Call Center, CD, AE Jobs; Referral, Non-Agency, Warehouse Products; Agency Changes; Rates Take a Breath

Posted To: Pipeline Press

Someone once said, “A loss is not a failure until you make an excuse.” You can apply that to politics or to sports. Or to business. No company wants to lose a lock, and locks desks are beginning to see some attempts at renegotiations. Whether they are prompted by borrowers or brokers is of little consequence, but it does remind us that it is a one-way street. Few lenders would think of going back to a borrower in a rising rate environment and telling them, “Uh, sorry, we need to bump your rate up a little.” Although bouncing this morning, rates have indeed come down, and there is continued talk about the Federal Reserve’s role in the general rate environment. (The current STRATMOR blog is, “A Primer on What Originators Should Know about the Fed” .)…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Pausing For Consideration

Posted To: MBS Commentary

Big changes in the economic landscape bring big opportunities to consider whether bonds are priced where they should be. The entire spring and summer of 2020 was spent in such a pause for consideration as traders increasingly agreed that "peak covid" was worth 10yr yields in a narrow range surrounding 0.60%. The next 6 months saw rates move higher as market's priced in an improved outlook. Then, starting this spring, we've seen a new series of pauses as traders consider what the near-term holding pattern should look like between now and whenever we feel like have enough data and progress against covid (or lack thereof) to decide on an appropriate rate range going forward. This week could be seen as an expedition to a new, lower-rate consolidation range. If that's the case…(read more)

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Source: Mortgage News Daily

MBS RECAP: Impressive Move to Longer-Term Lows. What's Next?

Posted To: MBS Commentary

Impressive Move to Longer-Term Lows. What's Next? The centerpiece of today's global trading session was an impressive overnight rally that took 10yr yields as low as 1.25%. That was strong enough to merit a corrective bounce between 7am and 9:30am, but yields topped out just over 1.30%, not once, but multiple times. The result is a classic pivot/inflection point on the 2-day chart –one we can continue to watch for evidence that bullish aspirations are shifting. As far as today was concerned, the repeated bounces at 1.30% added validity to the rally, at the very least. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 373k vs 350k f'cast, 371k prev Market Movement Recap 08:23 AM Bond rally extends overnight, once again driven by the European session. 10yr yields…(read more)

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Source: Mortgage News Daily

Attitudes About Buying and Selling Continue to Diverge

Posted To: MND NewsWire

Fannie Mae said “Consumers are increasingly adamant that it’s a good time to sell, bad time to buy a home” as it released its June Home Purchase Sentiment Index (HPSI). The index, based on the company’s monthly National Housing Survey, shows a growing difference in the number of consumers who hold one or another of those opinions. The HPSI was largely unchanged in June, dipping from 80.0 in May to 79.7 , but questions of whether it is a good time to buy a home or to sell one produced notable results. Only 32 percent of survey respondents said it was a good time to buy, down from 35 percent in May and with an 8 point increase in those who thought it was not. As a result, the net who were upbeat about buying fell 11 points to -32 percent, 66 points lower than in June 2020. Conversely, the net…(read more)

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Source: Mortgage News Daily

MLO, Broker, RE Agent Opportunities; Wholesale and Broker, Lock Desk Products; Downward Move in Rates

Posted To: Pipeline Press

I head to Salt Lake City today, and on the way to the airport thought to myself, with all the technological and scientific advances being made, the folks at Wrigley should add be able to extend the flavor life of their Juicy Fruit gum, right? Not Willie Wonka everlasting gobstopper life, mind you, but something longer than having flavor more than five minutes would be nice. Speaking of time, it flies. We’re halfway through 2021 and rates haven’t gone up. Applications are at their lowest level since early 2020. On a bigger scale, it has been 30 years since Terminator 2 hit the theaters. (Think sending out a bid tape is complicated? Try perfecting the famous kitchen scene from that movie… It still makes me shudder.) And how about Jimmy and Rosalynn Carter being married for 75 years…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: A Time For Celebration And Caution

Posted To: MBS Commentary

A more and more vocal contingent of traders and analysts began calling for "1.25% before 1.75%" over the past 2 months and they were rewarded overnight as 10yr yields hit their target on the nose. The best answer to the question of "why?" is that it's not yet time for yields to move higher if they are indeed destined to do so. And 1.25% is a nice round number on the edge of the last major opening gap seen in early February. The more important question is "what now?" There are still bullish ways to answer that, but even the previously bullish traders will increasingly be thinking about at least a tactical pull-back at the intersection of 5-month lows and 8 straight days of gains. MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp…(read more)

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Source: Mortgage News Daily

Massive Tappable Equity and More Record Price Gains -Black Knight Mortgage Monitor

Posted To: MND NewsWire

We recently summarized a report from the Urban Institute (UI) about the apparent reluctance of sellers to entertain offers from prospective buyers intending to use FHA or VA financing. UI based its conclusion on both a survey of real estate agents conducted by the National Association of Realtors and the recent decline in the FHA and VA share of originations. Black Knight, in its new Mortgage Monitor covering loan performance data for May, validates , to an extent, UI’s suggestion, using recent issuances of mortgage-backed securities (MBS). The company says that Ginnie Mac’s securities, composed primarily of FHA and VA loans, represented about one third of the agency market before the pandemic. It has dropped to less than 25 percent in recent months. The loss has been driven in part by borrowers…(read more)

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Source: Mortgage News Daily

MBS RECAP: Traders Shrug Off Fed Minutes to Keep buying Bonds

Posted To: MBS Commentary

Traders Shrug Off Fed Minutes to Keep buying Bonds Hindsight is 20/20 and it now seems clear that traders were indeed sitting on their hands heading into the holiday weekend, but otherwise may have been buying more aggressively in the wake of the acceptably strong jobs report on Friday. Yesterday brought the first big glut of buying (with much of it in place before the weak ISM data). Today struck a similar chord with rallies at 8:20am and 9:30am (the CME and NYSE opens, respectively) further suggesting traders were lined up to buy. The Fed Minutes at 2pm were insignificant compared to that tradeflow-driven rally. With that, MBS and Treasuries are both heading out the door at the best levels since February. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 08:21 AM Flat…(read more)

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Source: Mortgage News Daily

MLO Jobs; UW, Fee Reduction, Jumbo, Dashboard, Processing Tools; State Regulatory Shifts; Rates Waiting for Economic Rebound

Posted To: Pipeline Press

Sorry the commentary was a little late today. I was on the phone dealing with my car’s extended warranty. Per the personalized recording, they’ve been trying to reach me for quite some time! Returning to reality, but speaking of cars, has anyone noticed the number of oddly-colored cars on the roads increasing? Seems like Subaru and Toyota are leading the charge into unusual shades of blue, gray, green, and orange. As the pandemic winds down, those oddly colored cars aren’t what lenders are focused on. Rates continue to slide as everyone waits for the expected economic rebound to push them higher . Profit margins continue to be under pressure, but in some segments are holding up. Eventually tight margins will force some out. Price margin adjustments are constantly being done…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Best Levels Since February As Unseen Hands Load Up

Posted To: MBS Commentary

Whether it's an imperfect catch-all term like "tradeflows," or a similarly imprecise reference to the "unseen hand," bonds often find motivation from factors that defy and transcend the market movers relied upon by the average rate watcher. A much weaker economic report or friendlier-than-expected Fed communication… These are the sorts of conventional market movers that are well understood. On the other side of the spectrum, there are things like short squeezes, technical triggers, curve trades, real money accounts scrambling to lock in yields before they move any lower, and many other trading motivations that don't make themselves readily apparent on anything other than a forensic level. Read this post from a few weeks ago for an example of the last time we explored…(read more)

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Source: Mortgage News Daily