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  • Has the CFPB Been Neutered?

    The post Has the CFPB Been Neutered? appeared first on National Real Estate Post.

  • Mortgage Application Volume Makes a Return to Positive Territory

    The Mortgage Bankers Association (MBA) said mortgage application volume rose for the first time in five weeks during the week ended February 7.  MBA's Market Composite Index, a measure of that volume, increased 3.6 percent on a seasonally adjusted basis from the index for the week ended February 8.  That index was revised, according to MBA, after additional data was received from participants in the Mortgage Application Survey.  The week's volume was 7 percent higher on a non-adjusted basis. The refinance Index was up 6 percent.  The refinance share of mortgage activity decreased to 41.7 percent of total applications from 41.8 percent the previous week. 

     

  • How to Beat – It’s Too Expensive and Rates are Too High

    The post How to Beat – It’s Too Expensive and Rates are Too High appeared first on National Real Estate Post.

  • Marketing, Training Products; Another Wholesaler Exits; Conforming News

    Where’s John Mellencamp when you need him? Lenders in rural areas know that over half of U.S. farm households lost money farming in the past few years. In 2018, the median (half above, half below) farm income for U.S. farm households was -$1,548. U.S. farm debt hit more than $409 billion in 2018, the largest sum in four decades, and farming’s Chapter 12 bankruptcy filings have been on the rise in the past several years...  Through the expertise of third-party service providers, AIM automates the manual processes of assessing borrower assets and income. AIM reduces the burden of traditional documentation, speeds up the loan origination process and helps you close loans faster. 

  • Low Rates and Strong Jobs Numbers Bolster Builder Confidence

    The Housing Market Index (HMI) continues to recover from the plunge it took in November and December when it dropped an aggregate of 12 points.  The National Association of Home Builders (NAHB)/Wells Fargo measure of builder confidence in the market for newly-built single-family homes added another 4 points in February to the 2 it gained in January. It now standards at 62 on a 100-point scale. "Ongoing reduction in mortgage rates in recent weeks coupled with continued strength in the job market are helping to fuel builder sentiment," said NAHB Chairman Randy Noel. "In the aftermath of the fall slowdown, many builders are reporting positive expectations for the spring selling season."

     

  • The Power of the Yellow Envelope

    The post The Power of the Yellow Envelope appeared first on National Real Estate Post.

  • "Homeowners are in Great Shape," Delinquencies Improve Across the Board

    Mortgage loan delinquencies were down from the third quarter of 2018 in the fourth quarter. The Mortgage Bankers Association (MBA) said the improvements held across all loan types and all stages of delinquency although there was a slight uptick in foreclosure starts. The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.06 percent of all loans outstanding, down 41 basis points (bps) from the third quarter and 111 bps from the fourth quarter of 2017 according to MBA's National Delinquency Survey.

     

  • Cord Cutting and Real Estate

    CLICK HERE TO REGISTER FOR THE KEYBOOM PRESENTATION Click Here to see the Cord Cutting article.

    The post Cord Cutting and Real Estate appeared first on National Real Estate Post.

  • Mortgage Bankers Estimate 29% Surge in New Home Sales

    While we have not yet seen figures from the Census Bureau for December let alone January, the Mortgage Bankers Association (MBA) is reporting a surge in new home sales last month.  Information from MBA's Builder Application Survey (BAS) indicates that those sales, while unchanged from January 2018, increased by 43 percent compared to December 2018.  The change does not include any adjustment for typical seasonal patterns.

    On a seasonally adjusted basis, MBA estimates sales were at an annual rate of 713,000 units. This is an increase of 29.2 percent from the December estimate of 552,000 units. Before adjustment MBA estimates that there were 54,000 new home sales in January 2019, up 45.9 percent from 37,000 new home sales in December.

  • Fewer Plan to Buy, But Others Aren't Giving Up

    The perceptions, expectations, and plans of prospective homebuyers appear to be undergoing a transition according to results from the most recent Housing Trends survey report from the National Association of Homebuilders (NAHB).  Rose Quint writes about the fourth quarter 2018 survey in a five-part series in the association's Eye on Housing Blog.  She says that, for starters, there has been a steady erosion in the percentage of adults who said they planned to purchase a home within a year. That share slipped quarterly from 24 percent in the fourth quarter of 2017 to 13 percent in both the third and fourth quarters of 2018.

     

  • GSEs Continue Financial Winning Streaks

    Freddie Mac and Fannie Mae (the GSEs) reported solid financial results for both the fourth quarter and the entirety of the 2018 fiscal year on Thursday. The annual income was higher for both GSEs, although each posted a decrease quarter-over-quarter. Fannie Mae's total comprehensive income for the fourth quarter was $3.2 billion compared to $4.0 billion in the third quarter, and it reported a $16.0 billion total for the year.  Because of ramifications from the 2017 tax act, its comprehensive income for the 2017 year was only $2.6 billion.

     

  • 2018 Aspiring Home Buyers Profile

    CLICK HERE to Register for Listing Booster Mastery for MLO’s CLICK HERE to try MBS Highway CLICK HERE to Learn More About PreApp1003 CLICK HERE to Download the Aspiring Home Buyers Profile

    The post 2018 Aspiring Home Buyers Profile appeared first on National Real Estate Post.

  • A Simple Solution?

    Recently a book I was reading said the key to losing weight is drinking more water and eating less. The author pointed out that it really is that simple. Cut the gimmicks, the special diets, the concerns over macros and getting certain vitamins. Just drink half your body weight in ounces, and burn more calories […]

    The post A Simple Solution? appeared first on National Real Estate Post.

  • NAHB Takes a Detailed Look at First-Time and Trade-up Buyers

    A total of 8.8 million households bought homes in the two years preceding the most recent American Housing Survey (AHS).  The survey, sponsored by the Department of Housing and Urban Development, is conducted by the Census Bureau every two years.  The AHS is a nationally representative survey of residential structures in the US and of the households that occupy them. Results of the 2017 survey were released last year and the National Association of Home Builders (NAHB) has taken a detailed look at the findings, publishing several blog entries.  Carmel Ford of NAHB's Economics and Housing Policy Group has now published a paper on the characteristics of those recent buyers and their transaction.

     

  • Ellie Mae Being Bought for Billions

    Ellie Mae Being Bought for Billions

    The post Ellie Mae Being Bought for Billions appeared first on National Real Estate Post.

  • NAR: Home Price Gains at a "Healthier" Pace

    An asset bubble can burst, or it can develop a slow leak, and float more or less gradually back to normal levels. The National Association of Realtors'® (NAR's) quarterly report on existing homes and metro home sales seems to indicate that the housing market, where skyrocketing prices were a concern not that long ago, is following the latter pattern.  Not only are sales slowing, but inventories are growing, and appreciation appears to be gradually decelerating. The NAR said the median price of a single-family home sold in the fourth quarter of 2018 was $257,600, a 4.0 percent increase from the median of $247,800 a year earlier.  The year-over-year gain in the fourth quarter of 2017 was 5.3 percent.

     

  • Global Concerns Slow Mortgage Apps, Even With Lower Rates

    Mortgage applications have now fallen in six of the last eight weeks. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of application volume, fell lost another 3.7 percent on a seasonally adjusted basis during the week ended February 8.  On an unadjusted basis the composite was down 4.0 percent. The Refinance Index decreased 0.1 percent from the previous week although the refinancing share of applications submitted rose to 43.2 percent. During the week ended February 1 refinancing had a 41.6 percent share.

     

  • 38% of Married Homeowners have Roommates?

    38% of Married Homeowners have Roommates? LISTING BOOSTER MASTERY FOR MLO CLASS – CLICK HERE!

    The post 38% of Married Homeowners have Roommates? appeared first on National Real Estate Post.

  • Delinquencies and Foreclosures at 10-Year Lows

    According to CoreLogic, loan performance continues to improve on a national basis, with delinquencies dropping more than 1 percentage point over the 12 months ended in November 2018.  Frank Nothaft, CoreLogic's Chief Economist, said the decline was driven by solid income growth, a record amount of home equity and an absence of high-risk loan products.  "This put the U.S. homeowner on solid ground. All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down," he said.

     

  • Here is Your Huckleberry to Run With

    CLICK HERE TO CONNECT WITH ANGEL OAK!

    The post Here is Your Huckleberry to Run With appeared first on National Real Estate Post.

  • NAR's Proposal to Restructure Fannie/Freddie

    The second proposal for reform of the housing finance system in a week was just introduced by the National Association of Realtors® (NAR). Their "vision" for reform is centered on Fannie Mae and Freddie Mac (the GSEs). The future of the two companies, in federal conservatorship since 2008, barely got a mention in the outline for reform legislation released a few days ago by Mike Crapo (R-ID), chair of the Senate Bankin Committee. NAR unveiled its proposal, developed in collaboration with Susan Wachter, the Albert Sussman Professor of Real Estate and Professor of Finance at The Wharton School of the University of Pennsylvania, and Richard Cooperstein, head of Risk Management at Andrew Davidson and Company, Inc., before a sold-out forum audience of 400 on Thursday.

     

  • Stop Complaining and Start Asking

    CLICK HERE to Register for WINNING BY ASKING

    The post Stop Complaining and Start Asking appeared first on National Real Estate Post.

  • Housing Sentiment May Be Bouncing Back

    Respondents to Fannie Mae's January National Housing Survey adopted a new outlook to go along with the new year, primarily in responses about their personal financial situation.  As a result, the Home Purchase Sentiment Index (HPSI) increased 1.2 point to 84.7, taking back some of the 2.3 points it shed in December.

    The improvement was driven by an 8-point increase in the net share of respondents reporting higher income than 12 months earlier. At 27 percent, that net is 11 points higher than in January 2018.  This was partially offset by a 6-point decline in the net percentage of those who said they were not concerned about losing their job.  The net of 73 percent is unchanged from a year ago.

  • Zillow Putting Their Listings Over Yours?

    The post Zillow Putting Their Listings Over Yours? appeared first on National Real Estate Post.

  • Aging-in-Place Trend Contributing to Tight Inventories

    In their December Insight report Freddie Mac's economists estimated the country will fall short of its housing needs this year by about 2.5 million units. Yet at the same time, fewer members of the Millennial generation are buying houses than young people did in earlier periods. This month the Insights report examines the intersection of these facts, asking who is living in those homes that young people were expected to buy, and how this relates to the shortfall. Freddie Mac' research finds that today's seniors (persons born after 1931) are staying in their homes longer, and aging in place. 

  • Conventional Loan Access Rebounds After HARP-Related Losses

    The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI), a measure of access to mortgage credit, partially rebounded from an unusually large downturn in December.  The Index rose 2.3 percent in January to 179.0. A lower MCAI indicates that lending standards are tightening while increases means credit is loosening.  The MCAI fell 7.3 percent the prior month, driven by a 14.5 percent decline in the Conventional MCAI. The Conventional MCAI increased 4.9 percent while the Government MCAI was unchanged. Of the component indices of the Conventional MCAI, the Conforming MCAI increased by 7.3 percent, and the Jumbo MCAI increased by 3.0 percent.  

     

  • In This Market You Win Some and You Lose Some

    The post In This Market You Win Some and You Lose Some appeared first on National Real Estate Post.

  • Moderating Home Prices May Turn the Tide for Would-be Buyers

    The CoreLogic Home Price Index puts the annual rate of appreciation nationally at 4.7 percent in December and the gain from November 2018 to December at 0.1 percent.  All states but Louisiana and North Dakota had price increases over the 12 months ended in December 2018. The highest rates were in Idaho at 11.7 percent, Nevada at 10.8 percent, and Utah, 8.7 percent. Frank Nothaft, CoreLogic's Chief Economist noted that price increases have been moderating.  "Higher mortgage rates slowed home sales and price growth during the second half of 2018. 

  • Mortgage Volume Little-Changed Despite Lower Rates

    Mortgage applications suffered their third consecutive decline during the week ended February 1.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week.  On an unadjusted basis the index was up 12 percent from the week ended January 25. That week's results included an adjustment for the Martin Luther King Jr. Day holiday. The seasonally adjusted Purchase Index was also down for the third time, falling 5.0 percent from the previous week. 

  • Banks Have Big Tech Breathing Down Necks, Competition Heats Up

    We usually hear about Fannie Mae's National Housing Survey (NHS) in terms of whether respondents think it is a good time to buy or if they see the economy moving in the right or the wrong direction. But the third quarter survey looked at consumers' relationship with their banks and their comfort level with Big Tech's Tech (e.g., Google, Amazon, Apple, and Facebook) foray into financial services. Only 43 percent of respondents say they would be very likely to recommend their bank, but when asked why they tend to stay with them the most common answer (43 percent) was force of habit.  

  • Protect Our Veterans From Loan Churning

    We need your help to protect our U.S. Veterans from loan churning. Please share this video with as many people as you can, if you prefer to share this on Facebook, please click here.

    The post Protect Our Veterans From Loan Churning appeared first on National Real Estate Post.

  • Learn from Superbowl Commercials

    The post Learn from Superbowl Commercials appeared first on National Real Estate Post.

  • Lower Rates and Slower Price Gains to Help Affordability in 2019

    Although they covered the topic in last month's Mortgage Monitor, further declines in interest rates have prompted Black Knight to take another look at the impact on the refinance pool. The previous edition reported that the 30-basis point drop in the 30-year fixed rate mortgage from a post-recession peak in November to 4.55 percent by the end of December had boosted the pool of borrowers who could qualify for and benefit from refinancing by more than a half million. At that point the pool had returned to 2.4 million homeowners who could reduce their rate by at least...

  • Some Non-Bank Lenders May Lose FHA

    The post Some Non-Bank Lenders May Lose FHA appeared first on National Real Estate Post.

  • Is Student Loan Debt Driving Homeownership Lower?

    It's widely known that homeownership rates are historically low and that they peaked at 69 percent in 2005.  They began dropping a year or two later and had lost about 4 percentage points by 2014. They did not stabilize until 2016.  The 2005-2014 drop was most dramatic among young adults.  Three analysts from the Federal Reserve Board's Division of Research and Statistics have now drawn a direct line between their 9-percentage point decline in homeownership and student loan debt. The three, Alvaro Mezza, Daniel Ringo, and Kamila Sommer, looked specifically at household heads aged 24 to 32. Among those in this category in 2005, 45 percent owned their home, but just 36 percent did in 2014. Over that same time frame, per capita student debt levels went from $5,000 in 2005 to $10,000 in 2014 and the total has reached $1.5 trillion.  

  • Delayed November Construction Numbers Largely Positive

    Construction spending rose 0.8 percent in November to a seasonally adjusted rate of $1.30 trillion compared to $1.29 trillion in October. The Census Bureau report, delayed from its original release date in early January by the partial government showdown, shows overall construction spending up 4.5 percent from November 2017. On an unadjusted basis there was $108.33 billion spent on overall construction, both private and public, during the month compared to $115.84 billion in October.  Year-to-date (YTD) spending through the end of November was $1.20 trillion, up from 1.15 trillion during the first 11 months of 2017.

     

  • Here We Go Again on Housing Reform. Is This Time Any Different?

    There was a flurry of rumors and a bit of a bull market around the Freddie Mac and Fannie Mae stock a few weeks ago after Federal Housing Finance Agency (FHFA) acting director Joseph Otting told FHFA staff that the agency would soon announce plans to remove the Freddie and Fannie (the GSEs) from conservatorship. It has been crickets since except for a recent statement from the White House that it would be releasing a comprehensive framework for housing finance reform "shortly," but that no decisions had been made regarding its substance.

     

  • Barry Habib Dives Deeper into the Numbers

    Try MBS Highway by CLICKING HERE

    The post Barry Habib Dives Deeper into the Numbers appeared first on National Real Estate Post.

  • Fannie Mae VP: Lenders Need More Inventory!

    The chant throughout 2018 from housing industry sources was inventory, inventory, inventory - or lack of same. It was blamed first for rising home prices and then for the slow growth in home salesFannie Mae's fourth quarter Mortgage Lender Sentiment Survey found that most lenders agree that this was the case. Mark Palim, Fannie Mae's Vice President and Deputy Chief Economist, writes in the company's Perspectives blog that nearly half of lenders responding to the survey named an insufficient supply of homes available for sale as the top reason behind the slow growth in sales last year.  

  • Why Are Mortgage Payment Amounts Rising 3 Times Faster Than Home Prices?

    While the median price of a home sold nationally increased more than 5 percent over the 12 months ended in October, the monthly payment on that home went up by more than three times as much.  That's the bad news.  The good news is, that may be as bad as it gets.  Andrew LePage writes in the CoreLogic Insights blog that the median price of a home sold in October 2018 was $218,733, a 5.2 percent annual increase.  Over that same period mortgage interest rates rose by 0.9 percentage point.  This magnified the home price appreciation and led to a 17 percent increase in the principal and interest payment on that home.

     

  • Here is a New Meaning for the Term Brickhouse

    The post Here is a New Meaning for the Term Brickhouse appeared first on National Real Estate Post.

  • Realtors Expect Pending Sales to Improve in 2019

    Pending home sales were down again in December, falling below the Pending Home Sale Index's (PHSI's) benchmark 100 level to 99.0.  The index was at 101.2 in November.  The 2.2 percent month-over-month decline follows losses of 0.7 percent and 2.6 percent in the previous two months.  The National Association of Realtors® (NAR) said its index is down 9.8 percent from its level in December 2017, marking the 12th straight month of annual decreases. The PHSI is a forward-looking indicator based on signed contracts for existing home purchases. Pending sales are expected to translate into closed transactions within one to two months.

     

  • November New Home Sales - Worth the Wait

    New home sales exploded in November, rising 16.9 percent from October's dismal performance to a seasonally adjusted annual rate of 657,000 units. The report from the U.S Census Bureau and the Department of Housing and Urban Development, delayed by over a month by the partial government shutdown, was in sharp contrast to the 8.9 percent decline from September to October with a reported 544,000 in annualized sales.  The October number was also revised upward to 562,000 units. Sales have been down on a monthly basis in nearly every report since May, so despite the large November gains, new home sales remain 7.7 percent lower on an annual basis.  Sales in November 2017 were estimated at an annualized 712,000 units.

     

  • Changing Fannie and Freddie Cost More Than Bailout

    The post Changing Fannie and Freddie Cost More Than Bailout appeared first on National Real Estate Post.

  • Fear of Past Mistakes Holding Back FHA Modification Program

    The days when published a monthly tally of the number of loan modifications made by servicers under several public and private sector programs are long gone, but modifications are still needed and memories of the missteps and chaos that accompanied the process linger.  The recent assessment by the Consumer Financial Protection Bureau (CFPB) of their post-crisis rules for mortgage servicers indicate there were lessons learned, but maybe not enough of them. Four Urban Institute analysts* suggest, in a recent article in the Institute's Urban Wire blog, that the FHA still allows and/or requires its servicers to employ some loan modification guidelines and procedures that are cumbersome, maybe even nonsensical for borrowers and increase costs for servicers.

     

  • Mortgage Apps Down Slightly, are Rates to Blame?

    It was yet another holiday shortened week, this time occasioned by Martin Luther King's birthday, and mortgage application activity was down.  The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of mortgage loan application volume, decreased 3.0 percent on a seasonally adjusted basis from one week earlier and was down 10 percent on an unadjusted basis. The data was further adjusted to account for the holiday. The seasonally adjusted Purchase Index was 2 percent lower than during the week ended January 18 and it declined by 6 percent on an unadjusted basis. 

  • Freddie Mac's Portfolio Grew 4.2 Percent in 2018

    Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 6.6 percent in December, down from 6.8 percent the previous month.  The portfolio balance at the end of the period was $2.182 trillion compared to $2.170 trillion at the end of November and $2.094 trillion a year earlier.   Purchases and Issuances totaled $35.155 billion, bringing the 2018 year-end total to 395.601 billion. The full year 2017 total was $428.786. Sales were ($2.351) billion and Liquidations ($20.867) billion in December and totaled ($24.729) and ($283.215) billion respectively in 2018.  

  • Freddie Mac Forecast Sees Lower Interest Rates Holding

    Freddie Mac's Economic Research Group says in its January forecast that much of the volatility in the mortgage market since the end of the year has arisen out of speculation about the Federal Reserve's future moves vis-à-vis rate hikes.  Because of this they have begun including their estimates for the Federal Funds Effective Rate in their monthly forecast.  They have ratcheted back their prediction to only one rate increase this year and expect the fund to average 2.3 percent in 2019.  It will then hold steady at 2.5 percent for each of the four quarters in 2020.

     

  • Baby It Is COLD Outside

    The post Baby It Is COLD Outside appeared first on National Real Estate Post.

  • Despite Inventory and Affordability Woes, Home Prices Continue to Rise

    The pace of home price increases slowed a little more in November.  The non-seasonally adjusted (NSA) S&P CoreLogic Case-Shiller U.S. National Home Price Index which covers all nine U.S. census divisions, reported a 5.2 percent annual gain in November, down from 5.3 percent annual appreciation in October. On a month-over-month basis the NSA National Index rose 0.1 percent and after seasonal adjusted gained 0.4 percent The deceleration was more apparent in the two composite indices.  The annual increase in the 10-City Composite dropped from 4.7 percent in October to 4.3 percent while the 20-City slowed to 4.7 percent from 5.0 percent. 

  • The MLO Game Changer

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  • End of Fannie Freddie Conservatorship Draws Closer

    The post End of Fannie Freddie Conservatorship Draws Closer appeared first on National Real Estate Post.

  • Older Homes Deter Upgrade of Housing Stock

    The library of articles citing the alarming lack of new construction continues to grow. Freddie Mac, the Urban Institute (UI), and John McManus of Builder Pulse magazine have all written articles about what some of them called a crisis for the housing industry. UI put the shortfall between supply and demand in 2017 at 350,000 units. Freddie Mac's economists estimated that the long-term deficit could be 2.5 to 4.0 million units each year. McManus went to far as to say housing may be broken because of the dislocation created by too few houses. Now the National Association of Home Builders (NAHB) has produced a study about some of the ramifications.

     

  • 58% of MLOs See Market Crash in 24 Months

     CLICK HERE to Download Survey

    The post 58% of MLOs See Market Crash in 24 Months appeared first on National Real Estate Post.

  • 2018 Ended with Record Low Delinquencies

    The US ended 2018 with the lowest delinquency rate since at least the beginning of this century.  Black Knight says the December rate of 3.88 percent is an increase of 4.71 percent from the previous month, which it terms a seasonal uptick, and is 17.55 percent lower than at the end of 2017.  It is the lowest rate since Black Knight first tracked it in 2000.  In all there were 2,013,000 mortgages that were 30 or more days past due at the end of December but were not yet in foreclosure.  This is 88,000 more than were past due a month earlier but just shy of 400,000 fewer on an annual basis.

     

  • More Buyers Turning to ARMs to Achieve Ownership

    The share of December originations that were adjustable rate mortgages (ARMs) was the highest since Ellie Mae began tracking them in 2011 the company said in its December Origination Insight Report.  As mortgage rates rose, the share of ARMs reached 9.2 percent, up from 8.9 percent in November.  The share in December 2017 was 5.6 percent. "With the strong demand for housing and the rapid increase in property value appreciation, more consumers are turning to Adjustable Rate Mortgages in order to gain additional flexibility when competing for a home," said Jonathan Corr, president and CEO of Ellie Mae.

  • Fannie and Freddie Coming Out of Conservatorship

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    The post Fannie and Freddie Coming Out of Conservatorship appeared first on National Real Estate Post.

  • Rising Inventories Tempering Prices, Existing Home Sales Resume Slide

    Existing home sales finished up the year on a decidedly sour note.  After putting together consecutive increase in October and November and ending a six-month losing streak, the National Association of Realtors® reports sales plummeted 6.4 percent in December. Sales of previously owned single-family houses, townhouses, condos and cooperative apartments were at a seasonally adjusted annual rate of 4.99 million compared to 5.32 million in November.  Existing home sales, which were already at a 7-1/2 year low in November and down 7.0 percent from a year earlier are now 10.3 percent lower than from the 5.56 percent pace last December.

     

  • Big Changes at Fannie/Freddie, Is Conservatorship Nearing an End?

    MarketWatch is reporting that Federal Housing Finance Agency (FHFA) along with Treasury and other parts of the administration are about to reveal a plan to end the 10-year plus conservatorship of the two GSEs Fannie Mae and Freddie Mac.  Joseph Otting, who is keeping the FHFA director's seat warm until former director Melvin Watt's replacement is confirmed, is said to have told a full FHFA staff meeting on Thursday that there should be a blueprint announced in about a week. An FHFA spokesperson confirmed that a plan was at the meeting discussed but said there were no details or timelines proposed. 

  • Mortgage Applications Settle Back into Winter Norms

    Mortgage applications returned to more normal levels during the week ended January 18 after two rather post-holiday periods. Both purchasing and refinancing were down from double digit levels and the Mortgage Bankers Association's (MBA) Market Composite Index gave back a small portion of the 37 percent in aggregate gains accumulated over the two previous weeks. The composite, a measure of total application volume, declined 2.7 percent on a seasonally adjusted basis compared to the week ended January 11 and was down 0.3 percent on a non-adjusted basis. The Purchase Index dropped back by two points on an adjusted basis but did increase 4 percent on a non-adjusted basis and remained 13 percent ahead of the same week in 2018.

     

  • Prolonged Shutdown Could be Trouble for Housing

    Fannie Mae does not expect a lasting impact from the current partial government shutdown, at least if it is over soon.  In its January Economic Developments report, the company's Economic and Strategic Research (ESR) Macroeconomic Forecast Team again predicts a slowing in economic growth, down from the estimated pace of 3.1 percent in 2018 to 2.2 percent this year. This moderation, from what they say will probably turn out to be the strongest pace of the recovery, will be due to the fading effects of the fiscal stimulus and tightening financial conditions. They add however that despite the shutdown, the economy will continue to grow, and the current expansion will become the longest on record.

     

  • FHFA Home Prices See No Slowdown

    The Federal Housing Finance Agency (FHFA) said its November Housing Price Index recorded an 0.4 percent gain compared to October.  The October increase, previously reported at 0.3 percent, was revised to 0.4 percent as well.  FHFA numbers, which are calculated from sales price information for homes financed with mortgages sold to or guaranteed by the GSEs Fannie Mae and Freddie Mac, appear to be moving counter to other indices which have shown price growth moderating.  With the exception of September, when it was 0.2 percent, FHFA's monthly number has held steady at 0.4 percent since last May.

     

     

     

  • Barry Habib Concerned About Rates

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    The post Barry Habib Concerned About Rates appeared first on National Real Estate Post.

  • Fannie/Freddie Changes Run the Gamut, Including Shutdown Underwriting Shift

    “Some people are so poor, all they have is money.” How about “26 of the World’s Richest Own the Same Wealth as Poorest Half” in the world!? To the best of my knowledge the PUGS (partial U.S. government shutdown) is not helping anyone’s wealth and is impacting U.S. citizens. Freddie and Fannie released policy and procedure updates caused by the shutdown – more below... Will Joseph Otting, Acting Director of the FHFA, which oversees Freddie and Fannie, soon announce a plan to take the GSEs out of conservatorship? We’ve never expected Congress to spring into action, with the U.S. Government receiving billions of dollars of their profits every year.

  • CFPB Seeks Clarity on VA Loans

    The post CFPB Seeks Clarity on VA Loans appeared first on National Real Estate Post.

  • Has RESPA's Servicer Rule Reduced Foreclosures?

    In accordance with requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) recently conducted five-year assessments of two rules it promulgated under the act.  We summarized their assessment of the Ability-to-Repay/Qualified Mortgage rule last week.  What follows is a brief summary of the assessment of the Real Estate Settlement Procedures Act's (RESPA's) servicing rule. Many provisions of the rule relate to servicer obligations to review delinquent borrowers for foreclosure avoidance options such as loss mitigation. 

  • Zillow Selling in 5 New Markets

    The post Zillow Selling in 5 New Markets appeared first on National Real Estate Post.

  • New Home Sales Pull Back Amid Global Uncertainty

    Applications for new home purchases dropped in December, falling 6.8 percent behind those a year earlier. The deficit from November was even larger, a decline of 13 percent.  The Mortgage Bankers Association (MBA) estimates that those numbers, which do not include any adjustment for seasonal patterns, translates into new home sales during the month at an annual rate of 552,000 units, a 12 percent decrease from the estimated November pace of 627,000 units. On an unadjusted basis, MBA says there were 37,000 new homes sold during the month, down 17.8 percent from the 45,000 new home sales in November.

     

  • Marching Back to Over-Regulation

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  • Will New FHFA Head Follow his Instincts or Bow to Reality?

    "The most important question in housing policy heading into the new year has nothing to do with interest rates, housing supply, or home sales," Urban Institute (UI) non-resident fellow Jim Parrott says.  "It's what kind of director of the Federal Housing Finance Agency (FHFA) Mark Calabria will be." Calabria has been named to replace Melvin Watt as director of the agency that regulates the Federal home Loan Banks and the GSEs Fannie Mae and Freddie Mac.  FHFA has also been conservator of the GSEs since 2008.  Parrott says the agency has "an enormous hand in who in this country can get a mortgage and on what terms."  

  • Confessions of Another Top Producer

    The post Confessions of Another Top Producer appeared first on National Real Estate Post.

  • NAR Survey Finds American Dream Depends on Affordability

    Homeownership as an American dream is alive and well according to new data from the National Association of Realtors® (NAR) 2018 Housing Opportunities and Market Experience (HOME) Survey.  The survey was conducted across all 12 months of last year.  Sixty-four percent of respondents were homeowners, 27 percent were renters, and 9 percent were non-homeowners living with a family member without paying rent. 

    NAR just released Aspiring Home Buyers Profile, which focuses on survey responses from non-homebuyers, both those who rent and those living with a family member. Of the non-owners, 45 percent were 34 years or under, 59 percent make an income of under $50,000, and 43 percent live in suburban areas.  Across the quarters of 2018 non-homeowners were consistent in their desire to own a home in the future, with about three-quarters saying it was part of their American Dream. Nine out of ten homeowners gave that same response.

  • Purchase Mortgage Applications Reach 8 Year High

    January 11 ended the first full business week in a while and mortgage activity responded accordingly.  The Mortgage Bankers Association (MBA) reported a strong rebound when, despite a government shutdown, business returned more or less to normal. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 13.5 percent on a seasonally adjusted basis from the week ended January 4, reaching its highest level since last February.  On an unadjusted basis, the Index was up 45 percent.

     

  • Millionaires Cash-Out Too; Big Refis for Big Homes

    Somewhere in this country there are 230 homes with mortgage balances between $10 and $20 million dollars.  According to a post written by Arthur Jobe in the CoreLogic Insights blog, 75 percent of them were originated since 2013, and 180 represent refinances. Those refinances were largely originated since 2013 as well. These homes are unlikely to be in your neighborhood (or ours) although you would have the best shot if you live in California, home to 55 percent of the super jumbo refinances. Seventeen percent are located in Florida, and smaller percentages (4 to 6 percent) in Massachusetts, Connecticut, New York, and Texas.

     

  • Builder Confidence Buoyed by Lower Rates

    After falling an aggregate of 12 points in November and December the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) appears to have stabilized.  The HMI, a measure of home builders' confidence in the market for newly constructed homes, gained 2 points in January, rising to 58.  This one 1-point higher than analysts polled by Econoday had predicted. "The gradual decline in mortgage rates in recent weeks helped to sustain builder sentiment," said NAHB Chairman Randy Noel.  "Low unemployment, solid job growth and favorable demographics should support housing demand in the coming months."

     

  • How About Making The Call?

    The post How About Making The Call? appeared first on National Real Estate Post.

  • Keller Makes a Shift

    The post Keller Makes a Shift appeared first on National Real Estate Post.

  • MBA Revives Income Verification During Govt Shutdown

    At least one part of the shutdown is over as the Internal Revenue Service (IRS) announced it has resumed its Income Verification Express Service (IVES.)  The service, which provides tax transcripts essential for processing mortgage applications for non-W-2 wage earners, was shut down, along with many federal government services, on December 21 and its workers were furloughed. The Mortgage Bankers Association took credit for the turnaround, saying it was its "successful advocacy" that got the IRS to restart the program. Robert Broeksmit, president and CEO of MBA said he took the appeal directly to Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin. 

  • CFPB: How ATR/QM Rule has Changed Lending

    The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a requirement that the Consumer Financial Protection Bureau (CFPB), author of many of the rules under the act, publish an assessment of its "significant rules and orders" within five years of their effective date.  Among the rules that CFPB has determined to fit that category are the Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule and the Real Estate Settlement Procedures Act (RESPA) Mortgage Servicing Rule.  Both came into effect in January 2014 and assessment of both were published this week.

     

  • Movement Buys Eagle

    The post Movement Buys Eagle appeared first on National Real Estate Post.

  • Credit Access Takes a Hit as HARP Expires

    Credit availability suffered an unusually large decline in December.  The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) fell 7.3 percent to 175.0 in December (it was 188.8 in November.)  A decline in the MCAI indicates that lending standards are tightening. The MCAI has two major components and the loss in availability came entirely from the Conventional Index which decreased by 14.5 percent.  The Government MCAI inched up by 0.1 percent.  The Conventional MCAI itself has two components and both were down, the Jumbo MCAI by 14.9 percent and the Conforming by 14.0 percent.

     

  • Prepayment Rate Shrinks, Composition Shifts

    The November Mortgage Monitor from Black Knight focused largely on the shifting of the mortgage market toward purchase originations and the unexpected expansion of the refinancing pool due to recent interest rate drops, but it also had an interesting analysis of the current mortgage prepayment rate (also known as single month mortality or SSM).  Mortgage prepayments typically slide along with refinancing, and right on schedule the SSM rate for fixed-rate mortgages hit a 10-year low in November, down 34 percent year-over-year.  But this time there are some anomalies in the decline.

     

  • Confessions of a Top MLO ! ??

    The post Confessions of a Top MLO ! 😱 appeared first on National Real Estate Post.

  • Small Price and Rate Changes Make a Big Difference for Homebuyers

    As home sales have slowed, attention has shifted to the subject of affordability.  The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) has just published a study which attempts to estimate the approximate effect of each increase in prices and each uptick in mortgage rates means in terms of how many households can afford to buy a new home.  The study relies on mortgagee qualification criteria. NAHB's latest estimates show that nationally, a $1,000 increase in the price of a median-priced new home (using the national figure of $355,183) will price 127,560 U.S. households out of the market. 

  • The Birthday Every Month Strategy ??

    The post The Birthday Every Month Strategy 🎈 appeared first on National Real Estate Post.

  • Despite Disaster Impacts, Loans are Performing Historically Well

    Some housing market analysts have found recent trends in construction, home sales, and diminishing affordability disquieting and perhaps early warning signs of another housing-led recession.  They may find loan performance metrics reassuring.  CoreLogic's report for October indicates that, except for the impact of several recent natural disasters, those metrics are exceptional. CoreLogic's CEO Frank Martell says, "Despite some regional spikes related to hurricane and fire impacted areas, overall delinquency rates are near or at historic lows."

     

  • Government Shutdown has Little Effect on Real Estate

    As the partial government shutdown continues the National Association of Realtors® contacted a sample of its members to see if the real estate market is as yet feeling any impact.  At present the Department of Housing and Urban Development (HUD) and the Department of Agriculture are essentially closed, and the Internal Revenue Service is operating at a 15 percent staffing level.  The Veterans Administration and the Federal Housing Finance Agency (FHFA) say they are operating as usual NAR's online survey of its members had 2,211 usable responses.  

  • Mortgage Apps Surge as Borrowers Return in Droves, Rates Drop

    Even though the week ended January 4 was shortened by the New Year's holiday mortgage application volume rebounded strongly. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 23.5 percent on a seasonally adjusted basis compared to the previous week and 68 percent on an unadjusted basis.  The week's results include an adjustment for the New Year's Day holiday. Refinancing activity came in hot; the Refinance Index rose 35 percent and the refinance share of mortgage activity increased to its highest level since last February, 45.8 percent.  The previous week the refinancing share was 42.7 percent.

     

  • Lower Rates and Their Effect on Purchases, Refis

    While the report also looks at how the recent dip in interest rates may impact the demand for refinancing, the main theme of the November 2018 Mortgage Monitor is the shifting origination market. Black Knight's report notes that the first three quarters of 2018 produced the most purchase-dominated market in 18 years. Of the 4.8 million mortgages originated, about 63 percent were purchase originations, the largest percentage since 2000 when purchase originations accounted for about three-quarters of the total, and the rising trend is expected to continue.

  • Rising Rents Helps Purchases

    The post Rising Rents Helps Purchases appeared first on National Real Estate Post.

  • Action vs Inaction

    The post Action vs Inaction appeared first on National Real Estate Post.

  • Homebuying Sentiment Falls to National Housing Survey Low

    A few more Americans decided it might be a good time to buy a home in November, but boy did they change their minds in December.  Fannie Mae said the net positive responses to that question in its December National Housing Survey (NHL) plunged 12 points last month, dragging its Home Purchase Sentiment Index down to 83.5.  This is 2.7 points lower than in November and down 2.3 points year-over-year. The share of survey respondents who thought it was a good time to buy dropped 5 points to 52 percent while there was a 7-point increase in those who thought it was a bad time, to 41 percent. The resulting net of 11 points was the lowest in NHS history and 13 points lower than in December 2017.  Net positive responses to whether it was a good time to sell went up 1 point to 36 percent and is 2 points higher than a year earlier.

     

  • Another Dim Outlook for Refinancing

    Refinancing activity has probably held up better than expected as interest rates have risen.  Refinance applications accounted for more than 40 percent of the total in each of the Mortgage Bankers Association's weekly application volume summaries in December, aided by an unexpected dip in rates.  But CoreLogic's chief economic Frank Nothaft is predicting a dim future for that part of the business. In his Economic Outlook for January, Nothaft says he expects mortgage rates to reach their highest levels in a decade this year, affecting home buyers' monthly payments and lessening the impact of new conforming loan limits.  But the larger effect will be on refinancing. 

  • Fannie Mae Addresses Govt Shutdown

    The post Fannie Mae Addresses Govt Shutdown appeared first on National Real Estate Post.

  • Here we are Behind the 8 Ball

    Here we are Behind the 8 Ball

    The post Here we are Behind the 8 Ball appeared first on National Real Estate Post.

  • Even With Lower Rates, Mortgage Applications Drop 9.8%

    The Mortgage Bankers Association (MBA) office was closed during Christmas Week and did not issue its usual summary of mortgage application activity for the week ended December 21.  Its report for the week ended December 28 therefore covers changes to its volume indices since December 14.  These changes include adjustments to account for the Christmas holiday. MBA's Market Composite Index, a measure of total loan application volume, decreased 9.8 percent on a seasonally adjusted basis from two weeks earlier and was 46 percent lower on an unadjusted basis.  The Refinancing Index declined by 12 percent and the seasonally adjusted Purchase Index was down 8 percent.  

  • Freddie Mac Sees Market for SFR Securitizations

    Earlier this week we summarized a new White Paper from Freddie Mae detailing the growing importance of single-family properties within the U.S. rental market, especially in rural areas.  With the large number of such rentals - an estimated 25 million out of 43 million total units - and the recent history of growth in this segment, Freddie Mac says it is important to consider "where the money for acquisitions comes from, how properties are financed, and what are the fundamental terms of that financing."  Not only can the answers impact millions of renters, but also tens of millions of properties owners and the answers often vary by the kind of ownership.

     

  • Elizabeth Warren Running for President in 2020?

    Elizabeth Warren Running for President in 2020?

    The post Elizabeth Warren Running for President in 2020? appeared first on National Real Estate Post.

  • November Home Price Gains Slowing , Still up 5.1% YoY

    Home prices grew by an estimated 0.4 percent in November according to CoreLogic's Home Price Index (HPI) and were 5.1 percent higher than at the end of November 2017.  These figures indicate a significant slowdown in the rate of appreciation nationally over the past year.  The company reported a 1.0 percent gain for the month of November 2017 and, at that point, prices were up 7.0 percent year-over-year. CoreLogic's chief economist Frank Nothaft said, "The rise in mortgage rates has dampened buyer demand and slowed home-price growth.  Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during December, the highest monthly average since February 2011. 

  • Single-Family Homes Now Integral to Rental Stock

    When one thinks about renters it is usually clusters of three-story garden style apartments, or high-rise elevator buildings that come to mind.  But Freddie Mac says that the majority of America's 43 million renter households, 25 million of them in fact live in properties considered single-family housing - detached homes, townhomes, and two-to-four-unit properties (with the last category accounting for about 8 million units).   The total valuation of single-family rentals (SFRs) is estimated at well over $4 trillion, compared to $3.7 trillion for the traditional five+ unit rental properties.  Urban dwellers make up 35.5 million of the nation's renters while 7.5 million live in rural areas, but in the latter, 66 percent of the rental stock is single family housing.

  • Happy New Year Everyone

    Happy New Year from all of us at NREP!

    The post Happy New Year Everyone appeared first on National Real Estate Post.

  • Pseudo Busy

    December is my month to rest. I don’t take it off, and I still go to work almost every day, but I slow down and enjoy things a little more. I move at a slower pace, have shorter hours, and feel more relaxed. As Realtors, we don’t get time off. Nights, weekends, holidays, we work. […]

    The post Pseudo Busy appeared first on National Real Estate Post.

  • FEMA Puts the Stall on Closings?

    FEMA Puts the Stall on Closings?

    The post FEMA Puts the Stall on Closings? appeared first on National Real Estate Post.

  • Pending Sales; Foiled Again!

    Analysts had expected to hear that pending home sales had a good run in November, perhaps even breaking its 10-month streak of year-over-year declines; Econoday went so far as to predict "A big bounce back is the forecast for November pending home sales."  Instead, the National Association of Realtors® (NAR) announced that its Pending Home Sales Index (PHSI) was down 0.7 percent compared to October. The Index, based on signed contracts to purchase existing homes, slipped from 102.1 in October to 101.4.  This was a 7.7 percent decline from the November 2017 level, extending the losing streak to 11 months. The November results were below even the most negative predictions from analysts polled by Econoday. Those ranged from an 0.6 percent to loss to a 2.2 percent gain. 

  • When Group Texting Actually Works

    When Group Texting Actually Works

    The post When Group Texting Actually Works appeared first on National Real Estate Post.

  • Fannie/Freddie Annual Prices Soften; New Home Sales Delayed

    Home prices on the Federal Housing Finance Agency's (FHFA's) Housing Price Index (HPI) crept higher in October, although year over year appreciation slowed.   FHFA, which remains open during the shutdown, released its data Thursday morning reflecting prices of homes purchases using financing from the GSEs Fannie Mae and Freddie Mac. The Index gained 0.3 percent in October, a slight acceleration from the 0.2 percent increase in September. Prices rose in seven of the nine census districts with the greatest increases in the Pacific division at 1.4 percent and the West North Central at 1.1 percent. Prices in the South and Middle Atlantic districts declined by 0.6 percent and 0.2 percent respectively.

     

  • Case-Shiller Says Home Price Gains Slowing, Still up 5.5%

    Home prices continued to ratchet down their advances in October, fewer than half of the tracked cities saw prices increase on an unadjusted basis. The slowing is also beginning to show up in the annual readings. The Case-Shiller National Home Price Index which covers all nine U.S. census divisions, reported a 5.5 percent annual gain in October, unchanged from the year-over-year reading in September. That index had not been below 6.0 percent for a year until it dropped to 5.7 percent in August. Before seasonal adjustment the National Index managed a 0.1 percent gain for the month and 05 percent after adjustment.

     

  • 2019 Outlook with Barry Habib

    2019 Outlook with Barry Habib.

    The post 2019 Outlook with Barry Habib appeared first on National Real Estate Post.

  • Freddie Mac Portfolio Grows 6.8 Percent, Refi's on the Rise

    Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 6.8 percent in November, up from 4.7 percent the previous month.  The portfolio balance at the end of the period was $2.172 trillion compared to $2.159 trillion at the end of October and $2.098 trillion a year earlier. Purchases and Issuances totaled $40.878 billion, bringing the 2018 year-to-date total to $160.446. Sales were ($4.776) billion and Liquidations ($23.806) billion in November and totaled ($22.378) and ($263.736) billion respectively so far this year.  The annualized growth rate for 2018 through the end of November was 3.95 percent and the annualized liquidations rate was (13.7) percent. 

     

  • Oops.. Upload Database to Facebook – With Video…

    Sales Saturday – Upload Database to Facebook CLICK HERE to learn how to upload your database to Facebook and market to them!

    The post Oops.. Upload Database to Facebook – With Video… appeared first on National Real Estate Post.

  • Sales Saturday – Upload Database to Facebook

    Sales Saturday – Upload Database to Facebook CLICK HERE to learn how to upload your database to Facebook and market to them!

    The post Sales Saturday – Upload Database to Facebook appeared first on National Real Estate Post.

  • Urban Institute: QM Rule May Penalize Self-Employed

    Households headed by self-employed persons make up about one-tenth of all households and have a median income higher than those headed by salaried persons. But, while both self-employed and salaried households were hit hard by the Great Recession, the self-employed were hit harder and have not yet fully recovered from those effects.  Those households also find it more difficult to obtain a mortgage than salaried individuals because they are harder to underwrite.  They experience greater income volatility and lack pay stubs or W-2s that make it easy for lenders to verify and document income.

     

  • Change

    Time to change.

    The post Change appeared first on National Real Estate Post.

  • Improved Household Debt Levels Could Insulate Against a Downturn

    You can cut the numbers in several ways, but no matter the way it is reported, American households are in relatively good shape when it comes to mortgage debt. While this isn't a number many homeowners think about after they get up from the closing table, CoreLogic points out that it could be very important in the inevitable next recession. Ralph McLaughlin, writing in CoreLogic's Insights blog, says that mortgage debt fell to 64.6 percent of total household debt in the third quarter of this year, the lowest share since the first quarter of 1988.   Looked at another way, mortgage debt as a share of disposable household income it at 65.9 percent, the lowest since the second quarter of 2001.

     

     

     

  • The Most Awesome Real Estate Graph Ever

    The Most Awesome Real Estate Graph Ever!

    The post The Most Awesome Real Estate Graph Ever appeared first on National Real Estate Post.

  • Fannie/Freddie "Reform" Discussion Heats Up Again

    The debate has opened again on the fate of Freddie Mac and Fannie Mae (the GSEs).   Ten plus years after the two were put in federal conservatorship at the start of the housing crisis the issue of what to do with them and when never seems to come any closer to resolution.  With the expiration of Melvin Watt's five-year term as director of the Federal Housing Finance Agency (FHFA) approaching and a nominee awaiting confirmation, the various sides are dragging out their arguments and their not insignificant biases.  Solutions however are hazy at best.

     

  • After Extended Losses, Existing Homes Sales Improve for Second Month

    After a prolonged losing streak - existing home sales hadn't seen an increase since March - the National Association of Realtors® (NAR) announced a second consecutive uptick in November. Sales of existing single-family homes, townhomes, condos, and co-op apartments were up 1.9 percent during the month to a seasonally adjusted annual rate of 5.32 million units.  October sales were at the rate of 5.220, reflecting a 1.4 percent incr