Subscribe: Mortgage News Daily
http://www.mortgagenewsdaily.com/rss.asp
Added By: Feedage Forager Feedage Grade A rated
Language: English
Tags:
article via  copy story  email send  forward article  percent  read forward  read  send copy  someone read  via email 
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: Mortgage News Daily

Mortgage News Daily





 



MBS RECAP: Overblown Headlines Thwart Bond Bounce

Thu, 29 Sep 2016 21:09:29 GMT

Posted To: MBS Commentary

Bond markets were weaker overnight and continued pushing toward the first of two important resistance levels (think "ceilings") during the domestic session. Before any of the day's drama set in, however, we managed to bounce before breaking that ceiling thanks to tradeflows that kicked in at the 9:30am NYSE open. 10yr yields came down from roughly 1.60 to 1.58 in the first half hour of NYSE trading and then held fairly flat for the next few hours. Then the drama showed up . Bloomberg ran a story about hedge funds pulling certain cash holdings from Deutsche Bank. Markets took this as some sort of "run on the bank." Stocks sold off and Treasury yields dropped accordingly. So was it a run on the bank? Not really. Keep in mind that DB's share price is already in the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Edge Higher, But Remain in Low Range

Thu, 29 Sep 2016 20:29:00 GMT

Posted To: Mortgage Rate Watch

Mortgage Rates were slightly higher again today, marking the second day spent pulling back from a nice move lower that followed last week's Fed announcement. Although mortgage rates aren't directly influenced by the Fed Funds Rate itself, quick changes in the expected course of central bank policy can cause volatility for most any lending rate. This has been the case over the past 2 weeks. Rates moved quickly higher after various speeches from the Fed and the European Central Bank earlier this month. The recent move lower brought rates back into the range that dominated most of July and August. The past 2 days of weakness haven't been big enough to threaten that range. The conservative approach would be to consider yourself lucky that rates made it back to current levels and lock accordingly...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Wages Lag Home Prices; Affordability Suffers

Thu, 29 Sep 2016 18:06:45 GMT

Posted To: MND NewsWire

The lack of housing affordability is rising among the 414 U.S. counties tracked by ATTOM Data Solutions. ATTOM, the new parent company of RealtyTrac, said on Thursday that 24 percent of those counties were less affordable than their historic averages in the third quarter of 2016, up from 22 percent in the second quarter and 19 percent a year earlier. It was the highest share for this metric since the third quarter of 2009 when 47 percent of markets had fallen below their historic affordability averages. ATTOM reports that 101 of the 414 counties had an affordability index below 100 in the third quarter of 2016, meaning that buying a median-priced home in that county was less affordable than the historic average for that county going back to the first quarter of 2005. ATTOM's affordability index...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Distressed Sales Increased in Only 8 States

Thu, 29 Sep 2016 18:01:45 GMT

Posted To: MND NewsWire

Sales of distressed homes, both lender-owned properties (REO) and short-sales continue to decline but are still at levels nearly four times what is considered "normal." CoreLogic reported on Thursday that distressed sales accounted for 7.8 percent of all home sales in June with sales of REO making up 4.9 percent of the total and short sales 2.9 percent. The June numbers were down 0.8 percentage points from May and 2.2 points compared to a year earlier. The REO share was the lowest for any month since September 2007 and has declined from a 27.9 percent share at the peak of market distress in June 2009. At that time REO and short-sales together had a 32.4 percent market share. CoreLogic notes that there will always be some level of distress in the housing market, and by comparison, the pre-crisis...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Housing Inventory Issues Stifle Pending Sales

Thu, 29 Sep 2016 14:51:18 GMT

Posted To: MND NewsWire

Pending home sales were unable to sustain the slight upward tick experienced in July and resumed their downward trend in August, declining by 2.4 percent. It was the third time in four months that pending sales have failed to exceed the previous month's numbers. The National Association of Realtors said its Pending Home Sales Index (PHSI), a forward-looking indicator based on home purchase contracts signed, was 108.5 in August compared to 111.2 in July and at the lowest level since a reading of 105.4 in January 2016. August's pending sales were also slightly (0.2 percent) lower than in August 2015. The PHSI had been reported to have a gain of 1.3 percent in July but that was revised down to 1.2 percent with today's report. Lawrence Yun, again blamed the tight supply of available homes for ...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Even if Refinancing Looks Like a No-Brainer....

Thu, 29 Sep 2016 14:22:36 GMT

Posted To: MND NewsWire

Why are so many people holding on to mortgages with high interest rates? Sentiment? Inertia? Apparently not. In the current issue of CoreLogic's MarketPulse , Principal Economist Molly Boesel drills down into the universe of borrowers who are standing fast with their old loans, even though it looks on paper like a refinance would be a smart move. She finds that many of these borrowers haven't refinanced either because they can't or it really isn't worth it. Looking at the mortgages that were outstanding at the end of May, Boesel found that 41 percent of them representing 31 percent of unpaid principal balance (UPB) had mortgage rates greater than 4.38 percent , roughly 100 basis points higher than the current rates at that juncture and a point at which refinancing makes financial sense. Eighteen...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Freddie and Fannie in The News: Reform, Risk Sharing, and MI; Investor Updates

Thu, 29 Sep 2016 13:54:41 GMT

Posted To: Pipeline Press

How is it that we only have two days left in September, and that it is National Coffee Day already? Maybe you’ll receive a free or discounted cup at Krispy Kreme, Dunkin’ Donuts, McDonalds, or Peets. “Free” is definitely a great price, especially with all those bills out there. Speaking of which, here’s a story worth a gander by personal finance reporter Daniel Goldstein titled, Women are Better at Paying Bills - So Why is it so Hard for Them to Get a Mortgage? " Before going on, yesterday the commentary had some rural updates. Ditech's , instead of saying "The Guarantee Fee is reducing from 2.75% to 1% and Guarantee Fee is reducing from 2.75% to 1%" should have read, "The Guarantee Fee is reducing from 2.75% to 1% and the Annual Fee is reducing from .5% to .35...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: A Second Day of Weakness Would Be a Bad Sign

Thu, 29 Sep 2016 13:34:58 GMT

Posted To: MBS Commentary

Yesterday's moderate weakness in bond markets comes at at inopportune time for those hoping to see another push back to all-time lows (in either Treasuries or mortgage rates). Considering mortgage rates never quite made it to true all-time lows on this last go-round--not to mention the fact that Treasuries are the better spokesperson for big picture momentum --we'll focus on 10yr yields for the purposes of identifying and assessing trends. While we're at it, let's consider German Bund yields too. They're the spokesperson (or 'spokesbond?') for big picture momentum in European bond markets, and have been one of our key sources of recent inspiration. Bottom line, if Bunds are bouncing, Treasuries are that much more likely to bounce. With that in mind, consider the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Lots of Headlines, But Few Mattered

Wed, 28 Sep 2016 21:33:17 GMT

Posted To: MBS Commentary

It was an interesting day for bond markets, mainly because there was such an immense amount of news that SEEMED like it should matter. The deluge of headlines failed to produce any meaningful reaction. And we're talking about top-shelf market movers like Yellen's congressional testimony, Mario Draghi defending ECB policy to Germany, and a fairly big beat in this morning's Durable Goods data. Instead it was one silly little headline regarding an OPEC agreement to control production. Really?! Yes... I wouldn't have believed it if I didn't see it for myself. In fact, I looked for other explanations, but there really aren't any great ones. Sure, it came at a time of day well-known for increased bond market volatility and opportunistic trading, and it hit at the same time...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Finally Break Recent Winning Streak

Wed, 28 Sep 2016 20:57:00 GMT

Posted To: Mortgage Rate Watch

Mortgage Rates finally took a break from their recent winning streak today. While there are a few lenders whose rates are just a hair lower than yesterday's, most are slightly higher. Moreover, bond market weakness in the afternoon prompted several other lenders to issue mid-day reprices to even higher rates. Of course, all of the aforementioned movement is exceptionally small in the bigger picture, but it does fit the bill of being the first push back against 6 solid days of improvement. That's the sort of thing that could be taken as a sign to lock if you've been waiting for an opportunity. On an outright basis, rates remain close to all-time lows with the average lender quoting 3.375% on top tier, conventional 30yr fixed scenarios. There are still a few lenders at 3.5% but they're a small...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Cash Sales Lowest Since 2007

Wed, 28 Sep 2016 14:32:14 GMT

Posted To: MND NewsWire

The all-cash share of residential sales dipped below 30 percent in June, the first time this has happened since 2007. CoreLogic said on Tuesday that cash accounted for 29.3 percent of home sales during the month, a decrease of 2.5 percentage points since June of last year. On a monthly basis those sales were 0.9 percentage points lower than in June. Cash sales, which prior to the housing crisis averaged about 25 percent per month, peaked in January 2011 at 46.6 percent. At the current rate of decline CoreLogic estimates cash sales should return to "normal" levels by mid-2018. Sales of lender-owned real estate (REO) had the largest all-cash share at 56.2 percent however, as those sales now represent only 4.9 percent of all transactions, their all-cash transactions have little impact on the overall...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Should We Worry More About Repeat Buyers vs First-Timers?

Wed, 28 Sep 2016 14:29:16 GMT

Posted To: MND NewsWire

To understand the top-line story in the Urban Institute's (UI's) latest Chartbook released on Monday one has to go back to another UI paper published more than a year ago. In the article the UI's Housing Policy Center's director, Laurie Goodman, and fellow researchers claimed that the share of first-time homebuyers was in reality much higher than other research, notably that of the National Association of Realtors® (NAR) had asserted. NAR has consistently said that these homebuyers typically represent 40 percent of buyers in a healthy market and has reported the share as remaining below this mark since mid-2010. Indeed, for several years NAR has put the share at 30-32 percent and continued to do so in its latest existing home sales report released last week. Goodman and her team contended...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Courts and Compliance; FHA Condo Proposal; Lender Updates on FHA, Rural, and VA

Wed, 28 Sep 2016 13:30:13 GMT

Posted To: Pipeline Press

What do attorneys and judges think of compliance? Here's a nice write up , but it is important that incentives match your company's compliance goals, and vice versa, that you verify what your employees report, and that you train your employees on company policy. If only it were that simple, right? In legal news, Royal Bank of Scotland Group Plc will pay $1.1 billion , without admitting fault, to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said. The resolution comes as RBS prepares to settle a number of U.S. cases where it is accused of mis-selling mortgage-backed bonds and brings the U.S. regulator's recoveries against various banks to $4.3 billion over their sales of such securities before...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: The First Real Chance to Challenge Uptrend in Rates

Wed, 28 Sep 2016 13:21:03 GMT

Posted To: MBS Commentary

I talk a lot about " trends "--a word that's easy enough to understand in a general sense, but more esoteric when we try to understand it in specific terms. Let's demystify it a bit. In a general sense, a trend simply refers to " direction ." Far more accurate would be to say "persistence of directional movement." If yields are persistently moving in an upward direction, we could translate that as "uptrend in rates." But how do we identify trends? Wouldn't you know it! There are multiple ways! The simplest is to draw a line connecting the highs and lows on any given chart of your favorite bond market security. The more "touches" along that line, the more relevant the trend is. Even if the charted security is bouncing on an implied...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Applications Muted Despite Rate Rally

Wed, 28 Sep 2016 12:39:26 GMT

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reported hardly a ripple in the mortgage market during the week ended September 23. Its Market Composite Index, a measure of mortgage loan application volume, dipped 0.7 percent on a seasonally adjusted basis from one week earlier and decreased 1 percent when seasonally adjusted compared to the week ended September 16. The volume of refinance applications measured by MBA's Refinance Index eased by 2 percent and refinancing as a share of all activity decreased to 62.7 percent from 63.1 percent the previous week. The seasonally adjusted Purchase Index increased 1 percent week-over-week while the unadjusted Purchase Index was unchanged. The unadjusted index was 10 percent higher than the same week one year ago. Refi Index vs 30yr Fixed Purchase Index vs 30yr...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Treasuries Get The Glory as MBS Hold Ground

Tue, 27 Sep 2016 20:31:34 GMT

Posted To: MBS Commentary

Glory was limited, in general, today. Most of it went to Treasuries as opposed to MBS. Put in plainer terms, 10yr yields fell 2-3bps on the day while MBS were generally unchanged. In thinking about what's up with that, we should keep the following bullet points in mind: It's the week of month/quarter-end. This doesn't necessarily favor Treasuries, but it CAN favor just about any market sector depending upon how money managers are forced to adjust portfolios to match certain indices. Read more about month-end buying HERE if you're curious. Much of the positivity was driven by European trading. MBS are one more degree removed from the global bond market effect. Treasuries logically get more benefit from gains in European bond markets. MBS are coming off one of their best streaks...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Near 2-Month Lows

Tue, 27 Sep 2016 19:52:00 GMT

Posted To: Mortgage Rate Watch

Mortgage Rates maintained their recent winning streak today, falling for the 5th straight day. The average lender is now offering the best rates in nearly 2 months. You'd have to go back early August or late July (depending on the lender) to see a better combination of rate and upfront cost. This brings up a caveat that has been important in the past few months. The outright range of rate movement has been exceptionally small! We talk about "rates" moving every day, but that's just convenient shorthand for "the combination of NOTE RATE and UPFRONT LENDER COSTS." Those upfront costs are sometimes referred to as "points," but that isn't a universal definition. Regardless of the label, this refers to whatever costs the lender is charging (or paying) at closing. These usually include things like...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



New DU Version Enhances use of Trended Credit

Tue, 27 Sep 2016 14:38:19 GMT

Posted To: MND NewsWire

Fannie Mae has announced the implementation of a new version of its automated underwriting system . The company said Version 10.0 of Desktop Underwriter (DU) "provides more simplicity and certainty to lenders through the use of trended credit data for enhanced credit risk assessment and new automated underwriting capabilities to serve borrowers with no traditional credit and for borrowers with multiple financed properties." The company introduced the concept of trended credit data with enhancements to DU in October 2015. It said the new version of the software will promote "the first widespread use in the mortgage industry, and will benefit both consumers and lenders." DU 10.0 will assist in using trended credit in risk assessment, allowing underwriters to take into account the monthly payment...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Versus Inflation, Home Price Increases Are Unsustainable -Case-Shiller

Tue, 27 Sep 2016 14:35:46 GMT

Posted To: MND NewsWire

While the annual gains in its nationwide index accelerated slightly in July the S&P CoreLogic Case-Shiller 10- and 20-City Composite Indices showed a slight slowing on an annual basis. The U.S. National Home Price Index, covering all nine U.S. census divisions showed prices rising 5.1% over the 12 months ending in July compared to a June to June gain of 5.0 percent. On a month-over-month basis the National Index was up 0.7 percent (compared to 0.1 percent in June) on a non-seasonally adjusted basis and 0.4 percent when adjusted. The 10-City Composite Index slowed from a 4.3 percent appreciation in June to 4.2 percent in July and the 20-City slipped by 0.1 point to 5.0 percent. Portland, Seattle, and Denver led in gains among the 20 cities for the sixth consecutive month with Portland posting...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Events From Coast to Coast; New LO comp Plan; All-Cash Deal Stats

Tue, 27 Sep 2016 13:48:11 GMT

Posted To: Pipeline Press

The media, both social and unsocial, are filled with thoughts about the presidential debate last night. Housing was not an issue, since, overall, things are pretty good. But let’s start with something non-mortgage with a favorite trivia question. Who is buried in Grant’s tomb? Nobody is buried in Grant’s tomb. President & Mrs. Grant are entombedthere. A body is buried only when it is placed in the ground and covered with dirt. As a reminder, the CFPB put out a 541 page memo on Loan Officer Compensation, officially called a Final Rule and Official Interpretation, CFPB Final Rules for LO Compensation . But there are still some interesting things going on with comp plans. Atlantic Bay Mortgage Group , which is both a lender and a servicer, recently launched a new payment...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: Bonds Follow Europe; Debate of Little Consequence

Tue, 27 Sep 2016 13:35:59 GMT

Posted To: MBS Commentary

Heading into last night's presidential debate, there had been a small amount of buzz among market participants about the potential ifs and thens. The baseline assumption was that if Trump was perceived to have won the debate, it would be bad for stocks and potentially good for bonds due to the increased uncertainty associated with a non-establishment candidate. Conversely then, stocks should gain and bonds should lose if Clinton did better. I can't speak for media outlets, but most of the campfires in the analytical community gave the nod to Clinton. Right on cue, equities markets surged in overnight trading. Bonds, however, didn't stick to the script . Instead, they waited for European markets to get going before making any big moves. In fact, even stocks would eventually change...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Week Starts Strong as Bonds Move Further (Back) Into Range

Mon, 26 Sep 2016 20:57:18 GMT

Posted To: MBS Commentary

Up until roughly September 9th, yields had been holding inside a narrow, consolidating range for nearly 3 months. They've since spent most of the past two weeks in higher territory and only began reentry on Thursday and Friday of last week. When yields break outside this sort of range and then return to the range boundary as they did late last week, it's never a given that they will re-enter. In fact, many times we see a bounce at that range boundary as if to say "been there, done that... not going back." But as far as "going back" is concerned, bonds seem to be fairly warm to the concept so far. 10yr yields dropped nearly 4bps today, hitting the 3pm close just under 1.59. That's under the lowest possible "ceiling" that we'd been tracking when the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Match September Lows

Mon, 26 Sep 2016 19:50:00 GMT

Posted To: Mortgage Rate Watch

Mortgage Rates were lower again today, marking the 4th straight day of improvements and the 8th day without a meaningful increase. This brings the average lender back in line with levels seen on September 7th. Before that, you'd have to go back at least to early August to see anything lower. Admittedly, the "lowest rates since early August" sounds a lot more exciting than it actually is. The overall range of rates during that time continues to be exceptionally narrow . For most lenders conventional 30yr fixed quotes never went above 3.5% during that time, and never went lower than 3.375% on top tier scenarios. The recovery from the higher rates seen 2 weeks ago allows a bit of breathing room from a strategy standpoint. In the bigger picture, it still makes sense to defend against the possibility...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



One Price Index Shows Long-Expected Price Slowdown

Mon, 26 Sep 2016 18:27:54 GMT

Posted To: MND NewsWire

Black Knight Financial Services released its Home Price Index (HPI) report for July on Monday and, unlike reports from CoreLogic and the Federal Housing Finance Agency (FHFA) reports for the month (the fourth report, the CoreLogic Case-Shiller indices is due out on Tuesday) it shows a distinct slowing in the pace of price appreciation over the past few months. Black Knight reports its national index for July was $266,000. This is 0.4 percent higher than its index for June and up 5.3 percent compared to August 2015. The month over month increase in May was 1.1 percent, declining to 0.8 percent in June. FHFA showed a pickup in the appreciation rate month-over-month and annually in both June and July while CoreLogic showed a 0.3 increase in the annual appreciation rate in July. The national HPI...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



August New Home Sales Retrench but Still Solid

Mon, 26 Sep 2016 15:00:17 GMT

Posted To: MND NewsWire

After a spectacular run for new home sales in July, it was anticipated that August activity would be considerably more modest. While sales did retrench from the post-crash highs reached the previous month (which improved even further when revised), the August numbers still came in above analysts' estimates The Census Bureau and the Department of Housing and Urban Development estimates that August sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 609,000 , a 7.6 percent drop from July when the rate was 659,000 units, a number originally reported at 654,000. The August sales rate was 20.6 percent higher than that of a year earlier, 505,000. Analysts polled by Econoday had expected sales to be within a range of 575,000 to 630,000. The consensus was 598...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)