Homeowner Profits Soared in Q3; Loans in Forbearance Drop Under 3 Million

The contribution made to household wealth by homeownership is underlined in ATTOM Data Solutions’ third-quarter U.S. Home Sales Report . The company said that a typical homeowner who sold a home during the quarter had a gain of $85,000 . This was $10,000 more than that realized by sellers in the previous quarter and up from $66,000 in the third quarter of 2019. This typical home-sale profit represented a 38.6 percent return on investment (ROI) compared to the original purchase price. The typical ROI in the previous quarter was 37.5 percent and it was 33.7 percent a year ago. The report says that both the raw-profit and return-on-investment figures were the highest since the U.S. economy began recovering from the Great Recession in 2012. They represent a continued increase even as the Coronavirus
Homeowner Profits Soared in Q3; Loans in Forbearance Drop Under 3 Million
Homeowner Profits Soared in Q3; Loans in Forbearance Drop Under 3 Million

Don't Believe This Week's Mortgage Rate News. Here's Why

Posted To: Mortgage Rate Watch

Another week, another glut of news articles claiming mortgage rates are at all-time lows. While no one is intentionally trying to deceive you, the news is deceptive nonetheless. Why? Freddie Mac’s weekly mortgage rate survey is at the heart of the issue. The survey is a mainstay of the mortgage industry and the news media. It’s been around for decades and is really the only mortgage rate benchmark the industry has. Despite the apparent street cred, their numbers can be hopelessly inaccurate at times. There are two reasons for the inaccuracy. The first is the survey’s methodology. Freddie publishes the survey on Thursday but sends out the questionnaire on Monday. While they accept responses through the middle of the day on Wednesday, most respondents reply when they receive the survey (on Monday…(read more)

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Don't Believe This Week's Mortgage Rate News. Here's Why
Don't Believe This Week's Mortgage Rate News. Here's Why

MBS RECAP: Have MBS Finally Reached The Limits of Outperformance vs Treasuries?

Posted To: MBS Commentary

Have MBS Finally Reached The Limits of Outperformance vs Treasuries? Bonds are in the throws of an extended negative momentum move that's been in place throughout October. At times, stimulus-related headlines have accounted for volatility during this move. MBS have been outperforming decisively during this time. That makes it easier for lenders to avoid raising rates nearly as quickly as the broader bond market suggests. But spreads are now at all-time "tights" (maximum MBS outperformance) thus increasing the risk that negative momentum in Treasuries will increasingly translate to MBS. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Markit PMI Composite 55.5 vs 54.3 prev Markit Manufacturing PMI 53.3 vs 53.4 f'cast Markit Services PMI 56…(read more)

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MBS RECAP: Have MBS Finally Reached The Limits of Outperformance vs Treasuries?
MBS RECAP: Have MBS Finally Reached The Limits of Outperformance vs Treasuries?

U.S. Markit Manufacturing PMI rises to 53.3 in October

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CNBC's Rick Santelli breaks down the latest economic data.

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U.S. Markit Manufacturing PMI rises to 53.3 in October
U.S. Markit Manufacturing PMI rises to 53.3 in October

Covid-19 mortgage bailouts are down 11,000 on a weekly basis

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CNBC's Diana Olick reports on the latest coronavirus mortgage bailouts.

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Covid-19 mortgage bailouts are down 11,000 on a weekly basis
Covid-19 mortgage bailouts are down 11,000 on a weekly basis

Homeowner Profits Soared in Q3

Posted To: MND NewsWire

The contribution made to household wealth by homeownership is underlined in ATTOM Data Solutions’ third-quarter U.S. Home Sales Report . The company said that a typical homeowner who sold a home during the quarter had a gain of $85,000 . This was $10,000 more than that realized by sellers in the previous quarter and up from $66,000 in the third quarter of 2019. This typical home-sale profit represented a 38.6 percent return on investment (ROI) compared to the original purchase price. The typical ROI in the previous quarter was 37.5 percent and it was 33.7 percent a year ago. The report says that both the raw-profit and return-on-investment figures were the highest since the U.S. economy began recovering from the Great Recession in 2012. They represent a continued increase even as the Coronavirus…(read more)

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Homeowner Profits Soared in Q3
Homeowner Profits Soared in Q3

Loans in Forbearance Drop Below 3 Million

Posted To: MND NewsWire

The number of FHA and VA loans in forbearance rose slightly last week, however, the overall numbers of forborne loans fell nationally by 11,000. Black Knight’s weekly survey of the COVID-19 mortgage forbearance measures found that, as of October 20, there were 2.98 million borrowers in active plans, 5.6 percent of the nation’s 53 million active loans. About 5,000 loans were added to the number of loans in portfolios serviced for FHA and VA investors, bringing the total to 1.155 million loans or 9.5 percent of the total. Loans serviced for investors in GSE securities (Fannie Mae and Freddie Mac) declined by 14,000 to 1.09 million or 3.9 percent of those 28 million active mortgages. There was a 2,000-loan decrease in portfolio-held and private label securitized (PLS) loans to 729,000, 5.6 percent…(read more)

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Loans in Forbearance Drop Below 3 Million
Loans in Forbearance Drop Below 3 Million

MBS Day Ahead: When Will Luck Run Out For MBS vs Broader Bond Market?

Posted To: MBS Commentary

In the bond market, as a whole, we've never seen yields any lower for any longer than they've been in 2020. The runners up aren't even close. Even though bonds have become increasingly commoditzed (think "buy to sell" as opposed to "buy and hold"), the buy and hold crowd still exists, and it still has an impact on trading levels. The relationship between Treasuries and MBS makes that clear. Simply put, MBS offer higher yields compared to Treasuries, but with effectively zero default risk (federally back-stopped Fannie/Freddie protect the investor from borrower default). Investors only need to worry about risks relating to how long any given MBS will last. If rates fall too quickly, MBS coupons can pay off too quickly as the underlying mortgages are refinanced…(read more)

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MBS Day Ahead: When Will Luck Run Out For MBS vs Broader Bond Market?
MBS Day Ahead: When Will Luck Run Out For MBS vs Broader Bond Market?

Covid-19 mortgage bailouts drop 11,000 for the week

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CNBC's Diana Olick reports the latest numbers on the pandemic related mortgage bailouts.

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Covid-19 mortgage bailouts drop 11,000 for the week
Covid-19 mortgage bailouts drop 11,000 for the week

MLO, Sales Jobs; Marketing, Hedging Products; Deep Dive on Rates and MBA Forecast

Posted To: Pipeline Press

Let me state for the record that I am not a robot, although I often seem to be asked to check a box on certain websites by… robots. This article , however, sure grabbed my attention, as it was supposedly written by a robot that learned to read from the internet . Does anyone see the madness in this besides science fiction writers from the 1950s? What isn’t madness is the FHA extending forbearance requests through year-end. In other FHA-related news, the U.S. Justice Department announced that San Diego’s Guild Mortgage , in the press recently for being IPO-bound, will pay $24.9 million to resolve allegations it knowingly caused violations of the False Claims Act . As much of conversations these days include conjecture about 2021, there are certainly many analysts who believe…(read more)

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MLO, Sales Jobs; Marketing, Hedging Products; Deep Dive on Rates and MBA Forecast
MLO, Sales Jobs; Marketing, Hedging Products; Deep Dive on Rates and MBA Forecast