March 26th, 2012 12:01 PM by BILL WILBANKS
Monday rate sheets appear to show points have opened up higher by 0.255% to 0.375% this morning on most fixed rates. Last week we saw a steady bump up until the end of the week when they back backed off a little, but not to the prior Monday starting point. It also appears that most lenders have failed to jump on the unlimited LTV band wagon that many in the industry thought (hoped) was coming on HARP II loans preferring to limit it to loans serviced at the present time whether coming in the door through their retail or wholesale operations. Hopefully this could change when they begin to run dry on pipeline. But it's appears that rather than staff up for this business many have simply stayed pat and turn around times lines are showing it (60 day locks sound good right now). Only time will tell. Since today's existing home sales report showed the southern region in the U.S. had a 3% drop in sales last month even with the great whether over all we can only hope lenders will open up and begin taking other lender serviced loans in under HARP II above 105% to unlimited in the very near future giving us all more options.