這是最大一家中介公司的內部文件。機密啊。。。。
Hello Agents,
If you have an interest in the details of the housing financial landscape, below is a quick and interesting read. The following article is an internal communication from the executive team within Wells Fargo Home Mortgage as to give you an idea of what is happening in Washington. A little scary………
TAKE A LOOK at how our pricing will change based on recent Congressional action
Date Posted: Thursday, January 5, 2012
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During the holidays, you probably read or heard about the debate regarding the two month “Payroll Holiday” and an extension of unemployment benefits through February.
If so, you know that it was passed by the Congress and quickly signed by the President.
To pay for this two month benefit, a significant change will quickly impact all Conventional Conforming loans and all FHA loans in the near future.
Let’s start with Conforming products. It has been determined that something known as a Guaranty Fee that all lenders pay to the Government Sponsored Entities (GSEs) will increase by 10 bps in yield. Effectively, that means all Conforming loans will increase almost .125% in rate. The GSEs are requiring this increase for loans delivered to them beginning in the second quarter of 2012. For us, it means we need to add this to our pricing soon …very soon. You will see the increase effective with the regularly scheduled Price Blast on Wednesday, Jan. 11, 2012.
It gets more complicated … Because of some rather complex secondary market securitization mechanics – including which security coupons and specific note rates get slotted based on best execution, varying buy-up and buy-down tables dictated by the GSEs and more – the impact of the 10 bps in yield will impact the pricing of each note rate very differently. You may not want to know all this, but I’ll keep explaining. In some cases, the impact will be as little as 27 bps. In other cases, the impact will be as high as 77 bps. And the impacts will vary day-to-day, depending on the rates and the market’s attitude toward any specific coupon.
So what does all this mean to you? Well, after the change is made, not too much. It is ... what it is. We will go on pricing loans with base rates that will be slightly higher than would have been available otherwise.
Customers who have not yet locked their loans need to quickly make an important decision. Note that we should never suggest the best time to lock to customers. That is a decision the customer needs to make because the rates can vary from day-to-day. That is still true – but, in this case, we do have new information that will, in fact, change pricing outside of market considerations.
Does this mean that all customers should lock now? No. It means you need to communicate with your floating customers to give them the information needed to make a decision. This may not seem fair to you (or them) in terms of time to communicate – but, we need to deal with the facts. Let your customers know the situation and make the decision to lock their loans.
Interesting fact: I want to point out that it will require 10 years of the increase in rates (as noted above) to pay for the two months of benefits provided by this “Payroll Holiday.”
Now, let’s move to FHA. There will be a similar 10 bps increase in yield to FHA programs, as well. But it will be handled via the Mortgage Insurance Premium (MIP). So we should expect changes in Upfront MIP, monthly MIP or both. We do not have the information as to timing from FHA as yet. As soon as we know, we will communicate via My News. Suffice it to say that this will be something to address with your customers as well.
OK, not good news but important for you to know and communicate to your customers and clients.
Your thoughts?
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