Skip to content

MBS RECAP: Bonds Skittish After Stocks Find Bottom

May 19,2019
by admin

Both stocks and bonds have been edging back into less panicked territory after trade war drama fizzled out last week. In other words, stock prices and bond yields were moving higher together. To be fair, bonds got one last rally push from Italy/EU drama mid-week (stocks didn’t care as much about that one). Either way, by the end of last week the worst of the “risk-off” momentum appeared to be over and momentum looked to be shifting back in the other direction.

Overnight weakness in equities markets threatened to push bond yields back down and create a green day for rates as opposed to modest weakness implied by the recent trend. But stocks were only ever looking panicked in the overnight and early morning hours. As soon as the 9:30am NYSE session got underway, stocks found their footing, and bonds left the party.

10yr yields rose from roughly 2.39 to nearly 2.42% in short order and then leveled off in the afternoon.

Fannie 3.5 MBS fell fairly steadily throughout the day, ultimately losing just over an eighth of a point.

There were no significant economic reports, but several big corporate bond offerings may have added to the general sense of pressure on bonds. Perhaps even more important was the fact that today’s volume was the lowest since April 29th. Thus, some of the weakness could purely be a factor of iilliquidity.

The EDGE: Week Of May 20, 2019

May 19,2019
by admin

In This Week’s “The EDGE”

  • Houston Unemployment Nears Record Low
  • Get the Facts on Flooding
  • Earn Your Global Certification
  • Embrace the Three Rs

For your convenience, this presentation was saved in two different formats. Click the icons to download in .pdf (Acrobat) or .ppt (PowerPoint)

This image has an empty alt attribute; its file name is pdf-download-icon.png
This image has an empty alt attribute; its file name is ppt-download-icon.png

Source: Houston Association of REALTORS®

Training, Reno, Appraisal Products; Compliance Warning; FHFA, Fannie, Freddie News

May 19,2019
by admin

Tony H. sent, “A conference is a gathering of people who singly can do nothing, but together can decide that nothing can be done.” Not at this MBA event, right!? Here in New York there’s a lot to talk about. Ellie Mae laying off 10% of its workforce, for example. MERS reporting 19,000 eNotes added to the MERS eRegistry during the first quarter of 2019, more than in all of 2018. At the MBA’s Secondary Conference one topic being batted about is the LTV ratio. Yes, the “lender to vendor” ratio has been sinking over the years as the number of vendors has increased. One-month bank statement programs? Yup, there’re out there. Chase Advantage reminding capital markets folks of 2006 programs & pricing through “access to the private MBS market?” Yup. Love that high balance product with no Agency G-Fees. The ability of MI companies’ black boxes to give different borrowers in different areas different prices? Yup.

Lender Products and Services

Come meet NewRez Correspondent at the MBA Secondary to learn how we can expand your capacity with speed and ease! “We continue to add new technology to our lender platform to enhance and streamline the correspondent lending process,” says Lisa Schreiber, SVP Correspondent Division. “We are proud to announce the recent integration of Ellie Mae’s Encompass Investor Connect system-to-system workflow which accelerates purchase times and enhances efficiency for all products we offer. It is an exciting time at NewRez with much more to come in the Non-QM space as well, including a newly-branded AUS coming soon!” Send Lisa a note to set up an appointment at the MBA Secondary and to learn more about how NewRez is committed to helping grow your business.

“Part one of a new four-part series titled, “A Crack in The Foundation?” from Maxwell was released this AM; it examines the roots of the American mortgage beginning in the 1930s and traces the establishment of the Federal Housing Administration (FHA), as well as the birth of Fannie, Freddie, and Ginnie, to look at the inception of the modern mortgage and its impact on home ownership. The series as a whole examines the evolution of the mortgage industry and homeownership in America, with an eye on government policies and how GSEs can promote (or prohibit) periods of economic growth. We have to know where we came from to understand where we’re going, and this series uses our past to speculate on where our industry can go in the future. No form or download required, and it’s 100% free. Read Part I here, and don’t miss Part II debuting here tomorrow morning.”

Calling all Marketing Managers: How difficult is it to produce compliant marketing that is targeted, localized, and customizable, while meeting your Loan Officer’s deadlines? Usherpa’s Launch Pad Custom Email Wizard was designed for corporate marketing teams and allows marketers to create materials that align with your unique company vision and brand strategies. Why switch between multiple systems to build content on demand when you can seamlessly design email campaigns within Usherpa CRM? Launch Pad is your one-stop shop to getting the right messages out at the right time— whether it’s a Lunch and Learn invitation for an individual LO, a companywide, targeted drip campaign, or internal messaging. Effortlessly build a library of collateral that is directly linked to Loan Officers’ databases and Loan Origination System. Don’t hesitate, learn how Usherpa’s HTML email wizard leverages your efforts while saving an impressive amount of time.

Reggora, a leading appraisal technology company, has doubled down on its efforts to fully automate the residential appraisal process for mortgage lenders and appraisers. Following significant investment from premier venture capital firms including early investors in Twitter, Wayfair, and Slack, Reggora has integrated with leading loan origination systems including Ellie Mae’s Encompass and Byte Software. These integrations and new partnerships with lenders across the country have fueled Reggora’s growth over the past few months. Reggora offers lenders an automated all-in-one appraisal platform that uses an “Uber-style” approach to streamline the appraisal process from A to Z. Through advanced and customizable workflows, Reggora’s core features include payment processing, algorithmic ordering, automatic rule-based reviews, appraisal delivery, status updates, and more. Lenders using Reggora today experience significantly reduced turn times, lower internal overhead, and an improved buyer experience. Learn more about how Reggora’s unique system can improve your appraisal process by emailing Pablo Aabir Das at

Have you seen the new Calyx®? That’s right, today, after almost 30 years in business, Calyx unveiled a new brand identity, website, and enhanced service options for customers. The updates more closely align with the characteristics Calyx customers associate with the Calyx name: easy-to-use, accessible, reliable and customer focused. The new logo gives a nod to the Calyx name and symbolizes the company’s commitment to its customers’ growth. The company’s product suite—which includes Point®, its flagship LOS; Path®, its cloud-based LOS; Zip™ its point-of-sale solution; and others in development—will adopt the Calyx logo with their own name and designated color palette. The company also introduced a new online tool that will enable customers to access training materials, register for webinars, and download product resources in a centralized portal. See what all the buzz is about at

Are you looking for real-time reporting, access to call recordings and proactive communication with your borrowers? TMS Subservicing provides you the perfect combination of high tech and high touch servicing. SIME is TMS’s spectacular web-based servicing platform. It provides full transparency into your loan portfolio while providing tools for oversight that you can rely on. Watch this video to get a quick overview.

The mortgage industry is in flux. Fluctuating interest rates. Shrinking inventories. Changing borrower needs. Wouldn’t it be nice to have some consistency– especially from your automated underwriting system? Freddie Mac Loan Product Advisor® delivers reliable eligibility findings that foster responsible lending and give you confidence that you’re originating quality loans.Its innovative capabilities were developed in collaboration with lenders, providing automation and insights that help reduce costs and increase efficiency. What does it all mean for you? Greater opportunity for business growth and an edge on the competition– The Freddie EdgeSM. Learn more about ACE and AIM, available exclusively through Loan Product Advisor®.

Renovating is becoming an increasingly popular strategy in today’s high-cost, tight inventory housing environment and Plaza Home Mortgage is making it easier for correspondents to participate in this market. Plaza’s renovation mortgage program includes FHA 203(k), Fannie Mae® HomeStyle® and VA Renovation options. Plaza’s flexible delivery options include Best-Efforts, Single Loan Mandatory, Bulk, Direct Trade and Assignment of Trade (AOT) through its Mandatory trade desk. Plaza has a department of dedicated renovation specialists to answer all specific correspondent renovation loan questions that can be reached here.

Like it or not, we are back on the seasonality train in the mortgage industry, and the ride is about to get interesting. The XINNIX Performance Training, Accountability and Coaching Programs are filling up fast with loan officers focused on elevating their performance to take advantage of an extremely busy summer homebuying season ahead. The XINNIX System’s proven methodology increases experienced Loan Officer production an average 40% and produces new loan officers that average 4.6 loan applications in their first 30 days in the market! Why wait to Elevate your production? XINNIX is offering a special 10% discount on all of its award-winning programs. The offer expires at the end of May, so visit XINNIX online today and enter promo code ELEVATE2019.

Compliance Warning

Secure Insight has recently sent a notice to title underwriters nationwide regarding a surge in E&O policies offered to attorneys and title agents mirroring traditional insurance but actually offering non-insurance shared-risk coverage. There is concern because the “coverage policies” are not filed, not subject to insurance department oversight, based offshore outside of the jurisdiction of US courts, and are not subject to audit to verify financial viability. Title underwriters require agents to have insurance coverage, as do many states such as Florida and Virginia, and attorneys and title agents who purchase these policies may think they are meeting contractual and licensing requirements in error as these policies, often 1/10th of the annual cost of traditional insurance, may not be compliant. Andrew Liput, CEO of Secure Insight, stated, “It appears many attorneys and others are being misled into believing that they can actually receive $2 million in aggregate insurance coverage for $400 annually rather than $4,000 annually, and they will meet their own risk needs and those of their counter-parties in the mortgage industry. We will not be accepting these policies in lieu of actual insurance so that we may assure that our lender clients have a real source to offset potential losses and not one that looks like insurance but is really something else.”

Fannie, Freddie, and FHFA News

As the Agencies make great strides toward the Uniform Mortgage Backed Security and the Common Securitization Platform, there is plenty going on behind the scenes. Craig Phillips, a veteran Wall Street mortgage trader who joined the Treasury Department as a top aide to Secretary Steven Mnuchin in 2017, is heading back to the “private sector.” His mandate was to help overhaul Fannie and Freddie. Up the government food chain, on Friday President Trump said “freeing” F&F from government control is a “pretty urgent problem” that his administration plans to work with Congress to address and that they’re discussing ideas for fixing Fannie and Freddie with “some incredible talent from Wall Street.” Given the Agencies have paid the government $105 billion more than they received makes the issue not so urgent with Congress.

Last week Federal Housing Finance Agency Director Mark Calabria spoke at NAR’s Regulatory Issues Forum. The former NAR economist spoke about his vision for the future of Fannie Mae and Freddie Mac, along with a host of other policy issues in front of him at the FHFA. Specifically, he outlined his priorities for ensuring the GSEs can appropriately move away from conservatorship. “I would not feel comfortable having [the GSEs] exit conservatorship until I’m comfortable knowing that we never go back to the old days, pre-crisis, and that we have a Fannie and Freddie that are responsible, good corporate citizens that don’t have the arrogance we saw before the crisis,” he said.

Freddie MacGuide Bulletin 2019-10 announces it will no longer purchase LIBOR-indexed ARMs with Freddie Mac settlement dates more than six months after the note date. This change is effective immediately and is being implemented in consultation with the Federal Housing Finance Agency.

Freddie Mac has provided a follow up to clarify the delivery of Closing Cost and Down Payment data points, among other updates, under the Uniform Loan Delivery Dataset (ULDD) Phase 3. Additionally, the ULDD Phase 3 specification was updated to provide guidance for mapping certain Uniform Loan Application Dataset (ULAD) data elements to ULDD, which may be used as of July 1, 2019 when the new Uniform Residential Loan Application (URLA) is optionally available for use. Lastly, new enumerations (credit score providers) were added to ULDD Phase 3 to provide more Seller options to retrieve merged credit. Read the full announcement for details.

Fannie Mae’srecently updated Servicing Guide clarifies its policy regarding mortgage insurance (MI) termination solicitations, simplify our policies by removing references to designated document custodians, and more.

On May 20th, Fannie Mae’s EarlyCheck™ Version 5.8.2 will change the severity of ULDD Phase 3 edits from Warning-to-Fatal to Fatal. This aligns with the planned ULDD Phase 3 edit severity changes in Loan Delivery.

In her recent executive perspective, Helping Homeowners When They Need it the Most, Yvette Gilmore, VP of Servicer Relationship and Performance Management at Freddie Mac, talks about the important role that Servicers have from the lens of a homeowner. Delving into how difficult it can be for homeowners to get the answers they need when they need it, Yvette takes this opportunity to reveal how Freddie Mac is making great strides to change the landscape of servicing in three key areas: technology, data, and process.

Capital Markets

U.S. Treasuries ended the week in a slight curve-flattening fashion, including the 10-year closing at 2.39%, during a session which featured few indications that the U.S.-China trade conflict is heading for a speedy resolution. Right. On other trade fronts, the U.S. will remove tariffs on metal imports from Canada and Mexico in exchange for establishing a mechanism to ensure that Chinese steel is not being shipped to the U.S. through Canada or Mexico. Additionally, the White House announced the implementation of tariffs on auto imports will be delayed by six months. Domestic data revealed in-line Leading Indicators for April and a much better than expected preliminary reading of the Michigan Sentiment Survey for May. The Survey was driven by positive attitudes about the outlook, although the results were tabulated before the recent setback in trade negotiations with China and implementation of new tariff rates on both sides, which raises the prospect of a downward revision with the final report for May.

Turning to this week, the highlight is likely Wednesday’s minutes from the Apr 30 / May 1 FOMC meeting. SIFMA also recommends an early close on Friday ahead of the long Memorial Day weekend. Today the MBA Secondary Market Conference & Expo is in full swing and continues into Wednesday in midtown Manhattan. The Chicago Fed National Activity Index is the only news, hardly a market mover. The markets do have a lot of Fed speakers to digest, with Atlanta’s Bostic, Philadelphia’s Harker, New York Fed President Williams, Vice Chair Clarida, and finally Fed Chair Powell all take the stage throughout the day. Tomorrow brings only April Existing Home Sales before things pick back up Wednesday with the Weekly MBA Mortgage Index; and May FOMC Minutes. Thursday sees April New Home Sales before we close the light week with April Durable Orders. We begin today with Agency MBS Prices a shade better versus Friday and the 10-year is yielding 2.38%.

Jobs and Transitions

The Mortgage Firm has been recently recognized for their customer service levels and ranked as one of the top workplaces for mortgage professionals by Social Survey and Mortgage Professional Magazine, respectively. With over 11,000 surveys to date, The Mortgage Firm placed as the #1 mid-sized Lender in customer satisfaction with an average score of 4.92 out of 5.0 stars. Also recognized were 15 of their Loan Originators for ranking in the top 250 out of 30,000 mortgage professionals nationwide. Mortgage Professional Magazine recognized The Mortgage Firm as the fourth ranked mid-sized Mortgage Banking firms to work for. Mickey Schilling, Director of Strategic Growth, says “Our unique flat management structure and elimination of unnecessary layers allows our branch managers to have autonomy at the branch level”. If you’re a producing Branch Manager or top Loan Originator who is tired of the corporate structure and would like to align themselves with a company that is doing things right, contact her today.

Secure Insight announced that it has expanded its sales force with the hiring of Jim Reynolds (as National Sales Director), former Senior Managing Director at RiskSpan and former SVP at CoreLogic, and Bill Young as East Coast Regional Sales Manager. “These new hires are the first in a series of moves by the company to expand its sales force geographically to capture a larger share of the national vendor management/closing table risk market.”

MBS Day Ahead: Holiday-Shortened Trading Week Promises Little Inspiration

May 19,2019
by admin

In the week just past, bonds managed to extend the already unexpected gains that began on May 6th following a sharp escalation in US/China trade war rhetoric. Trade-related news continued to be a market mover throughout that two week period, and markets remain susceptible to “aftershock” headlines. Last Wednesday saw a flare-up in Italy/EU tensions revolving around the country’s decision to violate EU budget rules. In general, risks to EU monetary stability are good for the bond market. There was limited economic data throughout the week, but logical reactions in general. That said, the size of the reactions was muted by the market’s focus on geopolitical issues.

In the week ahead, data will once again be limited with new and existing homes sales reports being the only notable inclusions during the first 4 days. Friday brings what would normally be the week’s most significant report in the form of Durable Goods Orders, but its impact may be lessened by the fact that markets close early for Memorial Day weekend. In general, trading runs the risk of becoming increasingly idiosyncratic the closer we get 3.5-day weekends. This is most easily ascribed to the fact that trader participation quickly begins to dwindle. Just as in a scientific study, where a lower sample size leads to less conclusive results, so too does a smaller trader population lead to trading levels that may not necessarily be indicative of the broader consensus.

In the bigger-picture technical perspective, bonds are at risk of exiting the 2-week trend of unexpected gains. The blue/red and green/teal lines in the chart below are both suggesting momentum is overbought in short and medium-term time frames respectively. Granted, technical studies are not reliable ways to predict the future, but they are telling us that bonds will face at least some technical pressure, all other things being equal.

2019-5-20 open

New Data Prompts Freddie Mac to Upgrade Their Forecast

May 19,2019
by admin

Freddie Mac’s May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company’s economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with a strong labor market, low unemployment, and “modest” wage growth, this should mean a steadily growing housing market this year.

The forecast is for total housing sales, both new and existing, to slightly best the 2018 number of 5.96 million units, rising to 5.98 million. Existing home sales will account for 5.35 million of the total and new home sales for 630,000 units. Sales in 2020 are expected to be even better, at 6.14 million overall.

Housing starts will be flat this year, with single-family starts gaining 0.01 million units to 0.88 million and multifamily declining by the same amount to 0.37 million. Single-family starts are projected to take off in 2020 however, jumping to 0.98 million units while multifamily starts tail off to 0.35 million.

Home price growth in the first quarter was slightly higher than forecasts anticipated so Freddie Mac has revised its expectations for the year’s growth from April’s 3.5 percent to 3.6 percent. However, they are holding to the earlier 2020 home price forecast for a2.6 percent increase.

The declining interest rates are expected to provoke a recovery from the 2018 slump in mortgage originations, providing an impetus to first-time homebuyers and to those homeowners looking to refinance. The total originations volume in 2018 of $1.636 trillion will grow to $1.733 trillion this year then level off to $1.701 trillion in 2020.

The company is revising the composition of its forecasts for residential mortgage debt. They have previously included multifamily mortgages but will now forecast the growth rate for single-family residential debt of households and nonprofit organizations. That new forecast is for the rate of growth in outstanding debt to b 2.9 percent both this year and next.

Freddie Mac’s April Forecast was written before the first estimate of the first quarter’s growth in Real Gross Domestic Product was released. That number far exceeded expectations at 3.2 percent. This month’s Forecast attributes the unexpected growth to “transitory” factors like private inventory investment that are unlikely to persist throughout the year. However, given the growth rate, Freddie Mac has revised its 2019 GDP projection from 2.0 percent to 2.3 percent. The forecast for 2020 remains at 1.8 percent.

The April Jobs Situation report from the Bureau of Labor Statistics included an estimate of the unemployment rate at 3.6 percent, a 50-year low. Freddie’s economists have lowered their unemployment rate forecast accordingly to 3.7 percent. Overall, they expect the rates to be 3.8% and 3.9% in 2019 and 2020, respectively.

Building a Business Plan That Gets Results

May 19,2019
by admin


Strategic business planning and implementation are fundamental to the success of any real estate company. The plan must be relevant and address both internal and external changes and challenges. In addition, it must be guided by the company’s values, vision and mission. It should also be executed so that every staff and/or team member is positioned to optimize their contribution.

Agents will gain understanding that aids in developing a strategic business plan, guidelines for implementing that plan and methods for how to apply the plan to real world situations. Learn to write a clear mission statement that guides decision making and how to understand the effects and impact of both marketplace and company changes on the planning process.

Dates: June 4

Time: 8:30 a.m. – 5 p.m.

Location: HAR Central

Investment: $149


Source: Houston Association of REALTORS®

40% off at the CE Shop

May 19,2019
by admin

This Wednesday, May 22nd, all real estate courses and packages are 40% OFF with The CE Shop! This discount is available site-wide for one day only! Don’t miss out on your chance to save big on Pre-Licensing, Post-Licensing and Continuing Education.

Buy now at and enter JAWSOME at checkout!

Source: Houston Association of REALTORS®

Mortgage Rates End Week Near Long-Term Lows

May 16,2019
by admin

Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels in more than a year. Things changed on Thursday with rates moving up slightly. That said, Thursday would have been the best day in more than a month had it not been for Wednesday!

Friday brought effectively no change to Thursday’s levels, thus keeping the average lender very close to long-term lows. In fact, the average loan quote won’t have changed in terms of the quoted interest rate during the past 3 days–only in terms of the upfront costs. In other words, APR would be slightly higher while the payment rate itself would be unchanged (APR factors certain upfront costs into a total cost of financing).

In the bigger picture, rates have had a pretty good run since mid-April–so good that investors may be looking for a bit of a bounce before they’re open to exploring any additional improvements from here. Next week doesn’t offer much to help flesh out the bigger picture with only a few economic reports and the Minutes from the most recent Fed meeting to offer guidance. Apart from that, rates may take cues from stocks or various news headlines surrounding trade and other geopolitical issues.

Loan Originator Perspective

Bond markets weathered small AM losses following an unexpectedly strong Consumer Sentiment survey today, regaining their footing in PM trading. Rates are still very near their 1 year rate lows. I’m locking clients closing within 30 days, going case by case for those with slightly longer lead times. –Ted Rood, Senior Originator

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.0-4.125
  • FHA/VA – 4.0%
  • 15 YEAR FIXED – 3.875%
  • 5 YEAR ARMS – 3.875-4.25% depending on the lender

Ongoing Lock/Float Considerations

  • Early 2019 saw a rapid reevaluation of big-picture trends in rates and in markets in general

  • The Federal Reserve has been a key player, and while they aren’t the ones pulling the global economic strings, their response to the economy has helped rates fall more quickly than they otherwise might.

  • Based on the Fed’s laundry list of concerns, the bond market (which determines rates) will be watching economic data closely, both at home and abroad. The stronger the data, the more rates could rise, while weaker data could lead to new long-term lows.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders. The rates generally assume little-to-no origination or discount except as noted when applicable. Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

MBS RECAP: Bonds Start Strong but Fade to ‘unchanged’ By the Close

May 16,2019
by admin

Bonds began the overnight session in unchanged territory but began to improve on various news reports that fueled a global flight-to-safety. These included the latest edition of US/China brinksmanship as well as a surprise update on the Brexit talks “collapsing.”

The Brexit news reaction delivered Treasuries to the domestic starting line in much stronger territory (10yr yields down into the 2.36’s), but that was as far as the day’s gains would go. After an hour and a half of indecision, yields began to rise right at the NYSE open. They received another push at 10am from stronger-than-expected Consumer Sentiment data (which included higher inflation expectations to boot!).

Just as yields weren’t willing to press any lower than yesterday’s lowest levels, neither were they willing to break above yesterday’s highest ceiling. This makes for a so-called “inside day” (today’s range is fully INSIDE yesterday’s), and suggests markets are at risk of more volatility at the start of next week. If we could only base our stance on charts and trends, there’s a clearer case to be made for resistance and the risk of a bounce right now. As was the caveat last Friday, that stance is so obvious that some traders may attempt to push the other direction simply due to the profitability of contrarian trades.

Low Rates Stabilize Refinancing Share of Originations

May 16,2019
by admin

Refinancing held on to a 35 percent share of mortgage originations in April according to the Origination Insight Report from Ellie Mae as the 30-year note rate dropped for the fourth consecutive month. The rate was at its highest so far at 5.01 percent in January. The April average was 4.61 percent.

The share of refinancing was little changed from March for any of the loan types and ranged from 38 percent for conventional loans to 23 percent for those backed by FHA.

The time to close loans continues to shrink, dropping two days to 40. Time to close a refinance was 33 days, down from 34 in March and 43 compared to 45 for purchase loans.

“We are seeing closing times drop across the board as our lenders leverage technology for a more efficient and streamlined loan origination process,” said Jonathan Corr, president and CEO of Ellie Mae. “And as the 30-year note rate continues to decline and closing rates remain high, we expect to see an active spring home buying cycle.”

The share of loans across product types has changed little in many months but the share of conventional loans did increase two points in April to 66 percent, picking up one point from VA loans and one from the “other” category. Their shares dropped to 10 percent and 4 percent respectively. FHA accounted for the remaining 20 percent, unchanged from March. The percentage of ARMs originated decreased from 7.4 percent in March (and 8.2 percent in February) to 6.8 percent.

The closing rate dropped to 74.8 percent, down from 75.3 percent in March. Ellie Mae calculates closing rates from a sample of loan applications initiated 90 days earlier, in this case in January 2019.

The Origination Insight Report is based on data from a sampling of approximately 80 percent of all mortgage applications that were initiated on the company’s proprietary mortgage system. The company states the report is a strong proxy for the underwriting standards employed by lenders across the country.