Daily Newsletter: Mortgage Rates Remain Near Recent Highs; CFPB on Affiliate Fees; FHFA on Strategic Goals; Short Sales Losing Favor

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30 Year Fixed 4.45% -0.02 15 Year Fixed 3.51% -0.02 10YR Treasury 2.75% +0.0126 FNMA 30YR 3.5 100.81 -0.05 FNMA 15YR 2.5 103.03 -0.08 View Today’s Rates

Friday November 29, 2013 Mortgage Rate Watch – 1:05PM Mortgage Rates Modestly Lower but Remain Near Recent Highs Mortgage rates edged just barely lower today , but remain close to the recent highs seen on Wednesday. Along with November 12th, these 3 days contain the highest rates since the September … MND NewsWire – 10:01AM CFPB’s Take on Affiliate Fees, Loans Under $100k, and Several Other Recent Announcements We have 28 business days until QM is the law of the land, and even after this commentary discussed the CFPB’s policy there still seems to be a small amount of confusion out there … MND NewsWire – 12:15PM FHFA Says Significant Progress Made toward Strategic GSE Goals The Federal Housing Finance Agency (FHFA) recently released its 2013 Conservatorship Scorecard detailing the progress made by the government sponsored agencies (GSEs) Freddie Mac and … MND NewsWire – 12:10PM Short Sales Becoming Less Favorable For Lenders RealtyTrac reports that the nature of distressed property sales is evolving. In its most recent report on market and distressed sales, the company noted that changing economics are … The Day Ahead: Abbreviated Data-Free Session Mortgage Applications Unchanged After Seasonal Adjustments Conforming Loan Limits Stay Put for 2014, Including High Cost Areas Latest Video Closing Bell Exchange Santelli Exchange: Headwinds, the economy, and uncertainty Santelli: It really is a spread game More News from ‘Around the Web’ Washington Post – 1:03PM An interview with Mortimer Zuckerman: How he succeeds in real estate http://www.nytimes.com – 12:22PM Off the Charts: For Long-Term Jobless, a Stubborn Trend Washington Post – 10:48AM Wonkblog: Black Friday is a bunch of meaningless hype, in one chart Market Watch – 10:12AM Market Snapshot: U.S. stocks rise, on pace for monthly gains CNBC – 10:08AM Gold suffers worst November since 1978 Market Watch – 10:08AM Bond Report: Treasurys eye monthly loss before data deluge Reuters – 8:54AM Stock futures edge higher, on track for strong month CNBC – 8:53AM US bonds trade in low volumes ahead of Black Friday Today’s Comments MBS Live Chat – 10:39AM “Dustin, we have done DU Refi Plus with previous being LPMI. You still need to get Cert transferred from current MI company….” MBS Live Chat – 11:45AM “Lender-Purchased Mortgage Insurance New lender-purchased mortgage insurance coverage may be obtained on new DU Refi Plus and Refi Plus mortgage loans, and continuation of existing lender-purchased mortgage insurance coverage on the new loan is also permitted….” MBS Live Chat – 12:25PM “I just did one where the LPMI was paid monthly by the lender. The MI certificate was modified to borrower paid monthly mi. Because originally it was lender paid I was unable to disclose the new MI payment. Once the lender determined that it was paid monthly by the previous lender they told me the monthly…” Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.45% -0.02 15 Yr FRM 3.51% -0.02 FHA 30 Year Fixed 4.15% -0.02 Jumbo 30 Year Fixed 4.42% -0.01 5/1 Yr ARM 3.22% -0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.44 -0.02 30YR FNMA 3.5 100.81 -0.05 30YR GNMA 3.0 97.56 -0.08 30YR GNMA 3.5 101.94 -0.02 15YR FNMA 3.0 103.03 -0.08 15YR FNMA 2.5 99.81 0.00 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2854% -0.0039 5 YR 1.3734% +0.0114 10 YR 2.7481% +0.0126 30 YR 3.8186% +0.0054 Prices as of: 11/29/2013 1:38PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Weekly Newsletter: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas; Home Price Gains Becoming Uneven; Mortgage Rates Back to 2-Month Highs

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30 Year Fixed 4.45% -0.02 15 Year Fixed 3.51% -0.02 10YR Treasury 2.74% +0.0090 FNMA 30YR 3.5 100.81 -0.05 FNMA 15YR 2.5 103.03 -0.08 View Today’s Rates

Friday November 29, 2013 MND NewsWire – 11/26 Conforming Loan Limits Stay Put for 2014, Including High Cost Areas Whether because of the uproar from some members of Congress, the Mortgage Bankers Association, National Association of Realtors, and other industry players or not, Edward J. DeMarco … MND NewsWire – 11/25 Home Prices Rise Overall, but Some Areas Seeing Sharp Declines Home prices rose again nationally in September Lender Processing Services (LPS) said today, but in many areas, notably a lot of the older mill towns in the Northeast, prices are still … MND NewsWire – 11/22 Role of Property Tax in Health of Housing Market Property taxes are collected by virtually all local governments; levied on land, commercial properties, and residential homes. Taxes are generally determined by a combination of the … MND NewsWire – 11/22 Foreclosure Inventory Falls to 5 year Low Lender Processing Services (LPS) said today that the national foreclosure pre-sale inventory is at its lowest level since 2008 . The inventory, the number of loans that are in some … MND NewsWire – 11/27 Mortgage Applications Unchanged After Seasonal Adjustments Applications for mortgages moved in two directions during the week ending November 22, depending on whether the figures were presented “as is” or on a seasonally adjusted basis. The … Mortgage Rate Watch – 11/27 Mortgage Rates Back up to Recent Highs Mortgage rates moved decidedly higher today, bringing most lenders back in line with their highest recent rate sheet offerings from November 12th. In many cases, this may result in … Generally Good News in the Housing Market; No Change to Conforming Loan Limits MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday? Inventories Pulling Home Sales and Prices in Opposite Directions California Purchase Contracts up for First Time in 3 Months Home Price Growth Slowing but Still Bubbly in West FHFA Price Increases more Modest than Case-Shiller Latest Video New wave of mortgage troubles? Expect home prices lower: Pro Goldman’s bond guru: Do think rates go higher More News from ‘Around the Web’ CNBC – 11/22 Fed’s Tarullo details plans to counter bank runs Washington Post – 11/22 Fannie Mae, Freddie Mac attract investor groups CFPB – 11/22 We looked at the impact of regulations at financial institutions Reuters – 11/22 U.S. seeks to add former Wells Fargo exec as fraud defendant Bloomberg – 11/22 More Fannie Mae Borrower Aid Expected After Watt Confirmation – Bloomberg National Housing Conference – 11/22 Senate Banking examines transition path for housing finance reform CNBC – 11/22 The ‘nuclear option’ and the economy CNBC – 11/26 September home prices up 13.3% year-over-year: S&P/Case-Shiller Reuters – 11/26 Insight: A new wave of U.S. mortgage trouble threatens CNBC – 11/26 US bonds trade higher ahead of further housing data CFPB – 11/27 Updated exam procedures for revised mortgage rules -CFPB PR Newswire – 11/27 Fannie Mae Releases October 2013 Monthly Summary freddiemac.mwnewsroom.com – 11/27 Freddie Mac Immediately Extends Mortgage Relief to Illinois Homeowners Impacted by Tornadoes CNBC – 11/27 Goldman trades are good-just not great: Report Bloomberg – 11/27 Treasuries Decline as 7-Year Sale Demand Is Lowest Since 2009 – Bloomberg Market Watch – 11/27 Looking for a vacation home? Might need to pay cash Bloomberg – 11/27 Long Bonds Spurned as Buyers Seek Taper Shelter: Credit Markets – Bloomberg Washington Post – 11/27 Wonkblog: Markets used to freak out over tapering QE. The Fed has persuaded them not to. freddiemac.mwnewsroom.com – 11/27 Fixed Mortgage Increase Slightly freddiemac.mwnewsroom.com – 11/27 Freddie Mac Issues Monthly Volume Summary for October 2013 The Huffington Post – 11/27 Fed Pressured JPMorgan To Distance Itself From Controversial Business For More Than A Year http://www.philadelphiafed.org – 11/27 Analysis: Third Quarter 2013 House Prices The Big Picture – 11/27 A Way With Words: The Economics of the Fed’s Press Conference CNBC – 11/27 Mortgage apps slide for 4th week running CNBC – 11/27 Is the Fed trying to ‘fool’ the bond market? FHFA – 11/26 U.S. House Prices Rose 2.0 Percent in Third Quarter 2013 CNBC – 11/27 US bond markets poised for next Treasury auction FHFA – 11/26 FHFA Index Shows Mortgage Interest Rates Decrease in October CNBC – 11/27 Wall Street awaits data deluge ahead of holiday CNBC – 11/27 US banks could face legal charges of over $100 billion: S&P Reuters – 11/26 JPMorgan, mortgages drag down third-quarter U.S. bank profits Reuters – 11/25 Exclusive: Nonprofit that flipped homes to investors faces scrutiny http://www.lpsvcs.com – 11/25 U.S. Home Prices Up 0.2 Percent for the Month; Up 9.0 Percent Year-Over-Year CNBC – 11/25 Pending home sales fall again WSJ – 11/25 Whenever Fed Talks, Markets Move CNBC – 11/25 Is US economy in ‘permanent slump’ Today’s Comments MBS Live Chat – 11/27 “The day a person decides that his career is originating loans is the day they start getting more business. That day happened for me 12 or 13 years ago. Rolling into the office at 10am, leaving at 4pm, not answering the phone after hours or on the weekend is simply not the way to approach this industry…” Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.45% -0.02 15 Yr FRM 3.51% -0.02 FHA 30 Year Fixed 4.15% -0.02 Jumbo 30 Year Fixed 4.42% -0.01 5/1 Yr ARM 3.22% -0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.47 +0.02 30YR FNMA 3.5 100.81 -0.05 30YR GNMA 3.0 97.56 -0.08 30YR GNMA 3.5 101.94 -0.02 15YR FNMA 3.0 103.03 -0.08 15YR FNMA 2.5 99.78 -0.03 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2854% -0.0039 5 YR 1.3734% +0.0114 10 YR 2.7445% +0.0090 30 YR 3.8168% +0.0036 Prices as of: 11/29/2013 1:42PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Weekly Rate Report: Mortgage Rates Inch to Recent Highs; Volatile Week Ahead

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30 Year Fixed 4.45% -0.02 15 Year Fixed 3.51% -0.02 10YR Treasury 2.75% +0.0126 FNMA 30YR 3.5 100.83 -0.03 FNMA 15YR 2.5 103.03 -0.08 View Today’s Rates

Mortgage Rates Inch to Recent Highs; Volatile Week Ahead November 29, 2013 Market Summary Mortgage rates, With Friday’s slight improvement, ended up looking rather flat in terms of overall movement from last Friday. Trading activity was subdued in the secondary mortgage market, making for little excitement in general, but also allowing prices to slide on Wednesday (lower prices = higher rates). Wednesday’s rates were the highest since September 18th, but just barely. Conforming 30yr Fixed rates (best-execution) moved up to 4.5% from 4.375% at the start of the week, but several lenders made it back to 4.375%. Next Tuesday is the only day next week that does NOT contain an important economic report in the morning. Friday hosts the Employment Situation (aka “jobs report, official employment data, NFP”) which is the most important economic report for the rest of the year. Investors increasingly believe the Fed may move to reduce asset purchases in December if the upcoming jobs report is strong enough, though a great deal of debate remains. If that happens, it would likely result in an immediate move higher for rates–perhaps significantly. Investors will draw conclusions about the Fed decision almost immediately on Friday and may begin leaning in one direction several days in advance. The point is that we’re going from what has been a very flat few weeks to a potentially much more volatile December. –Matthew Graham, Chief Operating Officer, Mortgage News Daily 30 Year Fixed Rate Mortgage Week in Review Rates shown below are based on the 30 Year Fixed Rate Mortgage Beginning Average: 4.43% Ending Average: 4.45% Weekly Change: +0.02% Yearly Change: +1.05% Friday, November 22, 2013 : 4.43% (-0.01%) Mortgage rates were steady to slightly lower today, though they remain elevated on the week (read more…). Most lenders are effectively unchanged compared to yesterday’s latest rate sheets, but some are offering moderately lower closting costs for the same interest rates. The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) remains at 4.375%, with some lenders closer to 4.5%. It was a quiet day for financial markets, offering little motivation to the Mortgage-Backed-Securities (MBS) that most directly affect mortgage rates. Most of the week’s volatility was seen on Wednesday, heading into and out of the FOMC Minutes (more…). Yesterday and today have played the role of the epilogue, offering some consolidation and closure to the main storyline that played out on Wednesday. More detail: “Mortgage Rates Steady to Slightly Lower” Monday, November 25, 2013 : 4.42% (-0.01%) Mortgage rates were steady to slightly lower today despite some volatility and weakness in the Secondary Mortgage Market. This means that MBS prices (the mortgage-backed-securities that most directly affect rates) moved higher and lower at a fairly quick pace, and ultimately settled into territory that would indicate slightly higher rates. In fact, several lenders did undergo mid-day price changes that raised costs for existing rates, but not so much as to push rates themselves higher. Once again, most lenders are very close to the previous session’s levels. On average, costs are actually a bit lower due to the majority of lenders who did not change prices mid-day. The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) remains at 4.375%. More detail: “Mortgage Rates Relatively Unchanged; Some Mid-Day Changes” Tuesday, November 26, 2013 : 4.42% (+0.00%) Mortgage rates were flat again today. Some lenders were just slightly better or worse compared to yesterday, but on average, there was no change. Heading in to extended holiday weekends, it’s not uncommon to see rates show some determination to do nothing. This depends, to some extent, on whether market conditions will allow rates to stay flat. Naturally, if big enough news crossed the wires, rates would move, but we haven’t had anything in that realm so far this week. As such the the most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) remains at 4.375%. More detail: “Mortgage Rates Continue Flat, Holiday Trend” Wednesday, November 27, 2013 : 4.47% (+0.05%) Mortgage rates moved decidedly higher today, bringing most lenders back in line with their highest recent rate sheet offerings from November 12th. In many cases, this may result in a quoted rate being an eighth of a percentage point higher today compared to yesterday, depending on the lender and scenario. In other cases, the weakness will be seen in the form of higher closing costs or lower lender credit. With today’s rise, the most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) is moving up to 4.5% though some lenders remain better-priced at 4.375%. More detail: “Mortgage Rates Back up to Recent Highs” Friday, November 29, 2013 : 4.45% (-0.02%) Mortgage rates edged just barely lower today, but remain close to the recent highs seen on Wednesday. Along with November 12th, these 3 days contain the highest rates since the September 18th FOMC Announcement where the Fed held off on reducing asset purchases. On a positive note, despite the two month highs, they’re not far off from most of the recent activity. Today’s most prevalent rate quotes are going out between 4.375% and 4.5% for top tier scenarios (best-execution), whereas most of the recent activity was 4.25%-4.375%. Many lenders are closed today or are otherwise not issuing new rate sheets. More detail: “Mortgage Rates Modestly Lower but Remain Near Recent Highs” Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.45% -0.02 15 Yr FRM 3.51% -0.02 FHA 30 Year Fixed 4.15% -0.02 Jumbo 30 Year Fixed 4.42% -0.01 5/1 Yr ARM 3.22% -0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.44 -0.02 30YR FNMA 3.5 100.83 -0.03 30YR GNMA 3.0 97.55 -0.09 30YR GNMA 3.5 101.91 -0.05 15YR FNMA 3.0 103.03 -0.08 15YR FNMA 2.5 99.81 0.00 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2854% -0.0039 5 YR 1.3767% +0.0147 10 YR 2.7481% +0.0126 30 YR 3.8203% +0.0071 Prices as of: 11/29/2013 1:33PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Daily Rate Update: Mortgage Rates Modestly Lower but Remain Near Recent Highs

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30 Year Fixed 4.45% -0.02 15 Year Fixed 3.51% -0.02 10YR Treasury 2.75% +0.0144 FNMA 30YR 3.5 100.83 -0.03 FNMA 15YR 2.5 103.06 -0.05 View Today’s Rates

Mortgage Rates Modestly Lower but Remain Near Recent Highs November 29, 2013 Mortgage rates edged just barely lower today, but remain close to the recent highs seen on Wednesday. Along with November 12th, these 3 days contain the highest rates since the September 18th FOMC Announcement where the Fed held off on reducing asset purchases. On a positive note, despite the two month highs, they’re not far off from most of the recent activity. Today’s most prevalent rate quotes are going out between 4.375% and 4.5% for top tier scenarios (best-execution), whereas most of the recent activity was 4.25%-4.375%. Many lenders are closed today or are otherwise not issuing new rate sheets. With today’s slight improvement, the week ends up looking rather flat in terms of overall movement from last Friday. This is about what you’d expect given the absence of significant events this week and extremely important events in the week ahead. Next Tuesday is the only day next week that does NOT contain an important economic report in the morning. Friday hosts the Employment Situation (aka “jobs report, official employment data, NFP”) which is the most important economic report for the rest of the year. Investors increasingly believe the Fed may move to reduce asset purchases in December if the upcoming jobs report is strong enough, though a great deal of debate remains. If that happens, it would likely result in an immediate move higher for rates–perhaps significantly. Investors will draw conclusions about the Fed decision almost immediately on Friday and may begin leaning in one direction several days in advance. The point is that we’re going from what has been a very flat few weeks to a potentially much more volatile December. Loan Originator Perspectives “If you haven’t locked yet, you shouldn’t (or probably can’t considering many lenders lock desks are not even open) lock today. Enjoy the weekend and let’s see what happens early next week when there is substanial volume to make a case for where MBS prices go from here. We still seem to be holding the top of the recent range for the 10 year yield of 2.75ish and I am hoping that presents itself as resistance and a nice bounce back lower in yield may follow. ” -Steve Chizmadia, Mortgage Consultant, American Capital Home Loans. “Light day to end the week. 30 Year fixed stuck firmly at 4.5%, 15 Year 3.375%. I am advising caution and locking in as all eyes turn towards next Friday’s job report.” –Chris Marconi VP Residential Lending First Midwest Bank “Not much to say about today. The markets are open, but thinly traded as most of the key players are on extended break until Monday. As is typical, the lenders that did price today worsened sheets considerably. Float til Monday.” –Victor Burek, Open Mortgage “An abbreviated post Thanksgiving session was quiet today, many lenders and lock desks sleeping off yesterday’s dinners. Been a great year for borrowers and originators. Whether rates trend up or down, need to remember we’re blessed to live in a country where housing is generally affordable and assessable. Happy Thanksgiving, everyone.” –Ted Rood, Senior Originator Today’s Best-Execution Rates 30YR FIXED – 4.5% FHA/VA – 4.25%-3.75% (depends heavily on lender) 15 YEAR FIXED – 3.5% 5 YEAR ARMS – 3.0-3.50% depending on the lender Ongoing Lock/Float Considerations Uncertainty over the Fed’s bond-buying plans and Fiscal Policy has been making for a tough interest rate environment where we’re not seeing sustained improvement unless it’s a correction to even bigger deterioration. The Fed’s bond buying is the key consideration–not just the initial reduction (aka “tapering”), but the general pace of withdrawal. We’ve gone from tapering being a “sure thing” in September, to it being on hold until March 2014, and now December 2013 is increasingly possible after the most recent Employment report on Nov 8th. Markets continue to be most interested in economic data and its suggestions about the longer term trajectory of the economy. This will shape expectations for Fed policy in the coming months, and thus inform the direction of interest rates. The stronger the data the more likely the Fed is seen as reducing asset purchases. Rates would rise under this scenario, but the Fed indicated its cognizance of high rates creating headwinds for the recovery, and this suggests they’ll attempt to keep the pace of rising rates moderate as long as inflation isn’t adversely affected. (As always, please keep in mind that our Best-Execution rate always pertains to a completely ideal scenario. There are many reasons a quoted rate may differ from our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate). 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.45% -0.02 15 Yr FRM 3.51% -0.02 FHA 30 Year Fixed 4.15% -0.02 Jumbo 30 Year Fixed 4.42% -0.01 5/1 Yr ARM 3.22% -0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.44 -0.02 30YR FNMA 3.5 100.83 -0.03 30YR GNMA 3.0 97.56 -0.08 30YR GNMA 3.5 101.94 -0.02 15YR FNMA 3.0 103.06 -0.05 15YR FNMA 2.5 99.81 0.00 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2854% -0.0039 5 YR 1.3799% +0.0179 10 YR 2.7499% +0.0144 30 YR 3.8212% +0.0080 Prices as of: 11/29/2013 1:27PM EST

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

MND NewsWire – FHFA Says Significant Progress Made toward Strategic GSE Goals

FHFA Says Significant Progress Made toward Strategic GSE Goals

Posted to: MND NewsWire
Tuesday, November 26, 2013 12:30 PM

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The Federal Housing Finance Agency (FHFA) recently released its 2013 Conservatorship Scorecard detailing the progress made by the government sponsored agencies (GSEs) Freddie Mac and Fannie Mae in meeting the strategic goals set for them so far this year under FHFA’s 2012 Strategic Plan. The plan sets forth three principal goals for the current phase of the GSE conservatorship:

1. Build a new infrastructure for the secondary mortgage market;

2. Gradually contract the Enterprises’ dominant presence in the marketplace while simplifying and shrinking their operations; and

3. Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.

Reduction of the governments risk in the single-family mortgage credit market requires giving investors greater certainty and confidence in the rules, policies, data, and disclosures used in mortgage securitization. In order to build a new infrastructure for single-family mortgage securitization the GSEs need to develop a model Contractual and Disclosure Framework (CDF) that will help foster that certainty and confidence.

The GSEs made significant progress toward achieving interim goals in developing that framework. A joint GSE team has analyzed and compared certain policies and practices relating to fully guaranteed mortgage-backed securities (MBS) while noting comparable practices in the private-label market. By year-end 2013 the team will recommend ways to align the GSEs’ policies and practices in each area. The team has focused on identifying best practices for non-guaranteed MBS, including those partially guaranteed by the GSEs and has begun a review and analysis of differences in the GSEs’ Master Trust Agreements.

(READ THE FULL POST)

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• MND NewsWire: Short Sales Becoming Less Favorable For Lenders
• MBS Commentary: MBS MID-DAY: Slightly Weaker but Well Within Wednesday’s Range
• MND NewsWire: CFPB’s Take on Affiliate Fees, Loans Under $100k, and Several Other Recent Announcements
• MBS Commentary: The Day Ahead: Abbreviated Data-Free Session
• MBS Commentary: MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?

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MND NewsWire – Short Sales Becoming Less Favorable For Lenders

Short Sales Becoming Less Favorable For Lenders

Posted to: MND NewsWire
Monday, November 25, 2013 6:27 PM

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RealtyTrac reports that the nature of distressed property sales is evolving. In its most recent report on market and distressed sales, the company noted that changing economics are increasing the reliance on more traditional third party purchases at foreclosure auctions rather than the lender/borrower negotiated sale at less than the outstanding loan balance.

RealtyTrac has adopted a new methodology for accounting for short sales with the distressed and market rate sales report released Monday. The company now applies a calculation to take into account the true loan balance secured by a home at the time of the sale, and additionally separating out of the short sale classification properties that sell at a public foreclosure auction short of the loan balance. It is also including a new category of distressed sale in the report: third-party foreclosure auction sales, which represent sales at the public foreclosure auction to third parties other than the foreclosing lender.

Sales in the new category of auction sales to a third party represented 2.5 percent of sales compared to 2.8 percent in September and nearly twice the 1.3 percent share a year earlier. Significant numbers of these auction sales occurred in Orlando and Jacksonville, Florida, each at 8.6 percent and Columbia, South Carolina at 8.1 percent.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS MID-DAY: Slightly Weaker but Well Within Wednesday’s Range
• MND NewsWire: CFPB’s Take on Affiliate Fees, Loans Under $100k, and Several Other Recent Announcements
• MBS Commentary: The Day Ahead: Abbreviated Data-Free Session
• MBS Commentary: MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?
• Mortgage Rate Watch: Mortgage Rates Back up to Recent Highs

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MBS Commentary – MBS MID-DAY: Slightly Weaker but Well Within Wednesday’s Range

MBS MID-DAY: Slightly Weaker but Well Within Wednesday’s Range

Posted to: MBS Commentary
Friday, November 29, 2013 11:05 AM

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MBS Live: MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.

FNMA 3.0 96-12 : -0-04 FNMA 3.5 100-25 : -0-03 FNMA 4.0 104-08 : -0-01 FNMA 4.5 106-21 : -0-01	GNMA 3.0 97-15 : -0-04 GNMA 3.5 101-28 : -0-02 GNMA 4.0 105-04 : -0-01 GNMA 4.5 107-11 : -0-01	FHLMC 3.0 95-30 : -0-04 FHLMC 3.5 100-17 : -0-03 FHLMC 4.0 103-29 : -0-01 FHLMC 4.5 106-14 : +0-02
Pricing as of 11:05 AM EST

Morning Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this morning.

MND NewsWire – CFPB’s Take on Affiliate Fees, Loans Under $100k, and Several Other Recent Announcements

CFPB’s Take on Affiliate Fees, Loans Under $100k, and Several Other Recent Announcements

Posted to: MND NewsWire
Friday, November 29, 2013 7:53 AM

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We have 28 business days until QM is the law of the land, and even after this commentary discussed the CFPB’s policy there still seems to be a small amount of confusion out there about affiliate fees, and the 3% threshold. Paul Mondor did acknowledge that he and other Bureau representatives had voiced policies in the past, and he made a point of indicating that this was the Bureau’s definitive position despite those past, contrary statements. For example, a policy was verbally stated during the MBA Regulatory Compliance Conference last month. Mr. Mondor was a presenter at that conference and repeatedly stated that all fees paid to an affiliate must be counted in the 3% points and fees calculation, regardless of the amount retained by the affiliate. This was, per the CFPB, is incorrect, as what was stated by David Silberman at the MBA’s committee meeting.

Those individuals, and the CFPB, have disavowed those past statements specifically, and want the industry to know it. Last week the commentary noted a conversation, also had last week, with Managing Counsel Paul Mondor regarding affiliate fees and the 3% points and fees calculation for QM loans. The policy is indeed: “just the portion of the fees that is paid to the affiliate and kept by the affiliate is counted in the 3% points and fees calculation.”

(READ THE FULL POST)

More from MND:

• MBS Commentary: The Day Ahead: Abbreviated Data-Free Session
• MBS Commentary: MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?
• Mortgage Rate Watch: Mortgage Rates Back up to Recent Highs
• MBS Commentary: MBS MID-DAY: Big, Nasty Sell-Off… Happy Holidays!
• Pipeline Press: Generally Good News in the Housing Market; No Change to Conforming Loan Limits

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MBS Commentary – The Day Ahead: Abbreviated Data-Free Session

The Day Ahead: Abbreviated Data-Free Session

Posted to: MBS Commentary
Friday, November 29, 2013 1:26 AM

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It’s not at all likely that today’s half-day will be able to do anything to inform Wednesday’s weak session for better or worse. Any strength can be discounted as month-end buying (portfolio managers being forced to buy a certain amount of Treasuries and/or MBS in order to align their portfolios to various benchmarks). Any weakness can be discounted as light holiday volume. Any way you look at it, we’re waiting until Monday before we have meatier data and participation. At that time, we can begin to assess how much of Wednesday’s weakness was heartfelt and how much was a holiday head-fake.

(READ THE FULL POST)

More from MND:

• MBS Commentary: The Day Ahead: Abbreviated Data-Free Session
• MBS Commentary: MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?
• Mortgage Rate Watch: Mortgage Rates Back up to Recent Highs
• MBS Commentary: MBS MID-DAY: Big, Nasty Sell-Off… Happy Holidays!
• Pipeline Press: Generally Good News in the Housing Market; No Change to Conforming Loan Limits

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Daily Newsletter: Mortgage Rates Back up to Recent Highs; Applications Flat After Seasonal Adjustment; Good News For Housing Market

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30 Year Fixed 4.47% +0.05 15 Year Fixed 3.53% +0.04 10YR Treasury 2.74% +0.0270 FNMA 30YR 3.5 100.86 -0.36 FNMA 15YR 2.5 103.11 -0.17 View Today’s Rates

Wednesday November 27, 2013 Mortgage Rate Watch – 3:35PM Mortgage Rates Back up to Recent Highs Mortgage rates moved decidedly higher today, bringing most lenders back in line with their highest recent rate sheet offerings from November 12th. In many cases, this may result in … MND NewsWire – 9:26AM Mortgage Applications Unchanged After Seasonal Adjustments Applications for mortgages moved in two directions during the week ending November 22, depending on whether the figures were presented “as is” or on a seasonally adjusted basis. The … Pipeline Press – 10:23AM Generally Good News in the Housing Market; No Change to Conforming Loan Limits A new housing brief from the U.S. Census Bureau shows that median home values in many small counties across the nation held steady after the most recent recession, while values in large … MBS Commentary – 4:27PM MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday? MBS Live : MBS Afternoon Market Summary Today offers a very interesting set of circumstances to consider for MBS and mortgage rates. First, we can safely assume that rate sheets have … The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week Conforming Loan Limits Stay Put for 2014, Including High Cost Areas Home Price Growth Slowing but Still Bubbly in West MBS MID-DAY: Bond Markets Hold Gains After Weaker Consumer Confidence Latest Video December’s most important number Cashin: Taper not priced into market Santelli’s Midday Bond Report More News from ‘Around the Web’ CFPB – 4:10PM Updated exam procedures for revised mortgage rules -CFPB PR Newswire – 4:10PM Fannie Mae Releases October 2013 Monthly Summary freddiemac.mwnewsroom.com – 1:28PM Freddie Mac Immediately Extends Mortgage Relief to Illinois Homeowners Impacted by Tornadoes CNBC – 1:05PM Goldman trades are good-just not great: Report Bloomberg – 12:28PM Treasuries Decline as 7-Year Sale Demand Is Lowest Since 2009 – Bloomberg Market Watch – 12:28PM Looking for a vacation home? Might need to pay cash Bloomberg – 11:28AM Long Bonds Spurned as Buyers Seek Taper Shelter: Credit Markets – Bloomberg Washington Post – 11:28AM Wonkblog: Markets used to freak out over tapering QE. The Fed has persuaded them not to. freddiemac.mwnewsroom.com – 10:08AM Fixed Mortgage Increase Slightly freddiemac.mwnewsroom.com – 9:55AM Freddie Mac Issues Monthly Volume Summary for October 2013 The Huffington Post – 9:55AM Fed Pressured JPMorgan To Distance Itself From Controversial Business For More Than A Year http://www.philadelphiafed.org – 9:55AM Analysis: Third Quarter 2013 House Prices The Big Picture – 9:55AM A Way With Words: The Economics of the Fed’s Press Conference CNBC – 8:24AM Mortgage apps slide for 4th week running CNBC – 8:15AM Is the Fed trying to ‘fool’ the bond market? CNBC – 8:14AM US bond markets poised for next Treasury auction CNBC – 8:14AM Wall Street awaits data deluge ahead of holiday CNBC – 8:14AM US banks could face legal charges of over $100 billion: S&P Today’s Comments MBS Live Chat – 1:38PM “The day a person decides that his career is originating loans is the day they start getting more business. That day happened for me 12 or 13 years ago. Rolling into the office at 10am, leaving at 4pm, not answering the phone after hours or on the weekend is simply not the way to approach this industry…” Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.47% +0.05 15 Yr FRM 3.53% +0.04 FHA 30 Year Fixed 4.17% +0.06 Jumbo 30 Year Fixed 4.43% +0.04 5/1 Yr ARM 3.24% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.45 -0.45 30YR FNMA 3.5 100.86 -0.36 30YR GNMA 3.0 97.64 -0.36 30YR GNMA 3.5 101.95 -0.33 15YR FNMA 3.0 103.11 -0.17 15YR FNMA 2.5 99.81 -0.27 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2893% -0.0039 5 YR 1.3620% +0.0513 10 YR 2.7355% +0.0270 30 YR 3.8132% +0.0159 Prices as of: 11/27/2013 4:30PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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