Mortgage and Finance


Mortgage News Daily

Posted To: MND NewsWire

Even though sales of existing homes dropped by 4.9 percent in January buyers were apparently out shopping and seriously so. The National Association of Realtors® said that its Pending Home Sales Index (PHSI) climbed to 104.2 in January, a 1.7 percent increase from December and the highest level for the index since August 2013. The January PHSI was 8.4 percent higher than the one for January 2014. It was the fifth consecutive month of year-over-year gains and NAR said that each month has accelerated the annual gain from the prior month. In addition the December number was revised upward from 100.7 to 102.5, erasing about half of the previously reported 3.7 percent November to December loss. PHSI is a forward-looking indicated based on contract signings for home purchases. These contracts...(read more)

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2/27/2015 10:27:19 AM

Posted To: Pipeline Press

Zillow published an article indicating that low-income renters have moved away from living in rural, dense communities and into more affluent suburban areas that were adversely affected by the recession. Historically, low-income renters lived in rural, single-family residences and large multifamily units. However, this cohort is now more likely to live in low-rise, low-density, multifamily structures. About 36% of all U.S. households rent and more than 68% of low-income households in the U.S. are renters. Renters are also three times more likely than homeowners to have low incomes and in 2013, roughly 26% of renter-occupied households had low incomes as opposed to 9% of owner-occupied households. I received a note from PHH's Dico Akseraylian, SVP, saying, "Your newsletter stated that 'PHH Mortgage...(read more)

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2/27/2015 10:06:47 AM

Posted To: MBS Commentary

We're all a bit shaken up--us market watching types. Almost all of 2014 through January of 2015 was great, and now February has stuck out like a sore thumb. This week's refreshing rally on Tuesday was the first real glimmer of hope. As of Thursday night, that glimmer was far from extinguished , with 10yr yields holding under the important 2.04 technical level after having been as high as 2.16 in the previous week. All of that is good, but any strong bouts of selling are unsettling right now. We want our glimmer to grow and flourish--not to have merely been a cruel harbinger of false hope. I'm here to tell you that even if today ends up being rotten for domestic bond markets, it has almost no chance of rendering a final verdict on long-term bond market strength. I only use the word...(read more)

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2/27/2015 6:34:20 AM

Posted To: MBS Commentary

For being a day that followed 2 sessions of gains in a month where 2 sessions of gains is nearly unheard of, today got off to a great start . There were new all-time lows in German Bund yields and US 10s were all the way down to 1.931 at their best levels. By the end of the day though, they'd be exactly 10bps higher. The weakness started right off the bat after a round of mixed economic data at 8:30am. Perhaps it was the stronger Durable Goods headline or the big increases in Real Wages in the CPI data. Whatever it was, bonds didn't like it. Tradeflows consolidated inside yesterday's range heading into the 7yr auction, but that was the last we'd see of yesterday's range. A weak auction and a glut of corporate bond issuance pushed rates rapidly higher in the afternoon. The...(read more)

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2/26/2015 5:44:31 PM

Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today, undoing the modest gains seen yesterday, but leaving the more significant drop from Tuesday intact. 3.75% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios, though a few lenders will have drifted up to 3.875% with today's weakness. Today's losses were a factor of both data and events. This morning's economic data was mixed, but higher Durable Goods and Real Wages overshadowed higher Jobless Claims. The data started the ball rolling in a negative direction for the markets that affect mortgage rates this morning, and from there, several month-end trading dynamics made for steady losses throughout the day. Particularly, companies issued corporate bonds at a rapid pace this afternoon, and that issuance process can indirectly...(read more)

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2/26/2015 5:04:00 PM

Posted To: MND NewsWire

The Federal Housing Administration (FHA) saw its share of the mortgage insurance market soar to 72 percent of all insured mortgages issued in 2008 and to 25% of the total origination market in 2009 as other lenders pulled back and FHA moved into one of the two roles it was designed to fill, as a counterforce providing access to credit when the private sector pulls back , typically because of economic stress. Since then that share has steadily declined and FHA is back down to around 15-17 percent. In a recent entry in the National Association of Realtor's® Economist Commentaries , Ken Fears, NAR's Director of Regional Economics and Housing Finance, says that with the recent changes in FHA's insurance premiums it is worth reviewing the agency's impact on the market. First, he says, unit volume...(read more)

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2/26/2015 11:43:00 AM

Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) said today that home prices in the fourth quarter of 2014 were up 1.4 percent compared to the previous quarter and 4.9 percent from the fourth quarter of 2013. The fourth quarter was the fourteenth consecutive one in which the agency's purchase only House Price Index (HPI) increased on a seasonally adjusted basis from the prior quarter. The monthly HPI for December, also reported today, was up 0.8 percent from November. This measure has increased for 23 of the last 24 months with the single decreased registered in November 2013 FHFA's index is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. An expanded data index using transaction information from county recorders' offices and the FHA...(read more)

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2/26/2015 11:13:20 AM

Posted To: Pipeline Press

Here in North Dakota, at -9 degrees this morning, appraising properties is a walk in the park, right? What about for appraisers in the Lake Erie area where there's a land-yacht? And then we have this little tax snafu where property taxes weren't paid on half the house. You just can't make this stuff up! There are plenty of mortgage & bank moves out there you can't make up either, with a list below of news from PHH, Chase, FBC, Bank of America, Stifel, and others. What events & training are there of note coming up? Nine of the nation's top producing loan originators are continuing to share their insights and best practices at the upcoming Top Producer Round Table event series that continues Feb. 23-27 in San Ramon, Portland, Seattle, Scottsdale and Vegas. The series goes on to New York...(read more)

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2/26/2015 11:10:45 AM

Posted To: MBS Commentary

The day began on a strong note with US bond markets led higher in price by an even stronger overnight move in Germany. Following the mornings' economic data, MBS and Treasuries fell back into just slightly negative territory. The last update on MBS Live noted that reprice risk had dried up. That's still true as we head toward the noon hour, but only "mostly" true (in the same way Prince Westley was only "mostly dead" in the Princess Bride). Fannie 3.0s are down 2 on the day with some lenders looking at 3/32nds of weakness since morning rate sheet print times. This is NOT typically sufficient for a negative reprice, but it's close. As of right now, 10yr yields are putting in their second bounce at 1.996 highs. That's positive, as long as it holds (they didn't...(read more)

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2/26/2015 10:41:53 AM

Posted To: MBS Commentary

Domestic bond markets had been getting pummeled for exactly 3 weeks before getting a break on Tuesday. Then yesterday, they confirmed they're not going to go down without a fight. The question now becomes ' how hard will they fight back? ' In order to answer this, we first have to understand what they're fighting against. As I laid out yesterday, while Yellen and NFP have mattered greatly in the short term, the biggest factor in the bigger picture has been Europe. Specifically, US bond markets would be justifiably concerned about the possibility that Europe is putting in some sort of long-term bounce after German Bunds hit 0.30 at the end of January and after Greek debt hit its weakest levels since mid 2013 (when it was still on it's way back from the brink of Eurozone exit...(read more)

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2/26/2015 6:34:12 AM

Reuters Business News


Reuters: Business News

CHICAGO (Reuters) - Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts.






2/27/2015 5:16:49 PM

WASHINGTON (Reuters) - The U.S. Navy has awarded a joint venture of Lockheed Martin Corp and Sikorsky Helicopter a contract worth $2 billion to service the Navy's H-60 helicopters through Jan. 31, 2020, the Pentagon announced on Friday.

2/27/2015 4:39:41 PM

NEW YORK (Reuters) - Raising interest rates too late is safer than acting too early, an influential Federal Reserve official said on Friday, endorsing a high-profile research paper that argues the U.S. economy, given time, can rebound to the strong growth rate to which Americans are accustomed.






2/27/2015 4:30:32 PM

NEW YORK (Reuters) - Robert Benmosche, who took the helm of insurer American International Group after a massive government bailout at the height of the financial crisis, died on Friday at 70 after a battle with lung cancer.

2/27/2015 4:15:20 PM

NEW YORK (Reuters) - The S&P 500 posted its best monthly gain since October 2011 on Friday, but U.S. stocks ended lower for the day as U.S. economic growth slowed more sharply than initially thought in the fourth quarter.






2/27/2015 3:36:31 PM

WASHINGTON (Reuters) - U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a moderate increase in business inventories and a wider trade deficit, but strong domestic demand brightened the outlook.






2/27/2015 3:25:42 PM

NEW YORK (Reuters) - Raising interest rates too late is safer than acting too early, an influential Federal Reserve official said on Friday, endorsing a high-profile research paper that argues that the U.S. economy, given time, can rebound to normal growth.

2/27/2015 3:06:15 PM

(Reuters) - Southwest Airlines Co said on Friday it has finished inspecting 115 of 128 planes that it briefly pulled out of service on Tuesday when it discovered maintenance checks were overdue, and it expects to complete the rest this weekend.






2/27/2015 2:11:21 PM

NEW YORK (Reuters) - Billionaire activist investor Carl Icahn's publicly traded investment fund posted its first annual loss since 2008 last year, undone by plummeting oil prices, the company said in a regulatory filing on Friday.






2/27/2015 2:05:35 PM

NEW YORK (Reuters) - The U.S. stock market has been quiet this week - too quiet.






2/27/2015 12:49:17 PM
 
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