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State Name: Washington
State Name underscore: Washington
State Name dash: Washington
State Name lower underscore: washington
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State Abbreviation: WA
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You are viewing Micro News from Wednesday, Jan 8, 2014 - View all recent Micro News
  • 1/8/14
    All things considered, nothing much has changed since...
    MBS Updates are a service provided to MBS Live! subscribers only.
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  • 1/8/14
    Official News of G-Fee Hike Delay from FHFA

    In a nutshell, this pertains to the G-fee and LLPA increases that were set to push rates .25-.375% higher for most borrowers and that some lenders had already begun pricing into 60 day locks.  The prospective delay was announced in an email from Watt to reporters in late December, but this makes it official.

    Press Release from FHFA:

    Washington, DC – In early December, the Federal Housing Finance Agency (FHFA) announced plans to increase the base guarantee fee (g-fee) for all mortgages by 10 basis points, update the up-front g-fee grid, and eliminate the up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Fannie Mae and Freddie Mac since 2008 effective in March and April 2014. FHFA announced today that it has directed Fannie Mae and Freddie Mac to delay implementation of these changes.

    FHFA Director Melvin L. Watt, who was sworn in as Director on January 6, said that he intends to conduct a thorough evaluation of the proposed changes and their likely impact as expeditiously as possible, and would give not less than 120 days’ notice after completing the evaluation before implementing any changes. “The implications for mortgage credit availability and how these changes might interact with the new qualified mortgage standards could be significant,” said Watt. “I want to fully understand these implications before deciding whether to move forward with any adjustments to g-fee pricing.”

    Category: MBS, UPDATE
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  • 1/8/14
    ADP Employment Stronger Than Expected, Bond Markets Weaker

    Fannie 4.0s shed a quick 5 ticks, falling from 103-12 to 103-07 after the ADP Employment report showed a gain of 238k payrolls vs 200k forecast.  10yr yields have jumped from the 2.95's to 2.9857 currently.  They briefly crested 2.99.

    From ADP:

    Private sector employment increased by 238,000 jobs from November to December, according to the December ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

    Category: MBS, UPDATE
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  • 1/8/14
    All things considered, nothing much has changed since...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 1/8/14

    In a nutshell, this pertains to the G-fee and LLPA increases that were set to push rates .25-.375% higher for most borrowers and that some lenders had already begun pricing into 60 day locks.  The prospective delay was announced in an email from Watt to reporters in late December, but this makes it official.

    Press Release from FHFA:

    Washington, DC – In early December, the Federal Housing Finance Agency (FHFA) announced plans to increase the base guarantee fee (g-fee) for all mortgages by 10 basis points, update the up-front g-fee grid, and eliminate the up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Fannie Mae and Freddie Mac since 2008 effective in March and April 2014. FHFA announced today that it has directed Fannie Mae and Freddie Mac to delay implementation of these changes.

    FHFA Director Melvin L. Watt, who was sworn in as Director on January 6, said that he intends to conduct a thorough evaluation of the proposed changes and their likely impact as expeditiously as possible, and would give not less than 120 days’ notice after completing the evaluation before implementing any changes. “The implications for mortgage credit availability and how these changes might interact with the new qualified mortgage standards could be significant,” said Watt. “I want to fully understand these implications before deciding whether to move forward with any adjustments to g-fee pricing.”

    Category: MBS, UPDATE
    Share:   
  • 1/8/14

    Fannie 4.0s shed a quick 5 ticks, falling from 103-12 to 103-07 after the ADP Employment report showed a gain of 238k payrolls vs 200k forecast.  10yr yields have jumped from the 2.95's to 2.9857 currently.  They briefly crested 2.99.

    From ADP:

    Private sector employment increased by 238,000 jobs from November to December, according to the December ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

    Category: MBS, UPDATE
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