Mortgage News Daily:
What"s Being Done to Prevent Forbearance From Crushing The Mortgage Industry?
3/30/2020 10:29 AM
Posted To: MND NewsWireAmong responses to the job losses and reduced income already emerging from the COVID-19 pandemic has been a moratorium on foreclosures and a requirement, coming from many quarters, that servicers offer mortgage borrowers an extended period of forbearance from their mortgage payments. This has raise...Read More
Pending Home Sales Are Robust Prior to Shutdown
3/30/2020 9:41 AM
Posted To: MND NewsWirePending home sales, which jumped 5.2 percent in January, did not retrench as expected last month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) grew 2.4 percent to a reading of 111.5 in February. The PHSI is a forward-looking indicator based on signed cont...Read More
LO Jobs; Broker Products; California MBA Weighs In; Deep Capital Markets Dive
3/30/2020 7:50 AM
Posted To: Pipeline PressAfter a long time in captivity with the same people, one may become, uh, less than enamored with their pals. “12 th day of self-isolation and it’s like Vegas in my house. We’re losing money by the minute, cocktails are acceptable at any hour, and no...Read More
The Fed Is Buying Fewer Mortgage Bonds This Week (Sort Of...)
3/29/2020 11:19 PM
Posted To: MBS CommentaryHere is this week's MBS buying calendar . It differs from last week's in that there is now only $40bln of purchases per day rather than $50bln. So does that mean MBS prices are doomed? Not even a little bit. In fact, the number is still so high as to defy logic. After all, ...Read More
MBS Day Ahead: Lender Pricing Will Continue to Defy MBS Logic in Some (Many?) Cases
3/27/2020 9:50 AM
Posted To: MBS CommentaryI devoted years of my life championing the cause of educating mortgage originators on the realities of MBS price movement. The most compelling call to action came during the meltdown where MBS told a story that wasn't being told by Treasuries. Everything changed after the Fed s...Read More
Broker, Credit Products; IRS/Tax Transcript, Jumbo, MISMO, RON Changes
3/27/2020 8:33 AM
Posted To: Pipeline PressWhile in captivity it is important to have good communication . (Early anecdotal chatter indicates that the remote workforce has signs of improved productivity!) In the Northwest, Banner Bank’s mortgage group celebrated working from home with a short YouTube vi...Read More
Refinances Dominated Freddie Mac Volume in February
3/27/2020 8:11 AM
Posted To: MND NewsWireFreddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 5.5 percent in February , up from a 4.3 percent gain in January. The portfolio balance at the end of the period was $2.350 trillion compared to $2.339 trillion at the end of January and $2.190 trilli...Read More
Who Broke The Mortgage Market And When Will It Be Fixed?
3/26/2020 4:17 PM
Posted To: MBS CommentaryI will do my best to speak to both consumer and mortgage industry people on this topic. It affects everyone. With that in mind, the following is a list of questions that loan originators have been asking. Consumers might not be familiar with all the terms, but the rest of this arti...Read More
CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes
3/26/2020 11:50 AM
Posted To: MND NewsWireFlexibility seems to be the keyword as government agencies try to adjust to a lot of new realities. The Federal Housing Finance agency has already empowered the GSEs (Fannie Mae and Freddie Mac) to be flexible about obtaining appraisals, verifying borrower credit factors, and working with distresse...Read More
Builders Already Feeling Pandemic Pinch
3/26/2020 10:13 AM
Posted To: MND NewsWireNew home building, which only recently and belatedly caught fire, is already feeling the effect of the COVID-19 virus response. The National Association of Home Builder (NAHB) recently did a quick on-line survey of its members and 81 percent said they had noticed a slowdown in buyer traffic. The su...Read More