Where we stand...
Since the "mortgage meltdown" began in 2007, the home financing industry has experienced unprecedented upheavals. Many companies failed due to unsound lending practices. At others, the government stepped in.
Colonial Savings is different. Here's why you can have confidence in us as your mortgage lender:
- We retain servicing on 99% of the loans we make.
What starts with us, stays with us - we collect your payments, and you contact us with any questions.
- No "bail out" money for us, thank you very much.
Colonial Savings did not take any TARP money from the government - we didn't need it!
- We're privately owned - by choice!
We've been privately held since 1952, focused on our customers, and not Wall Street.
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Colonial Savings, F.A.
2626 West Freeway
Fort Worth, TX 76102
Toll Free: 800-937-0423 Toll Free Fax: 877-209-2581 Team Email: HLC@ColonialSavings.com
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 Mortgage News Daily
Mortgage Rates Move Higher Before Jobs Data - 10 hours ago
Posted To: Mortgage Rate WatchWhat a boring day in the markets! Stocks added to yesterday's gains and bonds added to their losses. This pushed mortgage rates marginally higher. The best 30 year fixed mortgage rates are still in the 4.125% to 4.375% range for well-qualified consumers, but less lenders are offering rates below 4.25% today. If your lender is still willing to offer a rate below 4.25%, your closing costs are about 25bps higher today (0.25% of your loan amount). AQ's comments from yesterday still apply... We're not panicking over this sell off. There has been no change in our fundamental economic outlook, we see no new reason to be optimistic about a rapid recovery. What we witnessed today was a technical adjustment, an adjustment that could reverse course on Friday morning if the Employment Situation Report...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Pending Home Sales Rebound from Record Low. What Might Boost Buyer Demand? - 11 hours ago
Posted To: MND NewsWireThe National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an existing home sale. Because the Pending Home Sales index tells us how many contracts were signed, it is consider a forward indicator of existing home sales. A signed contract is not counted as an existing home sale until the transaction actually closes. Excerpts from the Release... Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen. The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fed Hosts Neighborhood Stabilization Summit - 13 hours ago
Posted To: MND NewsWireCommunity organizers, state and federal government officials, and representatives from banking, research and educations institutions are currently meeting in Washington at a REO and Vacant Properties Summit sponsored by the Federal Reserve Bank. The two day conference is focused on examining the problems associated with vacant and abandoned property and to explore approaches to neighborhood stabilization. Governor Elizabeth Duke, Board of Governors of the Federal Reserve opened the summit on Wednesday. In her remarks she introduced the types of issues that are faced by communities with high rates of foreclosure and REO and highlighted some of the lessons learned in the last few years about neighborhood stabilization strategies. She pointed out that the impact of each foreclosure goes far beyond...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Pre-NFP Outlook Plus Loan Pricing Comparison - 15 hours ago
Posted To: MBS CommentaryWhat a rough morning! It appears my hard drive no longer wants to work. I tried to reach out for help, but no one answered. Then my gf called and reminded me that today is 9.02.10. This explains why Glenn is M.I.A, he's curled up on his couch watching re-runs of 90210! I think his favorite character is Dillon. Enjoy your day off Glenn! Oh well. I'm up and running again...... The day has not been so pleasant for originators either. Loan pricing is 2.9bps worse on average today. That doesn't sound too bad, but take a closer look. The largest rebate reductions were applied to the note rates closest to par. These are the rates most borrowers are hoping to be quoted. There is good news though, you can still lock in a rate below 4.25%! It's just gonna cost more at the closing table. The stock market...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Litany of Investor Bulletins: Mortgage Insurance, Appraisal Photos, Originator IDs, Incomplete GFEs, 203(b)'s, Reserve Requirements, No More ARMs - 16 hours ago
Posted To: Pipeline PressIt's good to know the jumbo market is alive and well! Alive and well for Tiger Woods who just got a residential construction loan for $54.5 million on Jupiter Island in Florida, which he agreed to pay back by January 2016. Of course, folks like pediatricians are having trouble finding an 80% loan for a few million, as are self-employed borrowers like architects, CPA's, or sail makers. But there is hope! (No, I don't know the lender or the terms) OK, here goes, in no particular order, the very recent investor changes (skip to the bottom if uninterested). As always, readers should examine the bulletins themselves, but this will give you a flavor for what is happening: Fannie Mae told servicers that it updated the allowable foreclosure time frames in the states of FL, MD, NV, and NY, is monitoring...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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