Tue, Sep 28 2010, 9:51 AM
Big picture housing stats worth a skim; updates from Citi & USB; bad news for Alt-A & jumbo biz
Tue, Sep 28 2010, 9:04 AM
JULY 20-METRO AREA HOME PRICES UNADJUSTED +0.6 PCT (CONSENSUS +0.4) VS +1.0 PCT IN JUNE - S&P/CASE-SHILLER. 20-METRO AREA HOME PRICES +3.2 PCT (CONSEN...
Tue, Sep 28 2010, 8:40 AM
Interest rates are flat and global equities are mixed ahead of home price data,a key consumer confidence survey, and a $35 billion 5-year Treasury not...
Tue, Sep 28 2010, 5:15 PM
It happened yesterday but I didn't make a big deal about it because I wanted to see how lenders would play it out today. Then it happened again toda...
Tue, Sep 28 2010, 4:01 PM
Fannie Mae is working with officials of the U.S. Army to offer mortgage relief to service members and their families who are struggling to meet mortga...
Tue, Sep 28 2010, 1:28 PM
Plain and Simple: In the first two auctions of the week we've seen extremely high demand at record low yields. This tells you that the bid for risk a...
Mon, Sep 27 2010, 12:43 PM
Rural Housing Refi Funds Exhausted; HAMP Loan Mods vs. Non-Hamp Mods; Minimum FICO Score Update; Credit Unions Seized by Regulators; HECM Guidance
Mon, Sep 27 2010, 12:07 PM
Mortgage-backeds are off to a slow start to the week. Not much activity to report. Price levels are nonetheless moving higher thanks to a turn around ...
Mon, Sep 27 2010, 9:09 AM
Stocks completed their fourth consecutive week of rallies last Friday while interest rates continued to chop around an originator friendly range. The ...
Mon, Sep 27 2010, 5:00 PM
Our "float at the MBS price lows, lock at the MBS price highs" strategy has held up quite well this year. MBS prices rallied higher in our range today...
Mon, Sep 27 2010, 4:23 PM
Fannie Mae markets its REO through a program called HomePath Properties. Under the new incentive program, owner-occupants and public entities that bu...
Mon, Sep 27 2010, 2:42 PM
A world-wide study of mortgage products funded by the Mortgage Bankers Association found that the U.S. is nearly alone in its reliance on fixed-rate m...
Mon, Sep 27 2010, 1:12 PM
This was a record low "high yield" for a 2-year note auction, yet investors were still more than willing to buy. Although the street took home the maj...
Fri, Sep 24 2010, 11:09 AM
The bad news is we're seeing benchmark yields tick higher today. The good news is loan pricing isn't too too terrible into these lower MBS levels. Reb...
Fri, Sep 24 2010, 10:03 AM
National Flood Insurance Program Extended; Good signs in the commercial security market; disaster & health impact thoughts from investors, foreclosure...
Fri, Sep 24 2010, 8:23 AM
Benchmark interest rates are higher as U.S equity futures rally ahead of durable goods and housing data. In the afternoon, investors will also be reac...
Fri, Sep 24 2010, 5:15 PM
The best day to lock was Wednesday. Although rates rose heading into the weekend (for the third week in a row), consumer borrowing costs are lower tha...
Fri, Sep 24 2010, 3:50 PM
The Obama Administration's Housing Scorecard for September notes a slowly stabilizing housing market. Delinquencies are down slightly as are early st...
Fri, Sep 24 2010, 2:37 PM
Sales of new single-family houses in August 2010 were at a seasonally adjusted annual rate of 288,000. This is unchanged (±16.7%) from the revised Jul...
Fri, Sep 24 2010, 1:44 PM
Newly appointed Assistant to the President Elizabeth Warren and Treasury Secretary Tim Geithner hosted a forum earlier this week to allow concerned pa...
Fri, Sep 24 2010, 1:08 PM
In the BIG PICTURE, disinflation turning into deflation is a more significant reason to believe the Fed would initiate another QE program. This rise ...
Thu, Sep 23 2010, 12:58 PM
Flood Insurance Program Deadline; Uniform Appraisal Data; New Reverse Mortgage Product; Foreclosures in Judicial States; GSE REO
Thu, Sep 23 2010, 11:12 AM
I don't want you to think I am panicking about a sell off and consequential spike in mortgage rates though. Overall the environment remains supportive...
Thu, Sep 23 2010, 9:00 AM
After the data flashed the yield curve flattened another 4bps, 2s/10s are now at 207bps. The benchmark 10yr note yield has moved below 2.50% resistanc...
Thu, Sep 23 2010, 8:28 AM
Interest rates are holding near yesterday's lows as equity futures traded lower in the overnight session following news that Ireland’s GDP fell at an ...
Thu, Sep 23 2010, 6:14 PM
With both the FNCL 4.0 (103-00) and the 10yr TSY note (2.50%) trading near firm resistance levels, I continue to favor locking deals closing in the ne...
Thu, Sep 23 2010, 5:58 PM
After ending last week on a three day losing streak, loan pricing made a total turnaround in the first three days of this week, mostly thanks to the o...
Thu, Sep 23 2010, 2:50 PM
How is it that a small mortgage banker is able to fund 100% of their production through a mortgage bank and pay only 40% commission to its loan office...
Thu, Sep 23 2010, 2:19 PM
Lawrence Yun, NAR chief economist, said home sales still remain subpar. “The housing market is trying to recover on its own power without the home buy...
Wed, Sep 22 2010, 11:48 AM
The 2s/10s yield is another 6bps flatter at 210bps wide, production MBS coupons are trading to shorter hedge ratios, and benchmark 10s have moved all ...
Wed, Sep 22 2010, 10:51 AM
Has refi demand topped out? Have purchase apps bottomed? The latter is far less likely than the former. Color from lock desks confirms the slow down i...
Wed, Sep 22 2010, 9:37 AM
Before anyone says that the value of servicing is next-to-nothing, don't forget to consider investor profit margins. And while you're at it, give some...
Wed, Sep 22 2010, 8:34 AM
Treasuries experienced a broad rally yesterday including the benchmark 10-year note shedding 13 basis points to 2.58% while 2-year yields created a fr...
Wed, Sep 22 2010, 3:53 PM
If you were floating your loan last week when rates started to rise, you probably kicked yourself for not locking. If you held out and continued floa...
Wed, Sep 22 2010, 1:18 PM
Owner occupants and public groups using NSP funds have purchased 29,000 homes over the past year through a Fannie Mae program which gives them first c...
Tue, Sep 21 2010, 12:40 PM
The fact that we are pointing toward the same reason as an explanation for the behavior of two different markets creates a lot of crosswinds and confu...
Tue, Sep 21 2010, 12:09 PM
The November FNCL 4.0 is trading 10/32 higher at 102-16, this is the high print of the day. Loan pricing is 32bps better vs. what lenders were offerin...
Tue, Sep 21 2010, 11:43 AM
GMAC Temporarily Suspends Foreclosures in 23 States; Discover Entering Mortgage Biz?; HMDA Data; New DU Version 8.2; Prop 4 in Florida
Tue, Sep 21 2010, 10:37 AM
In the last several months we’ve seen several banks and mortgage bankers create partnerships that are mutually beneficial. If you are bank, poke arou...
Tue, Sep 21 2010, 8:38 AM
Housing Starts improved 10.5% in August, again on the back of the multi-family market, which rose by 39,000 annualized units or 32%. Single-family st...
Tue, Sep 21 2010, 8:21 AM
Interest rates are marginally lower and equity futures are roughly flat ahead of key housing data and the afternoon release of the policy statement fr...
Tue, Sep 21 2010, 4:26 PM
The post-FOMC bond market rally brings mortgage rates back to where they were last Tuesday, which was the best day to lock last week. 4.25% is still t...
Tue, Sep 21 2010, 3:40 PM
Legislation has been introduced in the House which would require lenders and servicers to either act quickly to approve or deny requests for short sal...
Tue, Sep 21 2010, 2:48 PM
Price action was extremely choppy following the release of the FOMC statement. Since the initial knee jerk reaction, benchmark interest rates have ra...
Tue, Sep 21 2010, 2:17 PM
"Information received since the Federal Open Market Committee met in August indicates that the pace of recovery in output and employment has slowed in...
Mon, Sep 20 2010, 11:57 AM
"The stall in the nation's housing market continues. Builders report that the two leading obstacles to new-home sales right now are consumer reluctanc...
Mon, Sep 20 2010, 11:35 AM
Writing to the industry, FHA Commissioner David Stevens reminds us that there is more to the housing market than single-family homes and condos. Lost...
Mon, Sep 20 2010, 10:34 AM
Rate sheet influential MBS coupons are lower and wider in a "bid wanted" trading environment. This suggest demand for production MBS is still M.I.A a...
Mon, Sep 20 2010, 10:31 AM
Update on replacing HVCC; startling broker production stats; TBW/Cenlar updates, along with GMAC, Flagstar, Freddie, and AmTrust news
Mon, Sep 20 2010, 8:44 AM
New economic data is scant this morning but the focus all week will be housing, kicked off by the release of the homebuilder sentiment survey. U.S. s...
