DACA "Dreamers" Given FHA Loan Eligibility

Posted To: MND NewsWire

The Department of Housing and Urban Development (HUD) announced on Tuesday that it has extended eligibility for FHA mortgages to individuals who are classified under the Deferred Action for Childhood Arrivals program (DACA). These individuals are perhaps better known as “Dreamers.” DACA status is granted to undocumented individuals who were brought into the country before their 16 th birthday and were under the age of 31 when the category was established in June 15, 2012. Residency requirements apply and individuals must be in school, have completed high school, obtained a GED certificate, or be honorably discharged from one of the military services. DACA status allows its holders to work legally in the U.S. and prevents their involuntary removal from the country for a two-year renewable term…(read more)

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DACA "Dreamers" Given FHA Loan Eligibility
DACA "Dreamers" Given FHA Loan Eligibility

Here's a look at the economy President-elect Biden will inherit

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CNBC's Steve Liesman takes a look at where the U.S. economy stands as President-elect Joe Biden prepares to take office.

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Here's a look at the economy President-elect Biden will inherit
Here's a look at the economy President-elect Biden will inherit

Rising Material Prices and Lot Shortages Hurt January Builder Confidence

Posted To: MND NewsWire

After setting three successive record highs, most recently a 90 level in November , the pandemic and rising construction costs are taking a toll on the Housing Market Index (HMI). The National Association of Home Builders (NAHB) said the index, which it sponsors with Wells Fargo, fell for the second straight month. A 3-point drop in the index, which measures builder confidence in the new home market, follows a 4-point decline in December. The January level now stands at 83. “Despite robust housing demand and low mortgage rates, buyers are facing a dearth of new homes on the market, which is exacerbating affordability problems,” said NAHB Chairman Chuck Fowke. “Builders are grappling with supply-side constraints related to lumber and other material costs, a lack of affordable lots and labor…(read more)

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Rising Material Prices and Lot Shortages Hurt January Builder Confidence
Rising Material Prices and Lot Shortages Hurt January Builder Confidence

MBS Day Ahead: Does Inauguration Day Matter For The Bond Market?

Posted To: MBS Commentary

Does inauguration day matter for the bond market? Not as such, no. To be sure, the changing of the guard in D.C. is indeed a big deal for the bond market, but only because the senate flipped to democratic control as well. The inauguration is just ceremony marking a transition that's already priced into the bond market. What about another incident like the storming of the capitol last week? If that incident was any indication, bonds won't be too interested in that sort of drama unless it's far worse or actually has a lasting, disruptive effect on the government. Bottom line: it's a day to get through before the bigger market movers arrive. Traders are far more interested in seeing the details of the next iteration of stimulus and whether or not it can pass the Senate. As for…(read more)

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MBS Day Ahead: Does Inauguration Day Matter For The Bond Market?
MBS Day Ahead: Does Inauguration Day Matter For The Bond Market?

Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update

Posted To: Pipeline Press

In his Saturday Morning Cup of Joe , Jeremy Potter quipped, “The word ‘homeowners’ has the word ‘meow’ in it. Good luck unseeing that from now on.” Plenty of people are out there predicting the path of homeowners and homeownership. And there are those that say, “All forecasts are wrong, but some are useful.” It has certainly been interesting hearing forecasts about the direction of rates (relatively steady with a bias toward increasing gradually), new regulations for lenders (relatively steady with a bias toward increasing gradually), and even residential lending IPOs. (The current STRATMOR blog is, “Lenders and Vendors Going Public: Pros and Cons” .) Broker and Lender Services and Products “ DocProbe partners with your Post…(read more)

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Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update
Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update

New Home Purchase Applications Remained Strong to Year's End

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) estimates that applications for the purchase of newly built homes rose only 0.2 percent from November to December, however, those applications were up 42.2 percent compared to December 2019. The information comes from MBA’s monthly Builder Application Survey (BAS) and was not adjusted for typical seasonal patterns. Based on those mortgage applications and assumptions regarding market coverage and other factors, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 876,000 units in December 2020. This is an increase of 5.9 percent from the November pace of 827,000 units. On an unadjusted basis, there were an estimated 59,000 new home sold during the month, unchanged from the same level in November. “The new home…(read more)

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New Home Purchase Applications Remained Strong to Year's End
New Home Purchase Applications Remained Strong to Year's End

Fannie/Freddie Allowed to Keep More Capital (Again)

Posted To: MND NewsWire

Late last week the Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) agreed to amend the Preferred Stock Purchase Agreements (PSPAs) which govern the required distribution of dividends to Treasury from the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The amendments will bring the amount of capital the companies are permitted to retain into conformance with the 2020 Enterprise Capital Rule unveiled by FHFA in November. Under that rule, the GSEs will be allowed to retain earnings to maintain tier 1 capital in excess of 4.0 percent of their guarantee obligations to avoid restrictions on capital distributions and discretionary bonuses. The PSPAs were written when the GSEs were placed in conservatorship in 2008. In return for financial…(read more)

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Fannie/Freddie Allowed to Keep More Capital (Again)
Fannie/Freddie Allowed to Keep More Capital (Again)

Refinancing Volume Pulls Back as Rates Rise

Posted To: MND NewsWire

The volume of mortgage applications fell back slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index was down 1.9 percent on a seasonally adjusted basis during the week ended January 15 compared to the prior reporting period. On an unadjusted basis the index lost 1.0 percent. The seasonally adjusted Purchase Index rose 3.0 percent from one week earlier and was 9.0 percent higher on an unadjusted basis. Purchase applications were up 15 percent year-over-year. Those gains were offset by a 5.0 percent decline in the Refinance Index although it remained 87 percent higher than during the same week in 2020. Applications for refinancing composed 72.3 percent of the total, down from 74.8 percent the previous week. “Mortgage rates increased across the board last week…(read more)

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Refinancing Volume Pulls Back as Rates Rise
Refinancing Volume Pulls Back as Rates Rise

Biden Nominates Two Picks for Important Financial Positions; Uneventful Start For Bonds This Week

President-elect Joe Biden has announced his picks for two important financial regulatory positions. The chairmanship of the Consumer Financial Protection Bureau (CFPB) will be filled by Rohit Chopra while Gary Gensler is expected to be named to head the U.S. Securities and Exchange Commission (SEC). Both nominations are expected to be controversial among the communities that fall under supervision of the two agencies with Chopra perhaps facing a difficult confirmation process. Chopra helped now-senator Elizabeth Warren (D-MA) design CFPB during the presidency of Barack Obama and served as its assistant director and student loan ombudsperson. He has been a member of the Federal Trade Commission since 2018. Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014
Biden Nominates Two Picks for Important Financial Positions; Uneventful Start For Bonds This Week
Biden Nominates Two Picks for Important Financial Positions; Uneventful Start For Bonds This Week

MBS RECAP: Uneventful Start This Week; Next Move Remains Debatable

Posted To: MBS Commentary

Uneventful Start This Week; Next Move Remains Debatable Bonds began the day in weaker territory but rallied back to nearly unchanged levels after several comments from inbound Treasury Secretary Janet Yellen. Of particular note were Yellen's comments on the possibility of repealing certain tax cuts as well as the need to get the federal budget on a more sustainable path. Both of those bode well (or "better," anyway) for Treasury issuance vs demand. The econ calendar was silent and other market moving headlines were scarce. Traders are waiting for the next major cue that settles the debate between keeping the broader negative trend intact or riding the recent positive correction back to lower-yield technical boundaries. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am…(read more)

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MBS RECAP: Uneventful Start This Week; Next Move Remains Debatable
MBS RECAP: Uneventful Start This Week; Next Move Remains Debatable