John Charles Quinn, Jr.
MD License #MLO-19348
NMLS # 350793
Branch NMLS # 202731
(click links above to check licenses)
Mobile: use office number
415 Thompson Creek Rd., Unit 5
Stevensville, MD 21666
Questions? Call John Charles Quinn, Jr. at 410-604-0890.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MND NewsWireThe Departments of Housing and Urban Development and Treasury issued their joint Housing Scorecard on Monday. The Scorecard summarizes information on home sales, mortgage originations, delinquencies and foreclosures, home prices, loan modifications, and other housing related data, most of which is covered by Mortgage News Daily as it is released from its original sources. The Scorecard this month makes note of the Neighborhood Stabilization Program which it said has completed 28,000 units of new or rehabilitated housing through its grantees through the end of the third quarter. Direct assistance to homeowners reached the 10,500 mark. The Scorecard includes by reference the monthly report of the Making Home Affordable or MHA Program which is the umbrella under which most of the administration...(read more)
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary Monday got off to an uneventful start as overnight markets were exceptionally calm. MBS opened flat and added a few ticks in the morning hours. Things leveled off into the PM hours but never to the point of threatening the day-over-day gains. Fannie 4.0s--the most relevant coupon for most 30yr fixed production at the moment--added just less than an eighth of a point while 10yr Treasury yields dropped 3.6bps. There were no significant economic reports and the three Fed speakers were fairly predictable. Despite the moderate gains, the driving forces seem to be more sideways today with a combination of low volume and tradeflow considerations conspiring to convey slightly more strength than we might otherwise be seeing. NOTE: Fannie and Freddie 30yr Fixed...(read more)
Posted To: Mortgage Rate WatchMortgage rates took Friday's improvements one step further today, moving slightly lower. The most prevalently quoted rates remain between 4.5 and 4.625 percent for ideal, conforming 30yr Fixed scenarios ( best-execution ) with the improvements being seen in the form of lower costs. For the sake of reference and comparison, today's rates fall somewhere between last Wednesday's and Tuesday's for almost all lenders. There were no significant events on today's calendar offering motivation for the bond markets that underlie mortgage rates. Volatility was absent for both US Treasuries, which provide a good sense of longer term trends, as well as Mortgage-Backed-Securities (MBS), which most directly affect lenders' rate sheets. Despite the modest improvements, both Treasuries and MBS looked to be...(read more)
Posted To: MND NewsWireResponses to the most recent National Housing Survey conducted by Fannie Mae show Americans continue to be cautious in their appraisals of the housing recovery and of their own financial outlook. Respondents appear to have recovered a little of their optimism about the overall economy after October's 12 percentage point drop in the numbers who thought the country was on the right track. The frequency of that response increased by 5 percentage points to 32 percent but is still well below September's level. The National Housing Survey is conducted each month by phone among a panel of 1,000 households, both homeowners and renters. Each is asked about 100 questions to assess their attitude toward home ownership, renting, the economy, and their own personal finances. The current survey was conducted...(read more)
Posted To: MND NewsWireLender Processing Services (LPS) Mortgage Monitor for October reports that 48 percent of outstanding second lien home equity lines of credit (HELOCs) were originated between 2004 and 2006 and the vast majority have draw periods of 10 years. Therefore these loans are set to begin amortizing over the next several years and many borrowers may see monthly payments increase. According to LPS Senior Vice President Herb Blecher, recent increases in new problem loans among the HELOCs originated prior to 2004 (that have already begun amortizing) indicate increased risk of more delinquencies ahead. "In the aggregate, the home equity market is experiencing lower delinquencies ," said Blecher. "However, among the HELOC population that has already begun amortizing, we are actually seeing an increase in...(read more)