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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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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...
Builder Confidence Holds Steady as Virus Fears Shake Markets

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by Jann Swanson on March 17 2020, 10:32 AM

Builder confidence slipped slightly in March according to the National Association of Home Builders (NAHB), but there was one huge caveat. The monthly survey the association conducts among its new home builder members was partially (about 50 percent)...
Mortgage Application Volume Remains High Despite Rate Volatility

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by Jann Swanson on March 18 2020, 2:12 AM

After last week's report on a record-busting week for mortgage applications, with applications for refinancing surging 79 percent and mortgage volume up nearly 55 percent overall, one might expect that things would settle down a bit. What probably is...
Only Worst-Case Virus Scenario will Result in Recession

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by Jann Swanson on March 13 2020, 2:51 PM

Fannie Mae's forecasts for the rest of 2020 took a bit of a hit from the pandemic panic. The company's Economic Developments report for March contains a downgrade to its earlier 2020 growth predictions from 2.2 percent to 1.8 percent. COVID-19 isn't the...
Lender Survey Predicts Continued Low Rates in 2020

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by Jann Swanson on March 13 2020, 9:39 AM

With the caveat that its Lender Sentiment Survey was conducted in February when the world was a very different place , Fannie Mae says mortgage lenders set several new highs with their optimistic outlooks for business in the first quarter. Fifty-one percent...

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