Could Congress let Mortgage Forgiveness Debt Relief Act Expire? ICON Residential sold; LO Compensation Comments Due

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Posted To: Pipeline Press

It is good having a roof over your head. But sometimes even well-known TV actresses find themselves without one. What would The Fonz do ? Maybe Erin should apply to the CFPB for a job, perhaps in the "public comment" section. (Okay, that was a stretch.) But LO's are keenly interested in the comments on compensation - and who wouldn't be interested in thousands of people determining how they will be paid? Industry comments regarding the Consumer Financial Protection Bureau's proposed rules governing loan originator compensation must be submitted by October 16. The proposal contains clarifying amendments to definitions set forth in the current TILA compensation restrictions. For example, the proposal aims to clarify that clerical employees of creditors and loan originators who do not "arrange...(read more)

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Mortgage Rates Move Higher For The First Time In Two Weeks

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Posted To: Mortgage Rate Watch

Mortgage rates finally broke their unprecedented winning streak on Thursday as rates moved higher for the first time since the Fed announced it's third round of quantitative easing on September 14th. The 10 straight sessions of improving rates crossed into new all-time low territory earlier this week, and even after today's weakness, it's still the 3rd best day in the history of mortgage rates. Best execution levels continue hovering firmly at 3.25% for 30yr Fixed Conventional Loans. ( Read More:What is A Best-Execution Mortgage Rate? ) Economic data had little effect on trading levels in the underlying markets today. Treasuries and MBS (the mortgage-backed securities that most directly influence lenders' rates) both weakened and stocks advanced on statements from Spain regarding their plans...(read more)

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Mortgage Metrics Report Shows Increase in "Seasonal" Delinquencies

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Posted To: MND NewsWire

The performance of mortgages serviced by banks regulated by the Office of Comptroller of the Currency (OCC) declined in the second quarter but was improved over the same period one year earlier according to the OCC Mortgage Metrics Report for the Second Quarter of 2012 released Thursday morning. OCC called the quarterly change in delinquency rates "seasonal." The report covers 30.5 million first-lien mortgages with $5.2 trillion in outstanding balances, about 60 percent of all first-lien mortgages in the United States. OCC reported that 88.7 percent of mortgages serviced by large national and federal savings banks were current and performing at the end of the second quarter, a decline of 2 basis points from Q1, but up from 88.1 percent in the second quarter of 2011. Loans that were 30 to 59...(read more)

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MBA Revitalizes MISMO Government Forum in Effort to Improve Industry Data Standards

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) announced Wednesday it has revitalized its MISMO Government Forum. The group met last Friday as part of MISMO's Fall 2012 Educational Summit and Workshop to discuss broader adoption of MISMO data standards . MISMO is a not-for-profit subsidiary of MBA and is the premier technology standards development body for the mortgage industry. MBA views the Government Forum as a means to better share and exchange information between regulators, other government agencies and the mortgage industry about the benefits of broader adoption of these standards. Rick Hill, MISMO's Executive Vice President and MBA Associate Vice President for Industry Technology said "The Dodd-Frank Act's long list of new rules and regulations includes multiple new reporting requirements...(read more)

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Refinancing Increases Market Share as Rates Hit New Lows

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Posted To: MND NewsWire

Refinancing activity increased as interest rates fell to new lows according to the Weekly Mortgage Applications Survey released this morning. The Market Composite Index, a measure of application volume, rose 2.8 percent on a seasonally adjusted basis and 3 percent unadjusted during the week ended September 21. The Refinancing Index was up 3 percent from the previous week to the highest level in six weeks and the Mortgage Bankers Association which conducts the weekly survey said that the refinancing share of mortgage applications increased to 81.2 percent. The seasonally adjusted Purchase Index increased 1 percent from the week ended September 14 and the unadjusted index was down 0.3 percent from a week earlier but was 5 percent above the level during the same week in 2011. Purchase Index vs...(read more)

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Mortgage Rates Continue Surge To Lower All-Time Lows

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Posted To: Mortgage Rate Watch

Mortgage rates surged lower again today , continuing an ongoing push into lower all-time lows . Although bond markets in general moved lower in rate today, the overriding factor leading mortgage rates lower is the ongoing reaction to the Fed's recently announced quantitative easing measures which specifically target the securities that underlie the mortgage market. Yesterday's rate sheets were strong enough that we noted 3.25% as the more prevalent Best-Execution rate among most lenders. Today's moves confirm it. While we're sympathetic to concerns that rates haven't fallen "fast enough" given the unprecedented stimulus measures as well as the movement in the secondary mortgage market, we can say that we've never seen rates move lower this quickly from all-time lows to " even lower all-time...(read more)

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Already At All-Time Lows, Mortgage Rates Continue Lower At Unprecedented Pace

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Posted To: Mortgage Rate Watch

Mortgage rates begin the week at new all-time lows yet again after falling significantly from last week's series of previous all-time lows. Markets have been quite calm during domestic hours, but interest rates moved slightly lower overnight before domestic trading hours. With bond markets holding steady to slightly improved since then, mortgage lenders continue to pass on those improvements in the form of more aggressive rate sheets. Despite recent press indicating that QE3 isn't affecting mortgage rates, the movement last week and today is rather impressive . When rates move lower, we typically see them shift gradually from one Best-Execution level to the next. This was the case several weeks ago when 3.5% regained its position as the most prevalent Best-Execution rate after a brief stint...(read more)

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Source: www.mortgagenewsdaily.com

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OIG Finds GSEs at Risk from Counterparties; Advices Contingency Plans

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Posted To: MND NewsWire

The Federal Housing Finance Agency's Office of Inspector General ( FHFA OIG ) has recommended that FHFA issue standards for the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to develop contingency plans for its high risk sellers and servicers and finalize its examination guidance regarding contingency planning. FHFA OIG recently looked how well FHFA is managing and overseeing the GSEs in areas related to the risk posed to the GSEs by their sellers and servicers (counterparties). The report issued by FHFA-OIG on this evaluation is the third to come out of the office this week related to GSE servicing. The GSEs own or guarantee $4.6 trillion of the nation's $10.4 trillion in outstanding single family mortgages which they acquire from lenders and bundle into mortgage-backed...(read more)

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FHA Short-Sale Program may have Cost HUD $1 Billion in False Claims

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Posted To: MND NewsWire

Misuse of the FHA Preforeclosure Sale Program may have cost the Department of Housing and Urban Development (HUD) over a billion dollars for claims that did not meet program according to an audit released this week by the HUD's Region 7 Office of Inspector General (OIG). OIG initiated the audit after noticing significant deficiencies in borrower qualifications during an audit of program claims at one large lender. The Preforeclosure Sale Program allows borrowers in default due to an adverse an unavoidable financial situation to sell their home at fair market value and use the proceeds to pay off an FHA-guaranteed mortgage loan even if the debt exceeds the proceeds of the sale, i.e. a short sale. Lenders must maintain supporting documentation to demonstrate that the borrowers would financially...(read more)

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Mortgage Rates Lower Every Day This Week. New Lifetime Lows.

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Posted To: Mortgage Rate Watch

Mortgage rates have moved lower every day this week. Today's move was even more pronounced than yesterday's, carrying rates decisively into NEW all-time lows. Today's data and events during the domestic market session were of little concern to Secondary Mortgage Markets, which began the day in stronger territory thanks to the overnight sessions in Europe and Asia. From there, MBS (the "mortgage-backed-securities") that most directly influence rates) essentially held stead for the rest of the day, allowing lenders the ability to pass on more of the improvements. The continued push into lifetime low territory lets us know that lenders are actually doing a fairly aggressive job of moving rates lower. Adding to that sense of aggressiveness is the fact that most lenders have priced in the recent...(read more)

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Mortgage Rates Lower For 7th Straight Day; All-Time Lows Continue

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Posted To: Mortgage Rate Watch

Mortgage rates began moving lower last Thursday and since then have fallen every single day, crossing into new all-time lows in the process. Today simply continues that trend and makes for newer, slightly lower all-time lows. We began in neutral territory but market improvements throughout the day led several lenders to reprice for the better. Despite the overall gains, you might not see the same thing today, depending on your lender. This has to do with the roll-out of increased Guarantee Fees ( read more HERE ). Many lenders have already priced these increases into their rate sheets, but for instance Wells Fargo, the nation's largest mortgage lender, took their "G-Fee" hit today for lock timeframes of 30 days Even before the positive reprices in the afternoon, Best-Execution rates for 30yr...(read more)

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Freddie and Fannie Can Earn a Profit, Right? And their Double-secret "High Risk" Watch List of 300 lenders

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Posted To: Pipeline Press

"Rob, I'm a new LO in Connecticut. What's the scoop on this news about loans in my state being more expensive than others for home loans?" Under the FHFA's proposal, Fannie & Freddie would hike fees between 15 and 30 basis points on lenders in Connecticut, Florida, Illinois, New Jersey, and New York. During a foreclosure those states apparently have considerably longer time frames to obtain marketable title than the national average as well as costs that range between 9 and 18 percentage points above the national average. State specific pricing , especially for aggregator's servicing released premiums, have been around a long time. (In fact, it is not hard to remember the days when newspapers would publish the average rates in different areas of the U.S., rather than a national average...(read more)

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MBS RECAP: Generally A Repeat Performance Of Yesterday

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary With the arrival of slightly more important pieces of data and events, volume picked up slightly again today, though the overall calm theme of the week persisted. Both MBS and Treasuries began the day in better territory thanks to Asian and European trading, but only MBS were able to maintain the overnight gains throughout the session. An ugly 10yr TIPS auction took its toll on the Treasury complex with 1pm clearly standing out as the turning point of the day for 10yr yields. 10's are heading toward 5pm in roughly the same shape as yesterday. MBS MADE the "same shape" as yesterday in terms of charts, but simply at another quarter of a point higher in price. Most lenders put out their best rate sheets ever. MBS Pricing Snapshot Pricing shown below is delayed...(read more)

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Five States Targeted for Additional G-Fee Increases

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Posted To: MND NewsWire

A federal regulator is proposing that five states with higher than average foreclosure costs pick up part of the tab for those foreclosures through higher Fannie Mae and Freddie Mac guarantee fees ( g-fees ). According to a press release late yesterday from the Federal Housing Finance Agency (FHFA) the size of the g-fee adjustments "are intended to reflect the disparity in costs as compared to the national average." Under the proposal, the two government sponsored enterprises (GSEs) would hike fees between 15 and 30 basis points on lenders in Connecticut, Florida, Illinois, New Jersey, and New York . Those states each have considerably longer time frames to obtain marketable title than the national average as well as costs that range between 9 and 18 percentage points above the national average...(read more)

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MBS RECAP: Further Gains Amid Another Uninspired Session

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If we must be " drifting " at the moment, there are certainly worse ways to go about it. The current drift has seen MBS trade tight ranges every day this week --much tighter than we'd expect, in fact, given the massive volatility at the end of last week. It's not that massive volatility wasn't to be expected if the Fed ended up announcing MBS-specific QE3 (which they did). It's just that we would have expected things to wind down in a bit more linear a fashion that the abrupt drop-off in volatility that we've seen. Today was the widest trading range of the week at 10 ticks, but even without an unprecedented Fed announcement targeted at MBS--even without anything very meaningful at all happening for mortgage markets, this would STILL be a narrow trading...(read more)

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The Day Ahead: Economic Data Focuses On Housing, But Will Markets Focus On Data?

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Posted To: MBS Commentary

To hear the story told by NAHB's index yesterday, the housing market is in the best shape since June 2006 --the major caveat being that sales EXPECTATIONS over the next six months accounted for a lion's share of the improvement. Today we'll have a chance to hear from 3 other reports on housing , as well as the weekly MBA Applications figures. Taken together (or even individually, with the exception of the MBA data), these reports certainly pack more market moving punch than yesterday's data, but whether or not they conjure up any market-based response is another story. Certainly, it's possible that today's Housing Starts, Building Permits, and Existing Home Sales data will move the needle more than we've seen it moved by economic data thus far this week. But any such movement will be muted...(read more)

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Mortgage Lending Fell 10% in 2011 to Lowest Point in 16 Years

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Posted To: MND NewsWire

Data on lending activity during 2011 at 7,632 financial institutions that are covered by the Home Mortgage Disclosure Act ( HDMA ) was released today and showed continued heavy reliance on FHA-backed mortgage loans. The data came from the Federal Financial Institutions Examination Council ( FFIEC ) and covered banks, savings associations, credit unions, and mortgage companies. The activity monitored including mortgage applications, originations, purchases and sales of loans. The total number of originated loans of all types and purposes reported fell by about 780,000, or 10 percent, from 2010 , in part because of a 13 percent decline in refinancing . Home purchase lending also fell, but by a more modest 5 percent. The FHA-related lending that increased several years ago with the onset of problems...(read more)

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