Independent mortgage banks (IMBs) have been around for more than a century. but have taken on increased significance and power in the marketplace since the housing crisis. The Mortgage Bankers Association (MBA) says that several myths have grown up around this trend, coming from critics such as the Brookings Institution. It just published a White Paper discussing the current role of IMBs and addressing the myths. There were 900 IMBs in the US In 2017 according to Home Mortgage Disclosure Act (HMDA) data. They account for 16 percent of companies reporting data but originated 54 percent of single family (one to four unit) mortgages, up from 25 percent in 2008. MBA says this growth presents policy questions, but "it should be evaluated based on a solid understanding of the IMB role and importance

February 25, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Feb 25, 2019 Mortgage Rates Only Modestly Higher After Tariff News Mon, Feb 25, 2019 3:24PM Mortgage rates were very nearly unchanged today, although the average lender was just slightly higher. Investors reacted to news over the weekend that the US/China tariff deadline would be extended. While that doesn't have anything to do with mortgage rates, it set market forces in motion that created the modest, indirect effect. The looming tariff deadline had been a source of uncertainty for markets. All other things being equal, uncertainty tends to promote some safe-haven buying in bonds and some weakness in stocks. When investors are buying more bonds, it helps push rates lower (or keep t... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.048 +0.009   3.621 4.780 MBS Live Day Ahead: Tariff Extension is Old News as Bonds Wait For Powell and Data Mon, Feb 25, 2019 9:10AM The "big" news over the weekend was the announcement of an extension on US/China tariffs that were set to go into effect on March 1st.  While an eventual trade deal would still be a big development for both sides of the market, the extension was... (read more) MBS Live Recap: Sudden Glut of Fed Bond-Buying Comments Fri, Feb 22, 2019 7:23PM As recently as January 10th, Jerome Powell unequivocally stated that the Fed's balance sheet wind-down was on auto pilot.  In other words, they weren't going to be jumping back into buying bonds with balance sheet reinvestments any time soon.  Now in the wake of the January 30th Fed statement, rehashing the balance sheet plan is all the rage. ... (read more) MBS Live Recap: Bonds Hold Ground Nicely Despite Threats Mon, Feb 25, 2019 4:40PM If bonds happened to move higher in yield by more than they did today, we'd be talking about how the announcement of a US/China tariff extension put upward pressure on rates.  As it stands, we can still witness just a bit of that upward pressure, but not enough to consider this anything other than an extension of the same old sideways range that has e... (read more) MBS Price Change UMBS 5.0 99.74 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.20 +0.02 GNMA 6.0 102.15 -0.04 Pricing as of: 9/9 12:07AM EST US Treasury Yield Change 2 YR Treasury 3.498 +0.010 5 YR Treasury 3.570 +0.009 7 YR Treasury 3.776 +0.008 10 YR Treasury 4.049 +0.010 30 YR Treasury 4.700 +0.010 Pricing as of: 9/9 12:07AM EST Other News Can We Stop Freaking Out About Independent Mortgage Banks Now? Mon, Feb 25, 2019 3:20PM Independent mortgage banks (IMBs) have been around for more than a century. but have taken on increased significance and power in the marketplace since the housing crisis. The Mortgage Bankers Association (MBA) says that several myths have grown up around this trend, coming from critics such as the Brookings Institution. It just published a White Paper discu... (read more) Workflow and Profitability Products; Study on Referrals; Events and Training Mon, Feb 25, 2019 8:57AM When you hear “Midwest” what comes to mind? Missouri? Illinois? What about “Mideast?” Some place a long way from Missouri! “Rob, have you heard that the cost to originate a loan is different based on geography?” I have, but would be hard-pressed to prove what I heard, which is that the cost to originate in the Midwest is r... (read more) Latest Video Santelli Exchange: Inflation vs. the cost of living Fed Chair Powell takes different approach than predecessors, speaks more of... 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