The ease of producing a fake video means financial businesses and their clients stand at risk of being targeted by fraudsters.

A pair of recently created consulting firms seek to shift lender thinking to make compliance a front-of-mind target, not merely a cost center.

Despite a recent warning about an uptick in prepays, FHA seems to be leaning in the direction of adopting changes that will increase them, writes the chairman of Whalen Global Advisors.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency’s workplace culture.

Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they’ll scale back their ambitions due to investigations over TD’s anti-money laundering practices.

The 11-Day Weekend is Now Official

If there was one objective hurdle to clear in order to consider the present week completely uneventful in terms of big picture rate momentum, it would have been that the 10yr Treasury yield hold inside the 4.34 – 4.50 range.  Thanks to today’s friendly revision in consumer inflation expectations, the hurdle was cleared without a millimeter to spare.  With that, these business days plus the adjacent weekend days add up to 11 uneventful days for the bond market. Next week isn’t much better in terms of big ticket data, but Friday’s PCE price index is a notable exception.  

Econ Data / Events

Durable Goods

0.7 vs -0.8 f’cast
last month revised to 0.8 from 2.6

Consumer Sentiment, final

69.1 vs 67.5 f’cast

1yr inflation expectations

3.3 vs 3.5 f’cast

5yr inflation expectations

3.0 vs 3.1 f’cast

Market Movement Recap

10:07 AM Buyers held out until the safe read on consumer inflation expectations.  Now turning green with 10yr down 0.2bps at 4.474 and MBS unchanged (up an eighth from lows).

12:47 PM Steady at modestly stronger levels.  MBS up 2 ticks (.06) and 10yr down .6bps at 4.47

02:50 PM Early close has come and gone without any major changes to mid-day prices seen in the last update.

Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.

A Connecticut judge gave preliminary approval of a $2.42 million settlement between the plaintiffs and Planet Home Lending. Plaintiffs could receive up to $2,000 from the settlement fund.

Former Federal Housing Finance Agency Director Mark Calabria may return, but analysts told an industry meeting someone else is more likely in line for the role.

Test your knowledge of the biggest mortgage headlines, from overtime lawsuits to data breaches. No. 2 pencil not required!