Kevin Rhine
Assistant Vice PresidentMortgage Loan Officer
NMLS# 763454 (940) 720-8031 kevin.rhine@unionsquare.org
Mortgage News
Once Considered Inferior, Automated Appraisals Are Helping Stem Default Risk
Posted To: MND NewsWireAlthough lacking in popularity, it appears that automated appraisals have obtained their intended results. Urban Institute (UI) researchers Laurie Goodman and Jun Zhu found the changes have helped to lower default rates. They suggest that, in turn, some lender processes and potentially pricing should be changed as well. The two looked at the characteristics of three broad categories of mortgages: Purchase mortgages, used to buy a home. Rate and term refinance mortgages, used to reduce the interest rate or extend the length of an existing mortgage. Cash-out refinance mortgages, which are obtained when a homeowner wants to tap the equity that has accrued in their home. It has been assumed, based on loan characteristics like loan to value (LTV) ratios, debt-to-income (DTI) ratios and FICO scores...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreMBS Day Ahead: Looks Like We Made It
Posted To: MBS CommentaryRates staged an impressive rally in November and December before bottoming out on the first trading day of 2019. The bounce was fairly abrupt at the time and it roughly coincided with 2017's highs. It was as if the bond market was saying those days are behind us and we won't be going back any time soon. After the January 4th bounce, there was some concern that we'd zoom right back up to previous levels from the 2018 range. But support kicked in by the 18th at an interesting level (2.80%). Why interesting? Because it marked the boundary of the range that was intact for most of 2018, and remember, the bond rally that ended 2 weeks prior bounced right at the boundary for the 2017 range. Long story short , bonds were beginning to carve out a new range in no-mans-land, in between the...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreSales, Marketing Products; Lender Training; MBS Platform Updates
Posted To: Pipeline PressAt roughly $8,500 per loan and continuing to defy gravity, scholars disagree on whether vendors lower the cost of originating a residential loan. But then again, scholars disagree on everything. (We can expect new cost figures from the MBA early next week but most expect it to increase somewhat on lower volume.) There are over 1,400 vendors that “touch” residential lending, and plenty of lenders are overwhelmed in deciding who is doing what, and which can best help their clients. (I wish that I had a dollar for every lender, vendor, or tech company that either capitalized some middle letter in their name or took the conventional spelling of a word and changed it.) A random sampling of vendor news below. Lender Products and Services The MBA Tech Conference is next week in Dallas...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreMBS RECAP: Bonds Officially Held January's Range Ahead of March Fed Announcement
Posted To: MBS CommentaryBonds began the day in weaker territory following overnight headlines suggesting European leaders would be going up to bat for a compromise Brexit deal. "Less bad" economic data in Germany also contributed to European bond market selling. At the start of the domestic session--particularly the 8:20am CME Open--there was a glut of sell trades in the bond market. This resulted in what was, at the time, the biggest volume spike of the day (by far) and a noticeable uptick in yields. Technical levels were first to provide support with 10yr yields bouncing at 2.63%. After that, US/China trade headlines helped take yields to their lowest levels of the domestic session just before 1pm, though the rally proved to be short-lived. Bonds ended the day slightly weaker but close enough to 'unchanged'...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreRates Unchanged for 4th Straight Day. That Should Change Tomorrow
Posted To: Mortgage Rate WatchMortgage rates were flat for the 4th day in a row today in a sign that investors have largely taken their seats for tomorrow's big show. The Fed will release its new policy statement at 2pm tomorrow, and while they're not expected to hike rates this time around, there are other important considerations that could have a big impact on rates. One of the considerations is the fact that March is one of the months where the Fed updates its economic projections. Investors largely tune-in to these for a glimpse at the collective rate hike outlook. This has caused big market movement in the past, but something else could be even more important tomorrow. The Fed has increasingly mentioned the impending end of its balance sheet runoff , which refers to its policy of NOT buying bonds with the money it...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreBuilder Confidence Holds Steady After Recovering From 2018 Lows
Posted To: MND NewsWireThe National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) held steady in March , after partially recovering from substantial loses at the end of 2018. The Index, a measure of new-home builders' confidence in the market for newly constructed homes was unchanged at 62 on a 100-point scale. The index finished 2018 at 56, a more than three-year low, after dropping an aggregate of 12 points in November and December. NAHB says affordability still remains a key concern for builders. The skilled worker shortage, lack of buildable lots and stiff zoning restrictions in many major metro markets are among the challenges builders face as they strive to construct homes that can sell at affordable price points. Derived from a monthly survey that NAHB has been conducting for 30...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreMBS Week Ahead: Both Sides of Market Getting Excited For The Fed
Posted To: MBS CommentaryThis week's economic calendar is exceptionally light, with no true top-tier reports. Even the 2nd-tier data is limited with Philly Fed on Thursday and Existing Home Sales on Friday. That leaves all the more focus on what was always destined to be this week's main event. Since the end of January, when bonds began making a case for a consolidation in the new, lower rate range, I've been harping on "mid-March" as the first real opportunity for a big break higher or lower in rates. The reasons for this were simple and twofold. First, the government shutdown cast uncertainty onto economic data at least through mid-March. Second: the Fed would be out with a scheduled policy announcement, press conference, and updated economic projections on March 20th. While the Fed has arguably...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Read MoreLO Jobs; Warehouse Products; 1099 Comp - Brokers and MBA Weigh In
Posted To: Pipeline PressI hope that I never get to the point of writing things down on my “to do” list even after I’ve done them, just so I can cross them off the list. Or enjoying combining multiple “to do” lists into a master list, although (maybe) I’m already there. Many people in our industry wish the CFPB, or someone, would add “clear up mortgage loan officer compensation issues” on their list. We don’t want borrowers steered, but is there a loophole being exploited? If a broker has a set comp plan with Wholesaler A at 1.75% and Wholesaler B at .75%, and steers less sophisticated borrowers to Wholesaler A, is that legal? Kosher? Is the CFPB looking at whether or not a broker has standardized comp across all wholesalers? Lots more below. Lender Products and...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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