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 be affected by the borrower forbearance mandated by the CAREs Act for borrowers impacted financially by the COVIC-19 pandemic. During and after the 2008 housing crisis mortgage intermediaries (originators) added their own underwriting requirements to those required by the GSEs, FHA, and the VA. These overlays were designed to counter "representation and warranty risk," - i.e., the possibility they would be required to buy back and possibly absorb default losses from loans they sold to the government agencies that lacked characteristics required

June 25, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 25, 2020 Record Low Rates For Some; Frustration and Confusion For Others Wed, Jun 24, 2020 3:26PM Mortgage rates moved modestly lower today, but face an uphill battle in general. They fell very quickly as coronavirus first hit financial markets. They hit multiple new all-time lows in since March 9th and continued setting new records as recently as last week for some lenders. In fact, there are a few lenders that are offering their best rates ever TODAY. The catch is that these rates are very similar to those seen yesterday and the day before (and so on and so on). Markets are waiting to see if we can prevent a massive 2nd wave of coronavirus cases while still reopening the economy. To what... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Recap: Lots of Indecision, But The Outcome Should Make Sense Thu, Jun 25, 2020 2:50PM Lots of Indecision, But The Outcome Should Make Sense Both stocks and bonds are trading sideways after taking a step back from their early June momentum.  This indecision reflects uncertainty about economic reopening vs rising covid case counts.  As soon as a clear winner emerges, markets (and rates) will m... (read more) MBS Price Change UMBS 5.0 99.75 -0.03 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.51 -0.03 GNMA 5.0 100.06 -0.02 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/9 12:39AM EST US Treasury Yield Change 2 YR Treasury 3.494 +0.007 5 YR Treasury 3.567 +0.006 7 YR Treasury 3.772 +0.004 10 YR Treasury 4.046 +0.006 30 YR Treasury 4.692 +0.002 Pricing as of: 9/9 12:39AM EST Other News Forbearance is Major Cause of Lender Overlays Thu, Jun 25, 2020 2:03PM 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 be affected by the borrower forbearance mandated by the CAREs Act for borrowers impacted financially by the C... (read more) Home Price Gains Defied The Odds in April Wed, Jun 24, 2020 10:08AM 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 unabated. The index increased by 0.2 percent from March compared to a 0.1 percent increase from February to ... (read more) Amazing Winning Streak For Home Purchase Applications Finally Levels Off Wed, Jun 24, 2020 8:15AM 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 volume during the week ended June 19 dropped significantly, down 8.7 percent on a seasonally adjusted basis. ... (read more) Management, LO Jobs; Marketing, Processing, Default Products; High Balance Pricing Thu, Jun 25, 2020 9:02AM Some things are uncertain, like whether colleges, driven by ticket & TV income, bring back their football players when the rest of the student body “remains virtual” this autumn. (Harvard law school is online for the fall semester, for example, leading to a tuition lawsuit , of course.) Or if your company is giving you July 3 off (the bond ma... (read more) Latest Video Next 18 months will dictate economy's next five years: Morgan Stanley econo... Wells Fargo's Mike Mayo on Big Bank exposure during the Covid crisis US weekly jobless claims total 1.48 million, vs 1.35 million expected Fed adds Covid recovery scenarios to annual Big Bank stress test Around the Web Calculated Risk Blog Economic Outlook: The Gathering Storm Redfin A Record 27% of Homebuyers Are Looking to Relocate, as Pandemic Accelerates Trend Toward Affordable, Less Dense Areas CNBC The market is 'a little ahead of itself' amid 'real tragedies' for small businesses, Larry Fink says NAR - Realtor.com Mortgage Rates Keep Falling to Record LowsSo Is Now a Good Time to Refinance? Calculated Risk Blog Kansas City Fed: "Tenth District Manufacturing Activity Grew Slightly " in June Calculated Risk Blog Hotels: Occupancy Rate Declined 41.8% Year-over-year CNBC U.S. weekly jobless claims total 1.48 million, vs 1.35 million estimate CNBC Many American expats are still waiting for their $1,200 stimulus checks CNBC California reports more than 7,000 coronavirus cases, biggest daily jump so far CNBC Treasury may consider delaying Tax Day beyond July 15, Mnuchin says Calculated Risk Blog DOT: Vehicle Miles Driven decreased 40% year-over-year in April Calculated Risk Blog Census: Household Pulse Survey shows 31% of Households Expect Loss in Income over Next 4 Weeks Calculated Risk Blog AIA: "Architecture billings downward trajectory moderates"

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