Feed aggregator

Digital mortgages advancing, but borrowers still want more speed

National Mortgage News - Mon, 11/13/2017 - 11:15
Despite digital mortgage advances, borrowers think it still takes too long to get a loan, J.D. Power finds in its annual customer satisfaction ranking of originators.

Home prices projected to grow in every major market next year

National Mortgage News - Mon, 11/13/2017 - 11:15
With home values projected to rise in every major U.S. metro in 2018, a 20% down payment will cost thousands of dollars more, according to Zillow.

Tax plan, new Fed chair leads to slight drop in mortgage rates

National Mortgage News - Mon, 11/13/2017 - 11:15
Mortgage rates fell slightly across the board after the release of the Republican Party tax plan and the nomination of a new Federal Reserve chairman.

Prepping for a securitization, Impac boosts non-QM originations

National Mortgage News - Mon, 11/13/2017 - 11:15
Impac Mortgage Holdings' nonqualified mortgage origination volume increased 248% year-over-year in the third quarter as the company accumulates loans for a planned securitization next year.

CFPB sues largest debt settlement firm

National Mortgage News - Mon, 11/13/2017 - 11:15
The Consumer Financial Protection Bureau filed a lawsuit Wednesday against Freedom Debt Relief and its co-CEO for allegedly deceiving consumers.

The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty

IEHI News feed - Mon, 11/13/2017 - 10:02
Wells Fargo Executives Again Refuse To Release Documents To MFI-Miami Client Citing Negative Articles On MFI-Miami The finance world knows MFI-Miami's principal job is to do whatever it takes to keep people in their homes. It's not a big secret. Nor do I hide it. All the major lenders and servicing companies know it. They know I use this blog as one of my tools to motivate lenders. Most lenders and servicers just take it stride. However, someone forgot to send a memo to Wells Fargo executives.  They freak out. They try to use their catty behavior to punish MFI-Miami clients. Their cattiness is so bad it rivals the catty women from the 1980's soap opera Dynasty. I know because I hear about from their employees when I send document requests to them.

GOP tax plan would be devastating to California homeowners

National Mortgage News - Mon, 11/13/2017 - 08:14
The treatment of local property taxes and the mortgage interest deduction in the House Republicans' tax plan would cause homeowners in high-cost states like California to incur much higher tax bills.

Refuel the free market engines of housing affordability

National Mortgage News - Mon, 11/13/2017 - 08:14
So long as the current monetary regime survives, homeowners — present and potential — can expect higher average prices interspersed with wild rides up and down.

It's not a bubble: Las Vegas real estate rebound is solid

National Mortgage News - Mon, 11/13/2017 - 08:14
The numbers tantalize leery minds: Housing prices, population growth and job creation in Southern Nevada all rebounded from the Great Recession over the past few years.

Nearly 50% of the largest housing markets are overvalued

National Mortgage News - Mon, 11/13/2017 - 08:14
Home prices are up strongly both year-over-year and month-over-month, and nearly half of the nation's largest 50 markets are overvalued, according to CoreLogic.

Debt swap problems pile up in China

IEHI News feed - Sun, 11/12/2017 - 13:44
``"The government's policy toward finance is ‘find the money'," says Andrew Collier, managing director at Orient Capital Research. "First, it was insurance companies that had the money, then it was banks that had the money and now they've decided consumers have it."''

Equifax executives won't get 2017 bonuses

IEHI News feed - Sat, 11/11/2017 - 09:00
SEC Chairman Jay Clayton has not confirmed or denied that the SEC is investigating those executives for insider trading, according to the Associated Press.

The company is also facing more than 60 government investigations from states, U.S. federal agencies and the British and Canadian governments, the earnings report revealed.

Equifax estimated that its breach-related costs will total $87.5 million. It said it did not know how much it would have to pay to address any judgments, settlements or penalties as a result of the breach.

Junk Bond Divergence from Stocks Raises Worries

IEHI News feed - Fri, 11/10/2017 - 15:17
``... a recent divergence between junk bonds and stocks, taking hold in late October, has raised eyebrows among Wall Street investors... As highlighted in MarketWatch's Need to Know column by Victor Reklaitis, some market participants believe that a downturn in junk bonds can presage a broader unraveling of equities...''

Mortgage credit availability inches down as jumbo contracts

National Mortgage News - Fri, 11/10/2017 - 12:36
A slight decrease in the number of jumbo investor offerings contributed to lower consecutive-month credit availability in October, according to the Mortgage Bankers Association.

Application activity flat even though rates fell

National Mortgage News - Fri, 11/10/2017 - 12:36
Mortgage application activity was unchanged from one week earlier although rates came back down slightly from their four-month high, according to the Mortgage Bankers Association.

12 markets hit hardest by slashing the mortgage interest deduction

National Mortgage News - Fri, 11/10/2017 - 12:36
Here's a look at the 12 housing markets with the largest percentages of mortgages over $500,000 — the new threshold House Republicans have proposed for the mortgage interest deduction in their tax plan.

PHH's transformation continues to take a toll on the bottom line

National Mortgage News - Fri, 11/10/2017 - 12:36
PHH Corp.'s net loss grew in the third quarter as the company took a hit from the costs of its transformation to being a subservicer and portfolio retention originator.

The Fed Actually Begins its QE Unwind (BUT LESS THAN PROMISED)

IEHI News feed - Fri, 11/10/2017 - 12:22
The Fed is supposed to unload $10 billion in October. Instead it unloaded $4 billion. And the variations from week to week are entirely in the normal range of the prior months.


Clearly, the Fed has not yet kicked off the unwind of its MBS portfolio. Since the end of QE, the Fed's Open Market Operations (OMO) has continually purchased small amounts of MBS in the market... And it has continued buying them in October with stoic routine.

This bifurcation -- that the QE unwind is happening with Treasury securities but not with MBS -- is curious. But MBS take a while to settle, which could explain some of the delay. After the on-target $6-billion drop in Treasuries, however, I'm tempted to think that the QE unwind of MBS will also eventually materialize, and that the overall package will proceed as announced.

Reversing Course, Treasury Will Stop Seeking Long Maturities To Cushion Market

IEHI News feed - Fri, 11/10/2017 - 12:19
In a step that could limit upward pressure on long-term interest rates from bigger budget deficits and a reduced Fed balance sheet, the Treasury will break from a policy in place since 2009 and stop attempting to lengthen the maturity of the government's debt.

That's important for the health of the economy. Yields on longer-term Treasury debt serve as benchmarks for everyone from home buyers to corporate treasurers. A "steepening is where we could get into problems with the housing market," Tannuzzo said.

It's probably also welcome at the Fed, which has begun to slowly reduce its balance sheet by not rolling over some of the maturing Treasury and mortgage-backed securities in its portfolio. Fed policy makers have gone out of their way to make the unwind as painless as possible for the bond market -- and the Treasury's new approach will help in that regard.

Seems like a good deal -- screw over taxpayers to keep the market from barfing...

America's ‘Retail Apocalypse' Is Really Just Beginning

IEHI News feed - Fri, 11/10/2017 - 09:52
The reason isn't as simple as Amazon.com Inc. taking market share or twenty-somethings spending more on experiences than things. The root cause is that many of these long-standing chains are overloaded with debt--often from leveraged buyouts led by private equity firms. There are billions in borrowings on the balance sheets of troubled retailers, and sustaining that load is only going to become harder--even for healthy chains.

The debt coming due, along with America's over-stored suburbs and the continued gains of online shopping, has all the makings of a disaster. The spillover will likely flow far and wide across the U.S. economy. There will be displaced low-income workers, shrinking local tax bases and investor losses on stocks, bonds and real estate. If today is considered a retail apocalypse, then what's coming next could truly be scary.

Until this year, struggling retailers have largely been able to avoid bankruptcy by refinancing to buy more time. But the market has shifted, with the negative view on retail pushing investors to reconsider lending to them...