May 16, 2013
Posted To: MBS Commentary
If the presence of greater amounts of economic data was a benefit for bond markets on Wednesday (and we're not sure that it was), then Thursday has even greater potential to confirm or reject that potential correlation. The benefit of Wednesday's economic data can be questioned because bond markets nearly had a melt-down heading into the PM hours, and they weren't saved by data. MBS and...
May 15, 2013
Posted To: Mortgage Rate Watch
Mortgage rates had a good day, despite the fact that the day-over-day change from yesterday is flat to slightly higher. Part of the reason for the higher average rate (by .01%) today has to do with late day negative reprices yesterday that weren't yet reflected in our daily marks. This helps the best-execution rate for conventional, 30yr fixed loans, stay in it's 3.625% zone. Lower rates continue...Posted To: MBS Commentary
MBS Live : MBS Afternoon Market Summary It's about 24 hours too soon to start getting excited, but for the very first time in May, MBS did NOT make new lows today! That's not for lack of trying though... Fannie 3.0s were off to another uneventful, positive start--something we've seen several times so far this month, including yesterday--before taking a nosedive heading into 11am. This was an MBS-...Posted To: MND NewsWire
Nearly a quarter million homeowners received mortgage loan modifications through HOPE NOW during the first quarter of 2013. The voluntary private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors operating under that name modified about 203,000 mortgages through proprietary programs and 42,157 through the Home Affordable Modification Program (HAMP). There were...Posted To: MND NewsWire
Nearly half of members responding to a National Association of Federal Credit Unions survey say they are already planning to drop loans from their product line that do not meet Qualified Mortgage (QM) guidelines. Members were asked about a range of impacts anticipated under new Dodd-Frank Act rules being implemented by the Consumer Financial Protection Bureau in a survey conducted for the May Economic and CU...Posted To: MND NewsWire
The Federal Housing Finance Agency ( FHFA ) published an interim final rule in the Federal Register on Tuesday which may mean that the long drawn-out saga over compensation for executives of the Federal Home Loan Banks (FHLBanks) and Freddie Mac and Fannie Mae (the GSEs) is drawing a close. The interim rule, four years in the making , is set to go into effect in June and FHFA will accept public comments until...Posted To: MND NewsWire
Under Dodd-Frank, the Consumer Finance Protection Bureau ( CFPB ) was required to issue several mortgage rules , ostensibly intended to 'protect consumers.' While the extent to which these rules actually accomplish 'protection' is open to debate, there's no question that they've constituted an additional layer of complication for mortgage markets. In an effort to address problems with the accessibility and...Posted To: MND NewsWire
Several speakers representing lenders, servicers, and appraisers spoke to Realtors attending their Midyear Legislative Meetings in Washington on Wednesday about some of the issues that have arisen around short sales and property valuation . Tim McCallum, Fannie Mae's director of short sales , gave a short course on the improvements his company has made to facilitate short sales which continue to represent a...Posted To: MND NewsWire
The percentage of loans originated for purchasing homes increased again in April , the third consecutive month they have done so. According Ellie Mae's Origination Insight Report for April, those loans made up 42 percent of the total originations during the month compared to 38 percent in March and 27 percent in January. It was the largest market share since July 2012 when purchase mortgages also made up 42...Posted To: MND NewsWire
Builder confidence has perked up again. After dropping three points in April to 41, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) rebounded to 44 this month, reflecting improvement in all three of its component measures. "Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable...