Foreclosure Shift Increasingly Evident

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Posted To: MND NewsWire

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

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

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MBS RECAP: Bond Market Meltdown Resumes; Big and Scary

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Posted To: MBS Commentary

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

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

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Mortgage Rates Lowest This Week After Jobs Report

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Posted To: Mortgage Rate Watch

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

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

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Mortgage Rates Down Modestly Ahead of Big Jobs Report

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Posted To: Mortgage Rate Watch

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

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

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

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Posted To: Pipeline Press

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

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

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Why Consider a Short Sale?

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

10% of Americans are "Credit Invisible"

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Posted To: MND NewsWire

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

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

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