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Steve Chizmadia :  Thanks MG, I snuck 3 locks in before that reprice.
Tim McNerney :  Locked one this AM-->thank you AGAIN to MBS Live!
William McGuirt :  Do you still have to hit the borrower with unreimbursed expenses for past years if they left the job and now are Reimbursed?
Jason Anker :  lots of overlays on this one yes. I've stated FHA rules only
Victor Burek :  but i think it is only in first 6 months, but lenders may have an overlay for year
Jason Anker :  2011 revisoin confirms the below. 4155.2 4.7.f Second Appraisal Required on Properties Sold Between 91 and 180 Days After Acquisition A lender must obtain a second appraisal by another appraiser if •the resale date of a property is between 91 and 180 days following the acquisition of the property by the seller, and •the resale price is 100% or more over the price paid by the seller when the property was acquired.
Jason Anker :  ML 2006-14
Victor Burek :  yes, fha requirement if over 100% increase
Andy Pada :  question is: is it a FHA requirement?
Andy Pada :  we always require a second appraisal when the value has increased by more than 100% within 12 months.
Matthew Graham :  That is usually how it goes. Gain less, lose less
Michael Gillani :  Gotcha. And reversely, if Treasuries were to move back in the other direction for any number of reasons, I imagine MBS would move back the other way without underperformance, right?
Matthew Graham :  Well, considering I wrote that last night and they're already widening, yeah... The more we rally on geopolitics and Europe-related save-haven demand, the more MBS will underperform. Rather than 'catch-up' in that scenario, they'd simply reach a range of maximum underperformance where they'd at least be moving as much as Treasuries, but not necessarily making up ground.
Michael Gillani :  MG, I read the Day Ahead and have one question. Do you anticipate the gap between MBS and Treasuries to widen if Treasuries continue to push new lows? Or can we expect or at least hope that MBS will play catch up next week if the bond rally persists?
Chip Hooker :  Still no MBS love
Matthew Graham :  Bloomberg reporting US military aircraft strike on Islamic state artillery -Pentagon
Victor Burek :  Stocks appeared to get a boost after Russian news agency RIA said Russia is seeking to de-escalate tensions with Ukraine. Russia and the West have been tussling over the Kremlin’s support of separatist forces in Ukraine,
Victor Burek :  Blasts are rocking Gaza, smoke is rising over the city, apparently from an Israeli air strike, Reuters reports. This comes after Israeli authorities ordered military to respond to “at least 18 rockets from Gaza” by attacking “terror sites,” the army said.
JRS :  Agreed. Never like floating through to a Friday though. And the Ukraine issues continue to occur and then dissipate into nothing.
Andy Pada :  but it seems to me the effects of Ukraine and other geopolitical events seem to ebb and flow.
Victor Burek :  my only concern with floating would be stocks have pulled back a bunch in Europe and they could have a relief rally tomorrow which probably wouldn't help us
Victor Burek :  looks like issues with Ukraine is driving this...that is not likely to be solved overnight
JRS :  You think this rally's going to hold through until tomorrow?
Andy Pada :  I want to believe...

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