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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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Purchase Applications Hit 11yr High, Refi Boom Continues

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by Jann Swanson on June 17 2020, 5:48 AM

Mortgage Application volumes continued to grow during the week ended June 12 as mortgage rates reached new lows and states allowed more businesses to reopen. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application...
Regulator Seeks Authority to Charter Fannie/Freddie Competitors

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by Jann Swanson on June 16 2020, 10:36 AM

The Federal Housing Finance Agency (FHFA) released its annual Report to Congress for 2019 on Monday. The report summarizes the FHFA's activities as regulator of the Federal Home Loan Banks (FHLBanks) and as both regulator and conservator of the GSEs Fannie...
Builder Confidence Crushes Expectations

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by Jann Swanson on June 16 2020, 10:27 AM

The COVID-19 outbreak struck a major blow to builder confidence in April. The prospect of widespread shutdowns of businesses and prolonged shelter at home orders sent the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) spiraling...
Refi Surge Boosts Lender Sentiment

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by Jann Swanson on June 15 2020, 9:17 AM

The continued high volume of refinancing kept mortgage lenders' outlook for profits relatively high during the second quarter, although it was down slightly from the first quarter of the year. Fannie Mae's Mortgage Lender Sentiment survey found that more...
More Home Flipping, Less Profit

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by Jann Swanson on June 12 2020, 11:36 AM

Home flipping, defined as buying a home and reselling it (in two arms-length transactions) within a year, accounted for 7.5 percent of all home sales in the first quarter of this year. The share in the prior quarter and the first quarter of 2019 was 6...
Forbearances Drift Lower for Second Week in a Row

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by Jann Swanson on June 12 2020, 11:00 AM

The number of homeowners with mortgages in forbearance has fallen for the second consecutive week. Black Knight reports that, as of June 9, there were 4.66 million active COVID-19 related forbearance plans. This is 77,000 fewer than the previous week...
Equity Cushion May Prevent Another Housing Crisis

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by Jann Swanson on June 11 2020, 11:12 AM

Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With the...
Credit Access Retreats Back to Six-Year Lows

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by Jann Swanson on June 10 2020, 8:39 AM

Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 129...
Quarantines Lift, Mortgage Volume Explodes

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by Jann Swanson on June 10 2020, 6:57 AM

The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions on individuals and businesses imposed in response to the COVID-19 pandemic. MBA's Market...
May Homebuying Sentiment Shows Signs of Recovery

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by Jann Swanson on June 09 2020, 10:19 AM

After falling an aggregate of 29.5 points in March and April, Fannie Mae says its Home Purchase Sentiment Index (HPSI) has begun to recover. The Index rose 4.5 points in May to 67.5 from an all-time survey low in April. Four of the six index components...
Loan Performance Showed Only Minimal Stress in March

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by Jann Swanson on June 09 2020, 7:59 AM

The strength of the housing industry at the end of 2019 and beginning of 2020 served, to a certain extent, as a buffer as the COVID-19 pandemic began to hit in March. However, CoreLogic says that there were still some signs that month that loan performance...
Black Knight Takes a Close Look at April's Historic Delinquency Rate

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by Jann Swanson on June 07 2020, 4:25 PM

Black Knight says that only three months after the national delinquency rate hit a record low, falling 1.5 percentage point below its pre-Great Recession average in January, it skyrocketed to 6.45 percent. This is a 3.1 percent change in April alone,...
CFPB Warns Servicers and Lenders to Adhere to CARES Act

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by Jann Swanson on June 05 2020, 1:39 PM

A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The...
Forbearance Numbers Appear to Shrink, but There's a Catch

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by Jann Swanson on June 05 2020, 10:55 AM

The number of mortgages in forbearance plans declined this past week for the first time since the CARES Act to address the COVID-19 pandemic was enacted. Black Knight said its survey showed that there were 4.73 million homeowners, 8.9 percent of those...
Pandemic's Disproportionate Effects on Housing Supply, Affordability

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by Jann Swanson on June 04 2020, 1:19 PM

The Urban Institute says that homes categorized as low priced, that is in the bottom 20 percent of the distribution, appreciated 126 percent between the turn of the century and the end of 2019. During that same 20-year period, those in the top 20 percent...

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