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Refinances Dominated Freddie Mac Volume in February

CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes

Builders Already Feeling Pandemic Pinch

Annual Home Price Gains Up 5.2% in January

Mortgage Apps Rocked by COVID; Hard Hit Areas Paint Gloomy Picture

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Refinances Dominated Freddie Mac Volume in February

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by Jann Swanson on March 27 2020, 8:44 AM

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 5.5 percent in February , up from a 4.3 percent gain in January. The portfolio balance at the end of the period was $2.350 trillion compared to $2.339...
CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes

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by Jann Swanson on March 26 2020, 12:50 PM

Flexibility seems to be the keyword as government agencies try to adjust to a lot of new realities. The Federal Housing Finance agency has already empowered the GSEs (Fannie Mae and Freddie Mac) to be flexible about obtaining appraisals, verifying borrower...
Builders Already Feeling Pandemic Pinch

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by Jann Swanson on March 26 2020, 10:44 AM

New home building, which only recently and belatedly caught fire, is already feeling the effect of the COVID-19 virus response. The National Association of Home Builder (NAHB) recently did a quick on-line survey of its members and 81 percent said they...
Annual Home Price Gains Up 5.2% in January

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by Jann Swanson on March 25 2020, 9:39 AM

The pace of annual price increases ticked slightly higher in January according to Federal Housing Finance Agency (FHFA) House Price Index (HPI). The index, which had marked a 5.1 percent year-over-year gain, in December, rose by 5.2 percent in January...
Mortgage Apps Rocked by COVID; Hard Hit Areas Paint Gloomy Picture

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by Jann Swanson on March 25 2020, 6:23 AM

The volume of mortgage applications plummeted last week as households, rattled by COVID-19 fears, self-isolated in their homes and businesses were shuttered in the hardest hit states or scurried to shift operations to their employees' homes. In the midst...
New Home Sales Remain Near Post Crash Highs

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by Jann Swanson on March 24 2020, 10:31 AM

Sales of newly constructed home jumped to a 13-year high of 764,000 annualized units in January , a number that was revised even higher today to 800,000. Given that increase, it was expected that there would be a bit of a pullback in February. Sales in...
Housing Agencies Moving Quickly to Offer "Flexibilities" After Coronavirus

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by Jann Swanson on March 23 2020, 1:36 PM

Fannie Mae has issued a series of three lender letters dealing with changes in appraisals, originations, and servicing protocols in response to the COVID-19 national emergency. Fannie Mae indicates that similar letters will be forthcoming from Freddie...
MBA Asks Treasury, Fed to Intervene in Mortgage Market (More Than They Already Are)

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by Jann Swanson on March 23 2020, 10:30 AM

Over the weekend the Mortgage Bankers Association (MBA) sent letter to two federal financial officials asking for immediate action to counter potential negative impacts of the pandemic crisis on the mortgage sector. The letter, over the signature of MBA...
January Foreclosure Starts Fall to Survey Lows

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by Jann Swanson on March 22 2020, 5:00 PM

Loan performance overall continues to validate the perceived quality of recent loan vintages and delinquency metrics continue to test and break old records. Foreclosure starts were down 20 percent in January 2020 compared to a year earlier, just one of...
Pre-COVID Home Sales Numbers Will Remind us Of the Good Times

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by Jann Swanson on March 20 2020, 11:00 AM

Who knows what tomorrow will bring? At least for today we have some welcome good news from the National Association of Realtors® (NAR). Existing home sales, which declined slightly in January, enjoyed a spring-market explosion in February. NAR said...
Technology is Helping Lenders Shorten Closing Timeline

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by Jann Swanson on March 19 2020, 1:24 PM

A 10-basis point drop in the average interest rate of closed loans drove up the share of refinances in February. Ellie Mae's Origination Insight Report said the average rate for all loans closed on its system was 3.86 percent during the month while conventional...
Freddie Mac Suspends Foreclosures, Offers Additional Crisis Support

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by Jann Swanson on March 19 2020, 10:41 AM

Freddie Mac is invoking the same types of measures to protect homeowners in the face of the COVID-19 pandemic as it has previously taken in other natural disasters such as hurricanes. The company announced Thursday morning that it is suspending all foreclosure...
FICO Being Investigated by Anti-Trust Committee

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by Jann Swanson on March 18 2020, 1:41 PM

The U.S. Department of Justice (DOJ) has launched a civil investigation into FICO Corporation. DOJ is apparently looking into claims that the company which provides credit scores for lenders, is guilty of exclusionary conduct that may have led to its...
Residential Construction Remains Strong as it Awaits Coronavirus Impact

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by Jann Swanson on March 18 2020, 10:05 AM

As anticipated, the two major data sets in February's residential construction report declined from their January level but both construction permitting and housing starts maintained a significant edge over their performance in February 2019. Permits...
Coronavirus Spread Led to Decline in February New Home Sales

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by Jann Swanson on March 17 2020, 11:15 AM

New home sales in February are expected to be down from January's levels based on loan application volume data reported by the Mortgage Bankers Association (MBA). Its Builder Application Survey (BAS) shows that applications for financing new home purchases...

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