Daily Newsletter: CFPB Hits Flagstar Bank with First Servicer Rule Enforcement; Case-Shiller Notes Significant Slowdown in Home Prices; Rates Higher; Title Company Fined Over MSAs

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30 Year Fixed
4.20% +0.02
15 Year Fixed
3.35% +0.02
10YR Treasury
2.50% +0.0217
FNMA 30YR 3.5
102.23 -0.09
FNMA 15YR 2.5
103.02 -0.05
View Today’s Rates
Tuesday September 30, 2014
MND NewsWire – 1:32PM
CFPB Hits Flagstar Bank with First Servicer Rule Enforcement
The Consumer Financial Protection Bureau (CFPB) came down hard on Michigan-based Flagstar Bank both legally and verbally as it issued the first enforcement action under its new mortgage …
MND NewsWire – 10:48AM
Case Shiller notes "Significant Slowdown" in Home Price Gains
There was what the S&P/Case-Shiller Home Price Indices called “a significant slowdown in price increases in July S&P Dow Jones Indices said today. Nineteen of the 20 cities …
Mortgage Rate Watch – 3:54PM
Mortgage Rates Higher to End September
Mortgage rates were slightly higher today leaving September s one of only 3 months this year with noticeable upward movement. Things could have been worse had it not been for the steady …
MND NewsWire – 4:10PM
CFPB Targets Title Company Over MSAs
The Consumer Financial Protection Bureau (CFPB) filed a Consent Order on Tuesday against Lighthouse Title, a title insurer based in Holland, Michigan. The order was, the Bureau said …

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Today’s Comments

avatar.aspx Mortgage Rate Watch – 12:41AM
“Nice to see our gains last all day today. Now if we can nurse them through to NFP on Friday, maybe we can continue our downward trend channel for rates!…”
avatar.aspx MND NewsWire – 3:34PM
“About time!…”
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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.20% +0.02
15 Yr FRM 3.35% +0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.06% +0.02
5/1 Yr ARM 3.25% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.27% 0.25 +0.02
15 Yr. Fixed 3.44% 0.28 -0.04
30 Yr. Jumbo 4.15% 0.23 -0.07
30 Yr. FHA 3.97% 0.08 -0.02
5/1 ARM 3.12% 0.45 -0.07
Freddie Mac ** hdr_arrow.png
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 4.20% 0.50 -0.03
15 Yr. Fixed 3.36% 0.50 -0.01
1 Yr. ARM 2.43% 0.40 +0.00
5/1 Yr. ARM 3.08% 0.40 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 98.61 -0.14
30YR FNMA 3.5 102.23 -0.09
30YR GNMA 3.0 100.72 -0.13
30YR GNMA 3.5 103.34 -0.08
15YR FNMA 3.0 103.02 -0.05
15YR FNMA 2.5 100.58 -0.08
Treasuries hdr_arrow.png
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
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2 YR 0.5828% +0.0081
5 YR 1.7697% +0.0082
10 YR 2.5024% +0.0217
30 YR 3.2099% +0.0411
Prices as of: 9/30/2014 4:31PM EST

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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 and terms are subject to change without notice.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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MBS RECAP: Bond Markets Weather Month-End Storm With Minimal Losses

MBS RECAP: Bond Markets Weather Month-End Storm With Minimal Losses

Posted to: MBS Commentary
Tuesday, September 30, 2014 4:30 PM

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Month/Quarter-end trading dynamics made for a volatile day in the context of the recent range. It wasn’t so much that the moves were big, just that they seemingly came out of left field and ran their course quite quickly.

There were two distinct examples of such movement. The first came at the 9:30am stock market open with yields and stock prices dropping aggressively until 10am. From there, as if to emphasize the point that economic data just couldn’t matter any less, an exceptionally weak Consumer Confidence report marked the end of the rally for bond markets…

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Daily Rate Update: Mortgage Rates Higher to End September

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30 Year Fixed
4.20% +0.02
15 Year Fixed
3.35% +0.02
10YR Treasury
2.50% +0.0217
FNMA 30YR 3.5
102.23 -0.09
FNMA 15YR 2.5
103.02 -0.05
View Today’s Rates
Mortgage Rates Higher to End September
September 30, 2014
Mortgage rates were slightly higher today leaving September s one of only 3 months this year with noticeable upward movement. Things could have been worse had it not been for the steady improvements seen during the second half of the month. Today was an exception to that recent trend, but it’s tempered by the fact that yesterday’s gains were the best of the month. The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today.

These movement considerations may be small scale compared to what lies ahead. Several big-ticket events are coming up in the second half of this week and they stand a good chance to increase the level of volatility. That’s neither good nor bad necessarily, but simply means the next pronounced move could be bigger than those seen over the last few weeks.

Loan Originator Perspective

“Yesterday I said that as long as the 10 yr remained under 2.5% that I’d suggest to continue to float. My stance has not changed, though it still remains risky. Pay close attention and be ready to lock, because a move back above 2.5% means this was only a failed test at lower rates. Floating cautiously, and hoping we see the trend of lower rates continue.” –Brent Borcherding, www.brentborcherding.com

“With today being month/quarter end, I would recommend to lock everything up that is within 30 days of closing. I suspect, barring any geopolitical tapebombs, that rates will gradually worsen between now and the payrolls report on Friday. The near term direction of interest rates will be set on Friday, so if you do not lock today, then i would plan on floating until at least next week. If the payrolls report is worse than expected and we dont get any large revisions better to prior months, rates will improve so floating could pay off, but it is extremely risky.” –Victor Burek, Open Mortgage

“Pricing improved this morning following some disappointing economic data, and 10 year bond yields broke the important 2.5% level (2.48% at press time). The last two days, however, are essentially pre-cursers to the data we’ll see the next three days (chiefly ECB statement, weekly jobless claims and the September NFB employment report). These will determine where markets head, and cannot be ignored by floating borrowers. It’s a “high risk/potential high reward” situation. If you choose to float into the next three days, do so with the realization that pricing can change quickly, whether for the better or worse.” –Ted Rood, Senior Mortgage Planner, tedroodteam.com

Today’s Best-Execution Rates

  • 30YR FIXED – 4.25
  • FHA/VA – 3.75-4.0%
  • 15 YEAR FIXED – 3.375-3.5
  • 5 YEAR ARMS – 3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

  • The hallmark of 2014 so far has been a disconcertingly narrow range in rates. Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower.
  • As of June, rates are now lower year-over-year, but that’s mostly due to rates’ path higher in 2013. The current path in 2014 remains sideways, though it has recently approached (but not broken) the lows set in late May
  • European markets continue to play a prominent role, generally helping rates in the US remain lower than they otherwise might be.
  • From a wider point of view, we’re in limbo, waiting for the first significant move away from the narrow range. While top tier rates moved up an eighth of a point in early September, to truly move out of the “narrow range,” we’d need to see another .125% higher (best-execution at 4.375%)
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’ Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy. It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

30 Year Fixed Rate Mortgage
30?w=360
15 Year Fixed Rate Mortgage
30?w=360&p=15YRFRM

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.20% +0.02
15 Yr FRM 3.35% +0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.06% +0.02
5/1 Yr ARM 3.25% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.27% 0.25 +0.02
15 Yr. Fixed 3.44% 0.28 -0.04
30 Yr. Jumbo 4.15% 0.23 -0.07
30 Yr. FHA 3.97% 0.08 -0.02
5/1 ARM 3.12% 0.45 -0.07
Freddie Mac ** hdr_arrow.png
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 4.20% 0.50 -0.03
15 Yr. Fixed 3.36% 0.50 -0.01
1 Yr. ARM 2.43% 0.40 +0.00
5/1 Yr. ARM 3.08% 0.40 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 98.61 -0.14
30YR FNMA 3.5 102.23 -0.09
30YR GNMA 3.0 100.72 -0.13
30YR GNMA 3.5 103.36 -0.06
15YR FNMA 3.0 103.02 -0.05
15YR FNMA 2.5 100.58 -0.08
Treasuries hdr_arrow.png
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 0.5828% +0.0081
5 YR 1.7697% +0.0082
10 YR 2.5024% +0.0217
30 YR 3.2107% +0.0419
Prices as of: 9/30/2014 4:29PM EST

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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.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
View this Report in your Web Browser | Forward to a Friend | Subscribe
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.

CFPB Targets Title Company Over MSAs

CFPB Targets Title Company Over MSAs

Posted to: MND NewsWire
Tuesday, September 30, 2014 3:06 PM

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The Consumer Financial Protection Bureau (CFPB) filed a Consent Order on Tuesday against Lighthouse Title, a title insurer based in Holland, Michigan. The order was, the Bureau said, sending “a clear and simple message” that it intends to pursue legal action against financial institutions that pay in any manner for referrals. The administrative proceeding carried a civil money penalty of $200,000.

The Bureau said that Lighthouse Title had violated the Section 8(a) of the Real Estate Settlement Procedures Act, (RESPA) and its implementing regulation, Regulation X. The relevant section of RESPA states, “No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.”

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CFPB Hits Flagstar Bank with First Servicer Rule Enforcement

CFPB Hits Flagstar Bank with First Servicer Rule Enforcement

Posted to: MND NewsWire
Monday, September 29, 2014 7:53 PM

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The Consumer Financial Protection Bureau (CFPB) came down hard on Michigan-based Flagstar Bank both legally and verbally as it issued the first enforcement action under its new mortgage servicing rules which went into effect in January 2014. The action claims that Flagstar had “failed borrowers” at every step in the foreclosure process by illegally blocking those borrowers’ attempts to save their homes.

“Because of Flagstar’s illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes,” said CFPB Director Richard Cordray. “The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”

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MBS MID-DAY: Bond Markets Rebound With Help From Europe, Stocks, and Month-End

MBS MID-DAY: Bond Markets Rebound With Help From Europe, Stocks, and Month-End

Posted to: MBS Commentary
Tuesday, September 30, 2014 12:38 PM

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The relevance of month/quarter-end trading considerations isn’t limited to the US Treasury market. Month-end for German bond markets (the largest in Europe, and the Eurozone benchmark) saw a strong rally beginning at 6:15am Eastern time. Treasuries gleaned some benefit, but not enough to get them back into positive territory by the open. This resulted in markedly weaker levels for 10yr yields at 8am and a 6/32nds weaker open for Fannie 3.5 MBS.

Both held almost perfectly sideways from there with the first relief coming at the 9:30am stock open. This is a major…

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Buybacks, Disparate Lending, Indemnifications; Flagstar’s CFPB Fine

Buybacks, Disparate Lending, Indemnifications; Flagstar’s CFPB Fine

Posted to: Pipeline Press
Tuesday, September 30, 2014 7:56 AM

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How did we arrive at the end of the 3rd quarter so quickly? It has been filled with legal news about the financial services sector right up to the very end. Former Federal Reserve Chairman Ben Bernanke and ex-Treasury secretaries Henry Paulson and Timothy Geithner have been called to testify at the U.S. Federal Court of Claims in a lawsuit brought by Maurice “Hank” Greenberg’s Starr International, the largest shareholder of American International Group. The suit claims an unconstitutional “taking” of property when the government assumed 80% of the insurer’s stock. The fun never ends.

Philip R. Stein (Bilzin Sumberg Baena Price & Axelrod LLP) wrote a piece for American Banker on fighting buybacks. Mr. Stein will be presenting a free webinar on October 9 (available for re-broadcast thereafter) on the CFPB’s attempts to expand its authority, and how lenders can best defend against CFPB investigations and enforcement actions. Anyone interested in registering for the webinar should email Phil Stein.

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