MBS ALERT: REPRICES FOR BETTER DUE

Hoy, the stars are aligning!

Is this what starts "it that shall not be named?"

Haven't gotten anything yet. Had 4 closings on Mon/Tues of this week. Have to watch out for the rescissions.

Nope. Let the dust settle, but I think we see nominal improvement at best. Lenders just don't need to pass the rates along to be busy right now.

Big reprices hitting woot woot!

What really happened here today? NOTHING What about jobs? What about spending? Mortgage Rates will fall, but what good does that do those who can't refi? Smoke and mirrors.

Let's see how much the lender's hold back on us. It will be an interesting close to the week.

How long would you wait to see how much this information effects rates before refinancing? Any guesses on how low we can go?

Provident just repriced .375 better

"but I think we see nominal improvement at best. Lenders just don't need to pass the rates along to be busy right now." No way..Rates are falling off a cliff & the higher rate coupons are going to be less valuable due to their predictably high pre-pay speeds.

I BET HALF THE LOCKED PIPELINE JUMPS SHIP DUE TO A .125% DROP IN RATE.

I HOPE I'M WRONG...

have not seen any reprices for the better from anyone except PFG, lenders are waiting to see where the trading settles. I think they learned their lessons from the past and are waiting to pass along so they dont jump the gun and overflow their pipes. they all lost too much money on broken locks ont he hedged funds from nov and dec. rates will improve, give it time, and OBTW, i have 3 clients who qualify for DU Refi Plus that are primed and ready to go. You can sell this program, it can work.

I know, worried about all those locked loans right now too, have two clients signing tonight but not if they watch the news :)

I had clients emailing me during the FOMC meeting. They follow this more than I do. I guess that's what happens when you do business in NYC.

Lenders cant handle the business they have now, 5 day turn times for underwriting they couldn’t pass the savings on to us they couldn’t handle the increased volume of business.

CHASE SUBORDINATIONS at 8 weeks. It takes them a full week just to log the file in their system so 9 weeks. They are working on files they received Jan 9th. SIMPLY RIDICULOUS!!!!

I locked last Thursday and have closing on April 7th. What are the consequences if I wanted to back out now or get a lower rate?

Paul, everyone wants the best of both worlds, a lock is a lock. If clients float and rates go up clients still want the lower rate. If clients lock and rates move lower they want to cancel the lock and get the lower rate. These broken locks are cost the lending industry huge $$. Lenders have to pay to hedge these funds and it is one of the reasons why lower rates are not being passed on to us all. With this type of flopping back and forth what purpose is a lock, and why do clients hym and haw over whether they should lock or not?

Hold your breath Todd, ROFL. Hold your breath.

You gonna have to increase the size of the thermometer on the right side of the page. Hope it's as easy as the Fed "Increasing the size of their balance sheet " Come on Bonus !!

i love how they fixed the national debt clock in NY...ha, they just taped a one on as the first digit...comedy...maybe i will just tape another 0 on my screen for the FED thermometer...

Adam, First, I apologize for the rant up front. I feel that the mention of our government acting as a "direct lender" is a breaking point we need. A slap in the face for all lenders at the expense of Nationwide if you will. Even though it refers to student loans and such, it should put lenders on notice they should cooperate with the governments efforts and they are part of the problem. The fact that a direct lender option is mentioned means that the government is willing to consider any option to get our markets going. Holding onto yield spreads to create more capital under the guise of ramping up employees and covering hedge costs doesnt cut it and has backfired. I do feel for the big lenders who stuck there neck out there and are trying to figure out how to rid themselves of toxic assets. However, passing this along to the consumer in the form of higher interest rates when they should be lower while ignoring the fact that the consumer has a "choice" is ignorant at best. Several lenders we deal with who passed on gains have seen record fundings and predict records for the current and continuing months. Our lender reps who failed confirmed they had a 60-75% dropout rate due to long underwriting times and better rates elsewhere. The apologies were abundant. They confirmed much smaller pipelines as clients (retail and wholesale) moved business. 45-60 day turntimes are unacceptable when your smaller competition, who is chomping at the bit for business, is knocking on the door and ready. Bigger is only better when business is good or you have a great business model. Rarely do the big guys have both. The apologies, even though they are hollow at best, were more of a breath of fresh air than the MBS prices today for me thanks to "Gut Flop;)". I welcome the new business about to happen and want to thank the BigUns for opening all our eyes to funding options not considered before. This site continues to be a beacon of information that has been sorely needed for a long time.