Lenders Speed Up Loan Processing; Existing Sales Highest Since 2007; Rates Hold Ground

The share of purchase loans originated in March climbed to 63 percent of all originations from 57 percent in February. Ellie Mae's Origination Insight Report for the month noted that this was the highest share for purchase mortgages since July 2016 when they made up 65 percent of the total. The average time to close all loans decreased to 43 days in March, down from 46 days in February, the shortest time to close since February of 2015. Similarly, the time to close a refinance dropped to 43 days from 47 days and the timeline for a purchase mortgage was 43 days, down from 45 days in February. All types of loans had shorter timelines. Closing or pull-through rates were lower for all loan types except FHA refinances. The rate for all loans fell from 70.6 percent in February to 67.9 percent. The

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/21/2753

Ocwen Sued, Shut Down in Multiple States; MBA Lays Out GSE Reform Plan; Rates Rise

There are bad days, and worse days, and there are days like Ocwen Financial Corporation (OFC) had on Thursday. The company was not only sued on multiple grounds by both the Consumer Financial Protection Bureau (CFPB) and the State of Florida, but saw its operations effectively shut down by the North Carolina Commissioner of Banks. According to CFPB, Ocwen, headquartered in West Palm Beach, Fla., is one of the nation's largest nonbank mortgage servicers. As of Dec. 31, 2016, it serviced almost 1.4 million loans with an aggregate unpaid principal balance of $209 billion. It services loans for borrowers in all 50 states and the District of Columbia. First, the North Carolina commissioner, Ray Grace, issued a cease and desist order against the company after a determination that it "has engaged

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/20/2751

Rates Steady Despite Market Weakness; Fannie Sees Faster Hikes; Refi Apps Improve

Mortgage rates were steady to slightly higher today, depending on the lender, despite bond market weakness. Typically, bond market weakness results in rates moving higher, but the timing of market movements can be important. Specifically, yesterday saw bond markets move to their best levels of the day in the afternoon--too late in the day for many lenders to react with lower rate offerings. Today's bond market weakness was intact right from the start of the trading session. As such, lenders simply kept rates close to unchanged as opposed to offering moderate improvements (something they likely would have done if bond markets held steady). Most lenders continue to quote conventional 30yr fixed rates of 4.0% on top tier scenarios. The more aggressive lenders are now back into the high 3% territory

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/19/2749

Rates Pushing Deep Into Post-Election Range; Inventory is Key; Construction Numbers Trend Higher

After stumbling just slightly yesterday, mortgage rates returned to their recent habit of setting new 2017 lows today. At this point, we're getting closer and closer to post-election lows. You'd have to go all the way back to November, 14th 2016 to see anything lower. In specific terms, even more lenders have joined the majority in quoting conventional 30yr fixed rates of 4.0% on top tier scenarios. The more aggressive lenders are now back into the high 3% territory (3.875% mainly, with a very small minority at 3.75%). Many lenders are quoting the same NOTE rates as yesterday, but today's upfront costs are moderately lower on average. Rates are benefiting from geopolitical uncertainty and a cooling-off of investor optimism over the Trump administration's fiscal policy path. Loan Originator

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/18/2747

Builder Confidence Ebbs; Rates Still Near 2017 Lows; CFPB Invites Comments; Trend is Our Friend For Now

For the third day in a row, mortgage rates set new 2017 lows this morning. But as bond markets weakened into the afternoon, several lenders recalled rate sheets for "negative reprices." This brought the afternoon's rate sheet offerings back in line with those seen on Thursday afternoon. Although that's slightly worse than this morning, rates are still effectively at 2017 lows. The average lender continues to quote 4.0% on top tier conventional 30yr fixed scenarios. Any changes from Thursday would be seen in the form of slightly higher upfront costs. Many borrowers will see no difference. While there were several economic reports today, investors remain more interested in geopolitical developments, stock prices, and currency fluctuations. Indeed, today's bounce in rates coincided with a bounced

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/17/2744

Rates Hit 2017 Lows Again; Mortgage Banking Profits Rise; New Home Sales Soar

Mortgage rates set new 2017 lows for the third straight day today, although only in terms of "effective rates" (which take upfront costs into account). "Note rates" (which simply refer to the rate applied to one's loan balance) are unchanged from yesterday, with most lenders continuing to quote 4.0% for top tier conventional 30yr fixed scenarios. There are still quite a few lenders quoting 4.125% and a very small minority already down to 3.875%. There were no new motivations for bond market movement (which dictates rates) today, but in general, rates have benefited this week from geopolitical risks and Trump's comments on the strength of the US dollar yesterday. Markets will close early today in observance of the Good Friday holiday and will be closed tomorrow. Banks will also be closed, which

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/13/2741

Rates Move Deeper Into 2017 Lows After Trump Comments; Delinquencies at 10-Year Low; Purchase Loans Set New Price Record

Mortgage rates continued lower today, bringing them even deeper into new lows for 2017. Bond markets (which underlie rate movement) were already doing just fine this morning, but got a boost from Trump's comments on the strength of the US Dollar in the afternoon. Specifically, Trump said the dollar is "too strong." The implication is that the administration will do what it can to promote a weaker dollar, and such efforts are seen simultaneously putting downward pressure on rates. Whereas lenders were more evenly split between 4.0% and 4.125% yesterday, the former now enjoys a small majority. That means that 4.0% is now the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios and that some of the more aggressive lenders are quoting 3.875%. Whether or not this means it

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/12/2739