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Company Webinars, Non-Agency, Compliance, DPA Products; USDA and Ginnie News; Rates Smack Housing Starts and Permits

If you can't think of a word or phrase, say, "I forgot the English word for it." That way people will think you're bilingual instead of an idiot. It is not hard to remember the phrase, “Rates are going higher.” While independent mortgage banks continue to compete with the intermediate ARM offerings from depositories in the 3 percent range, and originators shift their sales techniques, on a larger scale the Federal Reserve acted yesterday confirming its desire to slow inflation down by raising the target overnight Fed Funds rate by 75 basis points (.75 percent). (For a primer, MCT had a post, “How Does the Federal Reserve Affect Mortgage Rates”?) Forget worrying about lack of growth, or its market guidance credibility (Fed officials were talking about 50 basis points for weeks), the 75 “bps” helps the Fed’s inflation-fighting credibility. And remember that the Fed hasn’t even started the selling pr ....

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Capital Markets, TPO, eClose, Warehouse Products; FHA, VA, USDA News

Notes to start off the week?! First off, there are some darned clever people around, and this ditty (thank you to John H. for sending) sung to “American Pie” and lamenting the loss of the refi biz, ranks right up there for quality! (“… I can’t remember if I cried, when I read my client’s DTI, now considered too damn high…”) Second, lumber prices have dropped as the mortgage market has slowed. Lumber now comes in at $829 per 1,000 board feet, down 39 percent from its 2022 high of $1,357 in March. (To keep your perspective, today’s price is still nowhere near pre-pandemic levels of $300 – $500; One can always increase timber cutting on Federal land or reduce tariffs on Canadian lumber.) For bad news, last week investors focused on inflation with Treasury yields climbing higher, and back-to-back inflation reports showed prices posting record advances. On Thursday, the benchmark risk-free 10-year U.S. Treasury yield ramp ....

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USDA extends evictions and foreclosure moratorium


USDA extends evictions and foreclosure moratorium
 
From U.S. Department of Agriculture
WASHINGTON The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30.
The actions announced Tuesday will bring relief to residents in rural America who have housing loans through USDA.
“USDA recognizes that the COVID-19 pandemic has triggered an almost unprecedented housing affordability crisis in the United States. That’s why USDA is taking this important action today to extend relief to the hundreds-of-thousands of individuals a.
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Biden admin announces USDA foreclosure moratorium


Biden admin announces USDA foreclosure moratorium
Staff report
WASHINGTON D.C. The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30, 2021. The actions announced will bring relief to residents in rural America who have housing loans through USDA.
“USDA recognizes that the COVID-19 pandemic has triggered an almost unprecedented housing affordability crisis in the United States. That’s why USDA is taking this important action today to extend relief to the hundreds-of-thousands of individuals and families holding USDA Single Family Housing loans,” USDA Deputy Under Secretary for Rural Development Justin Maxson said. “While today’s actions are an important step for them, we need to do more. The Biden Administration is working closely with Congress to pass the American Rescue Plan to take more robust and aggressive actions to bring additional rel ....

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