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Mortgage News Daily

2-4 Unit Properties Could Ease Affordable Housing Problem

Posted To: MND NewsWire

The Urban Institute says one solution to the nation's high rental costs is an old one, but financing may be making it unnecessarily inaccessible. Laurie Goodman, writing in the Institutes blog Urban Wire says that, in 2013 nearly 20 percent of rental apartments were located in two to four unit buildings. She says these buildings "play an essential role in the rental market because they are prevalent in underserved communities and more likely to be owned by minorities and affordable to very low income families than other rental units" Goodman says two- to four-unit properties have always made up a tiny share of what is usually characterizes as single-family lending (as opposed to multi-family lending in buildings with five or more units) but their importance is unequivocal. From 2000 to 2007...(read more)

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Section 342 & OMWI - Why Lenders Should Be Aware of it; LO Survey

Posted To: Pipeline Press

It is hard to trace what happens to the fines levied against company by various regulators seeking to make a name for themselves. But one agency is a little more transparent than others: the CIA! A leading correspondent rep in the West noted that it has quite an art collection. You can see it online - just don't try to visit it in person. Here's some late-breaking news: regulations are impacting lending. One school of thought believes that the industry should not push back publicly against the government regarding regulation, and that we have to advocate for ourselves "behind the scenes" lest the consumer advocates will raise an outcry. Others ask, "What is the industry asking for? What special favor are we requesting? All we want is clarity on the regulations and not regulation by enforcement...(read more)

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MBS Day Ahead: Auction Cycle and Technicals Keep Pressure on Bonds

Posted To: MBS Commentary

Today brings 5yr Treasury auction = "supply pressure" Technical analysis is still negative Still, we can hope to get lucky with help from 'month-end' buying Thursday and Friday's economic data could help Bond markets may well be holding on to the recent range in 10yr yields (1.81-1.89), but they're still in a bit of a pickle. They have not managed to make any headway since last week's Fed Minutes, and in general, there is much more belief that the Fed hikes at one of the next 2 meetings whereas there was very little belief before last week. That "debate" could be one of our saving graces at the moment. As bond yields began rising last week, June was gaining the most ground as the likely target for the next hike, but comments since then have helped shift...(read more)

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Purchase Loan Volume up, Loan Size at Record High

Posted To: MND NewsWire

Mortgage applications increased last week driven by a significant uptick in applications for purchase mortgages. Refinance volume rose only fractionally. Overall, applications for mortgages, as measured by the Mortgage Bankers Association's (MBA's) Market Composite Index increased 2.3 percent during the week ended May 20 on a seasonally adjusted basis and were up 2.0 percent unadjusted. The MBA said refinancing applications were only 0.4 percent higher than during the week ended May 23 while applications for purchase money mortgages were up 5.0 percent on a seasonally adjusted basis and 4 percent unadjusted. The unadjusted index was 17 percent higher than during the same week in 2015. The size of an average purchase loan application reached the highest in the history of the MBA survey , $307...(read more)

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MBS RECAP: Bonds Lose Ground, Casting Doubt on Sideways Theme

Posted To: MBS Commentary

Bonds were weaker throughout European hours (3am to 1pm) Stock prices moved significantly higher and were well-correlated with bond losses 10yr yields avoided breaking above last week's ceiling But negative technical momentum is intact Bond markets had an off day, to be sure, and there's a risk that it's a bit worse than it looks . First of all, what's redeeming about a red day? Simply put, 10yr yields held under last week's ceiling of 1.887, only hitting 1.88 today. That might seem fairly encouraging, and it even could end up being encouraging, but it could also be deceptive. Reason being: today's weakness keeps longer-term negative momentum intact, even though it suggests short term support. The weakness wasn't in response to any major event either. Most of the...(read more)

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Mortgage Rates Higher in Some Cases

Posted To: Mortgage Rate Watch

Mortgage rates were mixed today, depending on the lender. Some lenders adjusted rates higher in the middle of the day to reflect bond market weakness while others maintained the same rate sheets all day long. The lenders in that second group are more likely to move higher with tomorrow morning's first rate sheets, all other things being equal. In other words, bond market weakness amounts to unpleasant medicine and lenders could either choose to take it today or tomorrow. Those who took it today quickly found themselves back in line with the highest rates of the past few days, but the movement is still small compared to last week. In fact, today's weakness would only be seen in the form of slightly higher closing costs for the same "note rates" quoted yesterday. 3.75% remains the most prevalently...(read more)

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New Home Sales Skyrocketed in April, Probably...

Posted To: MND NewsWire

New home sales surged in April after a disappointing report in March. The Census Bureau and the Department of Housing and Urban Development said today that sales were at a seasonally adjusted annual rate of 619,000, an increase of 16.6 percent from the previous month and 23.8 percent higher than in April 2015. That said, it should be noted that this report has a notoriously high margin of error, with this month's ringing in at 15.4 percent. Sales in March were also higher than earlier reported . Last month's report had those sales down from February by 1.5 percent to a seasonally an annual rate of 511,000. That number has now been revised to 531,000. On a non-seasonally adjusted basis there were 61,000 newly adjusted homes sold during the month. In March sales totaled 50,000. At the end of...(read more)

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Are Some Borrowers "Self-Sidelining"?

Posted To: MND NewsWire

CoreLogic has looked at an apparent contradiction in purchase loan originations that has emerged since the housing bubble burst. Why, CoreLogic economist Archana Pradhan asks in an article in the company's Market Trends blog, if credit standards have tightened do we also see a drop in loan denial rates? Single-family purchase loan applications numbered 4.6 million in 2014. While this is up from the 3.6 million that set a decade-long low in 2011, it is down 60 percent from the 11.7 million applications submitted in 2005. Similarly, there were 7.4 million single-family purchase loans originated in 2005 and that dropped to 3.2 million by 2014. The denial rate for purchase applications, peaked at 18.7 percent in 2007 but was at 13.2 percent in 2014. If credit standards are relatively tight today...(read more)

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Setback for DOJ in BofA Case; TRID's Impact in Capital Markets; Are MBS Markets Liquid?

Posted To: Pipeline Press

What do banks have that non-bank residential lenders don’t? The fifth annual “State of Financial Marketing” survey conducted by The Financial Brand found the top products that banks most heavily market are mortgage loans and refinancing (64%), mobile banking solutions (61%), home equity loans and lines of credit (43%), credit cards (42%), and auto loans and refinancing (42%). Larger banks have been pumping up their customer's awareness of mobile wallets and peer-to-peer services. For those who follow mortgage changes overseas, here is some news that an Anglophile sent along regarding, "News from across The Pond you might find interesting: a 0% deposit mortgage . There's been a bit of a backlash, both from a bubble/risk standpoint and from a social standpoint, i.e. it only...(read more)

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MBS Day Ahead: Crude Realities and a Tipping Point on Rate Hike Expectations

Posted To: MBS Commentary

Bonds continue sideways grind in bigger picture Lots of focus remaining on Oil prices in news and analytical community Is it justified? As bond markets continue operating in a painfully narrow range following last week's FOMC Minutes, there are only so many ways to discuss rate movement in and of itself. So perhaps it shouldn't be too surprising to see rate movement discussed in the context of other markets. "Oil" has been a perennial favorite--in 2016 especially--and today's first chart leaves no doubt as to why that is. Particularly, look at the top section first, which shows the extreme correlation seen between oil, stocks, and bonds. All of that transpired right at a time when market participants were scratching their heads as to the source of the movement. Given that...(read more)

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MBS RECAP: Bonds Still Not Moving Since Last Week's Fed Minutes

Posted To: MBS Commentary

The title says it all Overnight session was calm European bonds were weaker at the close, putting pressure on US bond markets Bonds bounced back after Europe closed to end flat for 3rd straight day There were no significant economic reports today and only some scattered Fed speaker snippets when it came to domestic bond market motivations today. The Fed newswires were more of the same from Williams, mainly, saying "2-3 hikes in 2016" and "3-4 in 2017." This still seems awfully optimistic to me, given that Williams also pointed out that a June rate hike could be constrained by the Brexit vote AND that the Fed was unlikely to hike back-to-back. (Hint: the Fed cannot hike 3 times in 2016 if they wait for the Brexit vote and avoid back-to-back hikes). The market reaction was...(read more)

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Mortgage Rates Continue Sideways for 3rd Straight Day

Posted To: Mortgage Rate Watch

Mortgage rates were relatively steady again , marking the third straight business day with almost no rate movement following last week's quick spike higher. That spike was all about financial markets quickly coming to terms with a higher probability of a Fed rate hike. Given that there hasn't been any movement since then, we can increasingly assume that markets took care of this business by Wednesday afternoon. While it's reassuring that we haven't seen any additional move higher in rates, neither have we seen any meaningful move lower. That leaves the average conventional 30yr fixed rate quote at 3.75%, but there are still quite a few lenders quoting 3.625%. Loan Originator Perspective "Since rate sheets took a beating following the FOMC minutes on Wednesday, bonds have managed to continue...(read more)

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Foreclosures Hit Ironic Milestone

Posted To: MND NewsWire

Apparently the foreclosure crisis has undergone so much healing that it is no longer particularly newsworthy . We conclude that because, for the first time in recent memory, RealtyTrac, the Irvine California company that has tracked the phenomena from its earliest stages, did not issue a press release regarding the previous month's foreclosure activity. Still the data was available in tabular form on request so we report it here. In April, there were a total of 100, 932 foreclosure filings of all types in the U.S. This was a filing for every 1,315 housing units in the country or a rate of 0.08 percent . For comparison, in August 2010, the month before the robo-signing news broke, lenders and servicers reacted with a temporary moratorium on foreclosures there were 338,836 properties that received...(read more)

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HR 2121 Up For Vote; Freddie's New Security, Fannie's New Board Member

Posted To: Pipeline Press

My memory's not as sharp as it used to be. Also, my memory's not as sharp as it used to be. The Bureau of Labor Statistics reports nearly 20% of Americans 65 or older are currently working, the highest level since the 1960s. Yes, not everyone sits on their porch during "retirement". Congrats to Mike Heid, the ex-president of Wells Fargo Mortgage who is the newest member of Fannie Mae's board of directors. He'll be an asset to Fannie, but what's the comp like? Depending on committee participation & meeting certain goals, Mr. Heid will probably earn about $180k (page 170 starts comp information). In very current news, H.R. 2121 is coming up for an important vote - today! Our industry's Mortgage Action Alliance spread the word in in support of H.R. 2121, a bill that would provide transitional...(read more)

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MBS Week Ahead: Clock Ticks on New Era For Bonds, but Until Then...

Posted To: MBS Commentary

After 2012, low rates in US have followed Europe Even then, US rates have set their own limits Now we're bouncing along those limits again and 'consolidating' The next distinct move begins a new era for rates We're just waiting to see what direction it will go There are simple and complex approaches to understanding bond market movement. Let's take a simple approach today and look at potential rate movements in the context of "the economy." There are those out there who say the economy isn't doing too terribly well. They also might call attention to the length of the expansion and point out that these things typically don't last much longer than this one has. They don't see any more meaningful growth without some fundamental change in terms of innovation...(read more)

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Slow Start for 2016 Cash Sales

Posted To: MND NewsWire

A decrease in cash sales in February put 2016 on track to have the lowest share of such transactions in eight years. CoreLogic said that all cash purchases accounted for 35.7 percent of all home sales in February, a decline of 2.5 percentage points compared to February 2015 and down 0.1 point from January 2016. For the first two months of 2016, the cash sales share averaged 35.6 percent, the lowest start for any year since 2008. Cash sales hit a high of 46.6 percent in January 2011 when distressed sales were also at historic levels. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. CoreLogic predicts that, if the cash sales continue to fall at the same rate as in February, the share should return to that level by mid-2018. Real estate-owned...(read more)

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