Mortgage and Finance


Mortgage News Daily

Posted To: MBS Commentary

Bonds sold off again. Don't look so surprised. Yes, ADP data was weaker than expected, but it didn't matter due to pervasively weaker momentum driven by the ongoing European bond market rout and a perpetually gluttonous buffet of corporate bond issuance. If all that made sense to you, you probably don't need to read any more. For those with furrowed brows, we'll dive a bit deeper. As you're likely aware, core European debt (especially Germany's) has been in the throes of a brutal sell-off since late April. 10yr German Bunds rose 10bps today (which is a huge move in Bunds) from .51 to .61. To bond optimists, this is nothing more than the first major growing pain associated with the QE process. US bonds had the same sort of episodes when investors collectively 'freaked...(read more)

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5/6/2015 3:16:12 PM

Posted To: MND NewsWire

Six federal regulators recently issued a final rule setting requirements for state registration and supervision of appraisal management companies (AMCs) . AMCs are entities that contract with and manage licensed and certified appraisers to provide appraisal services to lenders, underwriters, or other principals in the secondary mortgage markets. AMCs may be independent entities or subsidiaries of federal financial institutions. If the latter, the AMC must meet the same minimum requirements as state-regulated AMCs but are not required to register with a state. The new rule, which will go into effect in about 60 days , finalizes regulations proposed for public comment in March 2014. The rule implements changes to the Financial Institution Reform, Recovery, and Enforcement Act (FIRREA) by the...(read more)

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5/6/2015 2:58:10 PM

Posted To: Mortgage Rate Watch

Mortgage rates are having a rough couple of weeks. Yesterday saw rates approach the previous 2015 highs set on March 6th. Today's rates moved slightly higher still, setting a new 2015 high. The average lender is now quoting conventional 30yr fixed rates of 4.0% on top tier scenarios, though 3.875% is still available in some cases. This is a substantial increase from the 3.625% rates seen just a few short weeks ago. Normally, we'd be measuring changes in terms of closing costs when looking at rates over these periods of time (because the closing cost side of the equation changes every day whereas contract rates can go weeks without moving). On a somewhat ominous note, the economic data that might have helped us today turned out to go mostly unnoticed. The ADP Employment report is an important...(read more)

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5/6/2015 1:54:00 PM

Posted To: MND NewsWire

About one in 10 American adults have no credit history according to a report from the Consumer Financial Protection Bureau, a total of 26 million persons who are "credit invisible." These are persons who have no information on file with any of the nationwide consumer reporting agencies. Credit histories contain data on a consumers bank loans, car loans, credit card bills, student loans, and mortgages; details about the terms of credit, totals owed, payment histories, and any liens or judgments that may have been incurred. This information is used by the agencies to produce three digit credit scores. Most decisions to grant credit and set interest rates for loans are made based on information contained in credit reports and on the resulting credit scores. As a result, those consumers who have...(read more)

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5/6/2015 11:40:48 AM

Posted To: MBS Commentary

You'll notice an ongoing theme over the past few weeks as we talk about the selling pressure in bond markets, and that is that this sell-off should be taken seriously until/unless it's definitively defeated. We've already pointed out that the correction in German Bunds is bigger than any other example in nearly 2 years. And in terms of the amount of ground covered in a 2 week period, it's the biggest Bund sell-off in at least 10 years . In other words, it's big deal, and something serious is certainly happening. It's the kind of move where you assume it's "the big one," batten down the hatches, and wait for the storm to pass. After it looks like the storm has passed, you'd still want to wait a bit longer to make sure it wasn't merely the eye of...(read more)

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5/6/2015 11:38:16 AM

Posted To: Pipeline Press

I received this note from a veteran LO in a western state. "I was talking with a top-producing Realtor on broker tour this week. Unlike too many of his colleagues, he actually knew about TRID and we were talking about 8/1. 'Just another good reason to accept the cash offer,' is what he told me. How's that for consumer protection? Even the sellers have the potential to get hosed by this nonsense." Some people have a comment for everything - check out the comments at the bottom of this story about a Russian surgery who performed an appendectomy on himself. So much for Chuck Norris... And in mortgage M&A (it isn't the first, won't be the last) mortgage lender and servicer Planet Home Lending announced that it has signed a definitive agreement to "acquire the employees and assets" related to...(read more)

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5/6/2015 10:47:59 AM

Posted To: MND NewsWire

Applications for refinancing cratered last week, reaching their lowest level in four months according to the Mortgage Bankers Association's (MBA's) Weekly Mortgage Applications Survey. MBA's Refinance Index dropped by 8 percent during the week ended May 1, the largest single-week decrease in over two months, to its lowest level since January. The refinancing share of applications was at 53 percent for the week, two percentage points lower than the previous week. Applications for home purchases did increase but not by enough to offset the decline in refinancing. MBA's Market Composite Index, a measure of overall mortgage application volume fell 4.6 percent from the week ended April 24 on a seasonally adjusted basis and was down 4.0 percent on an unadjusted basis. The Purchase Index increased...(read more)

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5/6/2015 8:58:24 AM

Posted To: MBS Commentary

The sell-off is getting old , literally and figuratively. Of course it's old in the sense that no one likes it, but what about it's objective age? There are different ways to measure how old a sell-off is getting. This particular move is old in terms of the number of consecutive days spent moving higher in yield. From there, we might also looks at the number of days that yields have given a certain technical signal. One thing that jumps off the screen at me is the consecutive breaks of the upper Bollinger band. Those are the 3 little squiggly lines you'll sometimes see on technical charts where one line is in the middle of charted security's price and the 2 outer lines tend to encompass most of its trading range. These five consecutive breaks jump off the screen because we just...(read more)

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5/6/2015 5:34:07 AM

Posted To: MND NewsWire

Given how critical first-time homebuyers are to the housing system the Urban Institute says it is important to accurately measure how present they are in the market. The National Association of Realtors® (NAR) has consistently said that such homebuyers typically represent 40 percent of buyers in a healthy market and has reported the share as remaining below this mark since mid-2010. In a House Policy Research Center brief for the Institute, The Urban Institutes Housing Finance Policy Center Director Laurie Goodman and fellow researchers Bing Bai and Jun Zhu contend that the widely accepted measures of the percentage of first-time buyers such as those provided by NAR "are overbroad and sometimes misleading ." Until recently loan-level data was not available on most of the largest group of...(read more)

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5/5/2015 4:17:32 PM

Posted To: MBS Commentary

Bond markets sold off again today, though it wasn't necessarily destined to be the case. In other words, it actually took several events working together to push rates up to today's highs. The first event has to do with Abbvie , among other things. What the heck is that, you might ask? Whatever it is, it's apparently big enough to borrow as much money as some of the biggest corporate bond issuers, ever (seriously though, it's a pharmaceutical company who needs money to buy another pharmaceutical company). Abbvie unleashed $16.7 bln of fresh debt supply today, which is the third biggest this year behind AT&T ($17.5 bln) and another big pharma player Actavis ($21 bln). When we add the "smaller" players to the mix (tiny little companies like Apple and Microsoft who...(read more)

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5/5/2015 4:11:39 PM

Reuters Business News


Reuters: Business News

LAS VEGAS (Reuters) - Would you like to know whether sage investor and mammoth hedge fund manager John Paulson is bullish on stocks? Or how about what he sees as the most promising investment opportunities today? We'd love to tell you, but we've been sworn to secrecy.







5/6/2015 7:05:34 PM

TOKYO (Reuters) - Asian stocks slipped early on Thursday, taking a lead from weaker Wall Street, while a continuing rise in euro zone debt yields amid a global bond rout kept the euro hovering at a two-month peak versus the dollar.

5/6/2015 6:41:56 PM

(Reuters) - Tesla Motors Inc reported a wider first-quarter net loss on Wednesday, but outperformed expectations and stuck to key milestones for the year ahead, despite pressure on margins.







5/6/2015 5:58:07 PM

(Reuters) - U.S. stocks ended weaker on Wednesday after U.S. Federal Reserve Chair Janet Yellen warned of high valuations, adding to anxiety about future interest rates and a global bond rout.






5/6/2015 5:25:20 PM

NEW YORK (Reuters) - Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said Friday's report on U.S. nonfarm payrolls in April "feels to me that it's going to be weak."

5/6/2015 4:42:32 PM

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen on Wednesday said high equity valuations could pose potential dangers but that stability risks across the U.S. financial system remained in check.







5/6/2015 4:32:43 PM

(Reuters) - Twenty-First Century Fox President Chase Carey said on Wednesday "a vast majority of customers want a bundle of channels" rather than to cherry pick networks, an option cable providers are increasingly offering in the face of declining subscriptions.







5/6/2015 4:25:29 PM

WASHINGTON (Reuters) - Bank of America announced Wednesday it will reduce its financial exposure to coal companies, acknowledging the risk that future regulation and competition from natural gas pose on the industry.

5/6/2015 4:01:12 PM

LOS ANGELES (Reuters) - McDonald's Corp , which is testing a variety of new food products as part of its turnaround effort, on Wednesday said nine southern California restaurants are trying out breakfast bowls made with what is becoming a state dietary staple: kale.







5/6/2015 3:34:09 PM

NEW YORK (Reuters) - Morgan Stanley's commodities group has renewed a refined product storage deal with TransMontaigne Partners L.P. seven months early, as the Wall Street bank plans to sell its physical oil business.







5/6/2015 3:04:09 PM
 
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