and into stocks. When money leaves the bond markets, prices fall, pushing yields upward. -- MortgageMediaMag.com,Rob Hain,San Antonio Texas 05/15/2007

• Comprehensive Home Loan Resource Now Available for Consumers Online
Mortgage Bankers Association (MBA) today announced the launch of its updated Home Loan Learning Center (www.homeloanlearningcenter.com), an interactive online resource that provides consumers with critical information on mortgages and the home-buying process. -- MBA,Aleis Stokes,Washington DC 05/14/2007

• Bond Yields Jump on Fed`s Release
The FOMC, the body responsible for setting short-term rate policy, decided, as expected, to hold the Fed Funds Target Rate at 5.25%. However, the language in their release announcing their decision matched the language in previous releases. Traders widely expected to see an acknowledgement of a softening economy and some indication that rates may be headed downward in the future. Without this reassurance, prices fell, taking yields up significantly. By the end of trading, the 10-year Treasury yield was up four basis points, landing at 4.67% by the end of the day. -- MortgageMediaMag.com,Rob Hain,San Antonio Texas 05/09/2007

• Mortgage Applications Increase in Latest MBA Survey
The Mortgage Bankers Association (MBA) today released its weekly Mortgage Applications Survey for the week ending May 4, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 680.7, an increase of 3.6 percent on a seasonally adjusted basis from 657.2 one week earlier. On an unadjusted basis, the Index increased 4 percent compared with the previous week and was up 19.9 percent compared with the same week one year earlier. -- MBA,Aleis Stokes ,Washington DC 05/09/2007

• ISSUE PAPER: CSBS/AARMR Proposed State Licensing Database
The Conference of State Bank Supervisors (CSBS) has entered into an agreement with the National Association of Securities Dealers (NASD) to develop an online nationwide licensing system. This new system will use a uniform mortgage license application to create a repository of licensing information that can be used by state residential mortgage regulators. CSBS and the American Association of Residential Mortgage Regulators (AARMR) have formed a limited-liability company called the State Regulatory Registry LLC (SRR) to administer the new system. -- Mortgage Bankers Association,Paul Richman and Meghan Sullivan,Washington DC 04/30/2007

• Proposed National Registry Would Create Illusion of Protection
CSBS and AARMR Continue to Misrepresent Effectiveness of System -- National Association of Mortgage Br,,Mclean Virginia 03/27/2007

• National Residential Originator Licensing
Many of you may remember that we took a stand last year against the New York State Banking Department and their attempt to require individual licensing for residential loan originators. For those of you who were sleeping, judging by the level of support and input we received, many of you were, the law passed and was signed by then Governor Paraki prior to him leaving office. (Thanks George) -- Mid-Hudson Valley Mortgage Bankers,,Poughkeepsie NY 03/11/2007

• Mortgage Licensing System Embraced By Some Slammed By Others
Recently we reported on a new nationwide system for licensing and regulating mortgage lenders on the state level. -- Mortgage News Daily,, 03/08/2007

• States Developing National Residential Mortgage Licensing System
Twenty-nine state agencies have indicated their intent to participate in the Residential Mortgage Licensing System by the end of 2009. -- Mortgage Fraud Blog,,Santa Rosa California 03/02/2007

• State Regulators Press On With Flawed Registration System
Mortgage regulators at 29 state agencies this week announced their support for a nationwide licensing and registration system that the National Association of Mortgage Brokers says is too narrowly focused to effectively protect consumers. -- National Association of Mortgage Br,,Mclean Virginia 02/28/2007

• New Mortgage Licensing System May Benefit States, Lenders and Consumers
The mortgage industry and those who regulate it appear well on their way to dramatically changing the mortgage licensing system. -- Mortgage News Daily,, 02/23/2007

• MBA Endorses Principles and Sample Legislative Language for CSBS/AARMR Residential Mortgage Licensing
Mr. John M. Robbins, CMB, Chairman of the Mortgage Bankers Association, today announced MBA`s support for the Statement of Principles and Related Sample Legislation for the Residential Mortgage Licensing System (RMLS) released by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The proposed licensing system would be a means for those who oversee the mortgage lending industry on the state level to have better access to records and information about licensed lenders from state to state. -- Mortgage Bankers Association,,Washington DC 02/20/2007

• ISSUE PAPER: State Licensing of Mortgage Lenders
States have traditionally licensed mortgage companies; however a growing number of states are moving beyond corporate licensing and requiring the licensing of loan officers and even support staff. Additionally, an increasing number of states are adding onerous requirements to existing mortgage company licensing. These new laws and regulations are adding significant costs to mortgage companies, particularly for national and multi-state lenders. Some lenders believe that the increase and expansion of these state laws has placed state-licensed mortgage companies at a disadvantage in relation to federally chartered financial institutions. -- Mortgage Bankers Association,,Washington DC 01/31/2007