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Biggest Drop yet in Forbearances Brings us Back to April's...

Sure, Rates Are Low, But It's Getting Harder to Get a Loan

Realtors Report that their Customers are Back

Housing Market Confidence Continues to Bounce Back

Mortgage Application Volume Recovers its Momentum

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Sure, Rates Are Ridiculously Low, But It's Harder To Get a Loan

Published: 7/9/2020

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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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Record Surge in Pending Home Sales

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by Jann Swanson on June 29 2020, 10:11 AM

Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April's home sales contract activity "will be the lowest point for pending sales." That turns out to have been a huge understatement--at least...
Surge in Forbearances This Week

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by Jann Swanson on June 26 2020, 9:08 AM

After three weeks of declining totals, Black Knight says the number of active COVID-19 forbearance plans shot up over the past week. As of June 23, there were 4.68 million homeowners in forbearance, an increase of 79,000 from the prior week. This surge...
Forbearance is Major Cause of Lender Overlays

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by Jann Swanson on June 25 2020, 12:20 PM

In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays . The former Freddie Mac CEO focused specifically on how those overlays may...
Home Price Gains Defied The Odds in April

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by Jann Swanson on June 24 2020, 9:38 AM

House prices continued to be unfazed by the current economic upheaval. The Federal Housing Finance Agency (FHFA) reports that its U.S. House Price Index for April, the first full month that reflects the impact of the pandemic, continued to rise almost...
Amazing Winning Streak For Home Purchase Applications Finally Levels Off

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by Jann Swanson on June 24 2020, 6:27 AM

The nine-week string of increases in purchase mortgage applications came to an end last week and refinancing volume pulled back as well. Consequently, the Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of overall application...
April New Home Sales Surge, Rising Over 16%

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by Jann Swanson on June 23 2020, 10:40 AM

After its pandemic-related plunge in April, the rapid recovery of the Housing Market Index, a measure of builder confidence, seems justified by today's Census Bureau report on new home sales. For the second month in a row, sales of newly constructed homes...
CFPB Looks at Changing Qualified Mortgage Rule, Lifting DTI Limits

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by Jann Swanson on June 23 2020, 10:15 AM

With its so-called GSE Patch set to expire on January 10, 2021 (unless by some miracle the conservatorship of Fannie Mae and Freddie Mac (the GSEs) ends earlier), the Consumer Financial Protection Bureau (CFPB) has issued two proposed amendments to the...
Mortgage Programs Drying Up Like 2008, But For Completely Different Reasons

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by Jann Swanson on June 22 2020, 2:15 PM

A paper written for the Joint Center on Housing Studies at Harvard University focuses on the causes and effects of mortgage credit tightening in the current COVID-crisis. The author, Don Layton, is a former CEO of Freddie Mac and a Senior Industry Fellow...
May's Poor Existing Sales Show the Effects of Lockdown

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by Jann Swanson on June 22 2020, 10:55 AM

Existing-home sales fell again in May, although only at a little more than half the rate of decline in April. Still, it marked the third month of falling sales as a result of the coronavirus outbreak. The National Association of Realtors® (NAR) said...
Delinquencies at Nine-Year High

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by Jann Swanson on June 22 2020, 9:30 AM

Black Knight reports another breathtaking increase in mortgage delinquencies in its "first look" at May loan performance data. The rate, which soared by 90 percent in April, grew another 20.4 percent, to 7.76 percent of all active mortgages. This puts...
Forbearance Numbers Continue to Retreat

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by Jann Swanson on June 19 2020, 9:32 AM

The number of homeowners in active forbearance plans fell again this past week. Black Knight estimates there are now 4.6 million people remaining in the plans which mortgage servicers are required to provide as part of the CARES Act package of COVID-19...
Conventional Loans Stealing Market Share

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by Jann Swanson on June 18 2020, 11:01 AM

The dominance of conventional lending continued to grow in May . Ellie Mae's Origination Insight Report says those loans made up 82 percent of originations during the month, up from 81 percent in April and 70 percent at the end of 2019. The FHA share...
Freddie Says Economic Stimulus Softened Pandemic's Impact

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by Jann Swanson on June 17 2020, 3:05 PM

Freddie Mac's Economic and Housing Research Group says say that, heading into summer, the housing market is rebounding from the COVID-19 pandemic's damage faster than expected. Purchase demand is recovering, and any home price response has, so far, been...
CFPB Attempts to Clarify Servicer Credit Reporting Requirements

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by Jann Swanson on June 17 2020, 12:34 PM

There has apparently been considerable confusion regarding servicer obligations to report to credit agencies regarding loans in forbearance. The original guidance issued to servicers by the GSEs Fannie Mae and Freddie Mac in mid-March regarding the COVID...
New Home Construction is Officially Picking Back Up

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by Jann Swanson on June 17 2020, 9:51 AM

Residential construction numbers climbed in May after their pandemic-driven collapse in April. The Census Bureau and the Department of Housing and Urban Development report that both permitting and starts rose during the month although completions fell...

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