MBS RECAP: Biggest Rally Since Italian Elections Barely Makes A Dent

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If you're a fan of high MBS prices and low rates, how depressing is it to consider that today's rally was the best we've seen in over two weeks, leaving us at the third lowest closing price since before QE3 and barely making a dent in rate sheets? Well, maybe it's not depressing, but it's not terribly exciting either. It would be more exciting if the strength looked more like a material bounce back against the post-NFP sell-off or the longer term trend higher in rates. While it could indeed end up looking that way, today's Treasury and MBS trading look much more like the 2nd day of a post-NFP consolidation. Cases in point: 10's bounced firmly on pre-NFP technical levels, volume only rose by an obligatory "Tuesday is one more day after Monday" amount,...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/299721.aspx

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Less Than 4 Percent of Lenders 'Acceptable' According To New Risk Assessment Tool

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Posted To: MND NewsWire

Risk profiling of mortgage license holders was one of the focuses of 2012 activity by the Multi-State Mortgage Committee (MMC) of the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The committee issued a report on Friday detailing its 2012 activities which also included participation in work leading up to the $25 billion National Mortgage Servicing Settlement. Committee Chairman Charlie Fields, Director of Non-Depository Entities at the North Carolina Office of the Commissioner of Banks said the MMC's Risk Profiling Group (RPG) has been working on a risk profiling tool designed to assess an institution's risk against its peer group based on an analysis of Mortgage Call Report (MCR) data. A risk analysis of 281 companies holding licenses...(read more)

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Source: http://www.mortgagenewsdaily.com/03112013_mortgage_licensing.asp

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Mortgage Rates Vary By Lender After Friday's Rout

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Posted To: Mortgage Rate Watch

Mortgage rates are very slightly lower in many cases after surging on Friday to the highest levels in nearly 10 months. That said, some lenders continued higher today while others were essentially flat. Overall, the average Best-Execution rate is moderately lower today, but very close to Friday's latest levels. That means that the shift from 3.625 to 3.75% continues to be supported so far this week. 3.75% is the highest best-execution rate we've recorded since May of 2012. ( What is A Best-Execution Mortgage Rate? ) Perhaps taking a cue from the unofficial Daylight Savings Time canon, markets definitely "slept-in" today. Both Treasuries and Mortgage-Backed-Securities (MBS) scarcely budged after moving violently on Friday and putting in the biggest full week of losses in exactly 1 year last...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/299528.aspx

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Senator Requests DOJ Investigation of LPS Related to Fees, Double-Billing

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Posted To: MND NewsWire

According to the Wall Street Journal , Senator Ron Wyden (D-OR) has sent a letter to the Department of Justice requesting an investigation of Lender Processing Services (LPS) . The letter, sent yesterday to Attorney General Eric Holder, alleges that LPS may have used an improper fee structure for legal services related to the processing of foreclosures and bankruptcies. This structure, Wyden says, resulted in double-billing homeowners and mortgage investors. The Democratic Senator also said that actions by the firm may have directly led to the mass production of mortgage documents known as robo-signing . In January LPS settled a suit with 46 states and the District of Columbia over claims its now defunct subsidiary DocX engaged in a six-year scheme to prepare and file more than 1 million improper...(read more)

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Source: http://www.mortgagenewsdaily.com/03082013_lps_robo_signing.asp

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Mortgage Insurers Active in HAMP, HARP Programs

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Posted To: MND NewsWire

The three major private mortgage insurers participated in the modification of 5,791 mortgages through the Home Affordable Modification Program (HAMP) in the fourth quarter of 2012 and 6,779 loans through other modification programs. Mortgage Insurance Companies of America, the trade association for the industry, said that the HAMP modifications had a volume of $1.1 billion and the other modifications $1.3 billion. The 4 th quarter volume represented a slight decrease - about 400 loans in each category - from the third quarter but was an increase of 75 percent over activity in the fourth quarter of 2011. The company also participated in 45,794 mortgage refinancings in the fourth quarter, $8.8 billion in volume, compared to 46,440 loans and $9.1 billion in volume in the third quarter. The refinancings...(read more)

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Source: http://www.mortgagenewsdaily.com/03082013_private_mortgage_insurance.asp

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Mortgage Rates Highest In Nearly 10 Months After Employment Data

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Posted To: Mortgage Rate Watch

Mortgage rates vaulted higher today at their fastest pace since late January, after the Employment Situation showed an unexpectedly high number of jobs created in February. The Employment Situation is the most important piece of domestic economic data each month and always has the potential to greatly impact markets. This was indeed the case today, and it brings 30yr Fixed Best-Execution up to 3.75% for the first time since May 2012. Lenders are still offering lower rates, but at greatly increased costs. For every $100k in loan amount, you'd pay an extra $700 of closing costs to keep yesterday's rates at an average lender. On average, the costs associated with 3.625% yesterday are the same costs associated with 3.75% today. ( What is A Best-Execution Mortgage Rate? ) Unfortunately for mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/299321.aspx

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HAMP Servicers Continue to Improve on Assessments: Housing Scorecard

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Posted To: MND NewsWire

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the February edition of the Obama Administration's Housing Scorecard . The Scorecard is a summary of housing data from various sources such as the S&P/Case-Shiller house price indices, the National Association of Realtors® existing home sales report, Census data, and RealtyTrac foreclosure information. Most of the information has already been covered by MND. The Scorecard is accompanied with the monthly report on the various programs operated by the Making Home Affordable (MHA) Program including the Home Affordable Modification Program (HAMP), the Second Lien Modification Program (2MP), and Principal Reduction Alternatives (PRA). The current report contains program activity...(read more)

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Source: http://www.mortgagenewsdaily.com/03082013_housing_scorecard_hamp.asp

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