Tight Inventories Continue to Spur Price Gains

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Posted To: MND NewsWire

The numbers of homes for sale in a few areas of the country have now dropped below a two month supply CoreLogic said today. Prices in cities with these tight inventories have appreciated faster than the rest of the country, but supplies are limited through much of the nation. The company said that its Home Price Index (HPI) for June, shows that nationwide home prices, including distressed sales, were up 6.5 percent compared to June 2014 , the 40 th consecutive month of annual price gains. The index increased by 1.7 percent from May to June. Including distressed sales the peak-to-current change in the national HPI (from April 2006 to June 2015) was -7.4 percent. Excluding distressed transactions, the peak-to-current change for the same period was -4 percent. Thirty-five states and the District...(read more)

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Source: http://www.mortgagenewsdaily.com/08042015_corelogic_hpi.asp

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Mortgage Rates Moving Into High 3's

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Posted To: Mortgage Rate Watch

Mortgage rates continued lower today , adding to an already impressive streak of improvement that began in mid-July. Much of that improvement has come courtesy of increasing concerns over the trajectory of global growth and inflation. When investors downgrade their growth outlook, they often move more money into bonds. Greater demand for bonds brings bond prices higher and rates lower. This was the case today as several pieces of economic data suggested weaker growth and inflation this morning. Markets responded by moving money out of stocks and into bonds. Among the bonds that benefit are the mortgage-backed-securities (MBS) that dictate mortgage rates. With rates already at 2-month lows on Friday, this means the winning streak is simply extended. You'd now have to go back to May 28th to see...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/495705.aspx

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CFPB's Latest Fines; Upcoming Events and Training

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Posted To: Pipeline Press

A big topic at last week's MBA Hawaii annual conference was change in the industry. As if residential lending doesn't have enough changes all the time, law firm Morrison & Foerster spread the word that, "The Department of Defense published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including installment loans and other closed-end credit products and credit cards and other open-end credit accounts. The rules become effective on October 1, 2015, with compliance required by October 3, 2016. Don't look now, but the IRS has a new spin on mortgage interest . New mortgage reporting requirements are now imposed on banks and servicers...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/08032015-cfpb-fines.aspx

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Wells Fargo pulls out of Marketing Agreements with Agents, Builders

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Posted To: MND NewsWire

Well Fargo Bank announced today that it will immediately begin winding down its marketing services and desk rental agreements with real estate firms, builders, and some other referral sources. Franklin Codel, executive vice president for mortgage production said the company was exploring a number of new options for enhancing and strengthening those relationships over the long term. A press release issued by the company said that the withdrawal decision was made as a result of increasing uncertainty surrounding regulatory oversight of these types of arrangements "and as part of Wells Fargo's ongoing efforts to simplify the process that customers experience as they weigh all of their choices when shopping for a mortgage." The decision is presumed to arise out of a series of enforcement decisions...(read more)

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Source: http://www.mortgagenewsdaily.com/07302015_wells_fargo_cfpb.asp

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Mortgage Rates Stay Steady After GDP

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Posted To: Mortgage Rate Watch

Mortgage rates were very close to unchanged despite market volatility surrounding the release of today's GDP figures. GDP can occasionally cause a significant response in mortgage rates, and that's especially true of the "advance" release. That's due to the fact that the "advance" release is the first look at GDP for any given quarter. Subsequent releases merely revise the previous quarter's result. Moreover, the Commerce Department implements revisions once a year that greatly affect past GDP reports. So not only are we getting the first look at last quarter's GDP, but also a potentially significant revision to GDP numbers over the past 2+ years. Today's revisions painted a generally weaker picture of economic growth since 2012. But the most recent quarter showed slightly stronger inflation...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/493128.aspx

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MBS RECAP: Longer Term Rates Fare Well, as Low Short-Term Rates Say Farewell

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Posted To: MBS Commentary

As of mid-July bond markets seem to have put their foot down with respect to the relationship between long and short term rates. With the economic recovery and global growth outlook still open to debate--not to mention with global QE efforts ongoing--it makes sense for longer term rates to maintain a reasonable level of sponsorship. This is in line with the cries we often here for the economy being unable to sustain much of a run higher in rates. Such a run would seemingly be in contradiction to the Fed's stated intention of raising rates, but trading levels continue to show us how both can live in harmony. Let's not forget that earlier this year, 2yr yields and 10yr yields were as close together as 120bps. Today they're only 153bps apart after being closer to 180bps earlier this...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/493155.aspx

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CFPB Hits Servicer for Creating "Loan Modification Purgatory"

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Posted To: MND NewsWire

A Texas mortgage servicer has run badly afoul of the Consumer Financial Protection Bureau (CFPB) for repeated violations of servicing rules . Residential Credit Solutions has agreed to pay $1.5 million in restitution to its victims and a $100,000 civil money penalty under a consent agreement announced on Thursday. CFPB has a laundry list of complaints against the company which bills itself as specializing in servicing delinquent and "credit sensitive" mortgages loans. Since 2009 approximately 75,000 borrowers have had loans transferred from other servicers to the company which has about $95 million in assets. This enforcement action covers Residential Credit Solutions' illegal practices prior to the January 2014 effective date of the CFPB's new mortgage servicing rules. CFPB said the company...(read more)

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Source: http://www.mortgagenewsdaily.com/07302015_loan_servicing_enforcement.asp

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