FHA Reinstates Manual Underwriting for Some Riskier Loans
Tuesday, March 26, 2019

Posted To: MND NewsWire FHA is reversing an earlier decision to remove the rule requiring manual underwriting for mortgages with credit scores below 620 and a ratio of debt to income above 43 percent. The decision, conveyed to lenders earlier this month, was presaged in the Fourth Quarter 2018 re... .. read more..

Home prices Surging or Fading? Depends Whom You Ask
Tuesday, March 26, 2019

Posted To: MND NewsWire The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency's (FHFA's) Housing Price Index paints two different pictures of the housing market in January . The former calls the appreciation in that month "the smallest in four years," while FHFA's inde... .. read more..

Housing Starts Retreat from Outstanding January Numbers
Tuesday, March 26, 2019

Posted To: MND NewsWire Residential construction numbers continued to see-saw in February. Housing starts were particularly disappointing after their stellar performance in January. Completions is the only indicator that is running ahead of its 2018 counterpart. Permits for construction of reside... .. read more..

MBS Day Ahead: Separating Healthy Bounces From Scary Corrections
Tuesday, March 26, 2019

Posted To: MBS Commentary Quite a few talking heads and analysts referred to last Wednesday's post-Fed rally as 'overdone.' They pointed to Thursday's moderate weakness as evidence that bonds would have a hard time making further progress at the new long-term lows. When the rally ... .. read more..

eMortgage, Loan Trading Products; Comp Survey Findings; Lender Disaster News
Tuesday, March 26, 2019

Posted To: Pipeline Press “Rob, are you hearing that the sudden increase in lock volume is from borrowers who had a lock with one lender moving to another lender?” Not yet, and let’s hope not, loans are “stickier” now, and that this practice was just something unscru... .. read more..

MBS RECAP: March Continues Delivering on "Big Move" Promise
Monday, March 25, 2019

Posted To: MBS Commentary There were no significant economic reports today and no obvious market-moving news headlines. Nevertheless, bonds went on yet another snowball rally run to new long-term lows. Today's version was even more interesting than some of last week's examples. Case in po... .. read more..

Mortgage Rates Still Moving Lower After Last Week's Stellar Drop
Monday, March 25, 2019

Posted To: Mortgage Rate Watch Mortgage rates continued deeper into long-term lows today as the underlying bond market experiences its most impressive rally of the year. In a rally, bond prices are moving higher and rates are moving lower. This particular rally is bifurcated on several levels. On... .. read more..

MBS Week Ahead: Slow Data Week Apart From Housing; Bonds Hoping to Confirm
Monday, March 25, 2019

Posted To: MBS Commentary From a calendar standpoint, the most notable thing about the week ahead is that it's the final week of the month/quarter. This usually means we'll see at least some trading happening for reasons that have nothing to do with data, events and headlines ( read more ... .. read more..

Non-QM, Underwriting Products; Why Rates are This Low, Impact on Refi Population
Monday, March 25, 2019

Posted To: Pipeline Press Sometimes you’re stuck in the middle . (Thanks to Myrtle for that one.) Right now, it seems, rates are done being stuck in the middle and have edged back down leading to refi hopes by lenders. “Hope,” however, is not a business strategy. For the first t... .. read more..

Mortgage Rates Down 0.25% This Week
Friday, March 22, 2019

Posted To: Mortgage Rate Watch At the end of last week, the average top-tier 30yr fixed mortgage rate quote was 4.375%. As of today, the exact same scenario would be at 4.125%--a quarter of a percentage point lower. That's an uncommonly big move for a single week, but it's one we've been tracking... .. read more..

Freddie Downgrades Economic Forecast but Bullish on Housing
Friday, March 22, 2019

Posted To: MND NewsWire Like virtually all the experts, including those at the Federal Reserve, Freddie Mac's economists have reduced their expectations for economic growth . The company's March forecast is for growth in the first quarter of 2019 to shrink to 1.2 percent. They do see it regaining... .. read more..

Existing Homes Sales Post Huge February Gain
Friday, March 22, 2019

Posted To: MND NewsWire Existing home sales took off like a rocket in February, with strong results in three of the four major regions. The National Association of Realtors® (NAR) said single-family homes, townhouses, condominiums and cooperative apartments were sold during the month at a sea... .. read more..

MBS Day Ahead: Here's That Mid-March Breakout We Were Looking For
Friday, March 22, 2019

Posted To: MBS Commentary Sometimes a plan comes together and sometimes an educated guess pans out. While it's never safe to plan on any future reality (other than "uncertainty") when it comes to financial markets, there are times where a certain series of events seems more likely t... .. read more..