Ops, LO, AE Jobs; Broker, Construction, MSR Management Products; Using Digital for Customer Service

Posted To: Pipeline Press

I need to make a dart board for the wall behind me for Zoom calls that has “rates up” and “rates down” and “rates the same” on it. Until we see actual year-over-year inflation above 2 percent, the Federal Reserve will hold short-term rates near 0 percent. Any questions? The Fed believes it will take three years before employment returns to where it was a year ago. The pandemic has put us in a deep hole, let’s not underestimate that, and all parts of the economy are impacted. In many instances people adapt, right? The pandemic forced Oasis, a cabaret and nightclub whose drag shows were often packed, to close. Its owners had to furlough the whole staff. But then its owner had an idea. “If people couldn’t come to see drag, why not bring drag…(read more)

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Source: Mortgage News Daily

Mortgage Rates in Drift Mode

Posted To: Mortgage Rate Watch

Mortgage rates didn’t do much today. The average lender was effectively unchanged from yesterday. The same could be said yesterday, and the day before that, and so on and so on… The only major adjustment to rates in recent weeks has been the abrupt spike of roughly 0.15% that occurred for some lenders when they re-implemented the new adverse market fee. Not sure what that is? Get caught up HERE . The adverse fee will continue working its way through the industry in the coming weeks. No lender is immune. This presents a great opportunity to lock refinance loans if you have one in process with a lender who has yet to bring the fee back. Once the fee is back in play for every lender, we could see rates relax just a little–at least enough to notice. The rationale is that there’s currently a…(read more)

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Source: Mortgage News Daily

Mortgage Application Gains Resumed Post-Labor Day, Forbearances at Recent Lows

Posted To: MND NewsWire

Mortgage application activity rebounded last week from the previous week’s Labor Day holiday lull. The Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of mortgage loan application volume, increased 6.8 percent on a seasonally adjusted basis and 18 percent unadjusted during the week ended September 18. The prior week’s results included an adjustment to account for the holiday-shortened work week. Both refinancing and purchasing application volumes were strong. The Refinance Index increased 9 percent from the previous week and was 86 percent higher than the same week one year ago. The refinance share of applications constituted 64.3 percent of the total, up from 62.8 percent a week earlier. The seasonally adjusted Purchase Index added 3 percent and the unadjusted index…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: Limited Data, Sideways Range, Fed Speakers, Treasury Auction

Posted To: MBS Commentary

You know times are tough in the world of bond market analysis when I resort to using an uninspired bullet point list of events for a headline. The only way it could get any worse would be something like " One Weird Trick To Dealing With Sideways Rates" or "Trader Reunited With Bond Market After 20 Years; You'll Never Believe What Happened Next" (both sponsored by Taboola or some such thing). But I digress… So yeah, bonds are sideways. That much we know. Are they sideways due to coronavirus-related uncertainty ? After all, 'winter is coming' (kids going back to in-person school in many cases, traditional infectious disease season, more activity moved indoors, etc.). Or are traders waiting to see the election outcome and how other traders play the election outcome…(read more)

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Source: Mortgage News Daily

Sales Jobs; Marketing, AMC, Subservicer Products; Company Webinars; GSE Changes

Posted To: Pipeline Press

I know that plenty of folks at United Wholesale read this commentary, and the company is in the news about a merger that will take UWM public valuing it at $16 billion. Perhaps Bruce Springsteen reads this commentary, perhaps not, but he turns 71 today so Happy Birthday Boss! Out of curiosity, what does $500,000 buy, home-wise, in some of the cities and towns he has included in his songs, for the $1,700 monthly payment on a $400,000 loan (yes, I know a buyer doesn’t need to put 20 percent down!)? Let’s start with Lincoln , Nebraska, from “Nebraska” . ( This place is nice too.) Let’s head out to California with a “ bourgeois house in the Hollywood Hills from “57 Channels (and nothing on) .” Across the nation, on the “Streets of Philadelphia”…(read more)

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Source: Mortgage News Daily

Refresher on The New Refi Fee and Its Effect on Mortgage Rates

Posted To: Mortgage Rate Watch

Fannie Mae and Freddie Mac are the two government sponsored agencies that guarantee timely payment of principal and interest to the investors who front the money that finances the American mortgage market. This guarantee means that more investors are willing to participate and at more advantageous rates for homeowners. Naturally, not every mortgage is repaid perfectly. Sometimes, payments are missed. In more serious situations, loans can end in foreclosure, short sales, etc. In those cases, the housing agencies are there to act as a backstop ensuring investors are made whole. In order to foot that bill, Fannie and Freddie collect fees on loans that they guarantee. Shockingly, these are called guarantee fees (or guaranty fees” with a “Y” in the case of Fannie Mae). The mortgage industry and…(read more)

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Source: Mortgage News Daily

MBS RECAP: Floating, Locking, and Reasons For Sideways Rates (Including Politics)

Posted To: MBS Commentary

Stocks vs Bonds; Bonds vs Supply There's a fairly strong case to be made for stock market weakness helping bond yields remain lower than they otherwise might be in September. As such, we'll be watching the bond market's reaction very carefully in the event of a rebound. Stocks notwithstanding, MBS are coping with higher supply (more locks from originators), which is making it hard for MBS to keep up with gains in Treasuries. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Existing Home Sales 6.0 mln vs 6.0mln , 5.86 prev Market Movement Recap 08:28 AM Bonds were closed during Asian hours, but futures trading was flat. The European session brought modest weakness that mostly lined up with resilience in equities. 10yr Yields are roughly unchanged…(read more)

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Source: Mortgage News Daily

Home Sales Surge to Best Levels in 14 Years

Posted To: MND NewsWire

Existing home sales continued on a roll for the third consecutive month, hitting the highest level in August since December 2006. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhomes, condos, and cooperative apartment were at a seasonally adjusted annual rate of The August numbers came on top of a 24.7 percent rise the prior month and 20.7 percent growth in June. Since May, when the market began to recover from its 3-month long pandemic related tailspin, the pace of sales has risen by 2.2 million units. Analysts had been bullish in their forecasts for the August numbers and didn’t miss by much. Those polled by Econoday had expected sales in the range of 5.56 million to 6.44 million with a consensus of 5.97 million units. “Home sales continue…(read more)

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Source: Mortgage News Daily

Homeowner Equity Surged in Q2

Posted To: MND NewsWire

There was another big surge in the amount of equity on the balance sheets of American homeowners in the second quarter of this year. CoreLogic reports that the 4.3 percent gain in home prices over the past year sent home equity shooting up by 6.6 percent. The report shows U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) saw an average gain in equity from the second quarter of 2019 of $9,800. The collective nationwide increase was $620 billion. This is especially important at this point, as equity may provide some insulation for homeowners during the pandemic. During the housing boom millions of buyers used low down payment mortgages and there was an epidemic of cash-out refinances, leaving many homeowners with little equity. When prices began to fall,…(read more)

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Source: Mortgage News Daily

MBS Day Ahead: A Brief History of Bonds' Break-Up With Econ Data

Posted To: MBS Commentary

Remember simpler times when following interest rate movements meant waiting for economic data to come out and counting on logical, repeatable, predictable impacts? For instance, today's Existing Home Sales report has always fallen somewhere in the lower rungs of the market movement echelon, but even then, a big deviation from the consensus was still worth a bit of movement in the implied direction (i.e. weaker data would help bonds a bit and stronger data would hurt). That almost certainly won't be the case today–nor has it been the case for a vast majority of economic reports recently. Defining "recently" is a matter of debate as well. The econ data correlation breakdown has been in its most glorious heyday since coronavirus became a thing, but it was nearly as prevalent…(read more)

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Source: Mortgage News Daily