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Last week the Mortgage Bankers Association said that independent mortgage bankers had reported negative production revenue in the first quarter of this year. This week Fannie Mae reminded us that lenders have long expected it to happen. The company's Mortgage Lender Sentiment Survey for the second quarter, which gathered responses from 87 senior executives representing 170 lending institutions, found more than a third (35 percent) expect their net profit margin to decline over the next quarter while 47 percent expect it will stay the same. Over the last four quarters less than 20 percent of respondents have expected profits to improve. Fannie Mae said it was the seventh consecutive quarter that the lender profit outlook has been negative, although responses to the second quarter survey were
Housing News
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Last week the Mortgage Bankers Association said that independent mortgage bankers had reported negative production revenue in the first quarter of this year. This week Fannie Mae reminded us that lenders have long expected it to happen. The company's... (read more)
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MBS Commentary
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"The dots" refer to the Fed's periodically updated economic projections.
"Periodically, " in this case, means 4 times a year out of the 8 annual Fed meetings.
"Economic projections" is a misleading term, not because the Fed ... (read more)
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Rob Chrisman
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Lenders aren’t likely to eliminate their owners or senior management, nor do they want to eliminate producers (who are meeting minimum thresholds) or slash their compensation. And good Ops staff is worth its weight in gold. In this time of marg... (read more)
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Housing News
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The flurry of mortgage activity during the week ended June 1st didn't last long. Application volume resumed its months-long retreat last week as interest rates rose. The Mortgage Bankers Association said its Market Composite Index, a measure of volum... (read more)
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MBS Commentary
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Today turned out to be a dud, thanks to a completely uneventful CPI reading as well as a right-down-the-middle 30yr bond auction. Neither of these events were necessarily destined to shake things up, but CPI certain COULD have (if it fell far... (read more)
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MBS Commentary
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Information received since the Federal Open Market Committee met in March May indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate solid rate. Job gains have been strong, on averag... (read more)
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