Mortgage News

Manufactured Home and Capital Markets Products; Radian Expands; Big Banks' Mortgage Volumes

Posted To: Pipeline PressAs pricing battles rage in the wholesale channel, there has been plenty of news of layoffs in residential lending over the last six months industry-wide, due to reasons like becoming more efficient, lower volumes, or fewer delinquencies, the most recent being BB&T and Mr. Cooper (page 7). What would actually be newsworthy is if a well-known company had no change or layoffs in the last six months! You can bet land use has changed over the decades, and I received this question: “Rob, I have to give a presentation to a bunch of real estate agents. Have you seen anything on how land is used across the nation?” This is the last good piece I saw: Here you go . Lender Products and Services Manufactured home lending has been a challenge for lenders. Chattel lending is only being done...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Builder Confidence Buoyed by Lower Rates

Posted To: MND NewsWireAfter falling an aggregate of 12 points in November and December the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) appears to have stabilized. The HMI, a measure of home builders' confidence in the market for newly constructed homes, gained 2 points in January, rising to 58. This one 1-point higher than analysts polled by Econoday had predicted. "The gradual decline in mortgage rates in recent weeks helped to sustain builder sentiment," said NAHB Chairman Randy Noel. "Low unemployment, solid job growth and favorable demographics should support housing demand in the coming months." The HMI is derived from a monthly survey that NAHB has been conducting for 30 years among its builders who specialize in new residential construction. The survey asks builders...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: This Morning's Retail Sales Report is Emblematic of The Bond Market's Issue

Posted To: MBS CommentaryThere will be no Retail Sales report this morning due to the government shutdown. This provides a perfect example of the issue the bond market is currently facing. It begins with the state of flux in the economy and in monetary policy. Now more than ever , arguably, the Fed is on the lookout for clues in economic data. They need to know whether it makes any sense to keep hiking rates or if there are some indications that things could be slowing down. To be fair, the Fed has already shared anecdotes about growth concerns, but then something like the last NFP report comes along and compels the Fed to keep rate hikes on the table. Fed policy aside, market participants would also like a read on how the economy is doing, considering the uncharted territory in which we continue to operate (i.e. longest...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Millionaires Cash-Out Too; Big Refis for Big Homes

Posted To: MND NewsWireSomewhere in this country there are 230 homes with mortgage balances between $10 and $20 million dollars. According to a post written by Arthur Jobe in the CoreLogic Insights blog, 75 percent of them were originated since 2013, and 180 represent refinances. Those refinances were largely originated since 2013 as well. These homes are unlikely to be in your neighborhood (or ours) although you would have the best shot if you live in California, home to 55 percent of the super jumbo refinances. Seventeen percent are located in Florida, and smaller percentages (4 to 6 percent) in Massachusetts, Connecticut, New York, and Texas. Of course, even zillionaires like to save money, and adjustable rate mortgages (ARMs) are particularly popular for loans of this magnitude due to their lower initial rates...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Purchase Mortgage Applications Reach 8 Year High

Posted To: MND NewsWireJanuary 11 ended the first full business week in a while and mortgage activity responded accordingly. The Mortgage Bankers Association (MBA) reported a strong rebound when, despite a government shutdown, business returned more or less to normal. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 13.5 percent on a seasonally adjusted basis from the week ended January 4, reaching its highest level since last February. On an unadjusted basis, the Index was up 45 percent. Purchase mortgage applications moved higher for the sixth time in the last eight weeks, resuming the upward trajectory that was interrupted by the Christmas holidays. That index was up 9 percent on a seasonally adjusted basis to its highest level since April 2010. The unadjusted Purchase Index...(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: Bonds Looking Reluctant to Make Bigger Moves Without Data

Posted To: MBS CommentaryToday would have been Retail Sales day were it not for the government shutdown. This also prevented Business Inventories from reporting (not an insignificant piece of data even if not on par with Retail Sales). Tomorrow will see the New Residential Construction numbers (housing starts and building permits) stay silent due to the shutdown. This isn't an environment where bond traders are eager to make big bets. That much is evident in the general sideways grind of the past week and a half. Some of the only times that we see "big bets" are in response to trading levels being coaxed out of the prevailing range by other factors. That was the case today as 10yr Treasury yields approached their highest levels of the year. Before the ceiling could be challenged, a big trade came through...(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 Up Slightly, But Still in Great Shape

Posted To: Mortgage Rate WatchMortgage rates rose modestly today after spending the past 2 days moving sideways. It was really yesterday's market weakness that caused today's move. Mortgage rates are most directly affected by the trading of mortgage-backed securities (MBS). When MBS are weaker, rates rise. MBS were weaker throughout the day yesterday, but not by quite enough for lenders to go to the trouble of revising their rate sheets for the worse. Instead, lenders simply waited until this morning to make the changes implied by the market. This delayed reaction is common when the market movement on any given day isn't quite enough to justify lender reprices. In the bigger picture, rates have been in a holding pattern, possibly waiting for some indication that the government shutdown will end. When such a thing happens...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

LO Resources; CRM, PR, and Sales Products; January Training

Posted To: Pipeline PressAre rates too high given where the U.S. economy is? Traders, investors, and the Fed think they’re where they need to be, given the information we have. Others believe they will head lower this year due to a slowing economy. The release of bank big bank earnings today is shedding some light on economic temperature, but recall that the word “patient” appeared in the recent FOMC minutes as well as in several comments by Fed Chairman Jay Powell related to the timing of potential upcoming rate hikes. (The last time we saw “patient” show up in Fed speak then Chairwoman Janet Yellen used it in reference to rate hikes in early 2015.) Would you patiently wait for your paycheck? U.S. government owes an estimated $5.3 billion to federal workers who have not been paid since...(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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