Mortgage Rates Approaching 5-Month Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates had another great day , with most lenders maintaining or improving upon yesterday's 4-month lows. Given that we'd have to go back to May 8th, 2015 to see better rates, we're very close to '5-month lows.' In terms of top tier conventional 30yr fixed rate quotes, 3.875% remains most prevalent. A growing number of lenders are quoting 3.75% and only a few remain up at 4.0%. Not all borrowers will see a change in their quoted rate over the past few days, but in those cases, the closing costs would be lower or the lender credit would be higher. Although there was a reasonable chance that we'd see increased volatility in the markets that underlie mortgage rates today, trading remained calm and positive. Stock prices and bond yields continued to diverge. This could have something to...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/515770.aspx

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Major Loosening of High-Balance Conforming Standards; MyCommunity 2.0

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Posted To: MND NewsWire

Fannie Mae is initiating what it is calling an "enhanced affordable lending product it has named the HomeReady mortgage . The new loan is a reconfiguration of its My Community Mortgage (MCM) which it brought on line in 2001 but which has gradually morphed, from an underwriting standpoint, into a more traditional kind of loan. The company says it has taken MCM and redesigned and enhanced it, targeting the loans to low-to moderate-income borrowers and buyers in designated low-income, minority, and disaster-impacted communities. The HomeReady mortgage is a standard product available to all Fannie Mae lenders with no special approvals required. The loan will be available with a general income limit of 80 percent of area median income and is also available for properties in low-income census tracts...(read more)

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Source: http://www.mortgagenewsdaily.com/09302015_fannie_mae_underwriting.asp

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Mortgage Rates Back to 4-Month Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates began the day moderately lower. As equities markets failed to mount any counterattack to recent losses, bond markets surged--including the mortgage-backed-securities (MBS) that dictate mortgage rates. As such, most lenders were able to offer mid-day improvements to the morning rate sheets. By the end of the day, the average rate sheet was as strong as it's been since early May 2015 . At current levels, a conventional 30yr fixed rate 3.875% is a more common quote than 4.0% for top tier scenarios. Some of the more aggressive lenders are already down to 3.75%. The next few days bring even more fuel for market volatility . As always, depending on the nature of the scheduled events, rates could move either higher or lower. The increased volatility means increased risk and reward when...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/515448.aspx

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Inventory Blamed as Pending Home Sales Slip

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Posted To: MND NewsWire

The volume of pending home sales lessened a bit as summer wound down after strong numbers were posted in May and June and the July numbers, while smaller, remained in positive territory. In August, however the National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings for home purchases, was down 1.4 percent from the previous month. Analysts had expected that the index would hold at July's half percentage point gain. NAR said, however that August sales represented a healthy level of activity, continuing was is now a 12-month streak of consecutive year-over-year gains. The PHSI dipped from the 110.9 level in July to 109.4. This is a 6.1 percent gain from where it stood in August 2014, at the 103.1 level. NAR chief...(read more)

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Source: http://www.mortgagenewsdaily.com/09282015_pending_home_sales.asp

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Mortgage Rates Back Near Recent Lows as Stocks Slide

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates moved noticeably lower today, getting the average lender back in line with some of last week's best levels. For most, that means conventional 30yr fixed rates of 3.875% when it comes to top tier scenarios, but some lenders remain at 4.0%. Many borrowers will still be seeing the same rates compared to Friday, with the gains being seen in the form of lower closing costs or higher lender credit. There have only been a handful of better days for rates since early May 2015. Today's strength came courtesy of broader economic weakness--or fear of weakness . Mortgage rates are highly correlated with bond yields such as longer term US Treasuries (like the 10yr note) because the mortgage-backed-securities (MBS) that dictate rates tend to offer investors many of the same benefits/features...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/515082.aspx

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In default but still want to avoid foreclosure?

List your Arizona house immediately with a licensed real estate agent if you are going to short sale your home and avoid foreclosure. A lender won't stop the foreclosure process unless it's listed for sale. Call AZ Home Help today at (480) 241-4406 or visit us online at http://goo.gl/bAiCKb to learn more.

In default but still want to avoid foreclosure?

List your Arizona house immediately with a licensed real estate agent if you are going to short sale your home and avoid foreclosure. A lender won't stop the foreclosure process unless it's listed for sale. Call AZ Home Help today at (480) 241-4406 or visit us online at http://goo.gl/bAiCKb to learn more.

CFPB Fines, Final Rules, Readiness Guide, Defining Rural Lenders, Updated Exam Procedures

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Posted To: Pipeline Press

"Rob, do you think that the CFPB is involved in monitoring price gouging by companies of any sort? For example, I read about a drug company that dramatically raised a drug price recently -isn't that more egregious than a loan officer taking a real estate agent to a baseball game?" I believe that the company recanted its price increase, but yes, you have a point. And wouldn't it be great if some group improved the health care billing/insurance dance that we all seem to endure? By the way, sorry for the length of the commentary today - but there is so much CFPB news... The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ), after an investigation that begin in early 2014, announced a joint action against Hudson City Savings Bank for discriminatory redlining practices...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/09252015-cfpb-enforcement-actions.aspx

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Redline Charges Levied Against NY Area Bank

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Posted To: MND NewsWire

A large northeast savings bank has been named in a consent order filed by the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) for alleged redlining. Hudson City Savings Bank, a federally-chartered savings association with 135 branches and assets of $35.4 billion is accused of lending practices that denied residents in majority Black and Hispanic neighborhoods in New York New Jersey, Connecticut, and Pennsylvania fair access to mortgage loans. The order charges that Hudson City located branches and loan officers, selected mortgage brokers, and marketed products to avoid and thereby discourage prospective borrowers in minority communities . If approved by the court, the order will require Hudson City to pay $25 million in direct loan subsidies to qualified borrowers...(read more)

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Source: http://www.mortgagenewsdaily.com/09252015_cfpb_enforcement.asp

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Mortgage Rates Moving Back Into Previous Range

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Posted To: Mortgage Rate Watch

Mortgage rates rose moderately today as investors moved back into riskier assets this morning. Stock markets made solid gains in premarket trading and global interest rates moved higher (the two are frequently correlated). In fact, stock prices and bond yields (aka "rates") have been moving together more than normal recently--a sign that investors are uncertain about the the direction and size of the next significant movement. The correlation broke down in the afternoon as stocks sank but rates remained elevated (this isn't too much of a surprise on a Friday afternoon as it connotes investors closing out trading positions ahead of the weekend). Given the fact that all of the day's weakness was in place by the time MBS (the mortgage-backed-securities that dictate lenders' rates) began trading...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/514812.aspx

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New Home Sales Surge to 7-Year High, but Context Remains Important

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Posted To: MND NewsWire

Sales of newly constructed single-family houses, unlike their existing home counterparts, continued to rise in August. While existing home sales overall fell by 4.8 percent in August and single family sales by 5.3 percent, new homes sold at a seasonally adjusted annual rate of 552,000 units, an increase of 5.7 percent from July's sales and 21.6 percent higher than sales in August 2014 of 454,000. The August sales rate was the highest in more than 7 years and was far above analysts' expectations of 515,000. Context is important though... The New Residential Sales report, jointly produced by the U.S. Census Bureau and the Department of Housing and Urban Development also contained revised July sales numbers. These were raised to 522,000 from the 507,000 estimate originally provided. The revision...(read more)

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Source: http://www.mortgagenewsdaily.com/09242015_new_home_sales.asp

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Mortgage Rates Start Strong but Fade in Afternoon

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates ended the day roughly in line with yesterday's latest levels on average. Rates were lower earlier this morning as bond markets got off to a strong start and stayed strong through the time of morning that most lenders release their first rate sheets. Generally, most lenders were close to their best levels in 4 months , though most had at least one day in late August that was slightly better. As the day progressed, the positive momentum began to wane . Part of the earlier strength came courtesy of weakness in equities markets. That weakness was fueled (no pun intended) by ongoing headlines surrounding Volkswagen's diesel scandal. A German newspaper leveled similar accusations at BMW, and global stock markets sold first and asked questions later. Eventually, the paper retracted...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/514567.aspx

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Mortgage Rates Hold Ground as Oil Prices Slide

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates held their ground fairly well today, despite moderate weakness in underlying bond markets (which normally translates to higher rates). Many lenders were right in line with yesterday's latest offerings while some were just slightly higher. That said, any day-over-day change in rates would be seen in the form of closing costs as opposed to the contract rate itself. There was no significant theme in markets today as there were no significant economic releases. The most notable motivation was the sharp drop in oil prices after an inventory report this morning. This was very likely the deciding factor in bond markets being able to hold their ground. In other words, lenders may have raised rates in the middle of the day had it not been for the slide in oil prices. This isn't to suggest...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/514219.aspx

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MBS RECAP: Stocks and Bonds Hold Narrow, Indecisive Ranges

Hot news from AZ Home Help:

Posted To: MBS Commentary

During all but the first few hours of the overnight session, US bond markets were under pressure today. It wasn't too terrible though. The initial motivation for the weakness was the fact that the European bond market rally finally had to come up for air. It had been rallying aggressively since Fed day, and was nearly back to August's low yields this morning (only 4-5bps away). For the sake of comparison, 10yr Treasuries are more than 20bps away from their late August lows. European bond markets never made any overly-threatening moves back in the other direction, but that didn't stop US bond markets from continuing to drift into higher rates. By the 10am hour, it looked like we might have been shaping up for a pretty rotten day . At 1030am, the weekly oil inventory data came out...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/514227.aspx

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Market Changes Have Been "Dazzling" Cordray Says

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Posted To: MND NewsWire

The "dazzling changes" in the mortgage market over the last decade were the topic of address last week by Richard Cordray to the National Association of Realtors (NAR). Cordray, Director of the Consumer Financial Protection Bureau, said the market has gone from an overheated, increasingly irresponsible one that "blew up the largest economy in the world, to retrenching dramatically into an overly tight and restrictive market where many good, creditworthy applicants could not qualify for reasonable loans." The lack of effective regulation before the crash, he said, has now led to strong new regulations designed to protect and support both consumers and responsible businesses. The result is a mortgage market that is steadily recovering, with home values increasing in many areas and millions of...(read more)

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Source: http://www.mortgagenewsdaily.com/09212015_mortgage_rules_cfpb.asp

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Mortgage Rates Back Into High 3's

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates got back on track today after giving up a fair amount of last week's gains yesterday. Most lenders are very close to Friday afternoon's levels, which were among the best in over 4 months. Support came from a flight to safety in global financial markets. This generally entails stock market weakness and bond market strength. Bond markets include the mortgage-backed-securities (MBS) that dictate mortgage rates. When MBS are stronger, rates move lower. Most lenders continue to operate in a range of 3.875%-4.0% for conventional 30yr fixed rate quotes, though some of the more aggressive lenders are moving down to 3.75%. Today's improvements rekindle some hope that rates will begin to trend lower after remaining largely sideways in the several weeks leading up to the Fed Announcement...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/513918.aspx

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MBS RECAP: Bonds Endure Nearly Comical Abuse at Hands of Corporate Market

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Posted To: MBS Commentary

If it seems like corporate debt has been an increasingly hot topic for me/us over the past few years, that's because it has been. 2014 was a record year for corporate issuance and 2015 isn't far behind. When corporate debt isn't moving markets, we tend not to discuss it. When corporate debt is obviously moving markets, sometimes there's very little else left to discuss. Today was the latter. If the weakness was about the Fed, or anything to do with Fed expectations, we would have seen the losses led by the shortest end of the yield curve. Instead, it was 30yr bonds that took the biggest beating, followed closely by 10's. If there was a supporting role played, it was by the rebound in tradeflow momentum after Friday saw a one-sided rally for bonds. Still, corporates were...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/513666.aspx

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MBS MID-DAY: Negative Reprices as Bond Markets Reverse Course

Hot news from AZ Home Help:

Posted To: MBS Commentary

It was a rough morning for bond markets as Treasuries have really only moved in one direction since opening in Europe . Losses were quite livable during those overnight hours, but they picked up as the domestic session began. The key culprit was, and continues to be an influx of new corporate bond deals. Much like Treasury auctions (which traders are also wary about this week), these add extra supply to the overall bond market. The increased competition for investor demand typically puts pressure on prices. The problem is compounded by the fact that Treasuries can be sold in order to protect against rising rates during the corporate issuance process. The corporate issuance selling is further compounded by a tradeflow correction that was already underway. This simply means that Thursday afternoon...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/513606.aspx

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Freddie Mac Out With Another Round of Guideline Updates

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Posted To: MND NewsWire

Freddie Mae has unveiled another round of changes to its Single-Family Seller/Servicer Guide. There are more than a half dozen changes effecting mortgages for refinancing, condominiums and relocation . Effective dates refer to mortgages that settle on or after that date. Effective October 1 Freddie Mac will no longer require a 5 percent contribution from borrowers' personal funds for mortgages that have loan-to-value (LTV) ratios greater than 80% and are secured by Primary Residences and for which a gift or gift of equity from a related person is used as a source of funds. The same applies to mortgages meeting that LTV requirement for which an unsecured loan that is an Employer Assisted Homeownership (EAH) Benefit is used as a source of funds. Effective immediately the company is making changes...(read more)

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Source: http://www.mortgagenewsdaily.com/09172015_freddie_mac_underwriting.asp

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Lender TRID Updates; Lender's FHA & VA Changes; FOMC Statement

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Posted To: Pipeline Press

"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term." Is that statement by the Fed a surprise to anyone? Hardly - but it was focused on by many yesterday when the FOMC let things ride. What also isn't a surprise is that lots of small companies are trying to hang on to their servicing. Some are getting by, others not. Either way it is good to know the accounting angles involved in mortgage servicing rights and Richey May just came out with a White Paper on the topic . Yes, TRID spelled backwards is DIRT , and the industry is covered in it. Lenders One conducted a survey at the Lenders One Summer Conference in August and found that sixty percent of mortgage banker members expect...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/09182015-fomc-statement.aspx

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Avoiding foreclosure

There are many reasons to try and avoid foreclosure but number one might be that you will be ineligible for a Fannie Mae backed mortgage for 5 years. If you successfully Short Sale your home, however, you are eligible after only 2 years. Call and talk to one of our Arizona Short Sale Specialists today to talk about your options at (480) 241-4406. http://goo.gl/TDOoX1

Avoiding foreclosure

There are many reasons to try and avoid foreclosure but number one might be that you will be ineligible for a Fannie Mae backed mortgage for 5 years. If you successfully Short Sale your home, however, you are eligible after only 2 years. Call and talk to one of our Arizona Short Sale Specialists today to talk about your options at (480) 241-4406. http://goo.gl/TDOoX1

Mortgage Rates Near 4-Month Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates continued a strong move lower today as momentum continued following yesterday's Fed Announcement. While the Fed doesn't dictate mortgage rates, this particular announcement sent shockwaves through all corners of financial markets. It wasn't so much that the Fed avoided raising rates as it was the implicit commentary on the fragile state of the global economy. A weaker economic outlook tends to put downward pressure on longer term rates like 10yr Treasury yields and mortgage rates. Both yesterday and today's moves were significant . Whatever damage had been done over the past several months--whatever volatility buffers seen in lenders' rate sheets--all of it has been erased today. With the exception of only one other day at the apex of the late August market volatility, rates...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/513020.aspx

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Foreclosure Starts Seek New Floor

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Posted To: MND NewsWire

Foreclosure activity in the U.S. declined on a year-over-year basis for the first time in six months. RealtyTrac said today that there were a total of 109,561 foreclosure filings (default notices, scheduled auctions and bank repossessions or completed foreclosures) nationwide in August. This was a -12 percent change from July and -6 percent from August 2014 and followed five consecutive months in which foreclosure filings exceeded those of a year earlier. The filing rate equated to one in every 1,205 U.S. households. The decrease in filings came mainly at the front end of the foreclosure process with foreclosure starts falling to their lowest level since almost three years before the more or less official start of the housing crisis. The 45,072 starts in August was a 1 percent reduction from...(read more)

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Source: http://www.mortgagenewsdaily.com/09182015_realtytrac_foreclosures.asp

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Mortgage Rates Drop Sharply After Fed Announcement

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Posted To: Mortgage Rate Watch

Mortgage rates came roaring back today after the Fed held steady at record-low policy rates. While the Fed Funds Rate doesn't directly dictate mortgage rates, the two tend to correlate over time. At its most basic level, the Fed rate dictates the cost of short term money, which has ripple effects that carry through to longer term financing costs, like those associated with things like 10yr Treasury notes and mortgage rates. Not only did the Fed forego a rate hike, they were also noticeably more downbeat about inflation and global growth/stability. It's just as likely that these longer-term implications helped longer term rates (like mortgages) do as well as they did today. All that having been said, the drop in rates merely brings them back in line with last week's best levels. Considering...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/512807.aspx

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MBS MID-DAY: Still Sideways With Just Over An Hour Left Before Fed

Hot news from AZ Home Help:

Posted To: MBS Commentary

You've come a long way, baby. I don't remember when we first started incessantly focusing on the September Fed meeting as the deciding factor in the fate of humanity , but it's been at least since the last Fed meeting (so well over a month). Now there's just over an hour left before the thing itself, and markets are staying true to their flat, consolidating range gameplan. There's nothing left to do but watch and wait--unless, of course, you have loans to lock, in which case it's good to keep Fed Day idiosyncrasies in mind. To wit, it's not uncommon for several lenders to completely turn off rate locks at or before 2pm, regardless of market movement. If your lender hasn't done so already, and if you're not interested in floating through the Fed volatility...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/512720.aspx

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Mortgage Rates Face Big Potential Volatility Tomorrow

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates almost made it through the past two months without any major move higher (except those moves that were correcting the major moves lower following the China-inspired volatility in late August). They ruined their winning/stable streak yesterday as broader bond markets grew increasingly anxious over tomorrow's Fed decision. Apparently, bond markets only needed a day to express that anxiety as today has been extra calm by comparison. Unfortunately , that calmness began at the new, higher rate levels from yesterday afternoon. For most lenders that puts a conventional 30yr fixed at 4.0% for top tier scenarios. But enough about today! The questions on everyone's minds revolve around tomorrow's Fed Announcement. Will the Fed raise its policy rate? What will the effect be on mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/512420.aspx

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Mortgage Apps Continue Brisk, Possibly Mysterious Downtrend

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reported that, as usually occurs during a holiday week, mortgage applications declined significantly during the week ended September 11. The business week was shortened by the Labor Day holiday on Monday and both seasonally adjusted and unadjusted numbers were down. It was the second week in a row for across the board declines for the weekly numbers so it is unclear whether the downturn was totally a result of the holiday disruption, or if some other factor was in play (such as variations in school schedules). MBA's Market Composite index, a measure of application volume fell by 7.0 percent from the week ended September 4 and was down 17 percent on an unadjusted basis. Data is adjusted to account for the holiday. . The Refinance Index was down 9 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/09162015_application_volume.asp

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Mortgage Rates Abruptly Higher as Fed Anxiety Builds

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates had been holding their breath and waiting calmly for Thursday's big announcement from the Fed. Today saw the breath-holding come to an end as the true anxiety set in. There are plenty of explanations for today's relatively sharper market movements online and on the TV, but let's not over-complicate things. Market sentiment is easily anthropomorphized, so think about how humans might behave and react as an event with tremendous stakes approached. Even if most people could contain their anxiety right up until the event itself, we've also witnessed a great many people who grow increasingly edgy on the approach. Some level of increasing anxiety is perfectly normal. It could be expressed in several different ways, but certainly we've all seen (or perhaps 'been') the person who "just...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/512069.aspx

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Negative Equity Rate Now in Single Digits

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Posted To: MND NewsWire

Owners of more than three-quarters of a million U.S. homes regained equity in those homes during the second quarter of 2015. CoreLogic said on Tuesday that there are now approximately 45.9 million homes with positive equity, 91 percent of all mortgaged properties in the country. The 759,000 properties that rose out of negative equity during the second quarter leaves approximately 4.4 million properties, 8.7 percent of all mortgage properties underwater, that is the outstanding mortgage balance exceeds the value of the home. There were 5.1 million homes or 10.2 percent or mortgaged properties underwater at the end of the second quarter of 2014. The national aggregate value of negative equity was $309.5 billion at the end of Q2 2015, down approximately $28.5 billion from the total in the first...(read more)

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Source: http://www.mortgagenewsdaily.com/09152015_corelogic_negative_equity.asp

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Mortgage Rates Turning Blue From Lack of Oxygen

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates are officially holding their breath ahead of Thursday's FOMC Announcement. It's not mortgages, specifically, but the entire bond market. In fact, a Fed rate hike doesn't necessarily have to be bad for mortgage rates or longer-term Treasury yields. It's the uncertainty that's causing the paralysis (or breath-holding, as the case may be). Financial markets will definitely become more active after Thursday's Fed decision. Simply put, most investors have a plan A and a plan B at the very least--one for a Fed hike, the other for 'no hike.' They don't want to get too far away from either plan until they know what the Fed actually does. This has been going on for quite some time and it's the biggest driving force behind the absence of volatility in mortgage rates. To reiterate, it's...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/511809.aspx

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CoreLogic's Take on GSE Affordable Housing Goals

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Posted To: MND NewsWire

It has been almost a month since the Federal Housing Finance Agency (FHFA) announced the final goals for affordable housing for mortgages and rental activity financed by the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. CoreLogic has now released an evaluation of these goals. In an article on the company's Insights blog, Policy Research and Strategy Analyst Stuart Quinn says that the final goals, following over 100 public comments from market participants, did not fall far the the goals FHFA originally purposed. A balance in these rules is important, Quinn says. Setting th e bar too high ; extending goals to levels above where demand exists, can cause business concerns and impact safety and soundness. Setting the goal too low could lead to accusations that the GSEs are...(read more)

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Source: http://www.mortgagenewsdaily.com/09142015_affordable_housing_goals.asp

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Distressed Sales Share Cracks Into Single Digits

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Posted To: MND NewsWire

While sales of lender owned real estate (REO) and short sales continue to account for around one-fifth of all home sales in at least five states the share of distressed home sales is steadily returning to normal levels on a national basis. CoreLogic said today that REO sales accounted for 6 percent of all residential sales in June, the lowest share since September 2007 when it was 5.2 percent. Short sales made up 3.4 percent of the total. The combined distressed sales share, 9.4 percent, is down 2.4 percentage points from June 2014 and 0.9 point from May, bringing the share into single digit territory. CoreLogic says these sales typically dip in June due to seasonal factors but this month's share was the lowest for June since it hit 4.9 percent in 2007. Florida had the largest share of distressed...(read more)

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Source: http://www.mortgagenewsdaily.com/09102015_corelogic_distressed_sales.asp

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MBS Day Ahead: Pondering Paradoxical Effects as Markets Circle Wagons For Fed Week

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Posted To: MBS Commentary

Everyone knows the Fed is considering hiking its target rate for the first time in 9 years , bringing it up from all-time lows for the first time in 6 years, and that it could happen some time soon. But no one can really know what that will ultimately mean for markets--especially the markets they're most interested in (which, if you're reading this, probably at least includes mortgages and/or longer term interest rates). The anxiety-inducing news is that markets have definitely begun circling the proverbial wagons for next week's potential Fed hike. Even before China's currency drama sent shockwaves through markets 2 weeks ago, Treasuries were already trading in the fateful "expanding cone of volatility" pattern. But since then, both stocks and bonds have clearly been...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/510961.aspx

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TRID is Everywhere; Cost of Regulation for Banks and Nonbanks

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Posted To: Pipeline Press

Is the residential loan officer job at a bank going to go the way of the pinsetter in a bowling alley, the guy who delivered blocks of ice for the refrigerator, or lectors (people hired to read the news to illiterate cigar rollers)? It is doubtful. But along comes a headline saying, " Traditional bank mortgages are losing ground to nonbank lenders , especially in cities with a hot housing market " and it makes one wonder. But staffing, including revenue-generating employees, at the 10 largest investment banks has decreased 2% annually since 2011, according to Coalition Analytics. Much of the reduction has been attributed to regulatory changes and pay restrictions. Revenue declined 4% in the first half of this year compared with the same period in 2014. The nation continues to lose depository...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/09112015-shemitah.aspx

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CoreLogic Provides Early Estimate of HMDA Origination Data

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Posted To: MND NewsWire

Data collected from lenders under the mandate of the Home Mortgage Disclosure Act (HMDA) is due to be released later this month but CoreLogic is advancing its own estimate of the headline data, the number and volume of first lien mortgages originated for purchase and refinance in 2014. The company's own numbers were released in an article by CoreLogic senior economist Molly Boesel on the company's blog. Passed originally in 1975, HMDA requires many financial institutions to maintain, report, and publicly disclose information on such mortgage metrics as mortgage denial rates, borrower and applicant information, and mortgage pricing in addition to origination numbers. Responsibility for the data was transferred from the Federal Reserve Board to the Consumer Financial Protection Bureau in 2011...(read more)

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Source: http://www.mortgagenewsdaily.com/09112015_mortgage_originations.asp

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Mortgage Rates Avoiding Drama Ahead of Fed Week

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Posted To: Mortgage Rate Watch

Mortgage rates are doing absolutely everything in their power to avoid making any sudden movements ahead of next week's potential volatility. It's not mortgage rates per se, but rather, multiple market sectors have been trading in increasingly narrow ranges this week. As we've discussed, next week's Fed Announcement is the big deal on the near term horizon because it's the first real opportunity for the Fed to lift its policy rate from 6 years at all-time lows. While this sort of rate hike doesn't necessarily translate to mortgage rates, any major changes in Fed policy can cause volatility across markets. Historical examples of Fed rate hikes following longer stints at longer-term lows show multiple outcomes. That means there are indeed examples of Fed rate hikes followed by falling mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/511166.aspx

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TRID Resource Materials are Available from MBA

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Posted To: MND NewsWire

The Mortgage Bankers Association has rolled out a series of flyers and a PowerPoint presentation as resources ahead of the impending implementation of the new Know Before You Owe TILA RESPA Integrated Disclosure rules. (TRID). The materials, downloadable and set up for insertion of lender branding information, are designed to enable lenders to educate themselves, consumers, and real estate professionals about the new rules and their attendant disclosure forms. MBA said the new regulations will change the way that real estate transactions are processed and closed. It is the intent of the new resource materials, which MBA said it worked closely with the Consumer Financial Protection Bureau (CFPB) to produce, to educate consumers, industry partners and service providers, and to speed the process...(read more)

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Source: http://www.mortgagenewsdaily.com/09102015_trid_implementation.asp

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Mortgage Rates Holding Near Recent Highs

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Posted To: Mortgage Rate Watch

Mortgage rates were not able to build on yesterday's modest improvements. Most lenders ended up back in line with their worst recent levels. Thankfully, that's not saying much considering the exceptionally narrow range. Indeed most borrowers won't even detect day-to-day movement this week as contract interest rates haven't even been affected. That means that any mention of "rates" moving higher or lower is a reference to the changes in upfront borrowing costs. Those costs have a bearing on the effective rate, but not the actual NOTE rate on the loan. Lenders continue to quote conventional 30yr fixed rates of 4.0% most frequently with some top tier scenarios still seeing 3.875%. If there's one place to assign blame for this general lack of movement, it's next week's Fed Announcement. Even though...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/510796.aspx

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Should you Short Sale your house?

There are lots of things to consider when deciding if a short sale is right for you. If you have some equity a short sale might not be the right choice, selling or refinancing might be your solution. Our team of specialist can help ask all the right questions and give you answers to help you decide if short selling your Arizona home is the right step. Visit us online at http://goo.gl/mke9F or call us at (480) 241-4406.

Hot Housing Markets; Government Intervention - Does it Always Help Housing?

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Posted To: Pipeline Press

For those who follow legal news, and those interested in not only "blowing the whistle" on other companies but also in "ratting out" co-workers and executives of your own company, " the Justice Department issued new policies that prioritize the prosecution of individual employees - not just their companies - and put pressure on corporations to turn over evidence against their executives." Lenders, of course, take on plenty of risk already - but now their actions and overlays will be influenced with public statements like this. Well, with the passing of Labor Day, summer has officially come and gone...except in Arizona, where temps are expected to dip sometime before the next ice age. Over the next month, data will start to filter down as to how well home sales were in the summer months; that...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/09102015-justice-department.aspx

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Mortgage Rates End Modestly Lower After Bumpy Start

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Posted To: Mortgage Rate Watch

Mortgage rates ended the day in just slightly stronger territory compared to yesterday's latest levels. This definitely wasn't the case if you looked at rates almost any time before the last few hours of the day. Morning rate sheets were slightly higher as domestic bond markets were under heavy supply pressure from both Treasuries and the Corporate Bond market. Mortgage rates are affected because they're a somewhat interconnected cog in the broad "fixed income" market segment. The simplest way to think about today's event would be to say that a lot of debt was being sold. The US Treasury was selling debt and corporations were selling debt. This means investors were offering cash in exchange for a fixed stream of payments over time. The more debt offered, the more it had to be discounted to...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/510483.aspx

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TRID Webinars and Developments; Unmistakable Trends in Capital Markets

Hot news from AZ Home Help:

Posted To: Pipeline Press

Yes, this commentary posts job and product announcements, and there are some today. But here's a tip, job-seekers: be careful about what you send to HR . Speaking of being careful, I received this note: "I really look forward to self-driving cars. As a Boston driver I know I can play chicken with them and I'll win 100% of the time." On September 15, ATS Secured is hosting a webinar, "Realtors and New Regulations: Ensure a Timely Closing," presented by Charles Cain, EVP-Agency at WFG National Title Insurance. This webinar will highlight how new regulations will affect the role of the real estate agent in a closing. Mortgage lenders, compliance professionals, settlement agents and especially real estate agents will benefit from this event. Sign-up for a free ATS Secured account to view this webinar...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/09092015-trid-training.aspx

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MBS RECAP: Super Flat; Mortgages Outperform Treasuries

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Posted To: MBS Commentary

It was an exceptionally flat day for MBS with Fannie 3.5s holding between 103-24 and 103-27 for the entire session. More than 90% of today's trades took place within half a tick of 103-26. If there was a detectable bias, it was toward slightly stronger levels as the day progressed. The same couldn't be said for Treasuries, which generally weakened overnight and into the domestic session. The major issue for Treasuries was corporate issuance . That means that corporations announced new bond offerings. These not only bring extra supply to bond markets, but the financial firms that conduct the sales often sell Treasuries as a part of the hedging process, thus making for a double whammy for Treasuries. If it seems like I've been harping on this before, during, and after it happened...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/510084.aspx

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Foreclosure Normalization: An End that Never Comes

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Posted To: MND NewsWire

Foreclosure statistics continue to fall, month after month but seemingly never reach bottom or even normal levels. Anyone care to revisit Zeno's Third Paradox ? Snark aside, it is good news that July was another month that saw an ebbing role for foreclosures in housing. CoreLogic's National Foreclosure Report shows the month with significant declines in both completed foreclosures and legal actions in process compared to a year earlier and what are becoming typical month-over-month declines. Completed foreclosures numbered 38,000 in July compared to 50,000 a year earlier, an annual decrease of 24.4 percent. It was a 6.2 percent drop from June 2015 when 40,000 homes were lost to foreclosure. CoreLogic said in a typical month prior to the housing crash an estimated 21,000 foreclosures were completed...(read more)

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Source: http://www.mortgagenewsdaily.com/09082015_corelogic_foreclosures.asp

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Freddie Mac's Updated Forecast And a Vote against FOMC Action

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Posted To: MND NewsWire

Freddie Mac's long-time chief economist Frank Nothaft departed some months ago to take the same role at CoreLogic and that vacancy at the mortgage company has now been filled by Sean Becketti. The change of command is apparent in the new look of the company's monthly forecast. Formerly called U.S. Economic and Housing Market Outlook , it has re-emerged as Insight and Outlook and, in this issue at least, it is less a straightforward summary and commentary on the month's economic and housing news and more a multi-topic magazine. While the forecast was still a prominent feature - cast in the context of whether the country is ready for a Federal Reserve rate increase - as is a recap of the month's housing indicators, Insight and Outlook also takes on two separate issues ; how to determine if house...(read more)

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Source: http://www.mortgagenewsdaily.com/09012015_freddie_mac_insights.asp

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Mortgage Rates at Recent Lows After Jobs Data

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Posted To: Mortgage Rate Watch

Mortgage rates fell to their lowest levels in more than a week today, following the release of August's official employment figures. The previous sentence is absolutely the most interesting thing that could be said about today. In all other ways, it was a total flop compared to its potential. Reason being: the big jobs report (technically "The Employment Situation") was in a position to make a direct comment on the prospects for a Fed rate hike in 2 weeks. If investors thought a hike was more likely, rates could have moved quickly higher, or vice versa. As it happened, the employment data was tame--perhaps perfectly unoffensive to either sides of the argument about Fed rate hike timing. While the headline job creation was weaker than expected, several components of the report offset that weakness...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/509440.aspx

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MBS Day Ahead: Bonds Not Showing Hand Ahead of NFP--Doesn't Mean They Didn't Come to Play

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Posted To: MBS Commentary

We've now made it through NFP week without having any "pre-NFP lead-off." That's the pattern we occasionally see where bond markets will quickly snowball higher or lower, essentially showing their hand in terms of trading positions. From there, NFP itself will either melt the snowball or make it much bigger. Not only was their no "lead-off," but there really wasn't much of anything! Modest range notwithstanding, rates have been dead flat. Higher yields never lasted long before giving way to lower yields, which in turn saw quick bounces right back to the highs. All of this took place in a narrow micro-range that's been flatter, longer than anything else recently. Stepping back just a bit, we can see that yields previously found support around 2.20, dipped...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/509257.aspx

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Mortgage Rates Modestly Lower Ahead of Big Jobs Report

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates continued their recent trend of almost imperceptible movement today. This time, things improved ever-so-slightly with most lenders lowering the upfront costs associated with prevailing rates. In other words, the underlying market movement continues to be small enough that rates, themselves, are rarely changing from one day to the next. Instead, it's the upfront borrowing costs (or lender credit, depending on the scenario) that are acting as the fine tuning adjustments. In terms of coarse adjustments, most lenders are quoting conventional 30yr fixed rates of 4.0% on top tier scenarios, though 3.875% is still fairly prevalent. All of this narrow range business could change abruptly in the next two weeks, and certainly as early as tomorrow morning. The Employment Situation Report...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/509203.aspx

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Mortgage Rates Still Waiting for Bigger News

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Posted To: Mortgage Rate Watch

Mortgage rates were almost flat again today . Most lenders were just a hair higher in costs vs yesterday. The most prevalent conventional 30yr fixed quote remains 4.0% for top tier scenarios, but 3.875% is still available. In general, the bond markets that drive mortgage rates are remaining nimble until they have a better sense of what the Fed will do in the policy meeting 2 weeks from now. As we frequently discuss, the Fed Funds Rate doesn't dictate 30yr mortgage rates, but the two tend to correlate over time. Moreover, the initial lift-off from record low rates will be a big deal for financial markets in general. It would be hard for mortgage rates not to get caught up in the volatility--most likely in a bad way. In other words, the sooner the Fed officially hikes OR the sooner the economic...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/508767.aspx

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