Mortgage News:
Purchase Apps Retreat Again as Inventory Dries Up
7/1/2020 7:16 AM
Applications for both refinancing and purchase mortgages retreated last week, pulling the Mortgage Bankers Associations (MBA"s) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, declined by 1.8 percent on a seasonally adjusted basis during the week end...Read More
Home Prices "Remarkably Stable" in April
6/30/2020 9:12 AM
Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The National Index posted a 1.1 percent month-over-month increase before seasona...Read More
Supreme Court Rules Single CFPB Director Unconstitutional
6/29/2020 12:38 PM
The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the agency is unconstitutional as is its limits on the President"s ability to replace its occ...Read More
Record Surge in Pending Home Sales
6/29/2020 9:28 AM
Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April"s home sales contract activity "will be the lowest point for pending sales."  That turns out to have been a huge understatement--at least for now. This morning"s release of NAR"s Pending Home Sales Index (PH...Read More
Surge in Forbearances This Week
6/26/2020 8:45 AM
After three weeks of declining totals, Black Knight says the number of active COVID-19 forbearance plans shot up over the past week. As of June 23, there were 4.68 million homeowners in forbearance, an increase of 79,000 from the prior week. This surge erased about half of the improvement the company has noted in its weekly report si...Read More
Forbearance is Major Cause of Lender Overlays
6/25/2020 1:03 PM
In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays. The former Freddie Mac CEO focused specifically on how those overlays may be affected by the borrower forbearance mandated by the  CAREs Act for borrowers...Read More
Home Price Gains Defied The Odds in April
6/24/2020 9:08 AM
House prices continued to be unfazed by the current economic upheaval. The Federal Housing Finance Agency (FHFA) reports that its U.S. House Price Index for April, the first full month that reflects the impact of the pandemic, continued to rise almost unabated. The index increased by 0.2 percent from March compared to a ...Read More
Amazing Winning Streak For Home Purchase Applications Finally Levels Off
6/24/2020 7:15 AM
The nine-week string of increases in purchase mortgage applications came to an end last week and refinancing volume pulled back as well. Consequently, the Mortgage Bankers Association"s (MBA"s) Market Composite Index, a measure of overall application volume during the week ended June 19 dropped significantly, down 8.7 per...Read More
April New Home Sales Surge, Rising Over 16%
6/23/2020 9:59 AM
After its pandemic-related plunge in April, the rapid recovery of the Housing Market Index, a measure of builder confidence, seems justified by today"s Census Bureau report on new home sales. For the second month in a row, sales of newly constructed homes outdistanced expectations, rising by 16.6 percent to a seasonally adjusted annual rat...Read More
CFPB Looks at Changing Qualified Mortgage Rule, Lifting DTI Limits
6/23/2020 9:15 AM
With its so-called GSE Patch set to expire on January 10, 2021 (unless by some miracle the conservatorship of Fannie Mae and Freddie Mac (the GSEs) ends earlier), the Consumer Financial Protection Bureau (CFPB) has issued two proposed amendments to the Ability to Repay/Qualified Mortgage Rule (ATR-QM Rule).  T...Read More

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