Realtors Confronting Problems of Structure, Leadership, and Technology

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Posted To: MND NewsWire

The Definitive Analysis of Negative Game Changers Emerging in Real Estate or D.A.N.G.E.R report prepared for the National Association of Realtors® (NAR) by author Stefan Swanepoel is blunt in addressing vulnerabilities of the Association itself. Swanepoel is especially critical of NAR's leadership, a criticism he levels at state and local associations as well, but we will summarize his review of NAR as of more general interest. A discussion of the reports methodology and its critique of brokers and agents is available here . Swanepoel ranks the 10 dangers to NAR in order of magnitude but it is easier to discuss them in groups (that means that the numbers below won't all be in order) starting with some structural issues with the Association. 1. The Decision-Making Structure becomes a Hindrance...(read more)

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Source: http://www.mortgagenewsdaily.com/05272015_nar_real_estate.asp

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State, CFPB win Judgment against Florida Loan Mod Scheme

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Posted To: MND NewsWire

A Florida law firm and its several affiliates which had already been shuttered by the State of Florida and the Consumer Financial Protection Bureau (CFPB) were ordered on Friday to pay a total of $27.7 million in damages and penalties. The judgment arose out of a lawsuit filed by CFPB and the Florida Attorney General against Hoffman Law Group (formerly Residential Litigation Group) and its operators Michael Harper, Benn Willcox, and attorney Marc Hoffman and affiliated companies operating as Nationwide Management Solutions, Legal Intake Solutions, File Intake Solutions, and BM Marketing Group, all based in North Palm Beach, Florida. The Hoffman Law Group was allegedly set up to create the perception that consumers who were trying to save their homes from foreclosure would receive specialized...(read more)

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Source: http://www.mortgagenewsdaily.com/05292015_cfpb_mortgage_fraud.asp

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Mortgage Rates Back Into the 3's to End The Month

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today , making this the 7th straight day where rates have either held steady or improved. Over that time, no single day stands out as clearly better than the others. Instead, the gains have been slow, steady, and varied by lender to a greater degree than normal. Despite the slow and steady pace, the improvement has been meaningful. Not only are today's rates the lowest in more than three weeks, they also bring 3.875% back into the picture as the most prevalently-quoted conventional 30yr fixed rate. That said, there are still quite a few lenders at 4.0%. If things continue to improve, 3.75% will come even faster. This has to do with the structure of the mortgage-backed-securities (MBS) market, upon which lenders' rate sheets are based. When a loan is written...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/476213.aspx

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MBS MID-DAY: Week-Long Positive Trend Running Out of Steam

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Posted To: MBS Commentary

After the last visit to May's weakest levels (last Wednesday morning), MBS and Treasuries have been in a fairly linear trend back toward stronger levels . But as we approach those levels, bond markets are visibly having second thoughts . It's all right here in this easy-to-read chart: I would hesitate to read too much more into the current state of affairs. There are logical reasons for a positive correction within the range. Those reasons have existed for a few weeks now and the light at the end of the tunnel in terms of May's debt supply (Treasuries and Coroporate debt) helped them translate into the move we've seen over the past week. It continues to be the case that Europe's participation is required when it comes to mounting any major offensive back toward lower rates...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/475700.aspx

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Mortgage Rates Microscopically Lower

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Posted To: Mortgage Rate Watch

Mortgage rates barely budged today. Those that budged moved almost imperceptibly lower from yesterday's latest rate sheets. In general, there was simply very little movement in underlying markets and lenders' rate sheets matched the tone. Ironically, Freddie Mac's weekly rate survey results came out this morning indicating higher rates. Keep in mind that the Freddie survey receives most of it's responses early in the week and then reports on Thursday mornings. That means that any changes in rates over the intervening days are not captured in the data. In the current case, it's not that rates have moved significantly lower in the past few days, but more to do with the fact that last week's Freddie survey didn't capture the brunt of the rise in rates that occurred on Tuesday. Think about it this...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/475981.aspx

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Interesting Trends in FHLB, Subprime, and Non-Agency MBS Issuance; So What if Greece Defaults?

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Posted To: Pipeline Press

"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest of them have to piddle on the electric fence for themselves." Learning how to build a tall building has taken centuries, and for the commercial lenders out there, here is a semi-nifty site that shows a chart of the tallest building in the world in every year. And speaking of commercial lending, CoStar Group reports 82% of the 370,000 multifamily rental units completed over the past 2 years were in the "luxury" category (rents in the top 20% of the market) and have been as high as 95% in some markets. Fannie & Freddie, as well as bankers, should take note and be cognizant of the building risk in the higher end of the market . Before we plunge into some trends in MBS and securitization...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05272015-mortgage-jobs.aspx

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Mortgage Rates Still Not Fully Committed to Recovery

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Posted To: Mortgage Rate Watch

Mortgage rates moved sideways-to-slightly lower in most cases today, but only after underlying bond markets fought back from morning weakness. Before that, most lenders were offering slightly higher rates than yesterday, though the differences would be seen in the form of closing costs as opposed to in the rate itself. 4.0% remains the most prevalent conventional 30yr fixed quote for top tier scenarios. This has been a line in the sand, blocking rates from a more substantial recovery after they spiked in early May. An old friend (of mortgage rates) was in the news today, but not in a very friendly capacity today. Rumors regarding a potential Greek debt restructuring circulated just before 10am. Although the news didn't really pass the smell test, investors nonetheless moved some money out of...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/475412.aspx

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How Do I Qualify for a Short Sell?

There are several requirements to qualify for a short sell. In order to qualify you must be experiencing a hardship, you must be in danger of missing a mortgage payment and must be facing an imminent default on your home. If eligible for a short sale, there are many benefits to avoiding foreclosure. To learn more about the qualifications for a short sale call us at (480) 241-4406 or visit us online at http://goo.gl/mke9F

Mortgage Rates Slightly Lower

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Posted To: Mortgage Rate Watch

Mortgage rates were just slightly lower in most cases today. Last Friday, rates did a bit better than the underlying market weakness would have suggested, and now today, they've done a bit worse than the underlying strength would suggest, leaving them right about where they should be if the past two business days never happened. The most prevalently-quoted conventional 30yr fixed rate remains 4.0% with some lenders continuing to offer 3.875%. In most cases, the differences in rates over the past few days will only be seen in the form of varying closing costs as opposed to changes in the actual contract rate. Despite the gentle movement since Thursday, the past few weeks have seen more than their fair share of volatility. In terms of the bigger picture, rates have made several attempts to move...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/474472.aspx

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MBS RECAP: Confluence of Positive Events Keep Bonds Happy All Day

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Posted To: MBS Commentary

US rates markets began the global trading session fairly timidly, but moving slightly lower in yield. European hours brought bigger moves as stocks tanked and German Bund yields rallied quickly at the open. Europe's big "risk-off" trade (lower stocks/lower yields) tried to bounce, but only managed a tepid consolidation before giving up just before 8am New York time. When the first round of domestic economic data hit at 8:30am, bond markets had quick second thoughts about following the stock sell-off. Reason being: the internal components of the Durable Goods data were stronger than expected. With this being one of the week's most significant reports, it's fair to assume it will add at least something to the ongoing debate over the Fed's rate hike timing. The fact that...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/474490.aspx

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Lawsky Bails and Sails; New Lehman/GreenPoint Suit; Home/Land Price Trends

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Posted To: Pipeline Press

Yes, I know it is the Friday before a 3-day weekend, after which it is okay to wear white shoes to formal events. (And yes, there will be a commentary tomorrow with some pretty informative letters.) But there is little time to comment on fashion when instead we can turn our attention to smutty trademarks. There aren't many of them in lending, but they are out there in other industries, and the U.S. Court of Appeals for the Federal Circuit is set to reconsider whether banning scandalous trademarks violates the First Amendment. New York's boy Benjamin Lawsky is leaving to form a legal and consulting firm and lecture at Stanford University. One can be sued, and can also sue someone else. Case in point: Lehman Brothers' new lawsuit names Syncora Holdings, U.S. Bancorp and GreenPoint Mortgage Funding...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05222015-benjamin-lawsky.aspx

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50 Ways to Derail Real Estate Industry

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Posted To: MND NewsWire

The National Association of Realtors® is distributing a study it commissioned from the Swanepoel T3 Group which we expect will generate a lot of discussion among its members. Despite its rather hokey name, Definitive Analysis of Negative Game Changers Emerging in Real Estate or D.A.N.G.E.R Report, the lengthy document is a pretty eyes-open examination of the industry's near-term challenges . Author Stefan Swanepoel compiled the report from a review of over 200 reports, surveys, focus group reports, journals and other academic sources coupled with a survey of nearly 8,000 Realtors and face-to-face interviews with 70 CEOs and other senior executives from the largest franchisors, brokerage companies, REALTOR associations, MLS organizations and a variety of large service providers. He cautions...(read more)

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Source: http://www.mortgagenewsdaily.com/05222015_real_estate_industry.asp

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Fannie Mae: Housing Faring Better than Economy

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Posted To: MND NewsWire

Fannie Mae's economists used their May economic and strategic summary to downgrade expectations for 2015 growth but at the same time painted a slightly brighter picture for housing. Based on the poor growth of GDP in the first quarter, only 0.2 percent, they downgraded expectations for the year by 0.5 percentage point to 2.3 percent growth. The portion of the report dealing with housing was obviously written both before Tuesday's encouraging news about residential construction or Thursday's disappointing existing home sales report. That said, Fannie Mae's economic team led by Senior Vice President and Chief Economist Doug Duncan called home sales for the quarter "mixed" with March existing home sales at their highest level in two years, preceding the "Taper Tantrum" over Fed Chair Ben Bernanke...(read more)

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Source: http://www.mortgagenewsdaily.com/05212015_fannie_mae_forecast.asp

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Mortgage Rates Unchanged Despite Market Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates were unchanged on average today, though some lenders were slightly higher or lower than yesterday's latest rate sheets. This is a small victory considering that underlying markets suggested rates should move slightly higher. Mortgage rates are most directly affected by mortgage-backed-securities (MBS) which tend to trade in line with US Treasuries. After this morning's slightly stronger inflation data, bond markets moved lower in price and higher in yield--a classic reaction to that type of data. The most frequently-quoted conventional 30yr fixed rate remains 4.0% for top tier scenarios, though several lenders are an eighth of a point higher or lower. In a broader sense, today brings another repetition of the recent cycle to a close. That cycle began in early May when rates finally...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/473857.aspx

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MBS RECAP: Bonds Escape With Minimal Damage after Volatile Morning

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Posted To: MBS Commentary

Surprisingly, the story of the day turned out to be Core CPI coming in at +0.2558 vs a forecast of +0.2. This was apparently enough to send bond markets reeling (relatively). The fact that the shorter maturities got hit the hardest, suggests that it was a pure rate-hike-timing trade. Reason being: the Fed Funds rate is literally an overnight rate target, and overnight rates are as short as they come. So a change in the overnight rate outlook radiates out from there in terms of duration. As such, it's no surprise to see 2-5yr Treasuries end the day up more than 4bps while 30yr Treasuries actually improved. 10yr yields were somewhere in between, losing only 1.9bps. The average mortgage has a bit of a shorter duration than 10yrs, and consequently underperformed, but only slightly. After the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/473844.aspx

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Existing Home Sales Fall Short of Expectations

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Posted To: MND NewsWire

Existing home sales in April failed both to match their corresponding numbers in March and to live up to the consensus of analysts in advance of this morning's National Association of Realtors® (NAR) report. Sales of existing single family homes, condominiums, and coops were at a seasonally adjusted annual rate of 5.04 million units in April, down 3.3 percent from an upwardly revised (from 5.19 million units) 5.21 million in March. Analysts had expected on average a rate of 5.22 million units. NAR tried to put a cheery spin on the news pointing out that sales were 6.1 percent higher than in April 2014, that it was the seventh month of year-over-year increases, and the second month in a row that sales had topped 5 million. The typical home also sold in the shortest time frame in almost two...(read more)

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Source: http://www.mortgagenewsdaily.com/05212015_existing_homes.asp

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Mortgage Rates Inch Lower Ahead of Holiday Weekend

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Posted To: Mortgage Rate Watch

Mortgage rates moved tentatively lower today. The pace was only slightly better than yesterday when it was all but undetectable. To those expecting more improvement based on trading levels in the bond markets that drive rates, it might seem a bit frustrating. Understandably though, lenders tend to err on the side of caution ahead of an extended holiday weekend. But, why be tentative due to extended weekends? In other words, what is it about the long weekend that makes mortgage rates a bit higher than they would normally be? There are a few reasons, but one of the easiest to understand is the fact that markets can move more over a 3-day weekend, all other things being equal. The greater the potential volatility, the greater the cost to protect against it. That cost is passed on directly in the...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/473586.aspx

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Considering Home Foreclosure?

A foreclosure is a very serious decision, and is one of the worst things you can have on your credit history. If you are unable to make a mortgage payment, you may be tempted to walk away and simply foreclose. But there are other options. At AZ Home Help, located in Scottsdale Arizona, our consultants offer free, no obligation advice on what you can do to improve you situation. To speak with someone today, visit us online at http://goo.gl/p9SmTv

Mortgage Rates Barely Budge After Fed Minutes

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Posted To: Mortgage Rate Watch

Mortgage rates are ending the day very close to unchanged , following what was--by all rights--a supportive reading of the Fed's April Meeting Minutes. The big, nasty surprise that may have been lurking (potential rate hike arguments for June) was instead ruled out. The Fed noted that many members agreed that the economy wasn't likely to make a strong enough case for a June rate hike. That said, neither did the Minutes suggest the Fed was reevaluating their general game plan of hiking in the 2nd half of 2015. But even then, there just wasn't much of a reaction at all. The absence of a reaction means that trading levels in bond markets were holding fairly steady. If they were moving drastically, or even just moderately, lenders would likely be adjusting rate sheets higher or lower accordingly...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/473341.aspx

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Households Better Prepared for Rate Increases This Time

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Posted To: MND NewsWire

Earlier this week Freddie Mac asked if the housing market recovery could withstand a rate increase (the answer, with some qualification was yes). Now the economists at Wells Fargo are asking the same about household balance sheets. The banks Interest Rate Weekly concludes that should the Federal Reserve begin to increase rates as expected it will have a "muted" impact on households. The balance sheets of households are critical to the economy as a whole given their importance to growth in consumer spending. Households are less leveraged than they were in past tightening cycles and thus in a better position to withstand the higher rates. Financial obligations for debt, property taxes and lease payments currently stand at 15.3 percent of disposable income, a level consistent with the record lows...(read more)

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Source: http://www.mortgagenewsdaily.com/05202015_rate_increases_consumers.asp

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MBS RECAP: Ominous Movement in Rates Ahead of Fed

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Posted To: MBS Commentary

Someone wants us to think that rates are heading abruptly higher. Well, to be fair, it's not so much about wanting anyone to think anything. It has more to do with someone (a lot of someones actually) making trades that are actually pushing rates abruptly higher. They did a good job 2 weeks ago, but took a break on Thursday and Friday. Then they did a good job this past week and took the same break . Now the pattern is repeating with the first half of the week marking a return to unequivocal selling pressure. Our best case scenario when it comes to all this weakness, is that it's with an anxious eye toward tomorrow's FOMC Minutes. Hopefully, traders are concerned that the Minutes will hold some clue as to the rate hike timeline that the Fed is no longer talking about explicitly...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/473025.aspx

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Can the Housing Recovery Handle Higher Rates?

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Posted To: MND NewsWire

That headline question is the focus of the May Economic and Housing Outlook produced by Freddie mac's Office of the Chief Economist. The economic team, headed by Leonard Kiefer, Deputy Chief Economist, notes that housing stumbled in 2013 when rates rose by a full percentage point in May and June of that year. Sales slowed in response and are only now recovering to their levels before that event. Are we due for a repeat? The first quarter of 2015 showed some economic weakness . Real GDP growth was preliminarily estimated at 0.2 percent annualized but indications are the final number will dip below zero. The second quarter looks better but below 2014 returns yet improved European economic news has driven U.S. interest rates higher and Freddie Mac expects they will continue to rise over the remainder...(read more)

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Source: http://www.mortgagenewsdaily.com/05192015_freddie_mac_outlook.asp

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MBA's Stevens calls for End to Policy by Enforcement

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Posted To: MND NewsWire

"Everyone working in the mortgage business feels like there is a giant target on their backs ," David H. Stevens said in remarks prepared for delivery today at the Mortgage Bankers Association's (MBA's) National Secondary Market Conference and Expo. Stevens, MBA's President said the Department of Justice and other enforcement agencies appear to be in charge of the nation's housing policy and both consumers and the housing market would be better served if the tone in DC changed. Housing policy, he said, is failing today. The mortgage industry has acknowledged and taken accountability for its role in the meltdown and lenders have paid hundreds of billions of dollars in settlements and made major changes in controls and compliance. But now it is time for policymakers at both state and federal...(read more)

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Source: http://www.mortgagenewsdaily.com/05182015_stevens_housing_policy.asp

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Builders, Realtors Differ on Home Sale Climate

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Posted To: MND NewsWire

While they were discussing different vintages, home sellers have a slightly more upbeat outlook on home sales then do the builders of those homes. Lawrence Yun, Chief Economist of the National Association of Realtors® told Association members late last week that he expects this will be the best year for existing home sales since 2006 but the index measuring builder confidence about new home sales dropped this month. The National Association of Homebuilders/Wells Fargo Housing Market Index (HMI) released today was down 2 points from April as new home builders expressed disappointment in both current sales condition and buyer traffic. The HMI composite was at 54 in May compared to 45 in May 2014 but it has been a roller-coaster year in which the index has varied over a 14 point range. "Despite...(read more)

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Source: http://www.mortgagenewsdaily.com/05182015_nahb_builder_confidence.asp

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CFPB Addresses Section 8; NAR, MBA, NAMB, Congress to CFPB: "Don't TRID on Me!"

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Posted To: Pipeline Press

The NMLS has commenced a study on the role of a MLO - besides being at the receiving end of jokes about AARP in the workplace. All kidding aside, the analysis is to ensure legitimacy of the SAFE MLO National Test with Uniform State Content and is completed every 4 to 6 years. The study is a standard practice in the industry to guarantee that licensure or certification exams are testing areas of knowledge that best relate to the tasks of a given profession. The NMLS is asking for state-licensed mortgage loan originators to complete a survey and provide feedback on the SAFE MLO National Test. Click here to access the survey - responses are due by May 29 th . The Gadsden flag is a historical American flag with a yellow field depicting a rattlesnake coiled and ready to strike. Positioned below...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05152015-fines-for-trid-problems.aspx

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New Home Financing Applications Continue Strong

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Posted To: MND NewsWire

It's all relative. The Mortgage Bankers Association (MBA) said that applications for the purchase of newly constructed homes rose a scant 0.3 percent in April , on its face sort of a disappointing number for the heart of the "spring market." However, that increase was on top of a 17 percent surge in March, indicating that the new home sales continue to be strong. MBA's new home numbers are based on mortgage application data gathered through its Builder Application Survey (BAS) of mortgage subsidiaries of new home builders. It is not adjusted for typical seasonal patterns. Based on data from the BAS the MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 487,000 units in April compared to a seasonally adjusted rate of 510,000 units in March, a decrease...(read more)

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Source: http://www.mortgagenewsdaily.com/05152015_mba_new_home_sales.asp

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Would a Fed Rate Hike Surprise Really Matter?

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Posted To: MND NewsWire

Any change in interest rates will be sprung on the markets if John Williams, Federal Reserve Bank of San Francisco president, gets his way. While we suspect that any shock value surrounding this particular event would be moot, Williams told CNBC this week that "My personal preference is that we don't have the most telegraphed policy decisions in history, as we did in 2004." He added "You don't want to make a decision two months or three months in advance." While it appeared unrelated to William's remark, Wells Fargo Bank just released the first in a series of articles which seek to quantify the expected reaction of a fed funds rate shock on several different markets. The bank cites the example of then Fed chairman Ben Bernanke's comments in the summer of 2013 which caused investors to revise...(read more)

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Source: http://www.mortgagenewsdaily.com/05132015_fed_monetary_policy.asp

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Mortgage Rates End Another Week at Lows

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Posted To: Mortgage Rate Watch

Mortgage rates improved for a second day, and ended at their lowest levels for a second straight week. The most prevalent conventional 30yr fixed quote remains 4.0% for top tier borrowers, but several lenders moved down to 3.875%. Additionally, the less aggressively priced lenders have rejoined the pack after moving up to 4.125% on Wednesday. Today is interesting in several regards. These mainly have to do with stark differences juxtaposed with striking similarities to last Friday. Both days tied for the biggest single-day improvement in the past 2 months. Bother days were preceded by Thursdays with exactly the same amount of improvement. Both of these Thu/Fri combos were the only positive days in May. In short, they have a ton of similarities. That's scary because last time around, Monday...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/472343.aspx

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MBS RECAP: Another Week Ends on High Note. Be Scared?

Hot news from AZ Home Help:

Posted To: MBS Commentary

Remember last Thursday and Friday? Those were pretty good! It sure looked like bonds had had enough weakness for a while and might start to consolidate. Yes yes... I know that I said that the " Token Post-NFP Rally Doesn't Make Us Safe ," but I'm guessing that assessment seemed overly cautious to many of you after the first 2 days of gains in more than 2 weeks. Then, of course, Monday tanked , and rates set new highs for the year 3 days in a row. And now here we are again... another Thu/Fri duo has teamed up to deliver the exact same amount of gains on average and darn close to the exact same levels. We know the next step in this dance, right? Believe in the bounce only to get smacked down on Monday! But I'm not as pessimistic today as I was last Friday. True, Monday was...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/472351.aspx

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MBS MID-DAY: Low Gas Prices Now Like QE. Here's How That's Helping Us

Hot news from AZ Home Help:

Posted To: MBS Commentary

Be warned that the following reduces a complex, multifaceted issue to one of its individual components. It's merely an examination of this one component (and a superficial one at that) and it's effect on today's trading. Oil has been a big deal since it began tanking in late 2014. As rates began to rise in 2015, analysts began suggesting that a rise in oil was partly to blame. Of course, the only way that truly makes sense is to assume oil is rising WITH rates for OTHER reasons as opposed to assuming a rise in oil prices is actually pushing rates higher. Why "of course?" Let's take a look at what happens when prices rise again. Today's Consumer Sentiment numbers tell the story. 88.6 vs 96.0 forecast and a marked increase in inflation expectations. Here's a...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/472264.aspx

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MBS RECAP: Bonds Rally Despite Weak 30yr Auction

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Posted To: MBS Commentary

In recent weeks, we've increasingly discussed the concept of " supply ." This has largely been driven by the ramp up in corporate debt issuance creating excess supply in fixed income markets, resulting in upward pressure on rates. Then, of course, there's the regular old Treasury supply that we see in the form of auctions every other week. This week played host to the more important of the two cycles: 3yr, 10yr, and 30yr maturities. These aren't necessarily more important because 10's are the most widely traded global interest rate benchmark, but rather because the 3 auctions are heavily weighted toward the longer end of the yield curve. One big issue recently is that the corporate debt issuance has also been skewed toward longer maturities--longer than normal anyway...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/472066.aspx

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Purchase Loan Market MIA

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Posted To: MND NewsWire

Lenders originated 1.55 million residential mortgage loans during the first quarter of 2015. The number, includes loan originations for both purchases and refinances of single family homes and condominiums. RealtyTrac, in its U.S. Residential Loan Origination Report, noted that the first quarter originations were down 6 percent from the fourth quarter of 2014 but surpassed activity in Q1 of 2014 by 17 percent. Originations for home purchases numbered 471,822, down 25 percent from the previous quarter and 1 percent higher than a year earlier. There were 1.08 million originations for refinancing, an increase of 6 percent for the quarter and 27 percent compared to the first quarter of 2014. "A dip in interest rates early in the year combined with lowered mortgage insurance premiums for FHA loans...(read more)

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Source: http://www.mortgagenewsdaily.com/05132015_loan_originations.asp

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MBS RECAP: Even With Plenty of Help, Bonds Still Blew It Today

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Posted To: MBS Commentary

No love for bond markets... That's the only possible takeaway after a day where technicals are stacking up in a friendly way, Retail Sales and several other economic reports come in weaker than expected, a 10yr Treasury Refunding Auction absolutely knocks the cover off the ball, yet bond markets STILL manage to end red on the day. Bonds ended red at home and abroad. While the "abroad" story continues to be one of the most compelling factors for domestic bond markets, we were also hit again today with heavy corporate issuance. Recall yesterday that we mentioned the morning rate spike resulted in several large players holding off bringing their deals to market. 10yr yields were 14bps lower this morning, so guess what... Corporate creditors unloaded with another multi-billion dollar day, led by...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/471790.aspx

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More Than Half of Sales Remain All-Cash in Some Markets

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Posted To: MND NewsWire

The influence of cash sales on the residential real estate market continued to decline in February with those sales accounting for 37.9 percent of total home sales. This is still a significant number, before the housing crisis such sales typically made up a quarter of sales, but the percentage has fallen consistently on an annual basis for 26 straight months from its 46.5 percent January 2011 peak. The February figures reported by CoreLogic were down 2.7 percentage points from a year earlier and were 1 point lower than cash sales in January. CoreLogic says due to the seasonality of the housing market comparisons should be made on an annual rather than a monthly basis. The company projects that, at the current rate of decline, the cash sales share will return to the pre-crisis level of 25 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/05132015_corelogic_cash_sales.asp

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MBS RECAP: Pain Continues For Bond Markets; Reasons Remain Frustrating

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Posted To: MBS Commentary

Who can forget this classic quip when asked why rates are higher: "more sellers than buyers?" OK, so maybe that's not so classic, depending on your background, but the point is that it's not too far from the thesis for the current turmoil in bond markets. Granted, if we take the time to devote quite a few more words to the topic, we can talk about how the long term prospects for low US rates have been perpetually dependent on the trajectory of European rates remaining on it's 2014 path, but who has time for all that? Do your business partners and clients raise an eyebrow if you tell them rates are moving higher because of Europe? Is it worth it to explain to them why you're right? No, not at all. It's far easier to say "more sellers than buyers." It has...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/471475.aspx

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What is required to do a short sale?

Every lender or bank has its own set of required information and some may even have a set of paperwork specific to them. Though a short may seem daunting and intimidating, AZ Home Help can make the process much easier for you. Arizona short sales are our expertise. Let us help you. Contact AZ Home Help today at 480-241-4406 or visit us online at http://goo.gl/AsCyo1

Foreclosure Shift Increasingly Evident

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Posted To: MND NewsWire

While the decline in foreclosure activity is still ragged on a month-to-month basis significant changes are increasingly evident year-over-year. CoreLogic said today that the number of properties in some state of foreclosure was down by a quarter in March compared to a year earlier and completed foreclosures declined by 15.5 percent. The company said there were 41,000 completed foreclosures in March, down from 48,000 in March 2014 but 7 percent more homes were lost to foreclosure during the month than in February when 38,000 foreclosures were reported. Completed foreclosures are now down 65.2 percent from the peak in September 2010. Since September 2008 when the financial crisis is said to have begun approximately 5.6 million homes have been foreclosed. Taken together the five states with the...(read more)

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Source: http://www.mortgagenewsdaily.com/05122015_corelogic_foreclosures.asp

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MBS RECAP: Bond Market Meltdown Resumes; Big and Scary

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Posted To: MBS Commentary

As I check my mental inventory of recent headline titles, I find it interesting and scary that the only other times that compare historically have been the BIG moves like the mid-2013 taper tantrum. The difference is that the taper tantrum was one big, logical thing. Markets came to terms with what was going on in May and June, and quickly set about pricing Fed bond buying out of the equation. It was fairly tidy in retrospect. The current move is more of a perfect storm of disparate factors. At the heart of that storm , clearly, is an ongoing correction in European bond markets. Rates in Europe had moved relentlessly lower throughout 2014 and the first part of 2015 as investors accounted for the likely effects of ECB Quantitative Easing. For the past three weeks, European rates have been spiking...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/471160.aspx

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Mortgage Rates Lowest This Week After Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates had been under heavy attack for several weeks before finally striking back yesterday. The counterattack could only go so far with today's important Employment Situation Report looming. Fortunately, the results were not strong enough to send rates back up. The result is a continuation of yesterday's bounce, bringing rates to their best levels of the week. The most prevalently-quoted conventional 30yr fixed rate is once-again 3.875% with a few lenders on either side of that (3.75% or 4.0%). While it's a very welcome change of pace compared to recent weeks, the gains over the past two days only undo a fraction of the damage. US markets are clearly unwilling to make any big commitments until they get input from European markets, which have been chiefly responsible for current volatility...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/470569.aspx

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Mortgage Rates Down Modestly Ahead of Big Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates finally dug in their heels and made some slight improvements today . For the past 4 days, they'd moved higher at the fastest pace of the year for any other 4-day period. The gains weren't extensive though, and many lenders are still quoting conventional 30yr fixed rates of 4.0% for top tier scenarios. 3.875% is slightly more common than it was yesterday, but in general, most of the changes were seen in the form of upfront costs (as opposed to the note rate itself). The timing of the improvement is ironic and potentially frustrating for rate watchers as it falls on the eve of the exceptionally important Employment Situation Report (aka, 'jobs report' or NFP). This is the single biggest piece of economic data on any given month, and it has more power to move rates than any other...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/470252.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com

GSE Status; Comments on CFPB's Recent Study; Fraud Investigator Accused of Fraud

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Posted To: Pipeline Press

For aging LOs and real estate agents, a report by Genworth Financial finds the median bill for 1 year in a nursing home is now $91,250 vs. $87,600 one year prior, but that costs vary widely by state. The highest was AK at $281,415, but was only $60,225 in OK. Meanwhile, the median cost of an assisted-living facility was $43,200 and 1 year of visits from home health aides was $45,760. Fannie Mae had a good first quarter and announced it will pay the Treasury Department $1.8 billion after reporting net income of $1.9 billion for the first quarter. (Kind of like a kid earning money mowing lawns and then having to give it all to his parents who in turn give him a pat on the head?) Fannie will have returned $138.2 billion to the federal government after it makes the payment next month, according...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05072015-realtor-jokes-training.aspx

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Why Consider a Short Sale?

If you are unable to make payments on your mortgage and you owe more than your home is worth, it may be time to consider short selling. There are many benefits to short selling a home. The primary benefit is that it will allow you to get out from under a hefty mortgage without having a foreclosure on your credit history. Many people who choose to short-sell can be eligible to purchase a new home within as little as two years. To learn more, call us at 480-241-4406 or visit us online at http://goo.gl/t1Va3D

10% of Americans are "Credit Invisible"

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Posted To: MND NewsWire

About one in 10 American adults have no credit history according to a report from the Consumer Financial Protection Bureau, a total of 26 million persons who are "credit invisible." These are persons who have no information on file with any of the nationwide consumer reporting agencies. Credit histories contain data on a consumers bank loans, car loans, credit card bills, student loans, and mortgages; details about the terms of credit, totals owed, payment histories, and any liens or judgments that may have been incurred. This information is used by the agencies to produce three digit credit scores. Most decisions to grant credit and set interest rates for loans are made based on information contained in credit reports and on the resulting credit scores. As a result, those consumers who have...(read more)

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Source: http://www.mortgagenewsdaily.com/05062015_credit_scores_cfpb.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com