Tidewater Mortgage Services, Inc.
NMLS # 71158
Branch NMLS # 71158
(click links above to check licenses)
Direct: (757) 498-7400
Fax: (757) 498-7435
200 Golden Oak Ct., Suite 100
Virginia Beach, VA 23452
Questions? Call Tidewater Mortgage Services, Inc. at (757) 498-7400.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MND NewsWireGinnie Mae has taken the first steps toward a planned modernization of its securitization platform . The company on Tuesday released four new systems' applications for securitization issuers; a Request for Pool Numbers, Request for Commitment Authority, Submission of Master Agreements for Certification and Recertification, and Request Transfer of Issuer Responsibility (Pool Transfer). The applications will now be automated where they were formerly paper-based. The new applications, the first phase of the modernization initiative of Ginnie Mae's Integrated Pool Management System (IPMS) will be available to Issuers via the Ginnie Mae Enterprise Portal (GMEP.) With the exception of pool number assignments the applications will be accessed via an RSA token rather than biometrics. Ginnie Mae said...(read more)
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary It's never fun to be wrapping up our assessment of one major economic event with the conclusion that nothing really matters until the next one. In the case of November Nonfarm Payrolls (reported on Dec 6th) and the FOMC Announcement tomorrow, however, nothing could have been more accurate. In the intervening time, we've seen no major insights from economic data. Trading levels have increasingly narrowed and volume has increasingly subsided. This is all par for the course when it comes to mid-December in financial markets, but tomorrow is very much the opposite. There will only be one " first time in history " that the Fed has decreased the amount of open-ended bond buying that it began after 2 previous iterations ended in a completely different manner...(read more)
Posted To: Mortgage Rate WatchMortgage rates remained at the same level for the 4th consecutive day despite some movement in MBS (the "mortgage-backed securities" that most directly affect rates). 4.625% remains the most prevalently quoted rate for ideal, conforming 30yr Fixed scenarios ( best-execution ). Some lenders are well-enough priced that 4.5% is available, but it should be noted that most lenders currently have big buydowns to move lower in rate right now (meaning it can cost nearly 1% of the loan amount to drop the rate by .125%). On top of the generally quiet market conditions, lenders have been hesitant to make any changes ahead of tomorrow's very important announcement from the Fed. Polls suggest a roughly 1 in 3 chance that Fed will announce the first reduction in QE3 asset purchases, something that would...(read more)
Posted To: MND NewsWireHome sales in the San Francisco Bay Area like those in the state at large fell in November DataQuick said today. While state-wide sales, as reported earlier today by the California Association of Realtors (C.A.R.) were down 3.4 percent on a seasonally adjusted annual basis from October to November, sales in the nine county Bay Area were down 12.3 percent on an unadjusted basis. November sales totaled 6,659 new and existing homes and condos, down 10.9 percent on a year-over-year basis. Sales in November, going back to 1988, have averaged 7,840 sales putting this November 15.1 percent below that average. DataQuick said that Bay Area sales haven't been above average for any particular month in more than seven years. While median prices slipped statewide by 1.2 percent compared to October, prices...(read more)
Posted To: MND NewsWireHome sales declined in California in November, suffering from diminishing housing affordability in the face of rising home prices and interest rates. The California Association of Realtors (C.A.R.) reported it was the fourth straight month of declining sales. Statewide sales of existing, single-family detached homes were at a seasonally adjusted annualized rate of 387,520 units in November. This was a 3.4 percent decrease from a revised pace of 401,000 units in October and was 12 percent below the November 2012 rate of 440,250 units. C.A.R. said the recent number was the lowest rate of sales for California since July 2010. The median price for an existing single-family home in California also slipped, down 1.2 percent from October's median price of $427,290 to $422,210. Still the November price...(read more)