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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Apr 9 2020, 5:22 PM
Justyn, if loan originators could change the way that worked, they would. "The mortgage industry" is comprised of multiple sub-industries. In this case, we're dealing with credit reporting practices combined with automated underwriting algorithms that have not yet been adjusted for the new reality. I specifically call for this to be addressed...
on Thu Apr 9 2020, 1:59 PM
So the mortgage industry will discriminate based on taking a forebarence, even when Congress explicitly forbid any prejudice of someone using the forebarence, and you want me to feel sorry for the mortgage industry? Boo hoo, cry me a river.
on Thu Apr 9 2020, 8:32 AM
One of the best explanations for what's going on I've seen."Forbearance for everyone" is simply not sustainable, and will ultimately hurt those who need it most as they sit on the phone for hours trying to reach their servicer because those who can pay it are asking for a payment holiday. Demonizing servicers is unfair: the CFPB outlines...
on Wed Apr 8 2020, 3:48 PM
"During the 2009 SARS outbreak in Hong Kong real estate transactions declined by 331 to 722 percent." That is impossible. Once something declines by 100%, it is gone. I stop reading an article when I see this mistake, and I suspect others do, too.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Apr 8 2020, 2:52 PM
Thanks John.
John Rodgers NMLS 88677
CEO, GoPrime Mortgage NMLS 69551
on Wed Apr 8 2020, 1:15 PM
Hell of a good CALL TO ACTION!
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Apr 2 2020, 7:02 PM
The 15yr thing is pretty confusing, but there are several things to consider. First off, liquidity is at a premium right now, and that goes for the bonds that underlie mortgages too. 30yr varieties are in much higher supply and much easier to sell to the Fed. More demand = lower rates, relatively. Then consider COVID effects. 15yr payments are higher...
on Thu Apr 2 2020, 11:51 AM
Great Job Sir!
on Thu Apr 2 2020, 11:21 AM
What explains 15-year mortgage rates being higher than 30-year? Wouldn’t a borrower who wanted a 15-year mortgage go with the lower 30-year and just pay it off in 15 years?
on Wed Apr 1 2020, 10:50 PM
When the lights go out, it's good to have a flashlight handy. Thanks for making sense of, and keeping cool in, this unsettled, uncertain time.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Apr 1 2020, 7:31 PM
Some smart people say this is the central issue. I think it's a big issue and there's a big benefit to be had from fixing it, but I think it's the smaller of two issues, even if only slightly. What's the big one? Massive uncertainty surrounding the largest tidal wave of deferrals, modifications, forbearances, defaults, refis, short-sales...
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Apr 1 2020, 7:25 PM
"capacity to handle" is very different from the desire to make more loans that are at a higher risk of "any miscellaneous issue stemming from the once-in-a-lifetime economic shift brought about by the pandemic." Whether the servicers can pay or not, those loans are at risk of being much less profitable than they once were, and even...
on Wed Apr 1 2020, 10:44 AM
Can the mess be rectified by a Federal guarantee to the servicers?
on Wed Apr 1 2020, 1:56 AM
If the serivicer is as big as JPMorgan, WellsFargo, BofA, etc., then they have the capacity to handle the initial onslaught of defaults. If it continues longer as to which it drains their capacity, they'll be asking help from the government, which they already are starting to. My point is that pricing of the non agency MBS has dropped to such panic...
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Mar 31 2020, 10:05 PM
Servicers can't pay bondholders very well or for very long if their mortgage borrowers stop paying, for whatever reason (unable, unwilling, or an investor forbearance program).
on Tue Mar 31 2020, 12:08 PM
I've been reading hours of articles about the current REIT crisis and have found your writing and posts to be most helpful. To quote you: "The investors who buy mortgages have a guarantee to receive timely payments. If the homeowner can't pay it, the loan servicer is supposed to" Isn't this a key point regarding whether the panic...
on Fri Mar 27 2020, 11:37 AM
on Fri Mar 27 2020, 11:32 AM
I locked in a rate 30 days ago, 3.625% for a 30 year cash-put refi. Broker is saying I can renegotiate before closing if rates drop prior, but was told today rates aren't any better. My lock expires in 30 days - should I wait a couple weeks before closing? Thanks for all the info.
on Thu Mar 26 2020, 10:16 PM
Super helpful... once again. Thank you.
on Thu Mar 26 2020, 4:50 PM
"...and in other irrelevant news, the stock market hit record highs in February, and unemployment was at an all time low. Wait, huh... what do you mean Corona? No, I don't even drink beer, what are you talking about?."
Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Wed Mar 25 2020, 2:38 PM
I would add to your fine commentary and analysis: I understand nearly every NQM lender now is out of liquidity. Many are accepting locks nonetheless, it is just another factor in these volatile, unpredictable times. I used a computer in the 80s with a working knowledge of DOS and then using Windows in the early stages. However, I could never have conceived...
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Mar 24 2020, 11:41 PM
Thank you! It's an honor to be a resource at times like this. We will never forget them and we'll get through them better with level-headed info. I'll be trying to do a better job of keeping this updated every day (a few got a away from me this week with extra focus needed on MBS Live).
on Tue Mar 24 2020, 11:24 PM
Nicely put Nicolas! Thank you Matthew for the straight forward commentary especially during times like these!!
on Tue Mar 24 2020, 7:18 PM
Just wanted to thank you for your continued analysis. Its been hard to make heads or tails of the recent waves without the insights. Always appreciate the analysis, but even more so in times like these.
on Tue Mar 24 2020, 12:58 PM
Are you hearing of any lenders that are dropping out of the mortgage industry right now?
on Sat Mar 21 2020, 10:37 PM
10 year negative interest loans are on the horizon. I don't know who thinks buying a house right now is a good thing to do when we're on the verge of another depression.
on Sat Mar 21 2020, 4:53 PM
Hi, are you aware if there are any non-Qm lenders still operating that could do a jumbo mortgage?
on Sat Mar 21 2020, 12:20 PM
excellent information
on Fri Mar 20 2020, 9:46 AM
Great Article!
on Thu Mar 19 2020, 11:45 PM
Wow this is great info, thank you. I locked in a 3.375 rate for a 30 yr refinance this morning.
on Thu Mar 19 2020, 11:06 PM
Crushed it. Thanks for the great info.
on Thu Mar 19 2020, 10:57 PM
Excellent editorial piece. Unless you've been a professional bond trader (which I have), you cannot possibly understand just how incredibly volatile the prices of interest rate sensitive debt instruments can be in a very short period of time. Fortunately, consumers can take heed of what Rudyard Kipling said, "“If you can keep your head when...
on Thu Mar 19 2020, 10:10 PM
Very well said, as usual Mr. Graham.
Ted Rood
Senior Originator, Homesite Mortgage
on Thu Mar 19 2020, 8:02 PM
Remarkable insight, eloquently conveyed, MG.
on Thu Mar 19 2020, 7:55 PM
Mr. Graham's article is clear with it's message providing down to earth honesty. Thank you very much.
on Thu Mar 19 2020, 3:23 PM
Funny how this article was written on 3/12, but could have been written exactly the same if written 3/19. Actual mortgage rates look to be up over 2.00% in just 3 days this week!
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Mar 18 2020, 11:12 AM
Much appreciated.
on Tue Mar 17 2020, 11:34 PM
I'm very tempted to refinance and cash out, I currently am over 5 years into a 15 year fixed at 3.62%, but I also saw I can do a home equity loan without having to pay any closing costs since it would be under $100k at 2.8% 60 months. We are very comfortable with risk and want to get more funds into the market while it is low. Alternatively we could...
Michele Berson
Chief Big Shot, Berson Money Manager
on Tue Mar 17 2020, 7:42 PM
I love your sense of humor as your write. Keep it up.
on Tue Mar 17 2020, 6:47 PM
Thanks for this explanation. Very helpful to me as a first time buyer.
on Mon Mar 16 2020, 7:26 PM
Thank you for clearing things up. The lack of essential details from mainstream media is what causes the layman to fill in the blanks with there own ideas...leading to panic mode
on Mon Mar 16 2020, 6:46 PM
Pretty clear to me, thanks so much Matthew.
on Mon Mar 16 2020, 6:20 PM
Need to close on a home in 45days. Trying to decide if i should lock in 3.625 30yr fixed. It is tough to decide when I keep reading rates should go down! Thanks for the article.
on Mon Mar 16 2020, 6:11 PM
I actually locked at 2.625% rate/15 years with no points on 03/05. Although it's an excellent rate, I'm thinking to back off as I'm worried about possible layoffs coming. Any advise?
on Mon Mar 16 2020, 3:15 PM
This is really very useful articles. Explanation was really good and easy to understand. I am in the process of refi my 30 year term to 15 year. One of the lender is ready for 2.75 with no points or 3 with ~2k lender credit. Can i go ahead and lock or waiting for a week ?
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Mar 16 2020, 2:51 PM
MBS current coupon to 10yr peaked around 1.58. The "spread blowout" in question began in earnest in early March from levels right around 100bps or slightly lower. So the blowout is a 50-60bp thing. Half of that = 25-30bps. I will post an updated chart tomorrow or in the MBS Live huddle video today, but for those who really want to dig into...
on Mon Mar 16 2020, 10:26 AM
Matt, you write: "About half of the MBS spread blowout seen since things got crazy in bonds has been reversed overnight." That sounds crazy. Last week you posted a chart that I took to signify current coupon MBS trading +220 bps over Treasuries. Are you saying that that spread is now trading +110 bps over Treasuries? In your post tomorrow...
on Mon Mar 16 2020, 8:29 AM
Matt I just want to thank you. You've given me the tools to take my business to the next level. Around the office I'm "that guy", they call me wall street. Thanks for your articles
on Mon Mar 16 2020, 7:22 AM
Thank you for the article. pls suggest where can I see m rate comparison?
on Sun Mar 15 2020, 10:54 PM
As always, Matthew Graham providing timely and valuable advice that everyone needs to hear. MG is a stud.

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.25%
  • |
  • 15 Yr FRM 3.00%
  • |
  • Jumbo 30 Year Fixed 4.36%
MBS Prices:
  • 30YR FNMA 4.5 107-10 (-0-07)
  • |
  • 30YR FNMA 5.0 108-03 (-0-01)
  • |
  • 30YR FNMA 5.5 109-07 (-0-09)
Recent Housing Data:
  • Mortgage Apps 15.13%
  • |
  • Refinance Index 25.99%
  • |
  • Purchase Index -2.67%