Delivered to over
70,000+ industry professionals
each day, the Daily Newsletter is the
definitive recap of the day's most
relevant mortgage and real estate news and data. View the latest Newsletter below.
View our most recent newsletter below, or use the date selector to view past newsletters.
Mortgage rates are still coping with the after-effects of last week's surprise implementation of a new fee on refinances. The fee in question is technically an LLPA (Loan-Leve-Price-Adjustment). LLPAs are a normal part of the mortgage pricing process and they help lenders account for different risk factors (credit score, equity, occupancy, etc.). The new refi LLPA is a bit different in that it's in a sub-category known as an "adverse market fee." This is the agencies' way of collecting extra money to compensate for extra risks--hopefully transitory ones. None of the above would have been a big deal for the mortgage industry had the new fee been rolled out like every other fee: with plenty of advanced notice and in logical, palatable amount. As it stands, it more than doubled the average fee
Rob Chrisman
|
|
In these times that lenders describe as busy, profitable, and overheated, capital markets personnel are focused on margin & capacity management, staff burnout, servicing values, and warehouse capacity. With lenders upping their first lien forecas... (read more)
|
|
Mortgage Rate Watch
|
|
Mortgage rates are still coping with the after-effects of last week's surprise implementation of a new fee on refinances. The fee in question is technically an LLPA (Loan-Leve-Price-Adjustment). LLPAs are a normal part of the mortgage pricing process... (read more)
|
|
Housing News
|
|
The Consumer Financial Protection Bureau (CFPB) is proposing a new category of qualified mortgage (QM) which it says is intended to "encourage innovation and help ensure access to responsible, affordable in the mortgage credit market." (we assume the... (read more)
|
|
Housing News
|
|
Refinance loans continued to dominate mortgage originations in July, but the gap with purchase loans is closing. Ellie Mae's Origination Insight Report for the month showed refinances with a 54 percent share, down from 58 percent in June. Purchasing ... (read more)
|
|
Housing News
|
|
Mortgage rates rose during the week ending August 14 and, while purchase applications sustained some of their momentum, a slowdown in refinancing pulled overall volume down. The Mortgage Bankers Association said its Market Composite Index, a measure ... (read more)
|
|
MBS Commentary
|
|
MBS Underperforming Treasuries, But Broader Trends Are Decent
The mortgage market continues coping with the combination of last week's LLPA news and a generally high level of supply. One hurts bond pric... (read more)
|
|
|
|
|