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  • CoreLogic Estimates the Loan Volume Enabled by GSE Patch

    The so-called GSE Patch for the Consumer Financial Protection Bureau's (CFPB) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule (Rule) is scheduled to expire in January 2021 (earlier if the government sponsored enterprises (GSEs) are released from conservatorship.)  The Patch created a temporary category under the ATR and QM rule under which loans eligible for purchase or guarantee by the GSEs can qualify as QM loans. The ATR and QM rules require lenders to make a reasonable, good-faith determination of a consumer's ability to repay a mortgage loan based on verified borrower financial information.  These include consumer protection features generally associated with responsible mortgage lending practices.  

  • Time to Dust Off Your ARMs?

    Time to Dust Off Your ARMs?

    The post Time to Dust Off Your ARMs? appeared first on National Real Estate Post.

  • June Construction Numbers Tried to Hang on, But Failed to Impress

    The residential construction numbers in June were expected to come in largely in the same neighborhood as in May.  Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the previous month. The U.S. Census Bureau and Department of Housing and Urban Development said permits for residential construction were at a seasonally adjusted annual rate of 1,220,000 compared to a revised 1,299,000 in May.  May permits were originally reported at an annual rate of 1,295,000.  The June number put the year-over-year results down by 6.6 percent. Analysts polled by Econoday had expected an annual pace of 1,300,000 for permits. Their forecasts ranged from 1,252,000 to 1,300,000, missing the actual results completely.

     

  • NAR Reports Sharp Drop in International Home Purchases

    There was a huge decline in foreign investment in U.S. real estate during the 12 months ending with the first quarter of 2019.  The National Association of Realtors® (NAR) said the reduction was evident in both the purchases of resident (i.e. recent immigrants) and non-resident foreign buyers and explained the drop as the result of slowing global economics and low U.S. housing inventories. NAR's annual Profile of International Transactions in U.S. Residential Real Estate shows that international buyers bought $77.9 billion worth of U.S. existing homes between April 1, 2018 and March 31, 2019.  This is a 36 percent decrease from the 2018 report's survey's $121 billion in spending.  Non-resident foreign buyers accounted for $33.2 billion of U.S. existing-home sales, a 37 percent decline from the prior level of $53 billion and residents purchased $44.7 billion, down 34 percent from the $67.9 billion previous level. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% this year.

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  • June Closing Rates Highest in 8 Years

    Closing rates for mortgage loans were at the highest level in June since Ellie Mae began collecting the data in 2011.  The company, in its June Origination Insight Report, said 76.8 percent of all loans closed, up from a rate of 75.6 percent the previous month. Closing rates on purchase loans hit 78.8 percent while the rate for refinances was 73.4 percent. Ellie Mae basis closing rates on applications submitted 90 days earlier, in this case in March. The rate for 30-year mortgages originated during June dropped to 4.40 percent from 4.52 percent in May, the sixth consecutive month that rates declined. The 30-year note rate for FHA loans decreased to 4.49 percent from 4.63 percent and the 30-year Conventional rate and VA rate each fell 11 basis points to 4.41 percent and 4.20 percent respectively.

     

  • Redfin Partners with Opendoor

    Redfin Partners with Opendoor

    The post Redfin Partners with Opendoor appeared first on National Real Estate Post.

  • Builder Confidence Holds Steady, Labor Shortages Persist

    Builder confidence rose slightly in July. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), which it sponsors with Wells Fargo, gained one point, rising to 65.  This marks the sixth consecutive month that sentiment levels have held at a steady range in the low- to mid-60s. NAHB Chair Greg Ugalde said, "Builders report solid demand for single-family homes. However, they continue to grapple with labor shortages, a dearth of buildable lots and rising construction costs that are making it increasingly challenging to build homes at affordable price points relative to buyer incomes,"

     

  • Higher Rates Stunt Post-Holiday Application Volume Recovery

    Mortgage application activity retreated again during the week ended July 12, although refinancing remained strong.  The Mortgage Bankers Association (MBA) said its Market Composite index, a measure of application volume, was down 1.1 percent on a seasonally adjusted basis from the previous week. That earlier week's data included an adjustment to account for the Independence Day holiday. The non-adjusted Composite Index rose 24 percent week-over-week, more than recovering from its 22 percent decline during the holiday period.

     

  • Fannie Mae Sees Economic Slowdown...Slowing

    The second quarter of 2019 has just ended, but Fannie Mae's ESR Macroeconomic Forecast team expects that growth in real gross domestic product (GDP) probably slowed from the impressive 3.1 percent it posted in Q1.  They upgraded last month's Q2 estimate by one-tenth based on higher expenditures for personal consumption, but still expect growth slowed to an annualized rate of 1.8 percent. They have maintained their previous full-year forecast for 2019 GDP of 2.1 percent. This will slow further next year to an estimated 1.6 percent due to waning fiscal stimulus, continued uncertainty weighing on consumer and business confidence, and eventually a slowdown in consumer spending. 

     

     

  • Open Door Partners with New Home Builders

    Open Door Partners with New Home Builders

    The post Open Door Partners with New Home Builders appeared first on National Real Estate Post.

  • MLO Lives Just Got a Little Easier

    MLO Lives Just Got a Little Easier

    The post MLO Lives Just Got a Little Easier appeared first on National Real Estate Post.

  • Everything You Need to Know About Housing - and Then Some

    The U.S. Census Bureau recently released a treasure trove of data, its 2018 report on Characteristics of New Housing.  The report, based on data collected by the Bureau's Survey of Construction, covers a huge array of stats about new single-family housing on both a national and a regional basis. Much, but not all of the information dates back to 1973 and is presented by way of a series of spreadsheets and is used by researchers, policymakers, builders, and the housing finance industry. The longitudinal data, which is somewhat limited, is useful in identifying trends, and the whole database is actually sort of fun - potentially an enormous time sink for housing info junkies.

     

  • FHA Just Got Cheaper

    FHA Just Got Cheaper

    The post FHA Just Got Cheaper appeared first on National Real Estate Post.

  • VA Churning is Costing All Ginnie Mae Borrowers and Investors

    The Government National Mortgage Association (Ginnie Mae) is the agency, housed under the Department of Housing and Urban Development, that converts government guaranteed mortgages into mortgage-backed securities for investors to purchase. Their originations are 57 percent FHA loans, 40 percent VA loans, and 3 percent loans from other government programs, primarily the Department of Agriculture. For several years, as we have written about here, Ginnie Mae has been concerned about the significantly higher rate of repayments of the VA loans in its portfolio when compared to those originated by its other guarantors and to the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. 

     

  • New Home Buyers Shied Away in June Despite Friendly Rates

    Applications for financing new home purchases slipped in June in spite of the continued easing of mortgage interest rates. The Mortgage Bankers Association (MBA) said its Builder Application Survey (BAS) shows mortgage applications for new home purchases increased 17.9 percent compared from a year ago but were down 14 percent from the previous month. This change does not include any adjustment for typical seasonal patterns. Based on survey data and assumptions regarding market coverage and other factors, MBA estimates that sales of newly constructed homes were at a seasonally adjusted annual rate of 646,000 units in June.  This is down 11.1 percent from the May pace of 727,000 units. On an unadjusted basis, MBA estimates that there were 58,000 new home sales, a 5.9 percent fewer than the 69,000 transactions in May. 

     

  • Purple Bricks Departure Impact on iBuyers

    Purple Bricks Departure Impact on iBuyers

    The post Purple Bricks Departure Impact on iBuyers appeared first on National Real Estate Post.

  • Lawsuit Targets Keller Williams Video and Scripts

    Lawsuit Targets Keller Williams Video and Scripts

    The post Lawsuit Targets Keller Williams Video and Scripts appeared first on National Real Estate Post.

  • Mortgage Credit Availability Could Level-Off Here

    While it was only a small gain, the June increase in the Mortgage Credit Availability Index (MCAI) was the sixth in a row.  The Mortgage Bankers Association (MBA) said the index was up 0.2 percent compared to May, reaching 189.8.  A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

    "Overall credit availability increased only slightly in June over May's levels. Jumbo credit availability increased for the sixth month in a row and is at its highest level since 2011, when the survey began," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "Credit availability has generally increased in 2019 as lenders have worked to meet affordability challenges.  Because mortgage rates have recently fallen and home price growth has decelerated in many markets, credit availability may stabilize at its current levels."

  • Strong Purchase Applications Ignore Holiday Lull

    Independence Day played the usual holiday havoc on mortgage applications data, but some trends were maintained. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of application volume, declined 2.4 percent during the week ended July 25 (including an adjustment to account for the holiday) when compared to the previous week while it dropped 22 percent on an unadjusted basis. The Refinance Index, which had been flying high in recent weeks due to declining interest rates, lost 7.0 percent on a week-over-week basis, but MBA noted, for the first time in recent memory, the year-over-year change - an increase of 88 percent. The refinance share of mortgage activity decreased to 48.7 percent of total applications from 51.0 percent the previous week.

     

  • $123k Wire Fraud Victim Gets Saved by Gracious Title Company

    $123k Wire Fraud Victim Gets Saved by Gracious Title Company

    The post $123k Wire Fraud Victim Gets Saved by Gracious Title Company appeared first on National Real Estate Post.

  • Low Rates Help Home Purchase Sentiment Hold Near Highs

    Consumers are beginning to buy into the idea that mortgage rates might go down, at least according to responses to the June National Housing Survey (NHS).  However, that may not mean they have a lot of confidence in housing overall. 

    Fannie Mae says its Home Purchase Sentiment Index (HPSI), based on some NHS questions, dipped a half-point from its May near-survey high to 91.5.  Without an 8-point improvement in the net positive responses to "Do you think mortgages rates will go down?" the index would have fallen far further.

  • Delinquency Rates Lowest in Decades, with Disaster-Related Exceptions

    The national delinquency rate declined by another 0.7 percent on an annual basis in April. Mortgage loans that were 30 or more days past due, including those in foreclosure, accounted for 3.6 percent of all outstanding mortgages. The overall delinquency rate, according to CoreLogic's April Loan Performance Report, is now at about a 20-year low.  The early delinquency rate, loans 30 to 59 days past due ticked down to 1.7 percent from 1.8 percent a year earlier but the 60-89 and 90-119-day delinquency buckets have shrunk to the point there is little room for improvement. Those rates were unchanged at 0.6 and 0.3 percent respectively.  

  • Discount Broker Purple Bricks Leaving USA

    Discount Broker Purple Bricks Leaving USA

    The post Discount Broker Purple Bricks Leaving USA appeared first on National Real Estate Post.

  • Investor Share of Home Sales at Record Levels

    Seven or eight years ago the home sales headline was the entry of big institutional investors into the single-family market. These investors, many of which were hedge funds, bought up hundreds of thousands of distressed homes, a large number of which were owner-occupied, to utilize as rental properties. Investors are still with us, in larger numbers than ever, but the mom-and-pop landlord model is back. CoreLogic Deputy Chief Economist Ralph McLaughlin, writing in the company's latest MarketPulse said the share of homes bought by investors reached its highest level since Corelogic started tracking it in 1999, 11.3 percent. Most of the buyers appear to be small investors, those who purchase fewer than 10 homes, just getting into the game.  They are focusing on the starter level home and on homes in markets with relatively high rents.

     

     

     

  • The Consistency Factor and Facebook

    The post The Consistency Factor and Facebook appeared first on National Real Estate Post.

  • Lower Interest Rates are Helping Home Prices, Sales

    The shrinking rate of home price increases that has headlined the price data from most sources for months may have ended, at least according to CoreLogic Home Price Index (HPI), and the company is seeing more aggressive appreciation in the future. The HPI for May increased by 3.6 percent on an annual basis, up from a 3.5 percent gain in April. The month-over-month change was 0.9 percent.  Frank Nothaft, CoreLogic's chief economists said, "Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May. This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018."

     

  • Application Activity Flat; Purchase Apps Maintain Big Annual Edge

    Mortgage application activity during the week ended June 28 was largely unchanged from the week that preceded it.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of total volume, dipped 0.1 percent on a seasonally adjusted basis compared to the week ended June 21 and was 0.3 percent lower on an unadjusted basis. The Refinance Index decreased 1 percent from the previous week and the share of applications that were for refinancing was down from 51.5 percent to 51.0 percent. Both the seasonally adjusted and the unadjusted Purchase Indices gained 1 percent and the unadjusted index was 10 percent higher on an annual basis.

     

  • Barry Habib Sees Continued Rate Drop

    TRY MBS Highway by CLICKING HERE.

    The post Barry Habib Sees Continued Rate Drop appeared first on National Real Estate Post.

  • Single-Family Construction Spending Gets Hit Hard, Down From Last Year

    Construction spending in May, dipping 0.8 percent compared to April's seasonally adjusted annual rate of $1.304 trillion to $1.294 trillion.  On an annual basis, overall spending is down 2.3 percent on an annual basis and residential spending is off 11.2 percent. On an unadjusted basis, there was a total of $113.03 billion spent during the month and $498.89 has been spent for the year-to date (YTD).  This is 0.3 percent less than was spent to the same point last year. Privately funded spending posted an 0.7 percent decline from April and is off the May 2018 pace by 6.3 percent. Total spending in May was at a seasonally adjusted rate of $953.24 billion and $83.55 billion on an unadjusted basis.  

  • Zillow Makes Intentions Very Clear

    Zillow Makes Intentions Very Clear

    The post Zillow Makes Intentions Very Clear appeared first on National Real Estate Post.

  • Prepayments and Refinancing Reflect a Friendly Falling Rate Environment

    May mortgage performance data indicates that the mortgage finance industry might consider shifting priorities for a while.  Black Knight, in the current edition of its Mortgage Monitor, points to the heavy prepayment risk for especially for adjustable rate mortgage (ARM) borrowers shown in the report and the growing pool of financeable mortgages.  It is time, Black Knight says, for lenders and servicers to focus attention on retention so their existing customers don't refinance elsewhere. Behind both of the activities cited, of course, is the continuing retreat of interest rates.  On Thursday Freddie Mac announced another 11-basis point (bp) slide in its mortgage rate, bringing it to 3.73 percent, a three-year low. 

     

  • Realtor Associations Sound Asleep at the Wheel

    Realtor Associations Sound Asleep at the Wheel

    The post Realtor Associations Sound Asleep at the Wheel appeared first on National Real Estate Post.

  • Rent or Buy? The Answer May Depend on Your Other Expenses

    A household's decision between buying a home and renting one is being increasingly determined by its student loan debt and childcare cost burdens according to results of a Freddie Mac survey of renters and homeowners.  The survey of 4,000 households shows that affordability issues are continuing to have a profound impact on housing choices.

    Freddie Mac president and new CEO says, "Our research confirms much of what we see in our business every day - affordability remains the essential factor when it comes to determining whether to rent or purchase a home, and the cost of housing is having a significant impact on households of every age, size and location. For millennials and many Gen Xers, buying a home is no longer just a decision based on housing and housing costs - increasing pressure from student loans and the rising cost of childcare are having a significant impact."

  • How to Work Facebook Live

    How to Work Facebook Live

    The post How to Work Facebook Live appeared first on National Real Estate Post.

  • Pending Home Sales Set Stage for Solid Summer Sales

    Pending home sales got back on track in May, increasing by 1.1 percent after a 1.5 percent setback in April.  The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a measure of newly signed contracts for home purchase, rose from 104.3 in April to 105.4 last month.  The May increase, the third in four months, was still not enough to pull pending sales above the 2018 level of activity. The PHSI was down 0.7 percent compared to the previous May, marking the 17th straight month of annual decreases.  Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline. Pending sales were expected to increase in May and the results were at the top of the predictions from analysts polled by Econoday.  Their forecasts had ranged from -0.1 to 1.1 percent with a consensus of an 0.6 percent gain.

     

  • Time to Call Your ā€œWā€™sā€

    Time to call your “W’s”!

    The post Time to Call Your “W’s” appeared first on National Real Estate Post.

  • "Dovish" FOMC Statement Bolsters Refi Activity

    The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, managed a seasonally adjusted 1.3 percent increase during the week ended June 21st as mortgage interest rates continue to drift lower.  The index was up 1 percent from the previous week on an unadjusted basis. Refinancing remained strong, accounting for 51.5 percent of total applications compared to 50.2 during the week ended June 14.  The Refinance Index increased 3 percent. The seasonally adjusted Purchase Index lost 1 percent from its previous level and the unadjusted index was down 2 percent.  It remained 9 percent higher than during the same week in 2018.

     

     

  • Freddie Mac Portfolio Growth Accelerates

    Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 7.5 percent in May, increasing from 6.2 percent the previous month.  The portfolio balance at the end of the period was $2.230 trillion compared to $2.216 trillion at the end of April and $2.120 trillion a year earlier.  Purchases and Issuances totaled $46.082 billion and Sales were ($4.436) billion. The April numbers were $36.071 billion and ($1.204) billion respectively.  The annualized growth rate for the year-to-date is 5.2 percent.  Single-family refinance loan purchase and guarantee volume was $13.3 billion in April, up from 11.2 billion in April and representing the same share of total single-family mortgage portfolio purchases and issuances as the previous month, 37 percent. 

     

  • iBuyer Presentation for MLOs and Agents

    iBuyer Presentation for MLOs and Agents

    The post iBuyer Presentation for MLOs and Agents appeared first on National Real Estate Post.

  • Mortgage Prepays Continue to Mount, Doubling in Four Months

    Mortgage prepayment rates have continued to rise as interest rates move lower. Black Knight says prepayments increased by 24.31 percent in May compared to April and 32.17 percent on an annual basis. The company