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  • Fraud Risk Continues Upward Trend Tue, 19 Sep 2017 17:42:10 GMT

    Posted To: MND NewsWire

    Jumbo refinances led the way as mortgage fraud risk posted another gain in the second quarter of 2017. CoreLogic reports that overall risk, as measured by its Mortgage Application Fraud Risk Index, was up 16.9 percent from the second quarter of 2016. The company estimates 13,404 mortgage applications contained indications of fraud, an 0.82 percent incidence , compared to 12,718 applications or 0.70 percent a year earlier. CoreLogic's Mortgage Fraud Report analyzes the collective level of loan application fraud risk the mortgage industry is experiencing each quarter. The report looks at detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction, and undisclosed real estate debt. The company said the continued shift from...(read more)

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  • Building Permits Regain Footing, Housing Starts Still Struggling Tue, 19 Sep 2017 14:03:07 GMT

    Posted To: MND NewsWire

    Residential construction outcomes in August were mixed, with permitting enjoying a strong comeback after more than a 4 percent downturn in July, but housing starts continuing to slide. Residential completions were also down substantially, which was probably weather related. The U.S. Census Bureau and the Department of Housing and Urban Development said that permits for residential construction were up 5.7 percent from the previous month, to a seasonally adjusted annual rate of 1,300,000 units compared to a revised (from 1,223,000) rate of 1,230,000 units. Permits are now running 8.3 percent ahead of their August 2016 rate. Permits bested even the most positive projections of analysts polled by Econoday . They had forecast in a range from 1,200,000 to 1,250,000 units with a consensus of 1,220...(read more)

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  • FHA, VA Updates; Ginnie Mae Overview Tue, 19 Sep 2017 13:15:45 GMT

    Posted To: Pipeline Press

    Ginnie, FHA and VA News Lender updates regarding Texas and Florida are quieting down slightly, so let's play some catch up on government programs. Ginnie Mae will consider potentially misleading marketing practices involving U.S. Department of Veterans Affairs-backed lenders. Acknowledging concerns U.S. Sen. Elizabeth Warren raised in a recent letter, Ginnie Mae Acting President and Chief Operating Officer Michael Bright said that she is right to be bothered by the potential impacts aggressive mortgage marketing practices could have on veteran borrowers. Bright stated that Ginnie Mae has already taken some steps to address these issues, and announced the creation of a joint "Lender Abuse Task Force," which will work with the VA to crack down on such practices especially for VA IRRRLs. People...(read more)

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  • MBS Day Ahead: Pirate Talk Could Be Our Best Option Tue, 19 Sep 2017 12:54:42 GMT

    Posted To: MBS Commentary

    Ahoy ye salty dogs sailing the high seas of the mortgage world. Another year has come and gone without any grand preparations for Talk Like a Pirate Day, so these first two sentences will likely be the extent of the allusion, although a phrase or two may slip into today's MBS Huddle video (if you're an MBS Live member and don't know what the Huddle is, avast ye! This be the link ye need . Make sure that "yes" is selected at the bottom, and you'll be availed of the Huddle this afternoon). Down to business... Actually, talking like a pirate could prove to be as interesting as anything the bond market has in store for us today, given that so much of the bigger picture focus remains on tomorrow's FOMC events (announcement, forecasts, press conference). As I see it...(read more)

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  • MBS RECAP: Weaker Start With No Major Scapegoats Mon, 18 Sep 2017 20:49:51 GMT

    Posted To: MBS Commentary

    Bonds got off to a weaker start on this Fed week, and there weren't any convenient scapegoats in sight. That said, there were a few caveats. Most notable, it was the 2nd lowest volume day of the year for Treasuries, and that's an environment that allows a smaller trading imbalance to have a bigger effect on prices and yields. While we might have hoped the correction that took rates higher last week had run its course, there was still some room to run. 10yr yields pushed up over 2.23% today, rising just over 3bps. While that's the highest level in exactly a month, it's somewhat refreshing to see bonds merely sell-off casually as opposed to getting caught up in a snowball selling spree. Snowball selling wouldn't have been too hard to imagine given the strong performance of...(read more)

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  • Mortgage Rates Continue Pushing Recent Highs Mon, 18 Sep 2017 19:55:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates resumed their recent uptrend today, after taking a quick break to end the week last Friday. The result is another push up to the highest levels in just over 3 weeks. The average scenario is being quoted rates that are about an eighth of a point higher compared to the lows seen in early September. The most prevalent top-tier conventional 30yr fixed rates still range from 3.875% to 4.0%, but the latter is increasingly in the spotlight. Context is important when it comes to this recent rate spike. The market movement that preceded it was arguably "too good," with rates benefiting from an unusual combination of geopolitical risk surrounding North Korea and event risk surrounding Hurricane's Harvey and Irma. It's not that markets responded to those events in unexpected ways--simply...(read more)

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  • Student Debt Undermining Millennial Homeownership Mon, 18 Sep 2017 16:21:42 GMT

    Posted To: MND NewsWire

    A new study is providing more evidence that student debt is disrupting the lifecycle of the housing market. The survey, conducted jointly by the National Association of Realtors (NAR) and the non-profit American Student Assistance (ASA), found that an overwhelming majority of millennials with student debt currently do not own a home. They blame this debt for what they typically believe will be a seven-year delay in homeownership. And it isn't just homeownership that is suffering. The survey also revealed that student debt is holding back millennials from financial decisions and personal milestones. These include adequately saving for retirement, changing careers, continuing their education, marrying and having children. Despite being in their prime homebuying years, only 20 percent of the survey...(read more)

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  • Builder Confidence Loses August Momentum Mon, 18 Sep 2017 14:36:34 GMT

    Posted To: MND NewsWire

    Hurricanes Harvey and Irma, which ravaged Texas and Florida respectively, are taking at least some of the blame for diminishing builder confidence in the new home market. The National Association of Home Builders (NAHB) said the NAHB/Wells Fargo Housing Market Index (HMI) dropped 3 points this month to 64. The August HMI was also revised down from 68 to 67. The HMI had made a strong recovery in August, rising 4 points, so some deflation was anticipated. The consensus of analysts surveyed by Econoday was for a 2-point decline to 66. The range of estimates however, from 53 to 68, was both unusually broad and pessimistic. "The recent hurricanes have intensified our members' concerns about the availability of labor and the cost of building materials ," said NAHB Chairman Granger MacDonald. "Once...(read more)

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  • Irma Triples Harvey's Threat to Mortgage Lenders Mon, 18 Sep 2017 13:29:44 GMT

    Posted To: MND NewsWire

    In the literal wake of a second major hurricane in as many weeks, Black Knight Financial Services is again warning of some potentially disastrous outcomes for mortgage guarantors . The company issued a report on September 11 estimating there was the potential of losses to mortgaged properties in Texas and Louisiana at $179 billion from Hurricane Harvey. Now they are back again with bad news about Hurricane Irma. Irma hit the U.S. Virgin Islands, rather than hitting Miami as expected, and slammed into Florida's Cudjoe Key, making yet another landfall at Marco Island at category 3 windspeeds. Because of its late westerly shift and the hours it spent churning offshore of Florida's west coast the hurricane caused major storm surges on both coasts, affecting coastlines as far north as South Carolina...(read more)

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  • Latest Disaster Lender Updates; Morgan Stanley to Originate Mon, 18 Sep 2017 13:23:32 GMT

    Posted To: Pipeline Press

    Saturday's commentary contained a letter from a reader saying, "Dodd Frank may have added more systematic risk than anyone had previously considered, and the latest disasters in Florida and Texas bring that to light. Think about catastrophe bonds, PE firm investment wipeouts, and the mortgage finance business, i.e. AmeriHome and Athene. Could catastrophe bond investors be wiped out?" The note prompted John Hill, SVP of Correspondent Sales for AmeriHome, to write, "This post is not only incorrect, it's potentially slanderous . Athene does not own any catastrophe bonds in their portfolio. This could have been verified as Athene is publicly traded, and required, as a life insurance company, to make all their investments public. Furthermore, Athene is a life and annuity insurance company, not a...(read more)

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  • MBS Day Ahead: Fed in Focus Despite Predictable Outcome Mon, 18 Sep 2017 13:04:41 GMT

    Posted To: MBS Commentary

    Wednesday's Fed Announcement is one of the best-telegraphed in Fed history. Multiple speakers--including Yellen herself--have all but promised that the Fed will begin tapering its balance sheet reinvestments at this meeting. That means they'll be buying fewer Treasuries and MBS--an ostensible net-negative for bond markets and a source of upward pressure for rates. The thing is, the Fed has been talking about this balance sheet business for so long and with such specificity that there's not much of a surprise left for financial markets to price in. They've even gone so far as to explicitly map out the particulars of the plan just so markets can specifically quantify the impact . That roadmap came out at the June meeting, and they've used the intervening time to hammer home...(read more)

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  • MBS RECAP: Bonds Tune Out Competing Voices to End Flat Fri, 15 Sep 2017 21:09:21 GMT

    Posted To: MBS Commentary

    Between the overnight session and domestic trading hours, the following voices tried to get inside the head of bond markets: A North Korean missile launch asked bonds to rally from "safe haven" demand. They sorta did at first. Hawkish comments from a British central banker asked global bond yields to move higher. US Treasuries sorta complied Weaker Retail Sales data opened the door for bonds to rally in the morning. They began to walk through. The 9:30am NYSE tradeflows and stronger inflation expectations in the 10am Sentiment data said "not so fast" to the bond rally. Bonds heeded the warning And finally, an ongoing stock rally provided justification for bonds to weaken all day long, but they did nothing of the sort. Despite all of the above, 10yr yields hit the 3pm closing...(read more)

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  • Mortgage Rates Stabilize Ahead of Next Week's Big Fed Announcement Fri, 15 Sep 2017 20:41:00 GMT

    Posted To: Mortgage Rate Watch

    Mortgage rates were steady to slightly lower on average today, confirming the end of a somewhat abrupt correction from last week's 2017 lows. In other words, rates rose quickly during the first days of the week and spent the last 3 days leveling off. To put "abrupt" in context and reiterate yesterday's thoughts, the worst case scenario would be an eighth of a percentage point higher in rate from last week. That's $14/month on a $200k loan. We've certainly seen worse weeks day, but only 2 of them were in 2017. The flat momentum at the end of this week isn't too likely to stick around next week. The Fed will (probably) make a landmark announcement that confirms the start of its balance sheet reduction efforts. This means slightly less bond-buying each month, and could put upward pressure on rates...(read more)

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  • CFPB - "Regulation by Enforcement," or Business as Usual? Fri, 15 Sep 2017 15:11:24 GMT

    Posted To: MND NewsWire

    The Consumer Financial Protection Agency (CFPB) does not provide guidance to the financial institutions it regulates. Instead it has evolved into a regime of "regulation by enforcement." At least that is the conclusion of a white paper written for the Mortgage Bankers Association by its counsel at the law firm of Covington & Burling, LLP. The paper, titled CFPB 2.0: Advancing Consumer Protection, looks at the performance of the agency during its first five years and takes a particularly jaundiced view of Director Richard Cordray's promises for the agency versus its perceived performance. "The CFPB has done well where it's developed rules that focus on the worst excesses of the pre-crisis market," said David H. Stevens, President and CEO of MBA. "However, the Bureau has too-often opted for...(read more)

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  • Wealth of Training and Webinar Events; Austria's 100-year Bond Fri, 15 Sep 2017 13:25:01 GMT

    Posted To: Pipeline Press

    Florida is sometimes called, “God’s waiting room.” The area, tragically, has seen its share of destruction & death this month, but the airports are back up and running. “In the old days,” one would go to the airport to fly. And only to fly. Nowadays, there’s fine dining, rocking chairs, dog walking areas, art, shops, activities for the kids, and so on. Reinvention? According to Credit Suisse, between 20-25% of American shopping malls will be shuttered in the coming 5 years. In response, mall owners are reinventing the mall experience to include apartments, hotels and greater entertainment such as bocce ball and bowling. Is something similar happening with residential lenders as they visit, or re-visit, SBA, non-QM, reverse, renovation, USDA, or bond programs...(read more)

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