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MORTGAGE NEWS

Keep current with what's happening in the mortgage market place.  Below are links to news articles that pertain to the mortgage industry.

 

 

 

 

 

 

Mortgage News Daily

Posted To: MBS Commentary

Much like the week before last, we're seeing an abundance of new "supply" hitting the bond market. This comes both in the form of the scheduled Treasury auctions as well as the more fluid world of corporate bond issuance. Traders generally have a good idea of which firms will be issuing debt, but the exact dates, times, and amounts are often up in the air. In any event, they're nowhere near as rigid and specific as the Treasury auction calendar. For fixed-income markets, all supply has an impact. Granted, certain types of supply will affect part of the bond market more than another, but any time the supply of anything is increasing, there will be general downward pressure on prices --all other things being equal. Lower prices = higher rates when it comes to bonds. Today's...(read more)

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5/23/2017 2:21:59 PM

Posted To: Mortgage Rate Watch

Mortgage rates began the day in decent shape with the average lender roughly unchanged versus yesterday. As the day progressed, bond markets (which dictate rates) weakened. Most lenders were forced to reissue slightly higher rates in the afternoon. Any lenders who didn't raise rates this afternoon will instead have to account for the weakness in tomorrow morning's rate sheets. In other words, some lenders will be offering higher rates tomorrow morning, even if markets don't move at all between now and then. Over the past few days, it's not only been easy, but downright logical to dismiss mortgage rate movement as being very small in the bigger picture. While that remains true for today's mortgage rates, today's bond market movement suggests a bit more caution heading into the holiday weekend...(read more)

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5/23/2017 1:54:00 PM

Posted To: MND NewsWire

The U.S. Department of Housing and Urban Development (HUD) released its proposed 2018 budget on Tuesday, saying it will continue to provide rental assistance for 4.5 million households. The bottom line is about $41 billion in discretionary spending, down from about $57 billion in mandatory and discretionary spending in 2017. Support appears to be continued at or near 2017 budget levels for many programs although several were eliminated completely. Rental assistance will apparently continue through existing programs such as Housing Choice Voucher, Project Based Rental Assistance, Housing for the Elderly and for Persons with Disability although raises are proposed to tenant rent contributions "with some protections for those who experience hardships." HUD says, "The Administration seeks to provide...(read more)

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5/23/2017 1:53:30 PM

Posted To: MND NewsWire

Ask anyone house hunting this spring, and they'll tell you there are far too few homes for sale. But, really, it's the price tags of the homes for sale that are the issue. It seems like a very simple fix. Not enough homes? Build more. Builders are doing that, but they're not building the right kind of homes. Builders say they are now targeting the millennial buyer — launching new, slightly lower-priced brands and stripping down the models — but clearly, it's not enough . The supply of existing homes for sale is near a record low, but the supply of newly built homes for sale just jumped dramatically, returning to its 30-year average. The chasm between the two is all about prices. "There was a big drop in the number of sales for [newly built] homes priced above $500,000 to the lowest...(read more)

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5/23/2017 11:33:00 AM

Posted To: MND NewsWire

Sales of newly constructed homes lost momentum in April, reversing three straight months of gains. The Census Bureau and the Department of Housing and Urban Development said sales were down 11.4 percent from March to a seasonally adjusted annual rate of 569,000, and barely eked out an 0.5 percent gain from the April 2016 estimate of 566,000 units. There was one positive note. Sales in March were revised upward significantly; from 621,000 to 642,000. The pushed March ahead of last July, to being the strongest month since the housing crisis began. Analysts had expected sales to dip after three months of solid increases, however those polled by Econoday were looking for them to be in a range of 585,000 to 622,000 units. The consensus was 604,000 units. On a non-seasonally adjusted basis there...(read more)

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5/23/2017 8:08:00 AM

Posted To: Pipeline Press

I do my best to group updates to create a narrative that is more "user friendly" than to just throw news out there. But some updates don't fit into convenient groups, like "FHA & VA," or "CFPB-related policy changes" that lenders implement. So periodically I throw a bunch out there to give readers a sense of miscellaneous trends and developments that might be of use regarding TRID, eNotes, documentation, whatever. Citibank has reviewed and updated its group of TILA / RESPA Integrated Disclosure Rule (TRID) best practice documents. The number of documents has been reduced to 3. One specific to the Loan Estimate (CL310), one specific to the Closing Disclosure (CL311) and the last covering general TRID-related topics (CL312). All three documents are available now on Agentsite.com, in the Quality...(read more)

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5/23/2017 8:01:22 AM

Posted To: MBS Commentary

Although yields have risen modestly over the past 3 trading session, they've done so from the best levels in more than 7 months. If we take a few steps back from the narrow time frame that we watch from day-to-day and think about the broader recent context, the 2.23-2.25% range of the past few days looks pretty good. After all, we'd been tracking a range of 2.3-2.6, give or take, for most of 2017, and have discussed on several recent occasions that it could take some time for bonds to come to terms with a break outside that range. But is that definitely what's going on here? Are the 2.23-2.25% yields indicative of more strength to come or do they hearken a bounce? If you were to ask equities markets or even European bond markets, they'd suggest we should already have bounced...(read more)

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5/23/2017 7:45:42 AM

Posted To: MBS Commentary

Today was super slow for bond markets with 10yr yields holding under the same ceiling that was in place on Friday (2.25+). At the same time, the lower yields of the day continually crept higher, making for an even narrower "consolidation range" compared to the one that began to take shape late last week. There were no significant events or economic reports on the calendar today, and only a few potentially relevant newswires. Stocks and bonds both made gains at the 9:30am NYSE open, but bonds were done with the trend of improvement within 30 minutes . From their, yields drifted gradually higher, (but again, never breaking above Friday's highs) into the close. MBS did a better job of holding steady relative to Treasuries. This can likely be attributed to the upcoming Treasury auction...(read more)

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5/22/2017 3:08:46 PM

Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher for the 3rd straight day, continuing a modest bounce back from the year's lowest rates last Wednesday. In a nutshell, bond markets (which dictate mortgage rates) reacted in a big way to last week's political headlines, and have since been biding their time as markets wait for further developments. In the current case, "biding time" has meant a nominal pull-back from Wednesday's stellar levels--not uncommon in similar cases where unexpected headlines drive a somewhat panicked move in financial markets. While the general movement in rates has been slightly higher, it hasn't lifted rates much above 2017's lows. Especially when considered next to anything before last Wednesday, recent rate offerings have been low and the trend has been sideways . Most lenders...(read more)

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5/22/2017 2:39:00 PM

Posted To: MBS Commentary

Last week was characterized by one big day of volume and volatility surrounding the apparently scandalous and sensational political headlines. By now, you've either come across the news in question (regarding Trump, Comey, Flynn, Chaffetz, etc.) or are determined enough to avoid coming across political news that I won't ruin your streak of good luck. Besides, the only important development for our purposes is the market reaction, the potential for additional market movement, and the consideration of risks to that movement. In last week's case, the main thrust of movement accompanied the day where the scandalous/sensational news peaked (Wednesday). We might have seen more of a reaction on Tuesday, but the news broke just after domestic markets closed. As we discussed last week, markets...(read more)

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5/22/2017 7:32:03 AM

Posted To: Pipeline Press

I recently heard a CEO say, “I am fine competing on product, price, and service. But we shouldn’t have to compete on subjective interpretations of rules, regulations, and compliance issues.” While residential lenders wait for another “instructive” public enforcement action (plenty of them are negotiated privately with no fanfare), you can always see past publicized actions here or for something meatier and useful here are the CFPB's Supervisory Highlights . (For example, pages 5, 6, & 7 address underwriting borrowers on assets & down payment size and not income under the ATR rules.) FHA & VA Trends and Program Changes From Around the Industry Some originators will say that the FHA program is the "new" subprime channel - certainly the program appeals...(read more)

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5/22/2017 6:53:16 AM

Posted To: Mortgage Rate Watch

Mortgage rates continued higher for the 2nd straight day after hitting the lowest levels in more than 7 months earlier this week. Wednesday's big move lower was a direct result of political headlines relating to potential wrongdoing in communications between Trump and former FBI Director Comey concerning the FBI's investigation into former National Security Advisor Flynn's communication with Russia. Specifically, financial markets perked up when a story broke suggesting that the House Oversight Committee could easily demand these records. The most widely-discussed implication (assuming wrongdoing were to be confirmed) was potential impeachment. Several lawmakers went so far as to make promises to that effect via twitter and other media. What does all this have to do with mortgage rates? Rates...(read more)

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5/19/2017 1:00:00 PM

Posted To: Pipeline Press

For me this week included time in Salt Lake City, Columbus, Milwaukee, San Francisco, and Raleigh. (The mood is good as individuals continue to share best practices in an effort to lend to consumers in a compliant and cost-effective way – and that isn’t easy.) In some parts of the nation all cash buyers rule, whereas in others finding enough of a down payment can be a hurdle. San Francisco has committed to build teacher housing build teacher housing after a press release said that an SF teacher making $65k is unable to afford shelter. M&A, Credit Union, and Bank News Here's something that a non-depository lender can't do. Chase is offering 100,000 credit card reward points for new mortgage customers . And customers under age 35 made up 36% of Chase's mortgage originations in...(read more)

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5/19/2017 7:33:06 AM

Posted To: MBS Commentary

If bonds hadn't undergone their highest volume move of the year on Wednesday and Thursday, we would have expected this week to be relatively dead in terms of market movement potential. There was nothing interesting on the event calendar, save for a few mid-tier economic reports. There were no Treasury auctions, no expected fiscal developments, not even any interesting overseas events. In short, this week was supposed to be a snoozer. As we're now well aware, it's been anything but. Yesterday's relative ground-holding (10yr yields generally held on to the strong gains seen on Wednesday) does two things . First, it suggests that the rally wasn't some uncalculated knee-jerk. Days like yesterday tend to suggest more sideways movement on days like today. But because sideways...(read more)

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5/19/2017 7:11:00 AM

Posted To: MND NewsWire

The status of the GSE's (Fannie Mae and Freddie Mac), as well as the topic of housing finance reform continue to be "hot," according to Melvin L. Watt, Director of the GSE's conservator, the Federal Housing Finance Agency (FHFA). Watt spoke to the North Carolina Bankers Association at their annual convention in his home state. Watt elaborated on some of the points he made about these topics when he testified before the Senate Banking Committee earlier this month, drawing a distinction between decisions FHFA have made and continued to make and those that are the responsibility of Congress. Watt said he generally considers the former to be "GSE reforms" while viewing the latter as "housing finance reform." Watt reminded his audience that when he had last spoken to them right after taking his...(read more)

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5/19/2017 6:46:43 AM
 
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