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  • Massive Government Reorganization Plan Includes Housing Changes June 22, 2018
    Posted To: MND NewsWireThe Trump Administration formally rolled out a plan on Tuesday to massively reorganize the federal government . The proposal is largely the work of Office of Management and Budget Director and acting head of the Consumer Financial Protection Bureau (CFPB) Mick Mulvaney, but the Administration admits the blueprint for the reorganization was […]
  • MBS Day Ahead: High Bar For Bonds to do Something Meaningful June 22, 2018
    Posted To: MBS CommentaryWhen a single, clearly-delineated event was responsible for 30bps of movement in 10yr yields in the matter of a few days, it's hard to get too worked up about 10bps of movement over the same time frame. It's even harder when that 10bps has occurred well-inside that 30 bps AND when any […]
  • GSE Chatter - Another Government Plan; Conventional Conforming Updates June 22, 2018
    Posted To: Pipeline PressDon't have the time, or money, to take a trip to Scottsdale, Ariz., to see Frank Lloyd Wright's winter home and studio, Taliesin West? Well, that issue will no longer limit would-be visitors. Thanks to the latest immersive online virtual experience visitors can explore the architectural site and its grounds online in […]
  • 2 Paradoxes For Mortgage Rates June 21, 2018
    Posted To: Mortgage Rate WatchMortgage rates were microscopically higher today, which is paradoxical on two levels. The first paradox has to do with today's bond market improvements. Bonds underlie rates and bond market improvements coincide with rates moving lower--usually! In some cases, the day-to-day change in the bonds that underlie mortgage rates can be quite […]
  • MBS RECAP: Big Miss in Philly Fed Index Pushes Yields Lower June 21, 2018
    Posted To: MBS CommentaryGrandparents will always have at least a few stories about "the way things used to be." Those old ways may seem inefficient, strange, wonderful , or all of the above to the younger generation. For market watchers, the generational divides aren't measured in 2-3 decades but rather 2-3 years (and sometimes 2-3 […]
  • Inventory Woes: Are They Worse Than They Look? June 21, 2018
    Posted To: MND NewsWireThere has been a lot of hand-wringing for going on two years or so about the incredible shrinking inventory of homes for sale . This week CoreLogic analyst Molly Boesel joins the chorus with another analysis of the problem. Boesel says the inventory of existing homes is at its lowest level in […]
  • MBS Day Ahead: Is Today's Data One of The Early Clues We're Looking For? June 21, 2018
    Posted To: MBS CommentaryBy now, it's no great secret that pundits, analysts, and financial firm principals are pontificating on the next economic downturn. Guesses vary, but 95% of them are within the next 2 years. Perhaps as many as half of them are targeting a time frame of 12 months or less. Certainly, trade war […]
  • FHFA: Home Price Index Continues to Rise June 21, 2018
    Posted To: MND NewsWireThere was another 0.1 percent increase in the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) in April. The index, which is calculated using home sales prices from mortgages sold to or guaranteed by the government sponsored enterprises (GSEs) Fannie Mac and Freddie Mac, was up 6.4 percent compared to April […]
  • LO Resources; Doc and 1003 Products; Lender Credit Guideline Shifts June 21, 2018
    Posted To: Pipeline PressHuh? Rumors again that FHLB Atlanta is exiting the HFLB Xtra mortgage program effective at the end of this year? Who can keep track of all the rumored, and actual, changes in the biz? (Keeping with the Atlanta theme… no establishments from that locale made the latest list from Travel and Leisure […]
  • Ellie Mae: Purchase Loan Share at Post-Recession Highs June 21, 2018
    Posted To: MND NewsWireLoans for home purchasing continue to dominate mortgage originations and Ellie Mae says they may now represent the largest share of loans since the recession. The company's May Origination Insight Report put the purchasing share at 70 percent, the largest percentage at least since they started tracking the figure in 2011. Purchase […]
  • MBS RECAP: Bonds Pulled Back Toward Top of Fence June 20, 2018
    Posted To: MBS CommentaryBefore the Italy drama picked up at the end of May, bonds were very much on the bad side of the fence. Italy quickly punted rates to the other side of the proverbial fence , but the good times didn't last long. As we moved toward last week's central bank announcements, rates/bonds […]
  • Mortgage Rates Edge Slightly Higher June 20, 2018
    Posted To: Mortgage Rate WatchMortgage rates moved modestly higher today after holding in roughly the same territory for the past 3 days. This brings them back in line with last Thursday's levels. In general, trade tensions helped the bond market earlier this week (stronger bonds = lower rates), but the bonds that underlie mortgages didn't […]
  • Existing Home Sales Below Expectations for Second Month June 20, 2018
    Posted To: MND NewsWireAnalysts were expecting existing home sales to rebound in May after they fell behind year-ago levels in April. However, the National Association of Realtors® (NAR) reported a second straight monthly loss , with the Northeast the only region where sales improved. Sales of existing single-family homes, townhomes, condos, and cooperative apartments were […]
  • MBS Day Ahead: Checking in With "Longer-Term Trend" June 20, 2018
    Posted To: MBS CommentaryI talk quite a bit about the " long-term trend " or the "longer-term trend" these days. It most frequently comes up in some iteration of the following: "until the long-term trend has been clearly defeated," etc. But what exactly are we talking about? The following chart has several iterations. TOP: This […]
  • Credit Scoring and HR Products; Freddie and Fannie - Never Standing Still June 20, 2018
    Posted To: Pipeline Pressonight/tomorrow morning is the summer solstice. I am in Minneapolis at an ACUMA workshop and where the sun will set tonight at 9:03. (I suppose ACUMA could have held its event in Anchorage, where the sun sets at 11:42 tonight, which would be cool.) I mention credit unions because a) their market […]
  • Mortgage Application Volume Second Highest of Year June 20, 2018
    Posted To: MND NewsWireMortgage interest rates waffled, moving in different directions depending on the product last week, but the volume of mortgage applications increased rather decisively . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, surged by 5.1 percent during the week ended June 15. It was the […]
  • MBS RECAP: Lowest Yields of The Month June 19, 2018
    Posted To: MBS CommentaryJune began with yields plateauing after rising from the Italy-inspired lows of late May. 10yr yields managed to avoid breaking above 3% until last week's much-anticipated Fed Day. Even then, the Fed and the ECB ultimately gave way to the slow, steady rally that's persisted into the current week. Until today, that […]
  • Mortgage Rates Barely Budge Despite Market Gains June 19, 2018
    Posted To: Mortgage Rate WatchMortgage rates didn't move much today, despite a somewhat decent improvement in bond markets. Overnight, trade war brinksmanship between the US and China had investors seeking the safe haven of bond markets. Excess demand for bonds pushes rates lower, all other things being equal. As is often the case with safe […]
  • A New CFPB Director? Perhaps That's Not the Intention June 19, 2018
    Posted To: MND NewsWireThe White House announced on Monday the nomination of Kathy Kraninger as head of the Consumer Financial Protection Bureau (CFPB) to replace acting director Mick Mulvaney. The appointment caught many in Washington by surprise as Kraninger is not widely known and has not previously been active in the consumer arena according to […]
  • Housing Starts Rebounded in May, Permits Still Lag June 19, 2018
    Posted To: MND NewsWireResidential construction data was mixed for May as reported on Tuesday by the U.S. Census Bureau and the Department of Housing and Urban Development. Housing starts recovered strongly from their April loss while permits continued lower. Housing starts were at a seasonally adjusted annual rate of 1,350,000, a 5.0 percent improvement from […]

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