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Posted To: MBS CommentaryEuropean traders were month-end sellers, pushing rates higher overnight US bond markets battled back during the domestic session Treasuries were green at the 3pm close and MBS are still green, barely Not much impact from economic data, although data was generally supportive of longer-term themes (slowing economy) Bond markets had a completely inoffensive month-end session with Treasuries and MBS ending up essentially unchanged versus yesterday's excellent (relative) closing levels. When compared against 3 weeks ago, current levels leave a bit to be desired , but compared to where it looked like we were heading at the beginning of this week, we'll take it! 10yr yields have moved right back to the upper edge of their previous range (1.84%) and managed to trade below there late this afternoon...(read more)
Posted To: Mortgage Rate WatchMortgage rates moved just slightly lower in most cases, to end the week at the best levels since April 19th. Mor importantly, the past 3 days of improvements go a long way toward defeating a worriesome trend toward higher rates that began in early April. With the recent gains, the average conventional 30yr fixed rate is back down to 3.625% on top tier scenarios after having briefly moved up to 3.75%. That said, keep in mind that rate sheet offerings have varied more widely than normal from lender to lender due to recent market volatility. Mortgage rates are primarily determined by trading levels in bond markets. A lot of bond market participants are required to be holding a certain mix of bonds at the end of the month. As such, the beginning and end of any given month marks a time of increased...(read more)
Posted To: MND NewsWireDoes a financial boost from mom and dad make it more likely a young person will buy a home? It depends. And that might change. Those statements are more or less the bottom line from a working paper prepared by three University of Southern California professors, Dowell Myers, Gary Painter, and Julie Zissimopoulos that is part of a larger study on parental financial transfers to adult children. The three based their work on two data sets, Panel Study of Income Dynamics (PSID) and the Health and Retirement Survey (HRS), that provide information on parental financial transfers, adult children's transitions into homeownership, and a variety of child and parent demographic, social, and financial characteristics. The working paper is profiled by Myers and Fannie Mae's Patrick Simmons on the FM Commentary...(read more)
Posted To: MND NewsWireThe Consumer Financial Protection Agency (CFPB) just opened the door to possible changes and refinements in its Know Before You Owe rule. The agency, in a letter addressed trade groups representing principal mortgage origination stakeholders such as the American Bankers Association, Mortgage Bankers Association and credit union trade groups and their members said it has begun drafting a Notice of Proposed Rulemaking (NPRM) on the rule, and hope to open it for comment in late July. CFPB acknowledged the implementation of the rule, which contains the Truth-in-Lending Disclosures (TRID) requirement has posed many operational challenges, particularly because of the "diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies...(read more)
Posted To: Pipeline Press“They” say plenty of things about time flying as you grow older. (“Life is like a toilet paper role – the closer you get to the end the faster it goes” comes to mind.) HMDA changes are a couple years out – so why are companies worried about them now? Because time flies. In my discussions with compliance & QC folks around the nation, the HMDA concern revolves not around borrower issues – most of the data is already being collected by lenders – but around the statistical testing, increased regulatory concerns, the increase in potential extreme penalties, and the increase in FTEs required in auditing every file. See an explanation below. The residential lending biz was thrown a bone yesterday when the CFPB issued a letter in response to the industry...(read more)