Weekly jobless claims total 870,000, vs 850,000 expected

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Initial jobless claims were slightly higher than expected as the labor market continues its sluggish recovery from the coronavirus pandemic. CNBC's Rick Santelli reports.

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Weekly jobless claims total 870,000, vs 850,000 expected
Weekly jobless claims total 870,000, vs 850,000 expected

Serious Delinquencies Grow, but Fewer Overall Missed Payments in August

Posted To: MND NewsWire

As the COVID-19 crisis dragged into its sixth month in August the total number of mortgage delinquencies continued to ebb, but the rate of decline appears to be slowing. Black Knight, in its first look at the month’s loan performance data, found the national delinquency rate down 3 basis points to 6.88 percent. There were 13,000 fewer delinquent loans in August than in July, a total of 3.68 million that were 30 or more days past due but not in foreclosure. Black Knight considers loans in forbearance plans as delinquent even if servicers are not reporting them as such to the credit bureaus. The share of borrowers with a single missed payment had already fallen below pre-pandemic levels. In August, the sum of all early-stage delinquencies (those 30 and 60 days past due) fell 9 percent, dropping…(read more)

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Serious Delinquencies Grow, but Fewer Overall Missed Payments in August
Serious Delinquencies Grow, but Fewer Overall Missed Payments in August

Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service

Posted To: Pipeline Press

I need to make a dart board for the wall behind me for Zoom calls that has “rates up” and “rates down” and “rates the same” on it. Until we see actual year-over-year inflation above 2 percent, the Federal Reserve will hold short-term rates near 0 percent. Any questions? The Fed believes it will take three years before employment returns to where it was a year ago. The pandemic has put us in a deep hole, let’s not underestimate that, and all parts of the economy are impacted. In many instances people adapt, right? The pandemic forced Oasis, a cabaret and nightclub whose drag shows were often packed, to close. Its owners had to furlough the whole staff. But then its owner had an idea. “If people couldn’t come to see drag, why not bring drag…(read more)

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Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service
Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service

Record Gains For Home Prices; Mortgage Apps Up; Rates Drifting

Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent. All nine of the census divisions posted both month-over-month and annual price gains. Monthly changes ranged from an 0.6 percent increase in the West North Central division to 2.0 percent in New England. The 12-month changes were lowest in the West South Central division at 5.4 percent and the Mountain and the East South Central divisions tied for first place with increases of 7.7 percent . “U.S. house prices posted a strong increase in July,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division
Record Gains For Home Prices; Mortgage Apps Up; Rates Drifting
Record Gains For Home Prices; Mortgage Apps Up; Rates Drifting

Mortgage Rates in Drift Mode

Posted To: Mortgage Rate Watch

Mortgage rates didn’t do much today. The average lender was effectively unchanged from yesterday. The same could be said yesterday, and the day before that, and so on and so on… The only major adjustment to rates in recent weeks has been the abrupt spike of roughly 0.15% that occurred for some lenders when they re-implemented the new adverse market fee. Not sure what that is? Get caught up HERE . The adverse fee will continue working its way through the industry in the coming weeks. No lender is immune. This presents a great opportunity to lock refinance loans if you have one in process with a lender who has yet to bring the fee back. Once the fee is back in play for every lender, we could see rates relax just a little–at least enough to notice. The rationale is that there’s currently a…(read more)

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Mortgage Rates in Drift Mode
Mortgage Rates in Drift Mode

MBS RECAP: Stocks Try to Help, But Bonds Stay Relentlessly Flat

Posted To: MBS Commentary

Stocks Try to Help, But Bonds Stay Relentlessly Flat Econ data, Treasury auctions and Fed speakers all failed to move the needle. Bonds only showed signs of life in response to new corporate debt issuance and a big sell-off in stocks. The net effect left Treasuries and MBS effectively unchanged. No surprise in the current environment! Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) FHFA Home Prices (y/y, Jul) 6.5 vs 5.8 prev Markit PMI 54.4 vs 54.6 previously Market Movement Recap 09:47 AM No surprises here relative to the recent playbook. Stocks drifted modestly higher overnight and bond yields followed. 10yr notes are currently up half a bp at .676 and 2.0 UMBS are down 1 tick (0.03) at 102-31 (102.97). No major reaction to the just-released Markit PMI data…(read more)

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MBS RECAP: Stocks Try to Help, But Bonds Stay Relentlessly Flat
MBS RECAP: Stocks Try to Help, But Bonds Stay Relentlessly Flat

Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA

Posted To: MND NewsWire

Mark Calabria, Director of the Federal Housing Finance Agency (FHFA) is stepping up his agency’s actions to spring Fannie Mae and Freddie Mac (the GSEs) from their decades long federal receivership. Most recently he called on the mortgage industry to give feedback on FHFA’s strategic plan which includes steps to do so. FHFA’s strategic plan for fiscal years 2021 to 2024 lays out the framework for three key goals over the next few years: Ensure safe and sound regulated entities through world-class supervision. Foster competitive, liquid, efficient, and resilient national housing finance markets. Position the Agency as a model of operational excellence by strengthening the workforce and infrastructure. The third objective of goal 1 is to “Responsibly end the conservatorship” of the GSEs. In his…(read more)

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Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA
Ending Fannie/Freddie Conservatorship Still a Top Priority for FHFA

FHFA Says 2-Month House Price Gain was Largest Ever

Posted To: MND NewsWire

Home prices rose another 1.0 percent in July, bringing the year-over-year gain to 6.5 percent according to the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA). The agency also revised its previously reported 0.9 percent price change for June 2020 to 1.0 percent. All nine of the census divisions posted both month-over-month and annual price gains. Monthly changes ranged from an 0.6 percent increase in the West North Central division to 2.0 percent in New England. The 12-month changes were lowest in the West South Central division at 5.4 percent and the Mountain and the East South Central divisions tied for first place with increases of 7.7 percent . “U.S. house prices posted a strong increase in July,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division…(read more)

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FHFA Says 2-Month House Price Gain was Largest Ever
FHFA Says 2-Month House Price Gain was Largest Ever

Fed Chair Powell says more fiscal support is needed—Four experts are doubtful it can happen

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Federal Reserve Chairman Jerome Powell told the House Committee of Financial Services on Tuesday that he believes more fiscal support is needed to assist with the Covid-19 economic recovery. Four market experts discuss whether they think Congress can reach a deal and what the consequences could be for markets if the parties fail to reach a deal.

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Fed Chair Powell says more fiscal support is needed—Four experts are doubtful it can happen
Fed Chair Powell says more fiscal support is needed—Four experts are doubtful it can happen

United Wholesale Mortgage and Gores Holdings on the deal to go public via SPAC

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Matt Ishbia, CEO of United Wholesale Mortgage, and Alec Gores, chairman and CEO of The Gores Group, join "Squawk Alley" to discuss their new deal to take United Wholesale Mortgage public via SPAC.

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United Wholesale Mortgage and Gores Holdings on the deal to go public via SPAC
United Wholesale Mortgage and Gores Holdings on the deal to go public via SPAC