Pending Home Sales Trends; Flood Insurance Update; UG on the Block?

Hot news from AZ Home Help:

Posted To: Pipeline Press

Besides the adults taking over Halloween, and the underwriting department duking it out with accounting to see who takes home this year's department costume prize, much of the United States will change their clocks Sunday morning (the end of daylight saving time). They then, 133 days later on March 13 of 2016, will change them back. If you think it's a hassle to change the clocks for a little over 1/3 of the year, like Hawaii, most of Arizona, Midway Atoll, Wake Island, and a small region of Alaska who say "leave us out of this", there's a movement afoot to not change the clocks at all . And to make things even odder, not all countries change, and many of those that do did so last weekend! There is a lot going on with California lenders out there! First of all, the march of non-bank lenders...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10302015-changing-clocks.aspx

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Mortgage Rates Hold Steady at 1-Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates avoided any further damage today after moving to the highest levels in a month yesterday. The past two days made for the sharpest increase in rates since late August, with today's offerings remaining relatively unchanged for some lenders and just a bit lower for others. Even after taking the minor improvements into account, today's average conventional 30yr fixed rate quote is at lease an eighth of a point higher the same quote on Tuesday afternoon. Most lenders are quoting 3.875% to 4.0% versus a previous range of 3.75% to 3.875%. There is definitely a risk that rates will get back to the business of moving higher next week depending on the economic data. Based on this week's Fed announcement, it wouldn't take much strength in the data to keep the threat of a December rate hike...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/524864.aspx

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Mortgage Fraud Stable; Jumbo Loans at most Risk

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Posted To: MND NewsWire

Incidents of fraudulent mortgage applications remained stable in the second quarter of 2015. CoreLogic, in its Fraud Report for the quarter, estimates the number of applications with indications of fraud at 12,814. This is an increase from the 11,100 applications that appeared fraudulent to some extent in the same quarter of 2014. While the numbers are large, as a percentage of all applications the share shrunk from an already miniscule 0.69 percent to 0.67 percent. CoreLogic's Mortgage Application Fraud Risk Index, decreased by 8.9 percent nationally from its Q2 2014 level. Despite the size of that annual change the company says the risk has stabilized. It increased only 0.7 percent from the first to the second quarter of this year. Florida remains the state with the highest overall fraud...(read more)

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Source: http://www.mortgagenewsdaily.com/10282015_mortgage_fraud.asp

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MBS RECAP: Widespread Negative Reprices as Sell-Off Gets Real

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Posted To: MBS Commentary

10yr yields have gone from around 2 percent to 2.17% in 2 days thanks to the Fed's sucker punch. Mind you, this would be a lot worse if some of the market wasn't already wondering if the Fed would take this opportunity to set the expectation for a strong possibility of a December rate hike . Still, it left many market participants surprised, and they've subsequently had to get with the program in fairly short order. In today's case, all we know is that it wasn't time to stop selling yet. GDP data was a supporting player in the weakness as Final Sales came in at +3.0 vs +2.8 median forecast. German inflation data (yeah, that matters) also surprised to the upside. By the time Pending Home Sales flopped at 10am, bond markets were in momentum mode. Tuning out 2nd tier data was...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/524382.aspx

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Inventories, Rocky Financial Markets Blamed for Pending Sales Dip

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Posted To: MND NewsWire

It wasn't just new home sales that slipped in September. The National Association of Realtors® (NAR) reports that pending sales also cooled; dipping nationally and in all four regions. NAR's Pending Home Sales Index (PHSI), a forward-looking indicator based on purchase contract signings , pulled back from the slightly downwardly revised August level by 2.3 percent to 106.8. It was the second straight decline and it brought the PHSI to its second lowest level of the year - is was 103.7 in January. The Index was still 3.0 percent higher than in September 2014 and this marked the 13 th straight month of annual gains. Lawrence Yun, NAR chief economist, said several factors probably combined to bring September signings down. "There continues to be a dearth of available listings in the lower...(read more)

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Source: http://www.mortgagenewsdaily.com/10292015_pending_home_sales.asp

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Mortgage Rates Jump After Fed Announcement

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Posted To: Mortgage Rate Watch

Mortgage rates moved quickly higher after today's Fed Announcement. While the Fed was, by no means, expected to hike rates in October, there was a risk that the statement would introduce some verbiage that opened the door for a rate hike in December. Those of us that saw this verbiage change as a possibility figured it would be a clear warning about where the Fed's collective minds were. Reason being: the recent economic data hasn't really justified any acceleration in the rate hike timeline, so if the Fed STILL insisted on alluding to a December hike, we'd know they were fairly serious about it. Many market participants agreed--having pushed out bets on the first rate hike to March of 2016 due to the recently downbeat economic data. They figured there was little chance that the Fed would be...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/523793.aspx

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Considering Bankruptcy?

Thinking of declaring bankruptcy because you owe more than your Arizona home is worth? It's only a temporary stall in the foreclosure process; ultimately you'll end up in the same foreclosure position you are in now with "Bankrupt" and "Foreclosed" on your credit history. A short sale might be the answer and we can help you. Call AZ Home Help to have all your questions answered at 480-241-4406. http://goo.gl/p9SmTv

Considering Bankruptcy?

Thinking of declaring bankruptcy because you owe more than your Arizona home is worth? It's only a temporary stall in the foreclosure process; ultimately you'll end up in the same foreclosure position you are in now with "Bankrupt" and "Foreclosed" on your credit history. A short sale might be the answer and we can help you. Call AZ Home Help to have all your questions answered at 480-241-4406. http://goo.gl/p9SmTv

Application Volume Up....and Down.

Hot news from AZ Home Help:

Posted To: MND NewsWire

Mortgage applications during the week ended October 23 decreased 3.5 percent on a seasonally adjusted basis from the previous week the Mortgage Bankers Association said today. Its Market Composite Index for the week increased 7 percent on an unadjusted basis. Data for the week was adjusted to account for the Columbus Day holiday. The Refinance Index decreased 4 percent from the week ended October 16 while the refinance share of applications remained the same as the previous week, 59.4 percent. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier while the unadjusted Purchase Index increased 7 percent week-over-week and was 23 percent higher than the same week in 2014. Refinance Index vs 30 Yr Fixed Purchase Index vs 30 Yr Fixed Applications for government backed...(read more)

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Source: http://www.mortgagenewsdaily.com/10282015_application_volume.asp

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MBS RECAP: Weaker After European Close, but Mortgages Hold Ground

Hot news from AZ Home Help:

Posted To: MBS Commentary

If we needed any more evidence that the earlier price action had much to do with the spillover from European bond markets, the afternoon trade made it clear . Immediately following the European close, the positive, slightly volatile trend in domestic bond markets turned into a calm, but resolute sell-off. The overall damage was minimal--not even enough to take MBS or Treasuries into negative territory. Fannie 3.0s only lost 3/32nds from the highs in the ordeal. 10yr yields were as low as 2.009 mid-day and rose to 2.037 by the close. As for the positiveness from the morning hours, the domestic economic data does deserve some credit for helping out the higher-conviction European move. Durable Goods data was OK at the headline level, but rather weak in every other respect--especially the revisions...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/523357.aspx

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Mortgage Rates Slightly Higher Despite Opposite Cue From Markets

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates moved slightly higher today on average despite strength in underlying bond markets. Normally, when bond markets improve, rates drop. Recently, however, lenders haven't responded to market movements at the regular pace. This can happen during times of increased volatility--especially if the volatility is generally taking bond markets back and forth within a range. In these cases, lenders assume that the range will continue to hold and thus avoid chasing every little move higher and lower. Such was the case on Friday when lenders kept rates lower than the bond market weakness suggested. But today didn't bring nearly enough strength to offset Friday's damage. Thus we're left with the slightly stronger bond markets coinciding with slightly higher rates. All that having been said...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/522809.aspx

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MBS RECAP: Extra Calm, Slightly Positive Day for Bonds

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Posted To: MBS Commentary

Bond markets got nostalgic for summertime Mondays today. Despite it being the beginning of a Fed week and falling hard on the heels of a sharper move on Friday, MBS and Treasuries barely budged by the time the domestic session rolled around. Even in the overnight session, there was only a token movement into slightly better territory. Trading seemed more like it was bouncing back from Friday's weakness than responding to any organic motivation to rally. And there was actually at least one organic motivation to rally. New Home Sales came in at an annual pace of 468k versus a median forecast of 555k. The previous reading was also revised significantly lower (529k vs 552k). But the market's response was a mere token extension of a rally that was already in progress. 10 minutes after the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/522817.aspx

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New Home Sales Abruptly Back to Flat Long-Term Trend

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Posted To: MND NewsWire

New home sales nose-dived in September , dropping by 11.5 percent from the August level. A joint release from the U.S. Census Bureau and the Department of Housing and Urban Development puts the sale of newly constructed single family homes at a seasonally adjusted annual rate of 468,000 units in September compared to a revised August rate of 529,000. Analysts' expectations ranged from 535,000 to 560,000. There was a further jolt in that the August number which originally represented a 5.7 percent increase was a significant downgrade from the original estimate of 552,000 units. September remains 2 percent above the September 2014 rate of 459,000 units. In the longer term, today's drop could be seen as a 'leveling-off' and return to the flat trend that's been intact for most of the past 2.4 years...(read more)

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Source: http://www.mortgagenewsdaily.com/10262015_new_home_sales.asp

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Cash Sales at Nine-Year Low

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Posted To: MND NewsWire

Despite a steadily decreasing share of distressed sales and fewer investors in the market all-cash sales have not yet returned to normal levels nor, according to CoreLogic's new report, will they for nearly two more years. Those sales made up 30.8 percent of all home sales in July, down from 34.2 percent in July 2014. The year-over-year share of all-cash sales has fallen each month since January 2013 and July's were at the lowest level in nine years. Such sales peaked in January 2011 when they comprised 46.5 percent of the national market. Month-over-month the share was down 0.5 percentage points. CoreLogic says the seasonality of the market makes year-over-year comparisons most meaningful. The decline in cash sales has paralleled the drop in sales of lender owned properties (REO) which now...(read more)

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Source: http://www.mortgagenewsdaily.com/10232015_corelogic_cash_sales.asp

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Black Knight Notes Uptick in Early Delinquencies

Hot news from AZ Home Help:

Posted To: MND NewsWire

Several measures of mortgage distress moved up in September including the early delinquency rate according to Black Knight Financial Services. The company's "first look" at September foreclosure data shows the rate of loans that were 30 or more days past due rose 1.7 percent compared to August. The small blip would not be significant except that it was heavily weighted toward new delinquencies. Despite the increase in the delinquency rate to 4.87 percent, it is still 13.94 percent lower than a year earlier. Still, while the number of properties that are 90 days past due but not yet in the process of foreclosure dropped by 8,000 units compared to August the overall number of properties over 30 days past due jumped by 44,000 meaning a net increase in mortgages 30 to 90 days delinquent of 36,000...(read more)

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Source: http://www.mortgagenewsdaily.com/10232015_black_knight_first_look.asp

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MBS MID-DAY: Bonds Hit Hard By China's Surprise Rate Cut

Hot news from AZ Home Help:

Posted To: MBS Commentary

Bond markets are in weaker territory today, more than erasing all of yesterday's gains and taking 10yr yields to the highest levels in 2 weeks. The key culprit is the surprise rate cut from the PBOC (People's Bank of China). In the chart below, notice how stocks and bonds were trading fairly flat, and how volume in Treasury futures was relatively absent before the news. The second surge of volume and weakness arrived at 8:20am, which is not an uncommon time of day to see such surges in these circumstances. Specifically, when overnight data is the key market mover and when there's nothing significant on the domestic calendar, the traders that rely on the Treasury pit being open at the CME play a more active role in determining where rates go (and the pit opens at 8:20am). In addition...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/522056.aspx

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Mortgage Rates Only Modestly Higher Despite Market Volatility

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today, but did a good job of holding their ground considering the volatile market conditions. Rates take their cues from the trading prices of mortgage-backed-securities (MBS), which tend to move in concert with US Treasuries. News of China's surprise rate cut sent Treasury yields much higher overnight and caused MBS to begin the day at a severe disadvantage. In fact, today saw the biggest movement in the underlying bond market of any day this week. It's a welcome surprise then, to see that lenders only adjusted rates modestly higher by comparison. In fact, the average lender is still offering the best rates of the week apart from yesterday. That puts it among the top 5 days for mortgage rates since April 2015. Not bad for a day that started off with apparent...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/522105.aspx

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FHA Program Status, Evolution, Updates, and Lender Changes

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Posted To: Pipeline Press

There are reasons why FHA production has skyrocketed in the last year, and why that product was the talk of the MBA conference. It seems that financially-speaking the FHA is doing pretty good. Rumors and chatter suggest an upcoming audit is expected to show the Federal Housing Administration's finances have improved after it cut fees on new mortgages earlier this year and saw a resulting wave of new business. It's unknown whether the Obama administration will use any good news from this year's actuarial report to provide further discounts and boost the housing market ahead of the 2016 elections. The industry is preparing to lobby for the FHA to do more to make home loans less expensive if the report is as rosy as thought, according to officials. It seems FHA is back in the black after requiring...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10232015-fha-program.aspx

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Mortgage Rates Back Down to 6-Month Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates continued lower today, largely getting caught up with yesterday's underlying market movements. Lenders were likely being cautious due to prospects for volatility in today's trading, not to mention the increased volatility seen on Tuesday and Wednesday. All things being equal, rates will be lower if volatility is lower because fluctuations in bond markets (which includes the mortgage-backed-securities that dictate mortgage rates) make it more expensive for lenders to guarantee rate locks. In other words, yesterday was only the first day where bonds fought back against a modestly weaker trend over the previous few days, and lenders didn't adjust rate sheets accordingly. When bonds held their ground again today, lenders were more willing to adjust rate sheets into better territory...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/521554.aspx

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Foreclosure Fraud Help

Beware of the "Guaranteed", because it's likely a scam. How do you know if you are being taken advantage of in a foreclosure scam? You think you just signed documents for a new loan, in reality you just signed over the title of your Arizona home to the scammers to get a "Rescue loan". If you are looking to avoid foreclosure we might be able to help short sale the home before that happens, call our specialists today at AZ Home Help 480-241-4406. http://goo.gl/JF7HrY

Foreclosure Fraud Help

Beware of the "Guaranteed", because it's likely a scam. How do you know if you are being taken advantage of in a foreclosure scam? You think you just signed documents for a new loan, in reality you just signed over the title of your Arizona home to the scammers to get a "Rescue loan". If you are looking to avoid foreclosure we might be able to help short sale the home before that happens, call our specialists today at AZ Home Help 480-241-4406. http://goo.gl/JF7HrY

Flood of Fannie and Freddie Changes in The Primary and Secondary Markets

Hot news from AZ Home Help:

Posted To: Pipeline Press

If anyone out there wants to be buy a big office building, Fannie has one: the company is preparing to move to its new HQ downtown and is selling its current quarters . A couple big events just wrapped up, but there are plenty more on the proverbial slate! The California Mortgage Bankers Association's Mortgage Quality and Compliance Committee (MQAC) if offering up a free " Fraud in the Age of TRID " webinar today at 11AM PDT. "While lenders are preoccupied with TRID compliance and implementation, fraudsters are honing their skills on how to exploit TRID's new forms and procedures, putting lenders at increased risk of repurchase liability and financial loss. Stay ahead of the curve by attending this MQAC Webinar on October 22, 2015 led by Vidverify and featuring Ann Fulmer, a nationally recognized...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10222015-fannie-office-building.aspx

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Mortgage Rates Improve Cautiously

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates bounced back to some extent today, after yesterday's bigger move higher. The bond markets that underlie mortgage rates actually made a near-full recovery, but lenders remained more cautious in terms of their pricing strategies. Simply put, that means the trading levels in mortgage-backed-securities (which impact mortgage rates more than anything else) are back where they were on Monday, but the rates lenders are offering to consumers haven't caught up yet. Keep in mind that we're only talking about minor adjustments over the past few days. In fact, very few prospective borrowers would see a chance in the actual contract interest rate. Rather, the difference in cost would be seen in the form a change in the upfront fees or credits. Lenders continue to quote conventional 30 year...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/521211.aspx

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

Government Applications and TRID Drive Application Volatility

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said that increases in applications for both FHA and VA mortgages were behind a jump in its Market Composite Index during the week ended October 16. The index increased 11.8 percent on a seasonally adjusted basis compared to the week ended October 9. On an unadjusted basis the index was up only 1 percent. The recent week's data included an adjustment to account for the Columbus Day holiday. Applications for FHA mortgage increased to 14.3 percent of all applications from 12.6 percent the previous week and the VA share increased from 11.5 percent to 12.7 percent. The USDA share of total applications also inched up to 0.6 percent from 0.5 percent the prior week. "On an adjusted basis, application volume increased last week, led by a sharp rebound in government...(read more)

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Source: http://www.mortgagenewsdaily.com/10212015_application_volume.asp

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Purchase Applications set for Healthy 2016; Refinance outlook Bleak

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Posted To: MND NewsWire

There was good news and bad news from the Mortgage Bankers Association (MBA) as it made 2016 economic predictions to its members gathered in San Diego for MBA's 102 nd annual convention. First the good news. MBA sees purchase mortgage originations rising by 10 percent over 2015 to a total of $905 billion. Purchase originations had jumped from $759 billion in 2014 to an anticipated $821 billion this year. However, (here's the bad news) that gain will be offset, although certainly not unexpectedly, by a drop of one-third in refinancing. The Association expects refinancing volume next year be $415 billion, down from a projected $630 billion this year. The total of mortgage originations will therefore decline from an expected $1.45 trillion in 2015 to $1.32 trillion in 2016. Further it will remain...(read more)

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Source: http://www.mortgagenewsdaily.com/10202015_mba_economic_predictions.asp

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Stevens Tells Members, Policymakers "Turn the Page"

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Posted To: MND NewsWire

The three Republican and one Democrat candidates who unexpectedly lead in the polls are, David Stevens President of the Mortgage Bankers Association (MBA says, an example of an anti-establishment mindset that is echoing through the country. Stevens told an audience at MBA's 102 nd Annual Convention that voters want to move the country forward but they want to do it in a different way . Real estate professionals also want to turn the page and move forward. And yet, despite, or maybe because of, the tidal wave of new regulations and countless changes to rules already in place, the market is not progressing as well as it could be in bringing housing back as the engine of our economy. "But if you take a closer look, if you look past the frustration, you will see that we have actually accomplished...(read more)

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Source: http://www.mortgagenewsdaily.com/10192015_mba_regulation.asp

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Mortgage Rates Quietly Holding Near Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

It wouldn't have taken much for mortgage rates to outdo themselves in terms of volatility when compared to the past few business days. Last Thursday and Friday were particularly uneventful. Yet somehow, today managed to be even more so . Mortgage rates may be higher or lower than the previous day right at the outset or they may move higher or lower in the middle of the day if the underlying bond market moves enough in either direction. Today, the opening levels were just where they needed to be to ensure no change. While bond markets did move a bit, we never saw anything quite strong or weak enough to result in lenders changing rate sheets. Most lenders continue to quote conventional 30yr fixed rates in the 3.75% to 3.875% range. Any changes from yesterday would be seen in the form of microscopic...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/520607.aspx

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MBS Week Ahead: Total Agreement on Where Rates are Headed?

Hot news from AZ Home Help:

Posted To: MBS Commentary

I remember when I used to think that certain super smart, well-connected, high-powered traders actually knew where rates would be heading with better than 50% probability. I used to think that even the savviest analyst-types would know better than a magic 8-ball. You tend to hear a lot of retrospective commentary from people when they were right about a call in the past, but only the best prognosticators give equal treatment to their failures. What makes them the best? It's certainly not about being right more than wrong. It's more about being right or wrong in a thoughtful and adaptive way, understanding victories and defeats, and applying logical takeaways. For instance, if someone who makes predictions is typically wrong, yet in such a way that you had an opportunity to evaluate...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/520379.aspx

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Avalanche of State-Level Lending Law Changes; NMLS CE Changes with TRID

Hot news from AZ Home Help:

Posted To: Pipeline Press

I am driving to the San Diego conference and bunked down in Santa Barbara for the night. It is a friendly place, but news reached me reminding me that anyone can sue anyone else - and when the suit hits the press and moves the stock price, especially ahead of a national mortgage conference, well... let's just say that Bank of Internet has had better weeks . As if federal laws and federal regulations weren't enough to keep track of, don't forget the states! Rhode Island has amended Regulation 6 as it applies to lenders, loan brokers and small lenders. Updates include a licensee who lends, brokers or services any mortgage loan must appoint a person who holds a valid Rhoda Island Mortgage Loan Originator License as the qualified individual or branch manager. The qualified individual or branch...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10162015-state-mortgage-laws.aspx

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HMDA Rule Released, Many Small Depositories Will Be Exempt

Hot news from AZ Home Help:

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has issued its final rule outlining information lenders must report under the Home Mortgage Disclosure Act (HMDA) . CFPB said the rules that have been in place regarding HMDA data have not kept pace with the market's evolution, For example, not providing adequate information about certain loan features that helped contribute to the mortgage crisis, such as adjustable-rate mortgages and non-amortizing loans. HMDA, originally enacted in 1975, requires many lenders to report information about the home loans for which they receive applications or that they originate or purchase. In 2014, 7,062 financial institutions reported information about approximately 11.9 million mortgage applications, preapprovals, and loans. The information is available to...(read more)

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Source: http://www.mortgagenewsdaily.com/10162015_hmda_cfpb.asp

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Mortgage Rates Steady Near 5-Month Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates had a tremendously uneventful day, holding roughly the same levels as those seen yesterday and the day before. In this case, a lack of movement is a good thing considering rates are very close to their best levels in more than 5 months. In fact, only 2 days have been any better during that time. Most lenders are quoting conventional 30yr fixed rates of 3.75% to 3.875% on top tier scenarios. The strength in rates is particularly welcome news considering it's accompanied by strength in stocks. In recent weeks, rates have been more likely than normal to be moving in the same direction as stock prices on any given day. If the normal relationship had held up, we definitely would have seen rates move higher over the past two days. While that is heartening today, it can also serve as...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/520126.aspx

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MBS RECAP: Stock Lever Disengaged as Bonds (Mostly) Hold Ground

Hot news from AZ Home Help:

Posted To: MBS Commentary

Stocks put in another day of gains today. This is important for 2 reasons. First, they--and by "they," I mean the S&P and S&P futures, which is the closest thing we have to an archetypal representative (like Treasuries are for bond markets)--ended yesterday's session right on an important technical ceiling that had, thus far, prevented a bounce back from the late August sell-off. It's also important because stocks and bond yields have been quite correlated of late. In other words, an 'up day' in stocks ran the risk of putting upward pressure on rates. Instead, rates held their ground for a 2nd straight day. Once again, this was more true for mortgage rates specifically as Treasuries lost a bit of ground. The MBS outperformance can be explained as easily as...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/520132.aspx

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Need to sell now?

If you need to sell your home faster than it's taking, consider a Short Sale. A short sale allows you to sell the home for less than it's worth. The penalties are less severe than if the home is foreclosed upon, making it a more attractive alternative. To learn more call Sean Bonini, Scottsdale’s short sale expert, for a free consultation at 480-241-4406 or visit us online at http://goo.gl/bjicf2

Foreclosure Stats Reflect Two Trends - RealtyTrac

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Posted To: MND NewsWire

RealtyTrac released both its September and third quarter data on foreclosure activity on Thursday. A total of 109,130 U.S. properties had foreclosure filings in September 2015, down less than 1 percent from the previous month but up 2 percent from a year ago. U.S. foreclosure activity has increased on a year-over-year basis in six of the last seven months. The company tracks first-time filing of default notices, scheduled foreclosure auctions, and bank repossessions or completed foreclosures. Given how marginal the monthly changes have become we are reporting detailed breakdowns only for the quarterly data. Overall foreclosure fillings over that three month period that ended September 30 were down 5 percent compared to the second quarter and was 3 percent higher than in the third quarter of...(read more)

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Source: http://www.mortgagenewsdaily.com/10152015_realtytrac_foreclosures.asp

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Mortgage Rates Hang On To Recent Lows

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates managed to hold their ground for the most part today. This is good to see, considering that the broader bond market had a tougher time. (Mortgage rates are most directly affected by the trading prices of mortgage-backed-securities (MBS), which tend to move in the same direction as US Treasuries.) Specifically, 10yr Treasury yields rose by more than 0.04% today, but the average mortgage rate was only 0.01% higher. Because rates are generally offered in .125% increments, this means today's quoted rate at any given lender should be the same as yesterday's, but with minimal adjustments to the upfront costs or credits. Conventional 30yr fixed rates for top tier scenarios are currently in a range from 3.75% to 3.875%. Rates were resilient in more than one way today. Not only did they...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/519681.aspx

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MBS RECAP: Best Close in Nearly 6 Months for Bonds

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Posted To: MBS Commentary

One year ago today, things "got real" for bond markets as they leaped into significantly stronger territory, ultimately ending the day at the best closing levels in more than a year before going on to have an even crazier October 15th (that was the day with the intraday swing from 2.23 to 1.86 that teams of experts are still trying to figure out). Today wasn't quite on par with last year's October 14th (which also benefited from the shock value of being the Tuesday after a 3-day weekend), but it was no slouch . 10yr yields and MBS closed at their best levels in nearly 6 months as global growth concerns hit home. The attack came on several fronts. The obvious issues--and the biggest sources of volume--were the morning economic reports. Retail Sales missed estimates and only...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/519389.aspx

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Mortgage Rates Drop After Weak Economic Data

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates dropped quickly today, getting them much of the way back to lows seen at the beginning of the month. For context, there has only been one day in the past 5 months with better rates (Friday October 2nd, immediately following the weak jobs data). That means the average lender is quoting conventional 30yr fixed rates between 3.75 and 3.875% on top tier scenarios. A few of the more aggressive lenders are already back down to 3.625%. Once again, weak economic data is at the scene of a strong move lower for mortgage rates. This time around it was a doubleheader, with both Retail Sales and Producer Prices missing the mark. Retail Sales of course, speaks to consumer demand for goods and services. Lower numbers suggest lower growth. Indeed many market-watchers downgraded GDP estimates...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/519239.aspx

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

CoreLogic Points to Dichotomy in Foreclosure Numbers

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Posted To: MND NewsWire

Foreclosure indicators are continuing at levels well above those considered normal by the housing industry, and that CoreLogic said in its August Foreclosure Report can increasingly be accounted for by loan vintage. CoreLogic said today that there were 36,000 completed foreclosures in August, down 20.1 percent from the 46,000 that were completed in August 2014. Foreclosures are now running at a rate 68.9 percent below the peak number in September 2010 when 117,457 homes were foreclosed in a single month. The August foreclosure rate (percentage of completed foreclosures to mortgaged homes) was 1.2 percent, the same as in early 2008. August foreclosures were higher by less than a rounding error from the 36,000 reported in July. CoreLogic says that before the decline in the housing market there...(read more)

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Source: http://www.mortgagenewsdaily.com/10132015_corelogic_foreclosures.asp

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Mortgage Rates Chip Away at Last Week's Losses

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates moved lower today , erasing only some of the weakness that dominated the previous week. In other words, rates were significantly higher by the end of last week and today makes a small dent in bringing them back down. The average lender continues to quote conventional 30yr fixed rates of 3.875% on top tier scenarios, with the more aggressive lenders at 3.75% and a few laggards at 4.0%. Mortgage rates are most directly affected by the prices of Mortgage-Backed-Securities (MBS), a type of bond that trades throughout the day like most securities. Like US Treasuries, when the prices rise, the yield (or "rate") falls. Investors leaned toward selling MBS (which pushes rates higher) at the end of last week. That's pretty common heading into a 3-day weekend, as is the fact that investors...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/518852.aspx

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

Mortgage Rates Highest in More Than a Week

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates moved modestly higher today , depending on the lender. Once again, pricing strategies remained widely variable due to market volatility. When the trading prices of mortgage-backed-securities (MBS) changes enough during the day, lenders may reprice (i.e. change their currently-published rate sheets). Depending on the amount of movement in underlying markets, some lenders will reprice while others won't. Today was a good example. Trading levels began in decent enough ground, but bond markets (which include MBS) quickly deteriorate in the afternoon as stock markets broke higher. A majority of lenders adjusted rate sheets higher, but many did not. On average, the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios is now moving up to 3.875% , though a few...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/517947.aspx

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Webinar About MSA News; Fifth Third settles; Caliber Under Investigation; LoanDepot IPO

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Posted To: Pipeline Press

Fifth Third admitted it improperly certified more than 1,400 mortgage loans it knew were defective as eligible for FHA, costing taxpayers millions. It'll cost 53 $85 million big 'uns. And Caliber is not only the subject of rumors ("Is it buying Stonegate?") but instead received a phone call you never want to have: you're under investigation by the New York Attorney General's office. Ballard Spahr spread the word that the CFPB announced that it is considering proposing rules that would prohibit consumer financial services companies from using class action waivers in consumer arbitration clauses . "The CFPB has published an outline of its proposals in preparation for convening a Small Business Review Panel to gather feedback from small industry stakeholders. This is the first step in the process...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10092015-loandepot-ipo.aspx

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Four More Years Before Distressed Sales Get Back to Normal

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Posted To: MND NewsWire

Distressed property sales continue to shrink as a percentage of all sales, but CoreLogic says it may be another four years before those shares reach what it considers a normal level. Sales of real estate-owned properties (REOs) and short sales accounted for 9.4 percent of homes sold in July, the company said. This was 2.1 percentage points less than the share in July 2015 and down 0.4 percent month-over month. Short sales, where lenders agree to take less than the outstanding balance of the mortgages to release the lien had a 3.3 percent share of July sales. The REO share in July, 6.1 percent, was the lowest since September 2007 when it was 5.2 percent. At the peak of housing distress in January 2009 distressed sales in the aggregate accounted for 32.4 percent of housing sales with REO sales...(read more)

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Source: http://www.mortgagenewsdaily.com/10092015_corelogic_distressed_sales.asp

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Mortgage Rates End Week at Recent Highs

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates were generally quiet today as bond markets wound down ahead of the 3-day weekend. While stock markets and many businesses will be open as usual on Monday, banks and bond markets will be closed. This means that many mortgage lenders will either be closed, or otherwise simply not making any rate sheet adjustments. Point-being, it's not uncommon to see movement in interest rates level-off heading into these longer weekends. Unfortunately for the current week, that means we're leveling off at the highest rates of the month. The silver lining , of course, is that rates are still lower than almost all of September and the average conventional 30yr fixed rate remains in the high 3's. Specifically, most lenders are quoting 3.875% on top tier scenarios with a few of the most aggressive...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/518206.aspx

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

MBS MID-DAY: Pre-Weekend Drift in Full Effect

Hot news from AZ Home Help:

Posted To: MBS Commentary

I reserve the right for this "MBS MID-DAY" to also be the "MBS RECAP" as I don't expect much to happen in the rest of the trading day. It seems fairly clear that bond markets were on a mission to correct from last week's post-NFP rally this week and that this was largely accomplished yesterday. We've seen some volatility so far today, but it's increasingly settled down right in line with yesterday's closing levels. Economic data was light today with only Import/Export Prices and Wholesale Inventories/Sales. There were no meaningful reactions to either piece of data, although the Wholesale Sales figures at 10am seemed to coincide with bond market strength. Given the absence of any volume spikes at the time, that move instead has to be chalked up to tradeflows...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/518145.aspx

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MBS RECAP: Stocks Liked Today's News. Yields Followed

Hot news from AZ Home Help:

Posted To: MBS Commentary

The overnight session was extra quiet for bond markets, with no meaningful movements until after 8am. In hindsight, uneventful was good as the recently vague pressure on rates kicked into high gear after the FOMC Minutes. It wasn't so much the Minutes release itself. In fact, a case could easily be made for the Minutes being positive for bonds. Rather, it was the stock market reaction combined with the fact that bond markets followed the move. I won't pretend that today's weakness was ALL about stocks, because clearly, bonds were already in the process of losing ground ahead of the Fed. Rather, I would say that the abruptness of the knee-jerk trading after the Minutes was primarily a factor of a significant breakout event in equities markets. Particularly with respect to S&P...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/517955.aspx

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Short Sale vs Foreclosure

Are you no longer able to make payments on your Arizona home? Do you owe more than the home is worth? It might be time to consider a Short Sale vs allowing the home to be foreclosed on. The benefits to your credit are better with a short sale and you are eligible to purchase a home sooner. To learn more, call AZ Home Help at 480-241-4406 or visit us online at http://goo.gl/mke9F

CFPB Addresses Marketing Services Agreements

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Posted To: MND NewsWire

Saying it was "deeply concerned" about how marketing services agreements are undermining consumer safeguards against kickbacks, the Consumer Financial Protection Bureau (CFPB) has issued guidance about them directed to the mortgage industry. The Bureau released a bulletin on Thursday which offers an overview of the federal prohibition against kickbacks and the risks lenders face when then enter into the agreements. A loose definition of marketing serves agreement is a contract by which one company will market another company's products. In the mortgage world these agreements have sometimes taken the form of providing tangible rewards to real estate agents for referring their customers for mortgages or provision of joint marketing materials or events. The relationships are not limited to lenders...(read more)

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Source: http://www.mortgagenewsdaily.com/10082015_cfpb_kickbacks.asp

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Mortgage Rates Fighting to Stay Low

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates put in another day with minimal movement today. If there was a detectable bias, it was toward slightly higher rates, but many lenders didn't move at all. That leaves the predominant range of conventional 30yr fixed rate offerings between 3.75% and 3.875%. It's worth mentioning that the most common rate quotes don't normally exist in as wide a range as we're seeing now. Recent volatility and varying lender strategies have resulted in a clear gap between between the front of the pack and the rest of the pack. Additionally, we're starting to see some lenders adjust their default lock time frames with the onset of the new TILA/RESPA Integrated Disclosure ( TRID ) rules. The public-facing campaign refers to this as "know before you owe." Either way, the rules attempt to make two forms...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/517650.aspx

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TRID Flubs, Fluffs, PR Victories, Training; Fannie/Freddie Weigh in on Enforcement

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Posted To: Pipeline Press

How long has your staff been on their jobs? The Fed has kept short term rates unchanged for 6 years and 9 months at this point. Does your senior management team have plans in place, or estimates of the impact on business, if (or when) that stance changes? No one owns a crystal ball, but at some point it is bound to change. "At some point" is a safe bet - time has a way of passing us by. In fact anyone who has been in the business less than 7 years wasn't even around when Countrywide existed as we knew it - but the company made news again as " The Only Banker Sued for the Housing Crisis Prepares her Appeal ." The CFPB is pushing "Know Before You Owe" but the industry knows it as TRID... Two business days in and TRID news has been interesting. Paul P. writes, "Someone asked me how we're doing...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10072015-trid-enforcement.aspx

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Mortgage Rates Hold Sideways to Slightly Higher

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates managed to hold their ground in most cases today. That's a refreshing turn of events considering the forceful move higher seen on Friday afternoon and yesterday. Granted, that spike in rates followed a strong move to the lowest levels in over 5 months on Friday morning, but it was still not fun to see all of Friday's gains erased. In that sense today didn't add any additional insult to injury. Most lenders are right in line with yesterday's latest levels though there are a few who marginally increased costs. That means that borrowers would still likely be seeing the same note rates as yesterday, with Conventional 30yr fixed loans being quoted in a range from 3.75 - 3.875%. To reiterate a point made yesterday, with the exception of last Friday, rates are as low as they've been...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/517346.aspx

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