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Matthew Graham :  Nothing much Stephen. Looks bigger than it is due to narrowness of MBS range. 10yr chart tells a better story. Volume and participation are light, further greasing the skids for an after-hours move (referring to post-3pm 'pit' close at the CME).
Steve Mitroka :  what's with this sell off?
Ross Miller :  MU, if the borrowers are on title as of original sales date and you can document continuity of Obligation for 12 months and the borrower put down the minimum required investment at the original closing you should be fine as a refi.
SWard :  MU - its been years but yes done as refi with full payment history
Michael Ullmann :  what will dictate if it should be treated as a purchase or a refi? I was under the impression that 12 months of payments makes it a refi. My u/w feels differently
Michael Ullmann :  anyone on here have experience with refinancing a loan from a contract for deed?
Victor Burek :  we just cant break 2.45
Matt Hodges :  Very nice set up in the Day Ahead, MG. personally, i read into it a undercurrent of caution.
Matthew Graham :  no kidding. they might as well have made it "eleventy billion"
AQ :  "Colmar-based bankruptcy lawyer William D. Schroeder Jr. said the size of the award was likely an expression of "the jury's anger" against the system."
AQ :  PHH Mortgage Solutions hit with $16.2M jury award: Read more at
Matthew Graham :  Right off the bat, if I had to guess why we're not seeing a more pronounced negative reaction, I'd say that this is roughly in line with where Pending Home Sales suggested today's Existing Home Sales would be. I'm not sure why the forecast was as low as it was actually. I tried to find a way to chart this last night when working on charts for the Day Ahead, but ended up giving up because the chart didn't make great sense. Anyway, bottom line was that Pending Home Sales jump higher last time w
Matthew Graham :  I think some may be a bit defensive about that possibility, thus the small amount of 'relief' at the as-expected headline.
Oliver Orlicki :  was the market looking for more inflation?
Matthew Graham :  RTRS- U.S. JUNE CPI +0.3 PCT (+0.2573; CONSENSUS +0.3 PCT), EXFOOD/ENERGY +0.1 PCT (+0.1291; CONS +0.2 PCT)
Jay Rodriguez  :  Tony, IRRL just can't have a PI increase of more than 20%, or else Vet has to Credit Qualify.
Tony Cardinal :  VA IRRL question for anybody...does the P&I have to have a 5% payment reduction, like a FHA loan?
Matthew Graham :  neither really. In general, I think closing price gets more credence from the analytical community
Hugh W. Page :  MG do you lend more credence to the closing price or intraday high or low? Seems like the latter? Thoughts
Matthew Graham :  Yeah, I think that's because we're fairly near the 'stably held' highs of the year whereas the absolute highs were more spiky and brief. Should be easy to see by expanding chart to a 6-month view and using candlesticks to see each day's trading range.
Michael Mitchell :  Thanks... Based on lender pricing- Feels closer than that...
Matthew Graham :  103-14
Michael Mitchell :  MG- Perspective- Best price this year on the 3.5?
Clayton Sandy :  talked with credit plus and they said it's transunion that's reporting all the lates. Said I need to have them update it.

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