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A small group of VA approved issuers have been warned that the speed at which their loans are being prepaid makes it appear they are participating in "churning." Ginnie Mae said on Thursday that the issuers who have been notified are expected to deliver a corrective action plan that identifies immediate strategies to bring prepayment speeds in line with those of loans issued by their peers. In January, a Ginnie Mae official testified before hearing of the House Committee on Veterans Affairs about loan churning. He told committee members that, starting in early 2016, the agency, as well as investors in its mortgage backed securities (MBS), began to note that loan prepayment rates and serial refinancings were occurring with unusual frequency among VA mortgages. Some of the prepayments were at
Housing News
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A small group of VA approved issuers have been warned that the speed at which their loans are being prepaid makes it appear they are participating in "churning." Ginnie Mae said on Thursday that the issuers who have been notified are expected to deli... (read more)
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Rob Chrisman
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Here’s a riddle for tonight’s Happy Hour for snowed-in Chicagoans: What do New Day Financial, Nations Lending Corp., Freedom Mortgage Corp, LoanDepot.com LLC and Flagstar Bank have in common? Answer: they were singled out by Ginnie Mae as... (read more)
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MBS Commentary
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The short answer is "to 10yr yields below 2.66% and ideally below 2.49%." Those are the levels we'd need to see in order to suggest a more substantial move lower in rates. Unfortunately , the more germane questions involve rates on the... (read more)
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Mortgage Rate Watch
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Mortgage rates continued higher today, bringing the average 30yr fixed rate to another new multi-year high. That said, rates may vary quite a bit from lender to lender for several reasons. First, intraday volatility is back with a vengeance. For much... (read more)
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Housing News
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The National Delinquency Survey (NDS), a quarterly measure of mortgage performance from the Mortgage Bankers Association (MBA), found delinquencies in the fourth quarter of 2017 had increased both quarter over quarter and year-over-year . The NDS fin... (read more)
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MBS Commentary
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Everyone likes an intellectual bully, right? Well, not really, but everyone likes the person that knows what's up and isn't shy about articulating facts in a calm but confident manner--especially when those facts run contrary to pervasive group... (read more)
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consumerfinancemonitor.com
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consumerfinancemonitor.com
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