MBS RECAP: Ending on an Equivocal Note Ahead of Fed Week

Posted To: MBS Commentary

Ending on an Equivocal Note Ahead of Fed Week If we look through the small-scale volatility throughout the week, we see bond yields moving back up to last week's lows as of Wednesday and essentially remaining flat since then. In that sense, Monday was the big panic day for markets, Tuesday was transitional, and the rest have been equivocal. Next week's Fed announcement introduces bigger volatility risks. Beyond the Fed, daily covid case counts (and any other significant covid-related news) will continue to be scrutinized as traders attempt to gauge the impact of the delta variant and flatter vaccination rates. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Markit Composite PMI 59.7 vs 63.7 previously Services PMI 59.8 vs 64.8 f'cast, 64.6 prev Market Movement Recap 08:27 AM…(read more)

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Source: Mortgage News Daily

HR, Post-Closing, Controller, MLO Jobs; NOO, HELOC, Processing Tools; Florida Fraud Case; LendingClub Fee Settlement

Posted To: Pipeline Press

How do you know when someone has too much money? How about when they pony up $16k for Tarzan’s 1932 loin cloth ? (“Gosh, if that loin cloth could talk…”) LendingClub is going to have less money to the tune of $18 million due to charging customers hidden fees despite its marketing material saying, “No Hidden Fees.” In his latest Musings , attorney Brian Levy points out that in LendingClub Agrees to Pay $18 Million to Settle FTC Charges , LendingClub’s own compliance people even told them it was a problem to do that. Always listen to compliance! And this West Palm Beach Man is going to come out on the losing end of this Florida mortgage fraud case . How about some good news? We rode out a recession last year. The National Bureau of Economic Research…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Will Friday Finish What Wednesday Started?

Posted To: MBS Commentary

After a stellar Monday and a big reversal on Tuesday, Wednesday stands out as the week's big shift back toward last week's trading range. Today's session is in a position to finish the job. That would only require minimal weakness at this point. The alternative would be a sideways drift that sees bonds close right on the borderline. Either way, without any major data on tap and the Fed Announcement ahead next week, today is inherently limited in its ability to inform the bigger picture trend. MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live. MBS UMBS 2.0 101-22 : -0-01 Treasuries 10 YR 1.2830 : +0.0160 Pricing as of 7/23/21 10:26AMEST Tomorrow's Economic Calendar Time Event Period Forecast…(read more)

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Source: Mortgage News Daily

MBS RECAP: Bonds Remain Resilient With Help From ECB

Posted To: MBS Commentary

Bonds Remain Resilient With Help From ECB This morning's ECB announcement proved to be moderately bond-friendly. Combined with weaker Jobless Claims data, it was enough to get bonds started off on a strong note. Gains continued throughout the European trading session. Yields bounced modestly after that but found solid support at 1.27% in terms of 10yr Treasuries–well under the "new frontier" pivot point for the week at 1.30% That said, we're more interested in a general range between 1.10% and 1.40% than the small scale day-to-day volatility that occurs inside that range. Next week's Fed announcement is the next scheduled event that has even a remote chance of informing our stay in such a range (or our departure). Even then, it's hard to be too preoccupied with the…(read more)

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Source: Mortgage News Daily

Delinquencies Fall Below Pre-Great Recession Average

Posted To: MND NewsWire

The national delinquency rate dropped by 7.62 percent in June and is now 42.39 percent below its rate at the worst of the pandemic. Black Knight, in its monthly report, says the June rate, at 4.37 percent, was also back below its pre-Great Recession average. Still, there are 2.32 million homeowners who are 30 or more days past due on their mortgage payments. Even though this is 191,000 fewer delinquent mortgages than in May and 1.714 million fewer than in June 2020, most of those loans, 1.550 million of them, are seriously delinquent, having missed three or more monthly payments. While that is four times the number of seriously delinquent loans that existed prior to the pandemic, it still represents continued improvement. Serious delinquencies are down 119,000 month-over-month and there was…(read more)

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Source: Mortgage News Daily

Mortgage Rates In Best Territory Since February

Posted To: Mortgage Rate Watch

This week’s mortgage rates are hard to compare to last week’s. There are two simple reasons for this. The first is the recent removal of the adverse market fee that artificially increased rates for refinance transactions starting late last summer. The second is the general strength in the bond market compared to last week. Mortgage rates are, after all, based on trading levels in the bond market with higher prices (or lower yields) coinciding with lower rates. Bonds aren’t doing quite as well as they were doing on Monday, but because lenders didn’t rush to drop rates as much as the bond market allowed earlier in the week, they haven’t had to dial things back as much as bonds would suggest over the past 2 days. Now today, bonds are improving once again, albeit only slightly . Still, the fact…(read more)

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Source: Mortgage News Daily

Existing Home Sales Rise Slightly for the First Time in Four Months

Posted To: MND NewsWire

Existing home sales snapped a four-month losing streak in June. Sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments, rose 1.4 percent on a seasonally adjusted annual basis to 5.86 million units, 22.9 percent higher than the 4.77 million rate in June 2020. Activity was higher month-over-month in three of the four major regions of the country. The National Association of Realtors® (NAR) said the percentage gain during the month was consistent across total sales and both of its components. Sales of single-family homes and condos were also up 1.4 percent to 5.14 million and 720,000 annual units, respectively. Single-family sales were 19.3 percent higher on an annual basis while condo sales gained 56.5 percent year-over-year. Analysts polled by Econoday…(read more)

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Source: Mortgage News Daily

MLO, Ops Jobs; Tech, Hedging, Advertising Compliance Products; Non-Agency Updates

Posted To: Pipeline Press

How would you like to compete against a company whose tagline is, “We Do It All, Guaranteed!”? The program is part of an existing Weichert Realtors’ offering called “All Under One Roof” that gives consumers brokerage, mortgage, insurance, and other services. Reducing the friction between taking an application and servicing the loan is the name of the game, right? Closing departments everywhere are watching Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2021, H.R. 3962 . And capital markets everywhere took note of Freddie Mac, “friendly competitor” of Fannie Mae, following up its announcement last week but issuing Single-Family Seller/Servicer Guide (Guide) Bulletin 2021-26 regarding the elimination of the 50…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Fighting to Stay in New, Lower Rate Range

Posted To: MBS Commentary

This morning's ECB announcement proved to be moderately bond-friendly. Combined with weaker Jobless Claims data, it's been enough to keep bonds inside this week's new, lower yield range marked by a ceiling of roughly 1.30% (we have it marked at 1.295, or 1.29+ for short). We're close enough that it wouldn't take much of a negative impulse for that ceiling to be challenged, but more dramatic movement may be reserved for the next two weeks which will bring a Fed announcement and the hefty data cycle culminating in NFP Friday on August 6th. Perhaps the bigger question is whether or not yields just experienced a big-picture bounce by filling February's opening gap (a rare technical phenomenon where bonds start a new trading day noticeably farther away from the end of the…(read more)

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Source: Mortgage News Daily

MBS RECAP: Defensive Shift Ahead of ECB Announcement

Posted To: MBS Commentary

Defensive Shift Ahead of ECB Announcement Coming into the week, there was some speculation that Monday's bond rally was based on expectations for a friendly announcement from the European Central Bank (ECB) on Thursday morning, but it probably makes more sense to ascribe the move to other variables (new covid concerns, trading positions, momentum/technicals). That also makes it possible to view today's weakness as some sort of "pre-ECB positioning," but that's also probably not ideal. In other words, we have a defensive shift ahead of the ECB announcement, but not necessarily because of it. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 09:34 AM Slightly weaker overnight with some push back between 5am and 9am. Sellers seized those higher prices…(read more)

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Source: Mortgage News Daily