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Mortgage News Daily


Mortgage News Daily

Posted To: MBS Commentary

How's that for an exciting headline? At least it's an " extreme ," technically--just not the sort of extreme that would pique our interest (but still better than the extremes that would peak our interest rates)! Seriously though, trading volumes were easily the lowest since the December 2016 holiday season. Talk turned to political headline risk with Kushner testifying in a closed Senate session today and Manafort/Trump Jr. set for more closed-door questioning in the coming days. The fading of the last-2016 "Trump trade" has been one of the supportive themes helping bond markets push back toward lower rates. To whatever extent this week's political headlines cast more doubt on the administration's efficacy (or conversely, if they put those fears to rest)...(read more)

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7/24/2017 3:18:08 PM

Posted To: Mortgage Rate Watch

Mortgage rates held steady today, which leaves them in line with the lowest levels in July. In underlying bond markets (bond movement directly impacts lenders' rate offerings), it was an exceptionally quiet day--especially for mortgage-related bonds. Activity should increase somewhat as the week progresses. That's a typical pattern for most weeks--all other things being equal (Mondays and Fridays tend to be slower)--but we'll also get events that tend to draw out more participation among traders. The most obvious calendar item is the Fed Announcement on Wednesday. Keep in mind, there are two different varieties of Fed Announcements. Of the 8 announcements each year, 4 of them are accompanied by a press conference with the Fed Chair, as well as economic projections. Whether by design or otherwise...(read more)

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7/24/2017 2:23:00 PM

Posted To: MND NewsWire

Most of the major proposals for reforming the housing finance system rely on two steps to minimize the risk that any one or two institutions, and in today's environment that would mean the GSEs Fannie Mae and Freddie Mac, can pose to the mortgage market. Current proposals require that any institution that issues mortgage-backed securities guaranteed by the government share most of the related credit risk with others in the private market, and that there be a government or government-like utility to manage the infrastructure used in issuing these securities . In a research paper written for the Urban Institute's Housing Finance Policy Center, Jim Parrott, a non-resident fellow at the Urban Institute (UI) and owner of Falling Creek Advisors, says that the GSE's and their conservator/regulator...(read more)

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7/24/2017 9:35:59 AM

Posted To: MND NewsWire

Existing home sales slipped in June, with the blame again placed on low levels of inventory . The decline in sales, announced on Monday by the National Association of Realtors® (NAR), was anticipated, as pending home sales have decreased in each of the previous three months, ticking down by 0.8 percent in May. NAR said sales of existing single-family houses, townhouses, condos and cooperative apartments were down 1.8 percent in June, to a seasonally adjusted annual rate of 5.52 million units, the second slowest performance of the year. The seasonally adjusted level in May was 5.62 million units. June just managed to stay ahead of the sales pace in June 2016, bettering it by 0.7 percent. Only the Midwest saw an increase in sales compared to May. Analysts polled by Econoday had expected the...(read more)

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7/24/2017 9:30:32 AM

Posted To: MBS Commentary

In March 2011, the Fed announced it would change things up with respect to its policy announcements. Although there would still be 8 of them each year, 4 of those would now include "economic projections" from FOMC members (forecasts and the infamous "dot" plot of Fed rate expectations). The content of the other 4 meetings would be the same as it ever was (same as it ever was). After letting the days go by, the Fed meetings with the projections and the press conference came to represent the "real" Fed meetings while the other 4 might as well have been water flowing underground. As early as 2012, even the talking heads picked up on this, and by 2013, the expectation for the Fed to ONLY make big moves during the "on-cycle" press conference meetings was fully...(read more)

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7/24/2017 8:03:36 AM

Posted To: Pipeline Press

What should lenders and loan officers be concerned about? What’s threatening their livelihood, besides all cash buyers, venture capital firms buying houses for rentals, and Baby Boomers staying put with their 3.5% 30-year mortgages? How about www.MyMortgageAuction.com? Lenders bid on borrower's deals. Or how about ResMac's home loan automation tool Lendgenuity.com, labeled a "do it yourself" mortgage? "Eliminating the commissioned sales process and passing that savings on to the consumer, allows us to offer rates and programs well below industry averages..." Fee and Pricing Changes Pacific Union's SRP Schedules will be updated on Monday, July 24th. Effective immediately, Mortgage Works AMC will be adding an additional $100 onto the base appraisal fees for properties located in the following...(read more)

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7/24/2017 7:10:27 AM

Posted To: MBS Commentary

As expected, today could be better characterized as a highly-regulated narcotic sleep aid than an interesting trading day for bond markets. The dreams were sweet, at least, with 10yr yields drifting down to their best levels of the month--just under 2bps lower at 2.238% Fannie 3.5 MBS were up by an eighth of a point in the afternoon, but pulled back just a bit by the close. Lenders passed along at least as much in terms of price improvements (day over day), so it's hard to take exception to the lack of interesting data. Bored market-watchers could discuss things like the death cross in 10yr yields (as in the attached video), or ponder the importance of political headlines (Spicer resignation... hint: not a market mover). If anything the noticeable (and I use the term very loosely) upticks...(read more)

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7/21/2017 4:09:27 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved lower today, setting yet another new low for the month of July. For the past 2 weeks, rates have been pushing back against a fairly abrupt spike that took place heading into the month. Concerns over the European Central Bank's (ECB's) bond buying plans sparked the move higher, but those concerns were officially put to rest as of yesterday. In simpler terms, extra demand for bonds pushes bond prices higher and rates lower. The ECB buys LOTS of bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds (thus the rate spike heading into July). While that day will likely come eventually...(read more)

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7/21/2017 3:14:00 PM

Posted To: MND NewsWire

It remains to be seen if it passes into law, or how it will hold up during the process, but housing industry groups say an agreement has been hammered out for renewing the federal flood insurance program . Both the National Association of Home Builders (NAHB) and the National Association of Realtors® (NAR) say they have been working with the House Financial Services Committee on parameters, for, in the words of NAHB, "A viable, long-term flood insurance reauthorization bill that will keep the National Flood Insurance Program (NFIP) fiscally sound and enable home builders to provide safe and affordable housing to consumers." A flood insurance policy is required of homeowners who live in certain Federal Emergency Management Agency (FEMA) designated flood plains and have a mortgage issued...(read more)

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7/21/2017 9:29:47 AM

Posted To: Pipeline Press

Under the heading, “What’ll they think of next?”, especially for aging Boomers, comes stairs that store energy and help the next person walk up them! State-Level Changes When lenders complain about federal regulation and oversight, at least, in theory, it originally came from one source and is uniform across the 50 states. But when a multi-state lender must contend with all 50 states doing different things, things become complicated, and expensive, in a hurry. Michigan has amended Act 79 of 1915, concerning the required statement of marital status in written instruments conveying or mortgaging real estate, effective immediately . The Act as amended requires that all written instruments conveying or mortgaging real estate, or any interest in real estate, executed and offered...(read more)

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7/21/2017 7:34:54 AM


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