Mortgage News

MBS Day Ahead: Bonds Waving Long Goodbye to Trend, Hoping For Friendly Fed

Posted To: MBS CommentaryIn the day just past, bonds continued moving higher in yield, adding distance between themselves and the unexpectedly low levels seen during the trade war rally. Actually, I'll stop myself there because if I were to read what I just wrote, I might yell at the screen a bit. Reason being: it's sort of stupid to say "unexpectedly low levels." We shouldn't ever really EXPECT bond market levels to be in any particular place. They will go wherever they're going to go, and that's exactly where we should expect them to be. As soon as too many traders start expecting bonds to do one thing, they become vulnerable to a move in the other direction. So let's just say the timing and the pace of the bond market rally in the first few weeks of May ran counter to prevailing...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

LO, AE Jobs; Broker and Warehouse Products; Conventional Conforming News

Posted To: Pipeline PressWhat’s going on behind the scenes and in the rumor mill at the MBA’s Secondary Conference? There is derision about HUD’s Ben Carson not knowing what There is derision about HUD’s Ben Carson not knowing what “ REO ” stands for. Holders of mortgage assets like banks and credit unions are very concerned with CECL , and their actions and pricing moves will transfer to non-bank lenders – most of whom have never heard of these accounting changes coming at us. CoreLogic and the Department of Justice sparring . In the MI biz, lots of talk about how the volume & market share of only two - Genworth and Essent - “coincidentally” rose at the same time as the three major wholesalers were ramping up their volume and market share. How, with the big...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

GDP Growth Called "Transitory" While Low Inflation Appears Permanent

Posted To: MND NewsWireWhile calling the recent report on real gross domestic product (GDP) the strongest first quarter in four years, Fannie Mae's Economic and Strategic Research (ESR) group agreed with Freddie Mac's economist that the 3.2 percent reported growth is unsustainable. Report details showed deceleration in both household and business spending growth compared to the fourth quarter. Half of the headline growth was due to increases in net exports and business inventories they said, and the growth in upcoming quarters should be closer to the previous trend of 1.8 percent as fiscal policy impacts fade, with government spending no longer boosting growth in the second half of the year. Despite the first quarter results they expect growth for the year to be only one-tenth point higher than earlier projections...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Is the Trade Dispute Dampening Home Purchase Activity?

Posted To: MND NewsWireRefinancing rose to the surface yet again, driving the gain in mortgage applications during the week ended May 17. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.4 percent on a seasonally adjusted basis from one week earlier and was 2.0 percent higher before seasonal adjustment. The increase was solely due to an 8.0 percent surge in the Refinance Index. The share of applications that were for refinancing also increased, jumping from 37.9 percent during the week ended May 10 to 40.5 percent. The volume of purchase mortgages declined for the second straight week. The seasonally adjusted Purchase Index decreased 2 percent from the previous week while the unadjusted version lost 3.0 percent. The latter was still 7.0 percent higher...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Brexit Bond Benefits Are Apparently Eternal

Posted To: MBS CommentaryLast we checked, it was going to be October before Brexit had its next hard deadline. So it was quite the back burner sort of market mover this week--especially in light of all the recent trade-related drama and other domestic political sideshows. But then this happened . US Treasuries love to react to "stuff" that happens in London. Old habits die hard, I suppose. Then again, London still is a major international financial center and Brexit would certainly affect trade in Europe (and thus, economic growth potential). A Theresa May ouster makes a hard Brexit more likely, and thus all the other bond friendly stuff just mentioned. Of course the ouster hasn't happened yet, nor has the hard Brexit, so markets merely moved into position for new possibilities today. That meant some...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Catch a Break

Posted To: Mortgage Rate WatchMortgage rates moved higher at a pace that was probably quicker than the average homebuyer would like yesterday . That was part of a 4 day move leading back up from the lowest levels in more than a year (or close to them, depending on the lender). That 4-day move could have easily been quite a bit longer, and it still could be, as long as we overlook today's market movement. Thankfully, it's taken rates back in a friendlier direction. At issue is the unexpected flare-up in British politics surrounding Theresa May's referendum gambit yesterday. To be fair, the gambit was unexpected, but the flare-up makes perfect sense. Long-story short, if May is ousted (and that seems likely), it creates uncertainty surrounding a major economy and financial center. It also makes a "no-deal" Brexit more likely...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Fueled by Low Rates, Prepayment Rate Continues to Rise

Posted To: MND NewsWireWith interest rates remaining at 2019 lows and spring market home sales kicking in, the rate of prepayments continues to rise. Black Knight, in its "first look" at April mortgage performance data, says the rate is up 17.54 percent from March and 17.65 percent year over year. Over the last three months the prepayment rate has increased by an aggregate of 67 percent. The rate in April was 0.99 percent. The delinquency rate fell by 5.05 percent compared to March and is down 5.41 percent from April 2018. At 3.47 percent of all mortgages in the country, the rate is the lowest in Black Knight's records dated back to 2000. Loans that were at least 30 days past due but not in foreclosure fell by 91,000 to 1.812 million in April. This was 73,000 fewer delinquencies than a year earlier. Serious delinquencies...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Budgeting, Comp Products; Sales, Government Investigation Webinars

Posted To: Pipeline PressWhat’s the banter, and in the unverified rumor mill, at the MBA’s Secondary Conference? Fannie, Freddie, and FHA are all concerned about being adversely selected against by lenders, and F&F are rumored to be ending pilot programs under FHFA direction. Regarding the QM Patch (expiring 1/10/21), industry insiders are working toward fixing the Ability to Repay Rule, in which case we wouldn’t need the Patch. Every FHA & VA lender should read Ginnie’s report from Friday as that organization is evaluating non-bank issuers. Lots of rumors about Freedom Mortgage purchasing RoundPoint Mortgage Servicing. Many lenders had good Aprils, profit-wise, and wholesale “pricing wars” are subsiding somewhat, but innovation in that sector continuing to push retail 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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