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Freddie Mac Green Lights Fed Tapering; Wells Fargo Housing Market Outlook; Multi-Family Growth Boosts Data
Published: 6/18/2013
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 9:46 PM
To whatever extent stocks and bonds have enjoyed a long term rally together due to central bank liquidity, the traditional view of the stock lever would not apply on longer term charts (even though it will continue to apply at varying times on intraday charts). I don't think Europe has the same power it did in mid 2012, or even early 2013. We've been progressively desensitized to EU tail risk. We could correct for other reasons though. We could also not correct much at all.
SOURCE:
MBS SPECIAL ALERT: Bernanke Confirms Stabled Stallion
@davelashbrook
on Wed Jun 19 2013, 6:41 PM
Is it possible that some non-fed fundamentals could still push us back into the pre-May range? Europe for example? Massive pullback in equities? Are the days of the stock lever and risk on/risk off a non-starter in the current environment?
SOURCE:
MBS SPECIAL ALERT: Bernanke Confirms Stabled Stallion
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Ira Selwin
Vice President of Secondary Marketing,
US Mortgage Corporation
on Wed Jun 19 2013, 4:09 PM
Well done
SOURCE:
MBS SPECIAL ALERT: Bernanke Confirms Stabled Stallion
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 3:50 PM
"our assessment is that the MBS market is still a very healthy market in terms of spreads, execution times, and our effect on the market"
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Brian Norton
Originator / LO,
MILend, Inc
on Wed Jun 19 2013, 1:32 PM
http://www.ustream.tv/federalreserve
SOURCE:
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MMNJ
Managing Partner,
West Town Savings Bank
on Wed Jun 19 2013, 12:55 PM
or maybe it was that it did not include prepaids, so maybe if you list points as bonfied discount points they do not count in the max
SOURCE:
MBS Live Chat
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MMNJ
Managing Partner,
West Town Savings Bank
on Wed Jun 19 2013, 12:55 PM
yes Jason, but if I remember correctly doesn;t Freddie (or maybe both agencies) have a max closing costs allowed ceiling?
SOURCE:
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Bill Laffey
Manager,
West Town Savings Bank
on Wed Jun 19 2013, 12:55 PM
It's Freddie, there's a worksheet for it. I believe its 5%
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Jason Sheaffer
on Wed Jun 19 2013, 12:55 PM
on a HARP loan, is the borrower allowed to finance discount points?
SOURCE:
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Bryan LaFlamme
Mortgage Advisor,
Cobalt Mortgage
on Wed Jun 19 2013, 12:54 PM
REPRICE : 12:42 PM - 360 Mortgage Worse
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Eric Lao
Originator / LO,
Emory Financial
on Wed Jun 19 2013, 12:54 PM
REPRICE : 12:29 PM - Flagstar Worse
SOURCE:
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 12:54 PM
lots of room for correction here: http://screencast.com/t/oI311q34kipc . Smack dab on upper line right now.
SOURCE:
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Alan Craft
Branch Manager,
Prime Mortgage Lending
on Wed Jun 19 2013, 12:54 PM
chart?
SOURCE:
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 12:54 PM
Totally possible with no change to long term uptrend!
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Andy Pada
VP,
1st 2nd Mortgage Co.
on Wed Jun 19 2013, 12:54 PM
the other guy said something like the 10 YR hitting the 1.7s.
SOURCE:
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Walter Hoskins
Lock Desk / Secondary,
Capital City Bank
on Wed Jun 19 2013, 12:53 PM
REPRICE : 12:07 PM - Wells Fargo Worse
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Adam Dahill
WCS Lending
on Wed Jun 19 2013, 12:53 PM
REPRICE : 12:07 PM - Fifth Third Mortgage Worse
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Eric Leithliter
Real Estate Finance,
Guarantee Mortgage Corp
on Wed Jun 19 2013, 12:53 PM
REPRICE : 12:03 PM - Quicken Loans Wholesale Worse
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Charles Beasley
on Wed Jun 19 2013, 12:53 PM
REPRICE : 12:01 PM - Chase Worse
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Craig Stanislaw
Originator / LO,
A Plus Mortgage Services
on Wed Jun 19 2013, 12:53 PM
REPRICE : 12:00 PM - BB&T Worse
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Rob Clark
robclark
on Wed Jun 19 2013, 12:53 PM
REPRICE : 11:51 AM - Provident Funding Worse
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Andrew Horowitz
on Wed Jun 19 2013, 12:53 PM
not that it needs to be said, but expect negative reprices to continue flowing from your banks based off the current move in MBS prices
SOURCE:
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Andy Pada
VP,
1st 2nd Mortgage Co.
on Wed Jun 19 2013, 12:53 PM
so far it seems that Santelli has proven himself to be all bluster
SOURCE:
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Christopher Stevens
Secondary Marketing Manager,
Premium Mortgage Corp
on Wed Jun 19 2013, 12:53 PM
I feel Hilsenrath is doing a great job and Santelli as always just screams
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Michael Gillani
President,
Boardwalk Lending LLC
on Wed Jun 19 2013, 12:53 PM
Santellin is heated!
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JRS
Secondary / Lock Desk,
NMA
on Wed Jun 19 2013, 12:53 PM
REPRICE : 11:41 AM - Franklin American Worse
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Andy Pada
VP,
1st 2nd Mortgage Co.
on Wed Jun 19 2013, 12:53 PM
actually enjoying Hilsenrath
SOURCE:
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Matt Hodges
Loan Officer,
Presidential Mortgage Group
on Wed Jun 19 2013, 12:52 PM
REPRICE : 11:39 AM - Suntrust Worse
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Sung Kim
Originator / LO,
McLean Mortgage Corp.
on Wed Jun 19 2013, 12:52 PM
i am thinking if the fed doesn't specifically address everyone's fear, then we continue the upward march in rates
SOURCE:
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Christopher Stevens
Secondary Marketing Manager,
Premium Mortgage Corp
on Wed Jun 19 2013, 12:52 PM
Hilsenratn v. Santelli on CNBC in a few minutes...that should be good tv
SOURCE:
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 12:51 PM
MG2, just getting caught up with chat. Status quo vs May 22nd = not a ton of additional selling. I believe we've ALREADY HAD the FOMC reaction in that regard, traded out over the past month or so, and that any further pain is reserved for more pointed/specific mention of tapering prospects, or a marked acceleration in the member forecasts.
SOURCE:
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Michael Gillani
President,
Boardwalk Lending LLC
on Wed Jun 19 2013, 12:51 PM
MG- I know we've all discussed this in circles over the past weeks but as of today, if Ben says the same as he's always said (which I expect) and doesn't say anything exceedingly dovish directed at the tapering fears, do we sell off further even though the sell off we've experienced over the past 45 days is based on tapering starting now or shortly? Or do we stay pretty even?
SOURCE:
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Adam Miller
Vice President of Mortgage Lending,
Guaranteed Rate
on Wed Jun 19 2013, 12:12 PM
I am waiting to see the "home builder confidence" when potential buyer's who signed contracts in May get the payment shock increase over 100 bucks a month and they back out of the deal.
SOURCE:
Mortgage Applications Continue Tumbling as Rates Rise
John Paul Mulchay
on Wed Jun 19 2013, 11:07 AM
It's actually North Las Vegas considering eminent domain. Different city than the gambling Mecca. It would certainly be a bigger deal if Vegas were thinking of going down this treacherous path.
SOURCE:
Las Vegas and Eminent Domain; Dodd-Frank Update; HARP Date Petition; CFPB Reminders
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Ross Miller
President,
Miller Home Mortgage, LLC
on Wed Jun 19 2013, 10:59 AM
I have sent the actual w-2. How are we supposed to provide this even the 4506-t states it won't be available until next year?
SOURCE:
MBS Live Chat
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Jason York
Vice President of VA Operations,
Prime Mortgage Lending, Inc
on Wed Jun 19 2013, 10:59 AM
Ross, my UW's are wanting 2012, but if you get a no hit, and can show them, then they will take 2011
SOURCE:
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Steve Chizmadia
Mortgage Consultant, MLO# 244902,
American Capital Home Loans, A division of Pinnacle Capital Mortgage Coporation
on Wed Jun 19 2013, 10:59 AM
I have had to furnish validated w2's in situations in which 2012 income is being used and the 2012 returns are not yet filed or are on extension
SOURCE:
MBS Live Chat
View Profile
Ross Miller
President,
Miller Home Mortgage, LLC
on Wed Jun 19 2013, 10:59 AM
Has anyone run into lenders requesting verifications of 2012 w-2's? This is an FHA loan the borrower is a CPA owns his own business and gets paid with w-2's and partnership income. He has filed an extension for 2012 and the lender is asking for 2012 w-2 verification?
SOURCE:
MBS Live Chat
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Andy Pada
VP,
1st 2nd Mortgage Co.
on Wed Jun 19 2013, 10:58 AM
I, along with almost everyone on CNBC, have been conflating asset purchase and FFF. It has almost become conventional wisdom that the two have a penumbral relation. Regardless, taking into account Hilsenrath's role/position, I do not necessarily agree there is zero mitigating effect in the recent article.
SOURCE:
MBS Live Chat
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 10:58 AM
OB can't get access to MBS prices any faster than you can if you're here. Bottom line.
SOURCE:
MBS Live Chat
View Profile
Michael Ullmann
Originator / LO,
Carrington Morgtgage Services LLC
on Wed Jun 19 2013, 10:58 AM
Ok fair enough, not sure how it works for other guys on OB but my pricing fluctuates by the minute.
SOURCE:
MBS Live Chat
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Matthew Graham
Rates Strategist, Author,
Mortgage News Daily / MBS Live!
on Wed Jun 19 2013, 10:58 AM
If things go bad for MBS, this will be the first place you'll know, short of subscribing to tradeweb/Eikon
SOURCE:
MBS Live Chat
View Profile
Michael Ullmann
Originator / LO,
Carrington Morgtgage Services LLC
on Wed Jun 19 2013, 10:58 AM
Meaning I will be on this forum like a hawk but if things go bad at 2 or 2:30 my pricing is live and will adjust regardless of if I get a warning from you
SOURCE:
MBS Live Chat
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Michael Ullmann
Originator / LO,
Carrington Morgtgage Services LLC
on Wed Jun 19 2013, 10:58 AM
Quick question MG, for those of us using Optimal blue with live pricing. Am I at a disadvantage vs the LOs on here that see your update and beat wells, etc to the punch before a neg reprice
SOURCE:
MBS Live Chat
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Rob Ellis
SelfGuided
on Wed Jun 19 2013, 10:56 AM
Don't know about everyone else but I hedged on the side of expecting green today...little risky but feeling confident - we shall see.
SOURCE:
MBS Live Chat
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Andrew Benson
Guardian Financial, Inc.
on Wed Jun 19 2013, 10:56 AM
Okay I'm calling it: There will be no tapering in 2013, regardless of what the statement and Q&A are today.
SOURCE:
MBS Live Chat
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Andrew Horowitz
on Wed Jun 19 2013, 10:56 AM
excellent work MG
SOURCE:
MBS Live Chat
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Ira Selwin
Vice President of Secondary Marketing,
US Mortgage Corporation
on Wed Jun 19 2013, 10:56 AM
yes MG - good stuff
SOURCE:
MBS Live Chat
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AQ
Head of Mortgages and ABS,
Thomson Reuters
on Wed Jun 19 2013, 10:56 AM
must read: http://www.mortgagenewsdaily.com/mortgage_rates/blog/313313.aspx
SOURCE:
MBS Live Chat
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AQ
Head of Mortgages and ABS,
Thomson Reuters
on Wed Jun 19 2013, 10:56 AM
gm MBS Live. Really nice recap of Bernanke comments in Day Ahead MG.
SOURCE:
MBS Live Chat
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Mortgage Rates:
30 Yr FRM 4.14%
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15 Yr FRM 3.36%
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Jumbo 30 Year Fixed 4.25%
MBS Prices:
30YR FNMA 4.5 106-14
(-0-13)
|
30YR FNMA 5.0 108-01
(-0-10)
|
30YR FNMA 5.5 108-20
(-0-11)
Recent Housing Data:
Mortgage Apps
-3.25%
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Refinance Index
-3.43%
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Purchase Index
-3.04%
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