A quick check of rates this morning found that firms such as Sebonic and Aurora Financial were offering 30-year fixed-rate loans at 3.75 percent with no points.
Dan Perl, who runs Citadel Loan Servicing, Irvine, CA, said he woke up Monday morning and immediately cut his rates by 25 basis points across the board.
Securitization industry participants raised concerns after an appeals court last week refused to hear an appeal of an earlier ruling that reversed the long-held federal preemption that nonbanks have relied on to keep securitized loans exempt from state usury laws. The U.S. Court of Appeals for the Second Circuit denied the appeal of Madden v. Midland Funding last week. No explanation was provided with the denial. The appeal was supported by the Structured Finance Industry Group and the Securities Industry and Financial Markets Association, among others. SFIG said...