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Mortgage News Daily


  • Construction and Data Validation Products; FHA, VA, HECM Changes

    Posted To: Pipeline Press

    Lenders making tough personnel decisions can’t “kick the can down the road” like Congress and the President. On Dec. 8, the National Flood Insurance Program (NFIP) was set to expire. Late last week Congress passed, and the President signed, a two-week spending bill to avoid a government shutdown, allowing an extension on the NFIP to 12/22. In the simplest terms, if the NFIP expires, virtually no homes in any floodplain could be bought or sold if that deal involves a mortgage company because anyone buying a home with a federally-backed loan is required to carry flood insurance if that house sits in a flood plain. Any way to run a country? FHA/VA/Ginnie Program Changes Iberiabank Corp and two subsidiaries agreed to pay $11.69 million to resolve allegations they submitted false...(read more)

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  • MBS Week Ahead: Central Bank Meetings and Fiscal Drama Keep Volatility on The Table

    Posted To: MBS Commentary

    There are 3 to 4 big players this week when it comes to potential market movers . In no particular order, these include Treasury auctions, central bank announcements, inflation data, and potential tax headlines. The relative importance of any of these factors depends on reality versus expectations. For instance, with respect to the Treasury auctions (which occur earlier than normal this week with 2 today and 1 tomorrow), if demand metrics are in the middle of the range of historical averages and if the yield awards fall in line with expectations, we might not see much market movement at all. Contrast that with any potential tax bill headlines where a simple "yea or nay" has market moving connotations. In general, any news that makes it look like the tax bill is more likely/certain...(read more)

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  • MBS RECAP: Every Bit the NFP Reaction We Expected

    Posted To: MBS Commentary

    When it comes to bond markets reacting to economic data these days, don't expect too much and you won't be disappointed. Heading into today's NFP release, it didn't make much sense to expect a major reaction, although there always tends to be more active trading in the few hours following the data. That turned out to be exactly the case today. Bonds began domestic hours in slightly weaker territory--largely as a carryover from yesterday afternoon's weak momentum. That's not an analytical cop-out as much as it's a comment on the absence of motivation in the overnight session and the gradual, thinly-traded nature of the weakness (i.e. move toward higher rates). NFP came out with a stronger payroll count but with weaker wage growth. Even in a month where it would be...(read more)

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  • Rates Stay Higher After Jobs Report and Shutdown Bill

    Posted To: Mortgage Rate Watch

    Mortgage rates moved modestly higher today, although some lenders were right in line with yesterday's levels (especially those who raised rates in response to market weakness yesterday afternoon). Either way, today's rates are pretty darn close to yesterday's and very much inside the recent range. The Labor Department announced that 228k new jobs were created in November, stronger than the median forecast of 200k. These so-called "nonfarm payrolls" add up to the most widely followed metric on the health of the labor market in the US. On most other occasions, the report would create a more meaningful response in rates (which tend to rise when jobs growth is strong). In the current case, market participants are more interested to see how various legislative efforts develop--especially the tax...(read more)

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  • Consumers Expect Strong Increases in Housing Costs

    Posted To: MND NewsWire

    After dropping in October from what had been an all-time high the previous month, Fannie Mae's Home Purchase Sentiment Index (HPSI) resumed its upward trek , increasing by 2.6 points in November to 87.8, Strong responses to questions in the National Housing Survey (NHS) to questions about whether it was a good time to buy a home and expectations for home prices were the primary drivers of the index gains. The survey is based on six of more than a hundred questions asked in the monthly NHS survey. Four of the six components gained ground in November. The net share of respondents who said now is a good time to buy a home increased 7 percentage points to 29, erasing the previous month's 6-point drop. The net remains down 1 percentage point compared to the same period last year. The net share who...(read more)

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