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  • Hurricane Stricken States Now Seriously Delinquent Tue, 23 Jan 2018 15:13:34 GMT

    Posted To: MND NewsWire

    Black Knight notes a significant uptick in seriously delinquent mortgages in December. The number of loans that were 90 or more days overdue increased by 60,000 during the month to 726,000. This is 44,000 more delinquencies than were recorded in December 2016. Although seasonal and calendar related pressures contributed to the increase, the company, in its "First Look" at the month's loan performance data, attributed much of the increase to Hurricanes Harvey and Irma which struck several coastal states in September and October respectively. An estimated 40,200 90+ day delinquencies are blamed on Hurricane Harvey which hit the Gulf Coast of Texas and 102,500 on Irma which affected almost the entire State of Florida and the eastern part of Georgia. Florida now has the largest share of severely...(read more)

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  • New Lender Products and Training; Top LO's/How Many Loans Per Month? Tue, 23 Jan 2018 14:23:28 GMT

    Posted To: Pipeline Press

    Now that the government has re-opened and furloughed bison are streaming back into various national parks, let’s turn back to… LO comp? “Rob, are you hearing that some companies are offering loan officers in a single branch multiple rate sheets, so that different LOs have different pricing?” Unfortunately, yes. Given that the goal is to offer the same rate to borrowers regardless of loan officer, it isn’t good. The risk you take by offering borrowers different rates is a Fair Lending risk that increases as HMDA gives us more access to more data. Products for Lenders “That was fast! Roughly two years ago, Resitrader introduced the first online trading platform and today those platforms are the new norm. Resitrader now has both GSEs, all the aggregators, banks...(read more)

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  • MBS Day Ahead: Who is Haruhiko Kuroda? And Why He's Your Friend Today Tue, 23 Jan 2018 13:49:50 GMT

    Posted To: MBS Commentary

    Perhaps you're already well aware that Haruhiko Kuroda is the head of the Bank of Japan (BOJ) , and a Ben Bernanke of sorts when it comes to bringing an aggressive, avant garde stance to Japan's monetary policy, especially with respect to crisis response and quantitative easing. Last week markets read a lot into the fact that the BOJ didn't buy as many bonds as it had in the previous buying operation. It was a reduction of $88mln (10 billion yen)--a very small amount in the big picture of central bank bond buying, but to some, a sign that Japan was thinking about shifting gears on its policy stance. Overnight, Kuroda put that speculation to rest, saying it's not time to even discuss an exit from stimulus programs with inflation still nowhere close to 2%. While the announcement...(read more)

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  • MBS RECAP: Not The Kind of Green Day We Like Mon, 22 Jan 2018 22:31:34 GMT

    Posted To: MBS Commentary

    Bonds ended in the green today, albeit just barely . Normally that wouldn't be a bad thing, but today's example leaves a bit to be desired. I should start off by saying that today could have been much worse than it was. Indeed, any time we can avoid ending in the red these days is an opportunity to count blessings. With those disclaimers out of the way, I'll get back to the lament . At the simplest level, generally negative trends generally continued. Case in point: In other words, we may have technically been in positive territory versus the 5pm levels from Friday, but we can all agree those 5pm levels were ridiculously unpleasant. The mid-day turn around occurred A) right on a pivot point with Thursday's highs B) immediately following the European close,and C) immediately...(read more)

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  • HUD Provides Availability Info for Shutdown Mon, 22 Jan 2018 22:13:06 GMT

    Posted To: MND NewsWire

    With a stop-gap funding bill likely to be approved tonight, the following will not be germane for long, but it could serve as a template for the next potential shutdown. FHA's Office of Single Family Housing has provided a lengthy list of the availability of services, processes, and technical support, and we have cherry picked what seems to be the most important information for our audience. The FHA Resource Center's online online FAQ site has been updated to include additional information about operations and systems availability during the shutdown (use the keyword "shutdown".) It will not be updated further until the shutdown ends. The Resource Center's email ( answers@hud.gov ) and phone (800-225-5342.) will also be available to provide general, but not case specific, information, as will...(read more)

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  • Mortgage Rates Set Another 9-Month High Mon, 22 Jan 2018 21:34:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates pushed up to yet another 9-month high today--something that's become all too common in the past few weeks. Just as troubling is the fact that 10yr Treasury yields--the bigger, more important neighbor that shares the street with mortgage rates--are operating at their highest levels since early 2014. Mortgage rates aren't directly tied to Treasury yields, but big momentum in Treasuries tends to spill over. Incidentally, both Treasuries and MBS (the mortgage-backed-securities that underlie mortgage rates) were roughly unchanged today. The problem is they were much weaker on Friday afternoon and mortgage lenders didn't fully adjust for that fact with Friday's rate sheets. That left them with a bit of catching up to do this morning. In other words, lenders needed to push their rates...(read more)

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  • Will Higher Rates and Tax Changes Derail Housing Market? Mon, 22 Jan 2018 17:15:02 GMT

    Posted To: MND NewsWire

    Last year's Federal Reserve actions, raising the target interest rate three times, led to about a 0.75 percentage point increase in the 1-year Constant Maturity Treasury (CMT) note, while the 10-year CMT note barely moved. Freddie Mac's Economic and Housing Research group says this flattening of the yield curve could be a bad sign for future economic growth . Especially should that curve become "inverted." Freddie Mac says they don't expect the trend to continue , instead they expect long-term rates will also follow the Federal Open Market Committee's (FOMC's) anticipated actions in 2018, for three or four more rate hikes , and head higher. Writing in the current edition of Outlook , the economists say the new Tax Cuts and Jobs Act bill's lower corporate tax rate should boost GDP growth by...(read more)

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  • Notes on Culture; Disaster Updates; Jumbo Trends and Reverse Mtg. Securitization Mon, 22 Jan 2018 14:19:51 GMT

    Posted To: Pipeline Press

    If you want to read up on the latest Fannie lawsuit, here’s one dealing with a stripper hired into Fannie’s IT group but with unusual manager expectations . If you want to live in affordable beach town, stay away from California. Per this list , there aren’t any. In fact, looking at the West Coast, in the top 25 there is only one in Oregon (Coos Bay) and only one in Washington (Port Angeles) – most of the others are in Florida. And if you want the latest on Equifax , it is battling 334 separate consumer complaints . No surprise there, huh? Jumbo and Nonconforming News The jumbo-mortgage market has been a bright spot for the banking industry in recent years. Banks love putting those loans on their books. But the tax law has already removed some of the shine from it. The...(read more)

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  • MBS Day Ahead: The Unbelievable Impact of the Government Shutdown Mon, 22 Jan 2018 14:05:40 GMT

    Posted To: MBS Commentary

    Markets closed on Friday with a government shutdown still in limbo. Ostensibly, that meant the reaction in stocks and bonds wouldn't be fully seen until this morning. Indeed, there was a reaction, and for all the fuss made over the shutdown in the news (and even among some traders/analysts), the end result may be hard to believe (unless you've been paying attention to our analysis or otherwise already in the know). In other words, nothing happened in markets, and that continues to be the case as the domestic hours begin. Part of the underwhelming response could be due to the fact that the shutdown is still in a sort of limbo, given that another temporary bill is in the works for today. But even then, it continues to be the case that government shutdowns aren't huge market movers...(read more)

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  • MBS RECAP: Small Ray of Hope Amid Scary Sell-Off Sat, 20 Jan 2018 00:27:48 GMT

    Posted To: MBS Commentary

    Today's sell-off brought 10yr yields to their highest levels since the middle of 2014 (when they were on their way down following the taper tantrum. With this, bonds have weakened substantially for each of the past 3 weeks. That's where the small ray of hope comes in. Because the past 3 weeks of pain in bond markets are NOT acting as a correction to an overly-big rally, and because they're not occurring amid a large-scale adjustment of risk (like the taper tantrum or the presidential election) they're an incredibly rare sight. In fact, apart from those aforementioned conditions, we really don't see more than 3 weeks of this much weakness strung together (once or twice every few years). Although today's afternoon weakness did little to change the overall damage this week...(read more)

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  • Worst Week Since June for Mortgage Rates Fri, 19 Jan 2018 23:24:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates remained at 9-month highs today, with most lenders in worse shape than yesterday. In the morning, the sky hadn't yet fallen, the average lender was right in line with yesterday's 9-month highs, but at least we weren't any worse off than yesterday. Things changed in the afternoon as bond markets weakened abruptly. Many lenders issued negative reprices, thus leaving the average lender noticeably higher than yesterday. Today's weakness makes this the worst week for rates since late June and one of only 3 weeks with as much of a rate spike since 2016. For the third day in a row, I'm repeating the same mantra: any time we're pushing long-term highs, it's a good idea to remain defensive in terms of locking vs floating. The saving grace is that long-term highs typically precede extended...(read more)

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  • Auction Fever Heats Up Home Sale Prices Fri, 19 Jan 2018 17:44:41 GMT

    Posted To: MND NewsWire

    The bidding wars are back . With home prices and sales back to or above pre-crisis levels and the inventory of available homes at records lows, CoreLogic's Shu Chen says that a large and increasing share of homes sold at or above their listing prices in 2017. In September that share was back to early 2004 levels, up almost three times from the 2008 level . Those at-and-above list sales represented more than one-fifth of all transactions. Of course, under the "all real estate is local" rule, there is a wide range in the level of bidding activity. In San Francisco 76 percent of sales were at the asking price or higher , while in Miami only 16 percent of sales reflected pressure from buyer bidding. Of the 16 Core-Based Statistical Areas (out of the 66 CoreLogic tracked) in Figure 2, the top five...(read more)

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  • FHFA Director Watt Weighs in on Financial Reform Debate Fri, 19 Jan 2018 16:30:09 GMT

    Posted To: MND NewsWire

    Bloomberg News is reporting on a proposal from Federal Housing Finance Agency (FHFA) Director Melvin Watt regarding the future of Fannie Mae and Freddie Mac (the GSEs). The two former companies, which have been in conservatorship under FHFA since 2008, are at the heart of the current debate on housing finance reform. Watt's proposal, titled "Federal Housing Finance Agency Perspectives on Housing Finance Reform," was sent to Senate Banking Chairman Michael Crapo (R-ID) and the committee's ranking member, Sherrod Brown (D-OH). In the proposal's cover letter Watt said that he and the FHFA staff feel they should provide their views "independently and transparently to those who have requested them while continuing to provide technical assistance to the committee and its members on other proposals...(read more)

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  • Urban Institute Weighs in on the Rent vs. Own Under New Tax Bill Fri, 19 Jan 2018 14:33:33 GMT

    Posted To: MND NewsWire

    While recently passed Tax Cuts and Jobs Act will benefit the take-home pay of most Americans, and allow them to save up to buy a home if they wish, other factors will offset that benefit . This will make renting look more attractive than homeownership to many. Two analysts, Laurie Goodman and Edward Golding, writing for the Urban Institute (UI) looked at the potential impact of the new law and constructed a matrix showing how changes will affect families in various income groups. Their calculations take into account that the increased standard deduction will mean fewer taxpayers will itemize and the lower rate will mean smaller benefits for those who do. UI profiled four families, each with three members, and earning $50,000, $75,000, $150,000, and $300,000 a year. Each buys a home valued at...(read more)

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  • MBS Day Ahead: Buyers Still Alive, But Still Waiting to Charge Fri, 19 Jan 2018 14:13:38 GMT

    Posted To: MBS Commentary

    Yesterday's recap is a good read if you didn't happen to catch it. Here's a link. In general, there are 2 things going on with rates right now. 1. confirmed uptrend beginning in mid-December and still intact 2. lurking buyers potentially getting closer to buying after a break to the highest levels in more than a year. Actually these 2 things are always going on with rates if we reduce them to their categories. If we did so, they would read: 1. currently confirmed trend (aka "what's actually happening") 2. potential changes to that trend (aka "what might happen") As has been the case in recent days, bond markets are trading for reasons that transcend most any economic data or news headline. The exception would be news headlines for traders focused on corporate...(read more)

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