Market Condition Addendum to VA Appraisals Dropped; Farm Bill Maintains Local Eligibility for USDA Rural Housing Programs.

Agency mortgage business is proceeding normally as the partial shutdown of the federal government nears two weeks. FHA processing will likely be slowed, and there are still concerns about IRS transcripts. Federal flood in-surance remains in business.

The California Democrat is expected to focus on affordable housing issues and holding the Trump administration accountable.

Fannie and Freddie continued to see a slippage in the purchase market…

However, Steve Harris, president of MIAC Capital Markets, said he sees a weak market when it comes to “franchise” deals.

Several brokerage firms are working on MSR transactions…

Brian Benjamin of Two Rivers Mortgage & Investment in Red Bank, NJ, noted that since the bond market rally in late December, “I’ve seen a pickup in calls, but refis are still dead.”

Seasonal factors slowed production of Fannie Mae and Freddie Mac MBS during the fourth quarter, although the refi sector showed some resilience in cash-out transactions. [Includes three data charts.]

Declining profit margins and reduced production levels will push more inde-pendent mortgage companies to sell servicing. But falling interest rates might squash MSR prices.

The California-based lender worked out an arrangement to take over 14 branch offices from RPM Mortgage, most of them in New Hampshire, and pick up about $650 million in annual lending capacity.