Mortgage Rates End Month In Line With Lowest Levels

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower on Friday , ending the week and the month in line with their best levels in nearly two months. Today's improvements were moderate and the rates, while strong, are similar to other strong days since early October. The Best-Execution rate for 30yr Fixed, Conventional loans is easily 3.375% and for some scenarios, easily 3.25%, depending on the lender. Lower rates are available, but the costs to obtain them may not make sense for most. ( Read More:What is A Best-Execution Mortgage Rate? ) Markets were rather calm for a "month-end" Friday. Trading levels in the secondary mortgage market stayed relatively close to yesterday's best levels despite a bit more weakness in US Treasuries. There was little, if any reaction to the day's data and headlines. Next Friday is more...(read more)

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MBS RECAP: Mortgage Struggle Back To Yesterday's Weakest Levels

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It was an exceedingly tepid and flavorless session for broader bond markets, but especially for MBS. Fannie 3.0's began the session chopping around unchanged levels vs yesterday's close. Considering yesterday went out at the lows, that wasn't an especially positive development and lenders first round of rate sheets mostly reflected that. Movement in markets beyond MBS continues shouting at any old dogs left to toss out previous assumptions about economic data. The stock market's reaction to Fiscal Cliff comments was four times bigger than whatever you'd call the barely detectable amount of movement following the release of GDP and Jobless Claims. Hint: that wasn't because of some balanced struggle between the bulls and the bears as they hashed out a meaningful...(read more)

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Financing Trends for Government Contractors

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Posted To: Voice of Housing

It is no secret that commercial banks are less likely to provide credit to small and medium-sized businesses than in the past, and government contractors are certainly not immune to this trend. For those companies in need of working capital and lacking a traditional commercial banking option, the specialty finance market may be the best option. The good news is that there is an abundance of finance companies providing alternative lending options for government contractors and other businesses. In fact, 76% of the members of the Commercial Finance Association are non-bank financial institutions. And, according to a recent article, noted hedge fund manager Daniel Zwirn is forming a fund to “occupy the competitive space evacuated by traditional lenders.” Many of these non-bank financial...(read more)

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MBS MID-DAY: In Positive Territory, But Weaker After Fiscal Cliff Headlines

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Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary Bond markets improved steadily and uneventfully in the overnight session ushering Treasuries 2-3 bps lower (10yr yields) and paving the way for MBS to open up 2 ticks higher in Fannie 3.0s. Most of the first two hours of the morning continued the positivity for bond markets while equities futures hit their lowest levels of the week at 10:06am. All of the above was helped along by comments from Erskine Bowles' on a Fiscal Cliff deal being unlikely before the end of the year as well as weaker-than-expected New Home Sales . The volume and volatility picked up roughly 20 minutes later as Speaker Boehner was out with optimistic comments on Fiscal Cliff negotiations. Notably, the comments weren't at all dissimilar from things he's said previously regarding "revenues...(read more)

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Americans are not Shopping Smart for Mortgage Loans

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Posted To: MND NewsWire

Homeowners appear to be less than savvy shoppers when it comes to finding a mortgage to purchase or refinance their homes. A new study from Fannie Mae suggests that consumers could save money and find a more financially sustainable mortgage if they shopped more effectively. Further, the study showed that higher income consumers were more likely to do more research and approach the search for a mortgage more efficiently. For example, lower income survey respondents were more likely than those with a higher income to have obtained a quote from only one lender and to make less use of technology in their mortgage due diligence. The study, one in an ongoing series of Topic Analysis Reports produced by Fannie Mae, used data from the last three installments of its National Housing Survey. The survey...(read more)

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Home Prices at June 2004 Levels, 16% Below the Peak

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Posted To: MND NewsWire

The Federal Housing Finance Agency ( FHFA ) has released its House Price Index (HPI) for August which shows a 0.7 percent increase in prices compared to July. For the 12 months ending in August, U.S. prices rose 4.7 percent. July figures were revised downward in the report from a 0.2 percent increase to 0.1. Home prices nationally are now at approximately the same level as in June 2004 and are 15.9 percent below the peak in prices reached in April 2007. FHFA's bases its index on the purchase price of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. For the nine census divisions, seasonally adjusted monthly price changes from July to August ranged from -0.5 percent in the East South Central division (Kentucky, Tennessee, Mississippi, Alabama) to +3.0 percent in the Pacific...(read more)

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Mortgage Rates Vary By Lender, Moderately Lower On Average

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Posted To: Mortgage Rate Watch

Mortgage rates once again saw a greater-than-normal degree of stratification between lenders, meaning that some of them offered lower rates today while others moved their rate sheets higher. This is partly due to the relative mess that the Thanksgiving holiday makes of US markets every year. Because Friday was only a half day (for markets, officially) and because Thursday is a full market closure, many lenders simply choose to stay closed on Friday and thus, do not put out rate sheets. Those that did, may have done so more conservatively than they otherwise would. On a final note, different lenders had different approaches leading up to the 4 day weekend, thus making for quite the variety of rate sheets between then and now. Whatever the case, rates are moderately lower when averaged among...(read more)

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CFPB Exam Findings; Thoughts on the CFPB and Dodd Frank Determining Underwriting; Will PMI Emerge from Bankruptcy?

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Posted To: Pipeline Press

Even if you had to have the borrower come back to resign a document, or you had to eat a one day extension, or locked a loan under the wrong program, it isn't as bad as this . I am often asked, "Have you seen any CFPB exam results ? Have any fines been leveled? Are the mortgage companies that have been audited, such as Stearns or Guild, under some type of secrecy order?" Well, just like the results of your IRS audit, or an FDIC exam of a bank, to the best of my knowledge the results are not made public, but here is information that will help regarding CFPB findings and fines . I received this opinion note regarding the CFPB from an originator in the Rocky Mountain States. "I have been following the CFPB with a fair amount of attention as I am very concerned about the continuing CFPB actions...(read more)

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Limited Lender Participation Leaves Mortgage Rates Unchanged

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Posted To: Mortgage Rate Watch

Mortgage rates were unchanged on Friday , based on the small minority of lenders who remained open. Taken together with the first three days of the week, rates moved higher at first and have now leveled off in conservative territory. In this context, "conservative" means "higher than they otherwise might be," and we'd ascribe that phenomenon to the lack of participation surrounding the holiday. In other words, it's not uncommon to see rate sheet pricing be a bit more conservative into long weekends. Despite the fact that markets were technically open for half a day today, most lenders were not. Additionally, markets generally treat the Thanksgiving holiday as a four day weekend. Best Execution on 30yr Fixed Conventional loans remains at 3.375% ( Read More:What is A Best-Execution Mortgage Rate...(read more)

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Mortgage Applications Fall as Rates Move Higher in MBA Survey

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reports that mortgage applications activity dropped slightly during the week ended November 16 compared to the week ended November 9. The Market Composite Index, a measure of application volume, was down 2.2 percent on a seasonally adjusted basis with an adjustment for the shorter week due to the Veterans Day holiday. On an unadjusted basis the index was down 13 percent. The Refinance Index decreased 3 percent from the previous week and refinancing held on to the same 81 percent market share as during that week. The seasonally adjusted Purchase Index increased 3 percent week-over-week and the unadjusted index was 6 percent lower than the same week in 2011. Purchase Index vs 30 Yr Fixed Refinance Index vs 30 Yr Fixed Interest rates were mixed. The average...(read more)

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Former LPS Executive Pleads Guilty in Robo-Signing Case

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Posted To: MND NewsWire

A former executive of Lender Processing Services, Inc. (LPS) pled guilty Tuesday to mail and wire fraud charges, admitting her participation in a six-year scheme to prepare and file more than 1 million improper mortgage documents as part of the so-called robo-signing scandal. Lorraine Brown, former CEO of DocX LLC, a subsidiary of LPS, faces a maximum penalty of five years in prison and a $250,000 fine, or twice the gross gain or loss from the crime. The date for her sentencing has not been set. The guilty plea, entered in Jacksonville, Florida federal court where LPS headquarters are located, was announced by Assistant U.S. Attorney General Lanny A. Breuer who said, "Lorraine Brown participated in a scheme to fabricate mortgage-related documents at the height of the financial crisis. She was...(read more)

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Lacker's Critique of Fed Policy; CFPB's Annual Report; Bank Auditors are People Too!

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Posted To: Pipeline Press

While you're dining on turkey and watching football tomorrow (maybe not in that order) remember this touching story . Folks continue to wonder about the Fed's program in buying and holding U.S. government securities AND agency mortgage-backed securities : issuing them from one department and buying them in another. I received this note: "I have to assume that the Fed is continuing to buy newly issued Treasury securities because otherwise the Treasury would now have to pay substantially higher rates to induce buyers, and such higher rates don't seem to be being paid. But it is very strange that no mention of the continuation of this bond-buying program can be found anywhere, only articles on Operation Twist. It seems to me that we are witnessing the most enormous legalized counterfeiting operation...(read more)

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Mortgage Rates All Over The Board Heading Into Holiday Break

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Posted To: Mortgage Rate Watch

Mortgage rates were all over the board today with some lenders improving noticeably and others pricing significantly weaker versus yesterday's marks. Much of this stratification has to do with late weakness on Tuesday which prompted many lenders to release negatively revised rate sheets near the end of the day. Perhaps equally important is the fact that lender pricing strategies can simply vary on days leading up to holiday closures. The net effect of the inconsistent movement turned out to leave rates relatively unchanged from yesterday's at most lenders (some big exceptions here though). Closing costs may have moved slightly in either direction, but Best-Execution for 30yr Fixed Conventional Loans remained at 3.375%. ( Read More:What is A Best-Execution Mortgage Rate? ) As for today's events...(read more)

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MBS RECAP: After Decent Start, Bond Markets Succumb To Risk Rally

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It was a choppy day for mortgages as slightly lower-than-average volume in MBS and much-lower-than average volume in longer-dated Treasuries exacerbated a "risk-on" sell-off. Markets stayed relatively subdued yesterday and bond markets managed to hold onto a range from late last week. In part, this was due to ongoing violence in the Middle East as well as some level of uncertainty regarding the current round of Greek bailout condition can-kicking . Today brought headlines of a potential ceasefire in the Middle East as well as progress being made on Greece (proverbial "can" was well-kicked!), and both of these developments weighed on bond markets as morning data was generally disregarded. There was a glimmer of hope just after 1pm when Bernanke noted that...(read more)

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RMBS Working Group Files Suit against Credit Suisse

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Posted To: MND NewsWire

At a press conference Tuesday afternoon New York State Attorney General Eric T. Schneiderman announced he had filed a second complaint against a financial institution since the creation of the federal Residential Mortgage-Backed Securities Working Group . The complaint was filed against Credit Suisse Securities (USA) LLC and its affiliates for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors. According to the complaint, Credit Suisse led its investors to believe that the quality of the loans in its mortgage-backed securities had been carefully evaluated and would be continuously monitored. In fact, as in the case of other RMBS market participants, Credit Suisse did neither. Instead, it systematically failed...(read more)

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Builder Confidence Hits another Post Crisis High

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Posted To: MND NewsWire

The National Association of Builders' (NAHB) measure of builder confidence took a big jump in November, rising to its highest level since May of 2006. The NAHB/Wells Fargo Housing Market Index (HMI) jumped 5 points to 46 , the seventh consecutive monthly gain. The HMI is derived from responses to a survey sent by NAHB to its builder members which asks them to assess the current market for new homes on a scale of "good," "fair," or "poor" and quantify their expectations for the market over the next six months on that same sale. They are also asked to rate the traffic of prospective buyers as "high to very high," "average," or "low to very low." NAHB calculates scores for each component and a composite score. Any number over 50 indicates that more builders view sales conditions as good than poor...(read more)

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Mortgage Rates Move Higher But Remain Within Recent Range

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Posted To: Mortgage Rate Watch

Mortgage rates were higher to start the holiday-shortened week . Despite the deterioration, rates remain broadly consistent with a range that's been in effect for over a month. That range has seen few instances of deviation from 3.375% as a best-execution rate though some of the stronger days allow for certain scenarios at certain lenders to be competitively priced at 3.25%. Today's weakness means that 3.375% is the most prevalent Best-Execution rate for 30yr Fixed, Conventional Loans. ( Read More:What is A Best-Execution Mortgage Rate? ) US markets will be closed on Thursday for the Thanksgiving Holiday and will only be open half the day on Friday. While all mortgage lenders will be closed on Thursday, some will also remain closed on Friday. If you're considering locking a loan this week,...(read more)

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Bernanke Says Mortgage Lending too Tight, Pendulum Swung Too Far

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Posted To: MND NewsWire

The HOPE Financial Dignity Center held its grand opening yesterday and hosted Federal Reserve Chairman Ben S. Bernanke as its speaker. The Center, located next door to Ebenezer Baptist Church in Atlanta, is designed to equip community members with tools to manage finances and build lasting financial security through programs such as a 10-week Kaplan University course on personal financial management. The Fed Chairman's speech focused on the recent history of housing , the fallout from the recent crisis and what government is doing to move forward. He told the audience that the burdens of a weak economy and the benefits of economic growth are not always equally shared. To be truly effective, policymakers must take into account how their decisions affect the least advantaged, not just the economy...(read more)

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Bernanke on Underwriting; Post Office and FHA Both Bleeding Red Ink; MBA Future Leaders

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Posted To: Pipeline Press

Why fit in when you're born to stand out? I remember when every computer had McAfee anti-virus software - it stood out. This has nothing to do with mortgage banking, but shows how things can turn in the business world: like something out of a Hunter S. Thompson book, John McAfee is wanted for murder and is on the run. Here's something for your IT folks. Lenders are on the run, trying to find employees. The Federal Savings Bank has numerous immediate full time mortgage processing, underwriting (conventional, FHA DE, and VA SAR) and closing positions in its regional processing centers (Chicago, IL; Overland Park, KS; Irvine, CA; and the financial district in NYC). It is the fastest growing federally chartered bank in the US, and is looking for personnel as a result of this tremendous growth....(read more)

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FHA Reserves Drop below Mandated Levels; Need for Treasury Draw Uncertain

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Posted To: MND NewsWire

The U.S. Department of Housing and Urban Development (HUD) said today that the capital reserve ratio of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund fell to a negative balance in FY2012. The Fund, which is Congressionally mandated to maintain a capital reserve ratio of 2 percent is now at -1.44 percent, representing a negative value of $16.3 billion. The news came with the release of HUD's annual report to Congress on the financial condition of the FHA MMI Fund which contains an independent actuarial study of the fund. The actuary's findings do not mean that FHA has insufficient cash to pay insurance claims , a current operating deficit, or will need to immediately draw funds from the Treasury. Any Treasury draw would be determined, not by the economic assumptions...(read more)

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Mortgage Rates Extend Gains As Headlines Rock Markets

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Posted To: Mortgage Rate Watch

Mortgage rates continued to bounce back , moving lower for a second straight day after rising on the first two days of the week. Net/net, the movement brings rates back almost perfectly to last Friday's levels on average. That means that best-execution is easily available at 3.375% and increasingly so at 3.25% depending on the lender and scenario. ( Read More:What is A Best-Execution Mortgage Rate? ) We noted yesterday that the first two days of the holiday-shortened week were something of a concern as mortgage markets underperformed broader bond markets. Yesterday was the first promising day of reversing that trend, and it continued to moderate today. Markets were helped along by a barrage of headlines that had significant effects on stocks and bonds alike. Everything seemed to be fair game...(read more)

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MBS RECAP: Wild Ride For Markets, Mortgages Fare Well

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Wow... Quite a Friday! What, by all rights, could have been an uneventful "fade-to-sideways" into the weekend (and holiday-shortened week ahead) turned out to be the most action-packed day of the week . This might not have been the case were it not for the unexpected headlines that prompted the biggest swings of the day. After markets digested the morning data with bonds/MBS trading a bit stronger on European concerns, a pervasive and substantial flight-to-safety washed over all sectors as Hamas launched rockets into Jerusalem. That took stocks and bond yields sharply lower but the move was completely reversed when congressional leaders emerged from closed-door meetings with the President and had generally positive, hopeful things to say regarding the...(read more)

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Wells Fargo Not Excused From Obligations Due To Hurricane Sandy - NY Attorney General

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Posted To: MND NewsWire

Eric T. Schneiderman, New York State Attorney General, told Wells Fargo Bank today that it could not use Hurricane Sandy to excuse itself "from any of its obligations under the National Mortgage Settlement or under New York law." The warning came after Schneiderman received word the bank had temporarily suspended review of and decisions on applications from homeowners throughout the Northeast for mortgage relief "in order to await further instructions from FEMA." In a letter sent today to John G. Stumpf, Wells Fargo's Chairman, President and CEO, the Attorney General told the bank it must reverse its new policy where it affects applications from New York homeowners "many of whom are still struggling to recover in the aftermath of Hurricane Sandy." Schneiderman said the bank's directive likely...(read more)

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Younger Americans Hardest Hit by Shifts in Homeownership and Housing Costs

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Posted To: MND NewsWire

While the Census Bureau has noted the decline in homeownership over the last few years, the latest edition of Fannie Mae's Housing Insights looks inside the figures. Fannie Mae's economists found that the decline in the homeownership rate over the last four years has been particularly pronounced for young households and that single-family rental housing, with its high average rates, has absorbed a disproportionate share of new rental demand. Five years after the start of the housing bust American households continue to shift from homeownership to being renters. In 2011 the homeownership rate fell by 1 percent, the fourth consecutive annual decline and is now 64.6 percent compared to 67.2 percent in 2007. This is the lowest rate recorded by the Census Bureau's American Community Survey (ACS...(read more)

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Mortgage Rates Snap Two Day Losing Streak

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Posted To: Mortgage Rate Watch

Mortgage rates put an end to two days of weakness , but for most lenders, rates were only moderately improved on Thursday. Weak economic data helped push interest rates and stock prices lower on Wall Street today, but Treasuries and Mortgages started the session in worse shape than yesterday. Consequently, the improving market conditions in the Secondary Mortgage Market only resulted in minor improvements on the COST side of the Best-Execution equation , whereas Best-Ex rates themselves remained unchanged at 3.375%. Lower or higher rates can be viable depending on the lender and scenario. ( Read More:What is A Best-Execution Mortgage Rate? ) The past two days of rising rates were somewhat of a concern, especially as mortgages disconnected from their generally well-correlated relationship with...(read more)

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