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Biden Nominates Two Picks for Important Financial Positions

Improvements in Forbearance Continue to Slow

Freddie Sees Mortgage Originations Contracting Nearly 20% in...

Post-2008 Standardized Practices Have Helped Manage Forbearances

Refi Applications Highest Since March

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Real Story Behind Rate Volatility; Slower Forbearance Improvement; Origination Forecast

Published: 1/15/2021

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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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Biden Nominates Two Picks for Important Financial Positions

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by Jann Swanson on January 19 2021, 11:05 AM

President-elect Joe Biden has announced his picks for two important financial regulatory positions. The chairmanship of the Consumer Financial Protection Bureau (CFPB) will be filled by Rohit Chopra while Gary Gensler is expected to be named to head the...
Improvements in Forbearance Continue to Slow

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by Jann Swanson on January 15 2021, 8:47 AM

A decline in the number of forborne loans in those portfolios serviced for banks and private label securities (PLS) accounted for most of the modest downturn in overall numbers last week. Black Knight said the number of active plans dropped by 9,000 loans...
Freddie Sees Mortgage Originations Contracting Nearly 20% in 2021

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by Jann Swanson on January 15 2021, 10:19 AM

Freddie Mac's first quarter 2021 economic forecast is unusually short, and, unlike recent forecasts from either of the GSEs, has relatively few revisions. The company's economists say that nearly a year after the first cases of COVID-19 were diagnosed...
Post-2008 Standardized Practices Have Helped Manage Forbearances

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by Jann Swanson on January 13 2021, 11:39 AM

Fannie Mae said that the standardization of servicing standards that followed the 2008 housing crisis appears to have helped the industry manage the recent flood of COVID-19 forbearance plans. The company included a series of questions about forbearance...
Refi Applications Highest Since March

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by Jann Swanson on January 13 2021, 6:42 AM

It was a typical first-work-week-after-the holiday bounce for the mortgage indexes, although the surge was significantly more restrained than last year. Perhaps the nation was otherwise distracted. The Mortgage Bankers Association (MBA) said its Market...
Tentative Recovery in Mortgage Availability With Help From Government and Jumbo Loans

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by Jann Swanson on January 12 2021, 1:39 PM

While it did dip a bit last month, the availability of mortgage credit appears to be stabilizing , having moved only slightly over the last three months. The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) was down 0.1...
Although Gradually Improving, Delinquencies Remain Elevated

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by Jann Swanson on January 12 2021, 8:19 AM

The rate of mortgage delinquencies remains significantly elevated from last year, but there is gradual improvement . The national rate moved higher in October on an annual basis per CoreLogic's Loan Performance Insights Report . Loans that were 30 or...
Still Cheaper to Own than Rent in Majority of U.S. Counties

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by Jann Swanson on January 08 2021, 1:23 PM

In most parts of the country owning a home is more affordable than renting one according to ATTOM Data Solutions' 2021 Rental Affordability Report . The company looked at the median price of a three-bedroom home in 915 U.S. counties and the rent for a...
Black Knight Notes Slowdown in Forbearance Improvement

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by Jann Swanson on January 08 2021, 10:01 AM

A month end wave of plan expirations in December led to a substantial decline in the number of active forbearances during the first week of 2021. Black Knight says there were 92,000 fewer active plans as the week ended, a decline of 3 percent and the...
Pandemic Took a Bigger Bite Out of Upbeat Housing Attitudes in December

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by Jann Swanson on January 07 2021, 2:30 PM

That the pandemic is worse today than it was last spring appears to be finally dawning on a lot of consumers and the Home Purchase Sentiment Index (HPSI) for December reflects it. Fannie Mae says its index, based on six questions from its monthly National...
Five Questions for the New Year

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by Jann Swanson on January 05 2021, 8:58 AM

While COVID-19 has wreaked havoc on most of the economy last year, Wells Fargo's Securities Economic Group says many of the responses to the pandemic - lockdowns, remote schooling, and remote work - served to "flip the script" on housing, increasing demand...
Mortgage Application Volume Fell Sharply at the End of 2020

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by Jann Swanson on January 06 2021, 8:19 AM

The Mortgage Bankers Association (MBA) resumed reporting on mortgage applications today after a two-week holiday hiatus. Information on mortgage volume during the week ended December 31 is reported relative to the previous report covering the week ended...
Affordability Issues Expected to Dampen Home Price Gains

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by Jann Swanson on January 05 2021, 10:16 AM

Home prices rose another 1.1 percent in November according to the CoreLogic report on its Home Price Index. The year-over-year gain was 8.2 percent , accelerating from the annual increase of 7.3 percent posted for October. The company said that home price...
Residential Spending Continues to Lead Construction Numbers

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by Jann Swanson on January 04 2021, 11:13 AM

Total spending on construction projects in the U.S. rose 0.9 percent in November compared to October. The U.S. Census Bureau estimated that the seasonally adjusted annual spending on all types of construction was $1.459 trillion during the month compared...
Forbearances Slightly Elevated at the End of 2020

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by Jann Swanson on January 03 2021, 11:32 AM

The number of loans in COVID-19 forbearance plans last week rose for the third consecutive week during the period ended December 29. Black Knight said a 15,000-loan increase in the number of forborne loans brought the total to its highest level since...

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