The Community Home Lenders of America alleged one provider’s employment verification service is charging fees it considers excessive in a letter to federal agencies.

The questions about whether the Home Loan banks receive a public subsidy has been settled. All that remains is for lawmakers to take steps to redirect that subsidy toward public benefits rather than corporate profits.

Texas’ largest markets saw the least amount of profit gained from flipped homes last year, with Austin even posting a loss, according to Attom.

Birkmeier’s departure comes after CEO Varun Krishna’s hire last summer, and Austin Niemiec and Mike Fawaz’s promotions at the lender last January.

State restrictions on the use of credit scores appear to help a wide range of consumers cut homeowner insurance costs to varying degrees, according to Matic.

Econ Data Keeps Bonds in Check

Looking solely at the end of day trading levels in the bond market, we could conclude that we are once again deprived of any meaningful motivations for momentum.  That’s partially true in the sense that today’s events were not “top tier.”  Nonetheless, we can still make a case for some relevance.  After all, bonds were definitely stronger ahead of this morning’s data.  The initial weakness could be coincidental, but the 9:45am reaction to the PMI data was fairly clear in terms of volume and volatility.  That’s interesting considering it was mostly in line with forecasts.  Some analysts suggested the focus was on the “confidence” metric at a 22 month high in the services sector and that’s a fair take if we’re trying to justify the reaction.  In the bigger picture, we’re waiting on next Friday’s PCE data (more like waiting on Monday since the bond market is closed next Friday).

Econ Data / Events

Philly Fed Index

3.2 vs -2.3 f’cast, 5.2 prev

Philly Fed Prices

3.7 vs 16.6 prev

Jobless Claims

210k vs 215k f’cast, 212k prev

Continued Claims

1807k vs 1803k prev

S&P Services PMI

51.7 vs 52.0 f’cast, 52.3 prev

S&P Manufacturing PMI

52.5 vs 51.7 f’cast, 52.2 prev

Existing Home Sales

4.38m vs 3.94m f’cast, 4.0m prev

Market Movement Recap

08:41 AM After econ data, 10yr up to 4.247 (still down 3 bps on the day). MBS still up 5 ticks (.16) on the day.

09:58 AM MBS are now down 2 ticks (.06) on the day and 10yr yields are unchanged at 4.277.

01:40 PM Flat since 10am.  MBS unchanged and 10yr half a bp higher at 4.281

03:45 PM Still flat near unchanged levels.  MBS up 1 tick (.03) and 10yr unchanged at 4.277.

The program backed by Mayor Brandon Scott will offer more than 200 city-owned vacant properties to residents who commit to repairing and living in them.

ICE Mortgage Technology’s new Encompass Mortgage Insurance Center also allows for seamless data transfers between systems.

Industry stakeholders say this was a good deal for Academy, which likely got to keep their book of business, alongside an upfront payment and the opportunity to receive more money in the future.

Rates won’t fall far enough to drive meaningful mortgage volume gains this year, according to a Fitch Ratings analyst.