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Loans Still Taking 2 Months to Close as Refi Demand Stays Strong

Existing Home Sales Reach Highest Levels Since 2006

Upbeat 2021 Econ Forecast From Fannie Mae

End-of-Year Delinquencies a Challenge for 2021

Construction Surges to Highest Levels in 15 Years

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Loans Still Taking 2 Months to Close as Refi Demand Stays Strong; Rates Only Slightly Lower Despite Bond Market Rally

Published: 1/25/2021

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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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Loans Still Taking 2 Months to Close as Refi Demand Stays Strong

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by Jann Swanson on January 25 2021, 9:46 AM

The interest rates on 30-year fixed rate mortgages originated in December reached an all-time low in ICE Mortgage Technology's (formerly Ellie Mae's) records, an average of 2.93 percent and a 4-basis point decline from the November rate. The company,...
Existing Home Sales Reach Highest Levels Since 2006

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by Jann Swanson on January 22 2021, 12:28 PM

Existing home sales resumed an upward trajectory in December. After drifting lower by 2.5 percent in November, breaking a five-month streak of gains , the National Association of Realtors® (NAR) said sales in the last month of the year rose 0.7 percent...
Upbeat 2021 Econ Forecast From Fannie Mae

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by Jann Swanson on January 22 2021, 12:33 PM

Optimism is running high in Fannie Mae's first Economic and Housing Outlook of the year. The company's Economic and Strategic Research (ESR) team says expanding vaccination efforts, the potential of greater than previously expected fiscal stimulus, and...
End-of-Year Delinquencies a Challenge for 2021

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by Jann Swanson on January 22 2021, 10:18 AM

Mortgage performance understandably deteriorated over the course of 2020. Black Knight, in its "first look" at December data, noted that the year ended with 1.54 million more delinquent mortgages and 1.7 million more that were seriously delinquent than...
Construction Surges to Highest Levels in 15 Years

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by Jann Swanson on January 21 2021, 10:00 AM

Residential construction finished out 2020 much more strongly than analysts had expected. The U.S. Census Bureau and Department of Housing and Urban Development reported significant increases in both residential permitting and housing starts in December...
DACA "Dreamers" Given FHA Loan Eligibility

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by Jann Swanson on January 20 2021, 3:02 PM

The Department of Housing and Urban Development (HUD) announced on Tuesday that it has extended eligibility for FHA mortgages to individuals who are classified under the Deferred Action for Childhood Arrivals program (DACA). These individuals are perhaps...
Rising Material Prices and Lot Shortages Hurt January Builder Confidence

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by Jann Swanson on January 20 2021, 10:28 AM

After setting three successive record highs, most recently a 90 level in November , the pandemic and rising construction costs are taking a toll on the Housing Market Index (HMI). The National Association of Home Builders (NAHB) said the index, which...
New Home Purchase Applications Remained Strong to Year's End

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by Jann Swanson on January 19 2021, 12:55 PM

The Mortgage Bankers Association (MBA) estimates that applications for the purchase of newly built homes rose only 0.2 percent from November to December, however, those applications were up 42.2 percent compared to December 2019. The information comes...
Fannie/Freddie Allowed to Keep More Capital (Again)

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by Jann Swanson on January 19 2021, 12:23 PM

Late last week the Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) agreed to amend the Preferred Stock Purchase Agreements (PSPAs) which govern the required distribution of dividends to Treasury from the government...
Refinancing Volume Pulls Back as Rates Rise

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by Jann Swanson on January 20 2021, 5:56 AM

The volume of mortgage applications fell back slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index was down 1.9 percent on a seasonally adjusted basis during the week ended January 15 compared to the prior reporting...
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...

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