Ginnie Mae has issued a formal request for input regarding changes to its II Multi-Issuer Program (GII MIP). That program represents almost a third of the mortgage-backed securities (MBS) issued by the agency. The program uses an aggregation of loans from a wide variety of lender/servicer issuers and contains loans with a broad base of loan characteristics. The agency says it is vigilant about any trend that might affect investor confidence in the program, and this was noted in the recent attention paid to what was termed "churning" of loans originated through the Department of Veterans Affairs (VA) that were being rapidly prepaid through the streamlined loan process. (That issue was reported on by MND in February 2018.) Counterparty risk arose when issuers specialized in such products and

May 3, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 3, 2019 Mortgage Rates Are Actually Higher This Week Thu, May 2, 2019 5:04PM Mortgage rates didn't move much today, but the average lender is quoting microscopically higher rates, if anything. Week-over-week, it wouldn't be unfair to claim that rates are slightly lower. Today's average news coverage suggests the same due to the weekly release of Freddie Mac's mortgage rate survey. Freddie says rates dropped a whopping 0.05%. While that may be true if we strictly compare Monday/Tuesday of last week to the same 2 days this week (which is essentially what Freddie's methodology does), we're currently in slightly WORSE shape (i.e. higher) compared to the end of last week. T... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.08 +0.00   97.47 101.61 UMBS 30YR 6.0 102.38 +0.00   99.66 102.50 10 YR Treasury 4.083 -0.001   3.621 4.780 MBS Live Day Ahead: NFP and ISM Round Out Big Week of Data Fri, May 3, 2019 8:22AM In the day just past, bonds sold off due to what appears to be market dissatisfaction with a hawkish message from the Fed.  This largely came courtesy of Powell's press conference on Wednesday, but cues may also have been gleaned by the fac... (read more) MBS Live Recap: Bonds Hit Top of Recent Range Ahead of Jobs Report Thu, May 2, 2019 5:38PM Treasuries weakened today as traders continued to price out a friendly Fed.  This wasn't necessarily destined to be the case after yesterday's Fed Announcement.  That, in and of itself, wasn't too threatening to bonds.  In fact, bot stocks and bonds rallied in the immediate wake of the release. But once Powell got to talking, markets saw s... (read more) MBS Price Change UMBS 5.0 99.46 +0.02 UMBS 5.5 101.07 0.00 UMBS 6.0 102.37 -0.01 GNMA 5.0 99.74 +0.01 GNMA 5.5 101.02 -0.03 GNMA 6.0 102.01 +0.04 Pricing as of: 9/9 11:07PM EST US Treasury Yield Change 2 YR Treasury 3.551 -0.017 5 YR Treasury 3.611 -0.016 7 YR Treasury 3.811 -0.022 10 YR Treasury 4.083 -0.001 30 YR Treasury 4.728 -0.007 Pricing as of: 9/9 11:07PM EST Other News Ginnie Mae Seeks Input on Moderating VA Prepays Fri, May 3, 2019 1:10PM Ginnie Mae has issued a formal request for input regarding changes to its II Multi-Issuer Program (GII MIP). That program represents almost a third of the mortgage-backed securities (MBS) issued by the agency. The program uses an aggregation of loans from a wide variety of lender/servicer issuers and contains loans with a broad base of loan characteristics. ... (read more) Strong Fannie/Freddie Earnings Mean Another $4.1 Billion for Taxpayers Thu, May 2, 2019 5:21PM The government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac released their first quarter financial results on Wednesday. Both had slightly lower net income results for the year while only Freddie Mac reported higher income compared to the previous quarter. Despite that, earnings were strong enough that the companies will collectively remit a divid... (read more) Broker, Underwriting, Tax Products; Conventional/Conforming News, and an MSR Valuation Primer Fri, May 3, 2019 9:08AM On the trading desk we would always chuckle when someone would occasionally cry out, “Oh! I was working so hard I forgot to eat!” Really? One thing is for sure, though, and that is they’re forgetting to eat at Subway Sandwiches. Subway, the world's largest fast-food chain, is struggling to adapt to more health-conscious, tech-savvy customer... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Bloomberg The Fed Muddled Its Inflation Message CNBC Fed's Mester says she fully supports the central bank's patient stance CNBC Millions of homes are underinsured against natural disasters as construction costs keep rising Bloomberg Fed Rate-Cut Bets at Risk as Powell Says Low Inflation Transient CNBC Fed's Clarida says economy is 'in a very good place' and backs 'patient' approach to rates CNBC Fed's James Bullard says interest rate policy is 'a little tight' right now Calculated Risk Blog ISM Non-Manufacturing Index decreased to 55.5% in April CNBC Warren Buffett says no textbook could have predicted the strange economy we have today CNBC Economist John Taylor thinks the Fed is 'in a better place' with interest rates CNBC Consumer watchdog agency sues two large credit-repair firms, alleging unlawful fees and deceptive practices CNBC US created 253,000 jobs in April, vs 190,000 expected CNBC Treasury yields continue to edge higher after Fed inflation comments Calculated Risk Blog Goldman: April Payrolls Preview

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