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"Eric Lixey, I just wanted to take a moment to thank you and your associates for the successful delivery of my refinance loan. The location for closing was very convenient and the ability to close within 2 weeks was faster than I expected. I also appreciated the prompt response to questions during the process and the ability to deliver the loan as promised with no surprises at closing. Thanks again for an outstanding job!" -Neil in Plano, TX
"It has been an excellent experience dealing with everyone at Open Mortgage dba Austin Advantage Financial from the beginning up to closing. We won't hesitate recommending the superior service of your company to our family and friends." -Bernardo and Luzviminda Meneses, Galveston Texas
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 Mortgage News Daily
Explaining The MBS Settlement Process - 13 hours ago
Posted To: MBS Commentary10yr Notes progressively improved into the PM , ending 5 ticks better on the day with a yield of 3.70. MBS fought off much of the AM weakness in tsy's, and rallied just as well into the PM, reaching 101-15 at 4pm. But then we ended 4 ticks down on the day at 101-01! WHAT?!?!? So you're tellin' me MBS effectively erased all gains from the past two days?! Not exactly... I'll let AQ explain... -------------------------------------------- If you haven't read the following description of the agency MBS settlement process...please don't skip over it as it may save you from having to change your pants when next month's settlement rolls around. If you have read it...go over it one more time just to make sure the underlying logic is clear. The March FN 4.5 MBS coupon has...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Commercial and Multifamily Mortgages Outperforming Overall Bank Holdings - 14 hours ago
Posted To: MND NewsWireCommercial and multifamily mortgages continue to have the lowest rates of charge-offs of any loan types at banks and thrifts and perform better than the overall loan portfolios at those institutions according to the Mortgage Bankers Association (MBA). In response to what it referred to as a great deal of discussion and conjecture about those loans in recent months, MBA updated an earlier " DataNote " analysis of commercial and multifamily mortgage data from the 4th quarter of 2008 with data from the same period in 2009. The report states that 56 percent of the assets held by banks and thrifts at the end of 2009 consisted of loans and leases, a category that includes 1-4 family mortgages, home equity loans, credit cards and other consumer loans, commercial mortgages, multifamily mortgages...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
HUD Enforcing Job Creation Requirements for State and Local Governments - 14 hours ago
Posted To: MND NewsWireThe Department of Housing and Urban Development (HUD) has released the results of the first stage of its increased oversight and enforcement of job creation requirements under Section 3 of the Housing and Urban Development Act of 1968. In a press release on Monday HUD said that more than 3,100 state and local government agencies that receive HUD funds have responded to its campaign to expand hiring and contracting opportunities for low-income persons and three out of four of HUD-funded state and local agencies had submitted their annual reports. HUD said that this was the largest response since HUD made such reporting mandatory. Under Section 3, state and local governments that receive funding from HUD in excess of $200,000 for activities involving housing construction, demolition, rehabilitation...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS AFTERNOON: Potential Reprices For The Better - 15 hours ago
Posted To: MBS CommentaryMBS Off To The Races with 4.5's up 8 ticks to 101-15! 10yr up 5 ticks on the day dropping yield to 3.70 (through post auction resistance) Reprices for the better = highly likely From the Ninja: Mortgages are still on hold as today’s 3yr note auction held few surprises-everyone loves the shorter end of the curve; don’t you? $40 billion notes maturing in 2013 is quite commonplace and the sheer size of the issue is no longer an emotional and or logistical challenge to anyone directly (or indirectly, on the bid) involved. No real change to the way we do and or perceive business here in MBS secondary trading land. The market is better into lower and or range-bound rates, like today, and not as excited should the treasury market break out to the upside to prices (and lower interest...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Risk Weighted Returns; Warehouse Lending Credit Manager Needed; Subprime Analysts Lost; Bank News - 15 hours ago
Posted To: The Garrett Watts ReportWe commented last week how a lot of people didn’t know what HSBC stood for... If you go back to when they bought a bank in Buffalo, New York to established themselves in the U.S. The joke was that HSBC stood for "Holy ____, Buffalo's Cold.” City National Bank (Los Angeles) was in the news for paying off all its TARP money last week, but the real story is how they became L.A.’s prestige bank in the first place. Frank Sinatra’s son was kidnapped on a Friday in 1963, and the singer called up Bank of America, Security Pacific and a few other big banks asking for $240,000 to pay the ransom money. The big banks told him to come in Monday morning and fill out a loan application. When he called City National, Chairman Bram Goldsmith told him “Come down to the...(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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Austin Branch Manager
Open Mortgage dba Austin Advantage Financial
1504 W 5th St
Austin, TX 78703
Office Phone: 512-501-1886 Fax: 866-200-6857 WA L.O #: 510-LO-31967 TX License: 75039
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Open Mortgage IS LICENSED UNDER THE LAWS OF THE STATE OF TEXAS AND BY STATE LAW IS SUBJECT TO REGULATORY OVERSIGHT BY THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING. ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST Open Mortgage SHOULD COMPLETE, SIGN, AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEB SITE LOCATED AT WWW.SML.STATE.TX.US OR OBTAINED FROM THE DEPARTMENT UPON REQUEST BY MAIL AT THE ADDRESS ABOVE, BY TELEPHONE AT ITS TOLL-FREE CONSUMER HOTLINE AT 1-877-276-5550, BY FAX AT (512) 475-1360, OR BY E-MAIL AT SMLINFO@SML.STATE.TX.US.
THE DEPARTMENT MAINTAINS THE MORTGAGE BROKER RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN TYPES OF JUDGMENTS AGAINST A MORTGAGE BROKER OR LOAN OFFICER. NOT ALL CLAIMS ARE COMPENSABLE AND A COURT MUST ORDER THE PAYMENT OF A CLAIM FROM THE RECOVERY FUND BEFORE THE DEPARTMENT MAY PAY A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT SUBCHAPTER F OF THE MORTGAGE BROKER LICENSE ACT ON THE DEPARTMENT’S WEB SITE REFERENCED ABOVE.
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