Fannie Mae and Freddie Mac's (the GSE's) low downpayment loans are apparently beginning to cause some pain for FHA lending. Black Knight's Mortgage Monitor report, its monthly summary of mortgage performance data, notes that low-down-payment originations, which they define as loans with downpayments below 10 percent, currently account for nearly 40 percent of all purchase originations and 1.5 million borrowers have closed on such loans in the last 12 months, a seven-year high. Low down-payment loans have historically been the purview of FHA and VA. FHA will loan 97 percent of the purchase price with mortgage insurance, while VA will guarantee up to a loan-to-value (LTV) ratio of 100 percent for an eligible borrower. The GSE's announced reintroduced a program in late 2014 that would allow as

August 7, 2017 Download our Mobile App: Download our Mobile App: Housing News Low-Downpayment Mortgages Becoming the Norm Fannie Mae and Freddie Mac's (the GSE's) low downpayment loans are apparently beginning to cause some pain for FHA lending. Black Knight's Mortgage Monitor report, its monthly summary of mortgage performance data, notes that low-down-payment originat... (read more) Housing News Risk for Mortgage Fraud Increases Slightly - CoreLogic CoreLogic says conditions in the mortgage market are once again fertile ground for mortgage fraud . The company's National Fraud Risk Index hit a new high of 132 in the first quarter of this year versus 113 in the first quarter of 2016 and 122 in the... (read more) Rob Chrisman Tax Trends in Underwriting; Warehouse Lawsuit Hits Industry Icon Hard to believe that yesterday marked the 10-year anniversary of American Home Mortgage’s bankruptcy filing. Many years ago, Angelo Mozilo warned our industry that liquidity problems could bring a company to its knees quicker than anything else... (read more) MBS Commentary MBS Live Week Ahead: Don't Expect Much (Unless You See It!) Last week's NFP was eerily predictable.  Either that, or I got lucky.   My thought was that the market had been fairly range-bound and especially disinterested in breaking below the 2.21/2.22% range following Draghi's late June tapering ... (read more) Mortgage Rate Watch Mortgage Rates Tick Up After Jobs Report While it was far from a dramatic move mortgage rates ticked slightly higher after today's Employment Situation data, otherwise known simply as "the jobs report" or NFP (due to its headline component: nonfarm payrolls). On average, over time, NFP is t... (read more) MBS Commentary MBS Live Recap: Weaker Today Means Boring Week Overall The week began on Tuesday, for all intents and purposes.  July's "month-end" trading generally took place by last Friday and Monday was left as a mere afterthought.  Yields fell nicely on Tuesday as "new month" trades unwound July's month... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% +0.03 0.00 15 Yr. Fixed 6.43% +0.06 0.00 30 Yr. FHA 6.39% +0.09 0.00 30 Yr. Jumbo 7.24% +0.04 0.00 7/6 SOFR ARM 7.11% +0.12 0.00 30 Yr. VA 6.39% +0.07 0.00 Updates Daily - Last Update: 11/15 15 Yr. Fixed Rate 6.43% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.83 -0.09 Price / Yield Change MBS UMBS 5.5 98.83 -0.09 UMBS 6.0 100.50 -0.06 GNMA 5.5 99.42 -0.14 GNMA 6.0 100.68 -0.03 Pricing as of: 11/17 5:28PM EST 10 Year US Treasury 4.4404 +0.0000 Price / Yield Change US Treasury 2 YR Treasury 4.301 -0.049 5 YR Treasury 4.307 -0.019 7 YR Treasury 4.374 0.000 10 YR Treasury 4.440 0.000 30 YR Treasury 4.617 +0.034 Pricing as of: 11/17 5:28PM EST Latest Video Wells Fargo vows to disclose all legal matters amid scandals, analyst says James Bullard: Only small inflation effects from lower unemployment Jobs numbers reality check: CNBC's Steve Liesman Around the Web Market Watch Fannie and Freddie could need $100 billion bailout in next crisis, stress test finds Market Watch Fed's Kashkari says he'll remain doubtful there are worker shortages until wages rise Fannie Mae Stress Test Results | Fannie Mae Freddie Mac Freddie Mac Issues Dodd-Frank Stress Test Results consumerfinancemonitor.com FHFA announces reopening and second extension of comment period for LEP RFI Market Watch The Fed: Fed's Bullard says short-term interest rates are fine where they are now Market Watch The Fed: Fed ends release of its own employment yardstick Calculated Risk Blog Q2 2017 GDP Details on Residential and Commercial Real Estate NAHB Eye on Housing LMI Indicates Continued Improvement Across the Country Fannie Mae Housing Sentiment Dips as High Home Prices Weigh on ... CNBC US Treasurys lower as bond investors gear up for auction news, Fed speeches Calculated Risk Blog Black Knight Mortgage Monitor: "Low-Down-Payment Purchase Lending at Seven-Year High" Bloomberg El-Erian 'More and More Worried' About Wages, Even as Jobs Gain

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