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Another Plan Emerges for Fannie/Freddie Reform

Posted To: MND NewsWire

Last week, with considerable fanfare , the Mortgage Bankers Association released its plan for reforming the housing finance system, including a resolution of the nine-year old federal conservatorship of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. This week ICBA, which represents independent community banks, more quietly released its blueprint for reform. The paper, titled ICBA Principles of GSE Reform and a Way Forward notes that the placement of the GSEs in conservatorship in 2008 was described back then as a "temporary time-out" to allow both companies to stabilize. After eight years, and into a third presidential administration, Fannie and Freddie, although they have returned to profitability , worked through most their defaulted loans, and continued to provide...(read more)

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CoreLogic Expects Reauthorization, Maybe Even Reform, of Flood Insurance Program

Posted To: MND NewsWire

Although it features a rather shameless pitch to play a major role in a reorganized National Flood Insurance Program (NFIP), CoreLogic has published, in its Insights blog, some reassurance for homeowners living in flood-prone areas. Stuart Pratt, Senior Vice President for Government and Industry Relations, addresses the status of NFIP as Congress looks at reauthorizing and perhaps substantially reforming it. NFIP was initially created in 1968 by the National Flood Insurance Act and is administered by the Federal Emergency Management Agency (FEMA). Its aim is to provide affordable flood insurance and mitigate "negative externalities associated with flood disasters." Flood insurance is required to be carried by homeowners with mortgages backed by any federal programs and by many private lenders...(read more)

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MBS RECAP: Bonds Bounce Back Before and After Tax Plan

Posted To: MBS Commentary

Today's main event was the release of the Trump administration's new tax plan. Markets didn't go overboard in their expectations of major revelations and excruciating details. That turned out to be an ideal approach as there weren't any major revelations or excruciating details to be had! Several of the key bullet points (15% corporate tax and reduction in number of brackets, for instance) had already been foreshadowed by previous administration comments. Still, bond markets were holding out for something a bit more terrifying . When the announcement turned out to be mostly anticlimactic, bonds were quickly able to retrace some of their weaker steps from the early afternoon. It's worth noting that the early afternoon weakness was a clear consequence of European bond markets...(read more)

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Mortgage Rates Hold Ground After Tax Plan Release

Posted To: Mortgage Rate Watch

Mortgage rates were relatively unchanged today, but only after averaging the disparate changes from various lenders. That means some lenders are in much better shape versus yesterday while others are noticeably worse. This sort of disparate movement isn't typical of mortgage rates across lenders, but it can happen when underlying bond markets experience volatility on back-to-back afternoons. That was indeed the case over the past 48 hours. Bond markets weakened (which pushes rates higher) yesterday afternoon, but only a handful of lenders issued reprices (new, higher rates, in response to intraday market movement). Today's volatility was in our favor resulting in several lenders issuing POSITIVE reprices. Bonds made gains into the afternoon after Trump's tax plan was released. Stock markets...(read more)

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Falling Rates Stoke Refinancing

Posted To: MND NewsWire

Mortgage application volume rose during the week ended April 21, solely from a significant increase in refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 2.7 percent on a seasonally adjusted basis from the week ended April 14, and rose 3.0 percent on an unadjusted basis. The Refinance Index increased 7 percent from a week earlier while the seasonally adjusted Purchase Index fell by 1 percent . The unadjusted Purchase Index ticked up 0.1 percent compared with the previous week and was 0.4 percent higher than the same week in 2016. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed The refinance share of mortgage activity increased to 44.0 percent of total applications from 42.4 percent the previous week. The average...(read more)

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MBS Day Ahead: After Exiting Friendly Trend, Bonds Wait on Tax Plan for Next Cue

Posted To: MBS Commentary

The order of the day and week for domestic bond markets has been and will continue to be the break out from the recently friendly trend toward lower rates that began in mid-March. We've been eyeing this breakout since last Friday when a combination of French election polls and Trumps tax plan pre-announcement caused an intraday break above the yellow lines in the following chart. Deceptively, Friday saw yields move back inside the trend by the close, giving the impression that the breakout was not a done deal. After the election results came out, it became clear that we'd be looking at another challenge of the trend. Monday and Tuesday add up to a definitive break as well as a definitive shift in short-term momentum. Today's big to-do is the tax reform announcement that Trump referenced...(read more)

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Vendor News; AOT Mini-Bulk Execution; Fannie's Student Loan Endeavor

Posted To: Pipeline Press

How about this quote from the tech world? “If you're not paying for the product, you are the product.” If you don't want companies to collect and sell your data, like your e-mail, you can disconnect it from Google's security page . Go to "Connected apps & sites" click " Manage apps ." Products For brokers, Orion Lending announced the release of STAR, a propriety advanced broker portal and pricing engine. STAR utilizes state-of-the-art technology to allow approved brokers access to UW income calculations, real-time disclosure tracking with LE/CD visibility, a live concierge chat function, loan origination system, along with many other advanced features. As the Digital Mortgage landscape continues to evolve at a rapid pace, Orion Lending is committed to exceeding the needs of...(read more)

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MBS RECAP: Bond Weakness Looking More and More Serious

Posted To: MBS Commentary

With a 2nd day of fairly strong selling pressure in bond markets, the recent trend toward lower rates has been forcefully called into question. You can see the potential breakout from that trend in the chart below (I'll mark it up and discuss additional technical implications tomorrow morning). For today, let's recap what's up with all this weakness . First and foremost, the French election was a jumping-off point for the next phase of bond market momentum. If Macron had been shut out of the run-off election, we'd still be rallying . If Le Pen had won outright, we'd be rallying even more sharply. Because neither of those things happened, investors got the proverbial green light to get back into a " risk-on " trade. Last Friday's breaking news on this Wednesday's...(read more)

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Mortgage Rates Highest in 2 Weeks

Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher again higher today, as global financial markets continued reacting to recent geopolitical flashpoints (like the French election, discussed yesterday). Markets are also moving in anticipation of future flashpoints (like tomorrow's tax reform announcement). In general, investors have piled back into riskier assets like stocks because the French election reduces long-term risks to the European Union. Investors previously were more willing to buy bonds--a safe haven asset frequently used to insulate investors from increased risk. The prospects for tax reform have a similar effect in that they encourage investors to favor riskier assets at the expense of bonds . When demand for bonds decreases relative to supply, rates move higher . To be clear, we can't have...(read more)

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