Ops Jobs; Marketing, Database Tools; Disaster Updates; Capital Markets

Posted To: Pipeline Press

Sure, you’re making bank now, but are you planning for next year? Is your company doing anything to “team up”? Many lenders, vendors, and real estate companies have strategic partnerships with other companies. There’s strength in numbers, and they are not “against the law”. Here’s a new one. Online real estate company Zillow and D.R. Horton, the nation’s largest builder by sales volume, have announced a new strategic partnership that gives D.R. Horton home buyers the opportunity to sell their existing home through Zillow Offers , providing an easier, more certain move. To start the process, sellers can answer a few questions about their home, upload some photos, and receive a free, no-obligation offer in about 48 hours. There’s lots of things…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Another Day, Another Record High For MBS

Posted To: MBS Commentary

While there's no way to know how the day will wrap up for the MBS market, we know how it's starting out. We also know how 4 of the past 5 days have started out (and wrapped up, for that matter): at all-time highs. The following chart of 2.0 UMBS candlesticks shows the consolidation and resistance around the 103.00 level. The breakout occurred last week, and resulted in a classic case of follow-through from a technical standpoint . Broader bond market trends have been more even-keeled even though we're also seeing what is effectively a record run in 10yr yields (throw out March 9th, and we're at record low yields on 3 out of the past 4 days including today). Although we can place the past few months of movement in a linear trend channel, Treasuries–like MBS–consolidated in…(read more)

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Source: Mortgage News Daily

Construction Spending Largely Unchanged as Shutdowns End

Posted To: MND NewsWire

Construction spending held firm in June, inching down fractionally from the May level and increasing a bit compared to June 2019. The U.S. Census Bureau said total spending during the month was at a seasonally adjusted annual rate of $1.355 trillion, down 0.7 percent from the $1.365 trillion spending rate in May. On an annual basis the rate was up 0.1 percent. On an unadjusted basis there was $123.377 billion spent compared to $117.226 billion the prior month. Spending for the first six months of the year was up 5.0 percent from the same period in 2019 at $667.920 billion. Privately funded construction expenditures were also down 0.7 percent month-over-month at a rate of $1.002 trillion compared to $1.009 trillion in May. The June rate was 1.9 percent lower on an annual basis. Private residential…(read more)

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Source: Mortgage News Daily

MBS RECAP: Bonds Defend New Territory

Posted To: MBS Commentary

Bonds Defend New Territory Now that bonds have broken through previous resistance levels (.58 in 10yr yields and 103.00 in 2.0 UMBS), what comes next? Rather than look for fast-paced follow-through, it would be enough of a victory to merely see bonds maintain these newly acquired levels. Today we'll discuss what those levels might look like and what we'd need to see for them to persist. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) ISM Manufacturing 54.2 vs 53.6 f'cast , 52.6 prev Market Movement Recap 09:21 AM Bonds were only modestly weakner at the beginning of the overnight session. It wasn't until 7:49am that Treasuries popped a bit higher in yield. They've been pushing a bit higher since then. MBS, on the other hand are unchanged…(read more)

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Source: Mortgage News Daily

More Home Buyers are in the Market, but Shopping Takes Longer

Posted To: MND NewsWire

In the second quarter of 2020, 11 percent of American adults were planning on purchasing a home over the next 12 months, and of those, almost half were actively engaged in doing so. Rose Quint, writing in the National Association of Home Builders’ (NAHB’s) Eye on Housing blog says that the 49 percent who were actively shopping was significantly higher than a year ago when 41 percent were in the game but was identical to the share in Q1. Quint says this suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers. The share of buyers who were actively looking versus thinking about it differs significantly by age group. Of Millennials planning a home purchase in the next year, 57 percent are already actively looking…(read more)

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Source: Mortgage News Daily

Housing Affordability Best in Four Years, Purchase Rate Locks Surge

Posted To: MND NewsWire

The last report from Freddie Mac put its 30-year fixed rate mortgage (FRM) at 2.99 percent, up 1 basis point from the all-time low. Black Knight, in its new Mortgage Monitor , says that has made home affordability the best in four years. As of mid-July, it required only 19.8 percent of the nation’s median monthly income to make the mortgage payment on an average priced home using that 30-year FRM and a 20 percent down payment. That is more than 5 percent below the average over the 1995-2003 period. The required monthly payment, $1,071, is 6 percent less than last July despite an average $12,000 increase in home prices over that same period. After 97 consecutive months, these record-low mortgage rate have made homeownership the most affordable it has been since 2016, and, while many areas, especially…(read more)

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Source: Mortgage News Daily

More Evidence of Strength in Housing as GDP Tumbles

Posted To: MND NewsWire

The National Home Builders Association (NHBA) has been saying since the COVID-19 virus first began to ravage the economy, that it might be housing that would drive the eventual recovery. Now they have some real evidence. The record setting 32.9 percent second quarter decline in the gross domestic product (GDP) revealed on Thursday had at least one bright spot. NAHB’s chief economist Robert Dietz says the share of residential related economic activity reached its highest mark since the third quarter of 2007, increasing to 16.2 percent during the otherwise dismal quarter. Part of the reason for the growing share, of course, was the weakness of other sectors, and the residential fixed investment share held at 3.3 percent of GDP. Housing contributes to GDP in two basic ways. The first, residential…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Bonds Defend New Territory

Posted To: MBS Commentary

Now that bonds have broken through previous resistance levels (.58 in 10yr yields and 103.00 in 2.0 UMBS), what comes next? Rather than look for fast-paced follow-through, it would be enough of a victory to merely see bonds maintain these newly acquired levels. Today we'll discuss what those levels might look like and what we'd need to see for them to persist. The key level for 10yr yields was (and perhaps still is) 0.58%. More than any other level, this marked the bottom of the coronavirus range, even though we'd seen yields move much lower on a single day (March 9th). There were several failed attempts to close below 0.58 in July until it finally gave way last week with Thursday and Friday easily confirming the breakout by maintaining intraday ranges that topped out at .56. A…(read more)

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Source: Mortgage News Daily

LO Jobs; Fraud, Retention, Legal Products; August Training and Events

Posted To: Pipeline Press

Remember a month ago, heading into the July 4th weekend, a resurgence of Covid-19 cases (which many officials attributed to large Memorial Day gatherings) resulted in mask-wearing mandates as well as rollbacks and delays in phased reopening plans. (Speaking of the virus, we wish loanDepot’s Anthony Hsieh a continued welcomed recovery from its impact.) Economic data has sure been a mix of positive and negative, with sentiment based on news of the virus. Potential new setbacks weighed on analysts’ outlooks for the coming months as economic activity is seen slowing again in the states with the highest new cases. It remains to be seen whether the V-shaped recovery will turn into a W-shaped recovery, or perhaps a sawtooth pattern. Recall that the minutes from the June 9-10 FOMC meeting…(read more)

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Source: Mortgage News Daily

Should You Wait For Lower Rates?

Posted To: Mortgage Rate Watch

Mortgage rates have fallen more aggressively than ever and they’ve been remarkably willing to set record after record. So is there any reason you shouldn’t wait for them to go even lower? This is an age old question any time rates fall to long-term lows. In the past, the answer has been pretty easy . If rates had fallen more than 1.5% from their previous high over the course of several years, and if something obvious happened to push them just a bit lower, it was time to refi! For example, the Fed’s policy shift (in favor of mortgages) in September 2012 and the Brexit vote in 2016 both pushed rates quickly lower. Both were singular events with finite information, that allowed markets to react and move on. Coronavirus has filled this role in a different way. Like past events, it hit a market…(read more)

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Source: Mortgage News Daily