Mortgage and Finance

Mortgage News Daily

Posted To: Pipeline Press

How long has your staff been on their jobs? The Fed has kept short term rates unchanged for 6 years and 9 months at this point. Does your senior management team have plans in place, or estimates of the impact on business, if (or when) that stance changes? No one owns a crystal ball, but at some point it is bound to change. "At some point" is a safe bet - time has a way of passing us by. In fact anyone who has been in the business less than 7 years wasn't even around when Countrywide existed as we knew it - but the company made news again as " The Only Banker Sued for the Housing Crisis Prepares her Appeal ." The CFPB is pushing "Know Before You Owe" but the industry knows it as TRID... Two business days in and TRID news has been interesting. Paul P. writes, "Someone asked me how we're doing...(read more)

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10/7/2015 7:43:16 AM

Posted To: MND NewsWire

Declining rates, an impending hurricane, the Blood Moon - who knows what was behind - it but mortgage application volume went a little crazy last week . The Mortgage Bankers Association said its Market Composite Index and all of its components shot through the roof during the week ended October 2. MBA's Weekly Mortgage Applications Survey data had the seasonally adjusted composite index up 25.5 percent from the previous week while on an unadjusted basis it rose 26 percent. The unusual movement was across the board with the Refinancing Index rising 24 percent from the week ended September 25 and the seasonally adjusted Purchase Index up 27 percent. The unadjusted Purchase Index was also 27 percent higher week-over-week and 49 percent above the level during the same week in 2014. The refinance...(read more)

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10/7/2015 7:05:40 AM

Posted To: MBS Commentary

Every so often, amid the multitude of relatively vague and more complex technical indicators, bond markets just 'give us the answer.' Granted, the answer in question isn't necessarily some epic truth that will solve all the mysteries of where rates are headed, but it does provide pretty clear commentary on the levels that are important in the short term. Identifying this sort of gimme is as easy as looking at the chart and noticing a level at the highs or lows of the day that has been frequently revisited and that continues to offer bounces at exactly the same spot. If this happens to be the same high or low from the previous session(s), it just adds to the case. Keep in mind though, when we talk about "the case" in terms of technical analysis, it's all about building...(read more)

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10/7/2015 6:42:09 AM

Posted To: Mortgage Rate Watch

Mortgage rates managed to hold their ground in most cases today. That's a refreshing turn of events considering the forceful move higher seen on Friday afternoon and yesterday. Granted, that spike in rates followed a strong move to the lowest levels in over 5 months on Friday morning, but it was still not fun to see all of Friday's gains erased. In that sense today didn't add any additional insult to injury. Most lenders are right in line with yesterday's latest levels though there are a few who marginally increased costs. That means that borrowers would still likely be seeing the same note rates as yesterday, with Conventional 30yr fixed loans being quoted in a range from 3.75 - 3.875%. To reiterate a point made yesterday, with the exception of last Friday, rates are as low as they've been...(read more)

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10/6/2015 2:58:00 PM

Posted To: MBS Commentary

Bond markets came into the domestic session roughly unchanged, but soon found themselves under pressure. Before 9am, concerns over the day's corporate bond issuance along with advancing equities conspired to push Treasury yields quickly higher. That's "quick," mind you-- not "much." In other words, today's trading range was narrow for multiple sectors. 10yr yields remained between 2.028 and 2.077 with most trading happening between 2.05 and 2.03. Fannie 3.0 MBS were similarly narrow with prices ranging from 101-14 to 101-22. Even stocks had their narrowest trading range since 9/29. Along with the lack of any significant movement, we also didn't have much volume. Perhaps market participants are gearing up for the 3-day weekend (Columbus Day) or perhaps the...(read more)

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10/6/2015 2:57:19 PM

Posted To: MBS Commentary

Overnight trading was inconsequential for domestic bond markets with both Treasuries and MBS hitting New York hours very close to 'unchanged.' Asian market hours saw very slight gains and European hours marked the onset of the selling pressure. The weakness persisted through 10am, at which point domestic bond markets f ound their cues to hold ground . MBS and Treasuries have been doing a lot of 'follow-the-leader' of late, where the leader could be anything from stock prices to German Bund yields to corporate bond issuance. Indeed part of the more abrupt weakness between 8:30am and 9:00am this morning was in response to the early corporate bond announcements. Apart from the supply/demand justification, a more general consideration is the aforementioned "following."...(read more)

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10/6/2015 10:56:52 AM

Posted To: MND NewsWire

CoreLogic said on Tuesday that its Home Price Index (HPI) including distressed sales rose on a year-over-basis for the 42 nd consecutive month in August. The HPI was up 6.9 percent compared to August 2014, the second month in a row that the annual increase was at that level. The index was up 1.2 percent compared to July. Normal 0 false false false EN-US X-NONE X-NONE As we noted last month, the differential between CoreLogic's two HPIs, one including and one excluding distressed property sales had narrowed to the point of being negligible . The company has apparently discontinued the public reporting of the latter index. Two states posted double digit annual price increases. In Colorado the HPI rose 10.4 percent and in Washington it was up 10.3 percent. The third largest increase, 9.3 percent...(read more)

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10/6/2015 8:47:44 AM

Posted To: MND NewsWire

A loosening of access to GSE (Freddie Mac and Fannie Mae) loans in September, contributed to a slight increase in the Mortgage Credit Availability Index (MCAI.) The Mortgage Bankers Association said that its index increased 0.3 percent in September to a reading of 126.5. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index has risen steadily, except for a slight downturn in July, since October 2014. The MCAI consists of four component indices. Of the four , the Conventional MCAI saw the greatest loosening , rising 1.1 percent over the month. The Conforming MCAI was up 0.8 percent. The Jumbo MCAI was unchanged over the month and the Government MCAI decreased 0.2 percent. "Credit availability increased...(read more)

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10/6/2015 8:43:35 AM

Posted To: Pipeline Press

It is not an issue of "if", but "when". The ABA said it suffered a cyberattack of its online shopping cart and at least 6,400 user records had been stolen and posted online (including email addresses and passwords used to make purchases or register for events). And Scottrade Financial said it suffered a cyberattack that may have exposed personal information of 4.6mm clients. Things to think about regarding your credit card information... New programs? " CalHFA opens all Loan Programs to Mortgage Brokers . Previously, the Broker Community only had access to the CalHFA CHDAP product - which was recently discontinued. However, CalHFA's Program Bulletin #2015-14 announced that CalHFA opens all Loan Programs to Mortgage Brokers. Provident Bank Mortgage is the EXCLUSIVE wholesale lender for CalHFA...(read more)

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10/6/2015 8:22:47 AM

Posted To: MBS Commentary

That disturbance you might have felt in the force--that's the high-conviction shift in both stocks and bonds. Whereas both had been defying the consensus (bonds by improving and stocks--to a lesser extent--by failing to 'always be moving higher'), both fell back into line yesterday. Stocks had already begun that process by putting in steady gains last week, but yesterday's move was the one that got the momentum indications to switch back to positive. Bond markets--as represented by 10yr yields below--went from the stronger end of their trend to breaking completely through the weaker end of the trend in a day. Granted it's a narrow trend, but still! If rates held here, that'd be fine. The chart above would merely look like a revisiting of the upper range boundary and...(read more)

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10/6/2015 5:33:32 AM

Reuters Business News

Reuters: Business News

DETROIT (Reuters) - With a threatened strike hanging over them, negotiators from Fiat Chrysler Automobiles NV and the United Auto Workers union continued to meet on Wednesday afternoon, a Fiat Chrysler spokeswoman said.

10/7/2015 10:51:58 AM

NEW YORK (Reuters) - Oil prices seesawed in volatile trading on Wednesday, barely hanging onto a third day of gains after government data showing a large U.S. crude inventory build surprised traders the morning after an industry group had reported a draw.

10/7/2015 10:49:01 AM

WOLFSBURG, Germany (Reuters) - Volkswagen said on Wednesday it would take time to get to the bottom of its rigging of diesel emissions tests, hours before the carmaker is due to give updates on its findings to German regulators and U.S. lawmakers.

10/7/2015 10:39:55 AM

(Reuters) - The U.S. Federal Trade Commission is likely to delay a decision on whether to allow Staples Inc's $6.3 billion takeover of rival Office Depot Inc, the Wall Street Journal reported, citing people familiar with the matter.

10/7/2015 10:33:30 AM

NEW YORK (Reuters) - Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.

10/7/2015 10:15:07 AM

TORONTO (Reuters) - Bombardier Inc shares plummeted on Wednesday as the Canadian plane and train manufacturer's failed attempt to sell a majority stake in its troubled CSeries jet program exposed the depths of its financial problems.

10/7/2015 10:05:53 AM

(Reuters) - Wall Street turned negative in late morning trading on Wednesday as tech stocks, led by Apple, fell and a rally in crude oil prices was checked.

10/7/2015 9:39:23 AM

(Reuters) - Monsanto Co, one of the world's largest seed and agrichemical companies, said on Wednesday that it was slashing 2,600 jobs and restructuring operations to cut costs in a slumping commodity market that it expects to squeeze results well into 2016.

10/7/2015 9:18:23 AM

LOS ANGELES (Reuters) - Yum Brands Inc's all-important China division took a hit this summer as businesses there pulled back on parties and events at its upscale Pizza Hut Casual Dining chain amid volatility in financial markets and cooling economic growth.

10/7/2015 8:57:00 AM

TOULOUSE, France (Reuters) - Airbus is on track to meet its delivery targets this year despite delays at cabin suppliers, Fabrice Bregier, head of the European planemaker, said on Wednesday.

10/7/2015 8:14:51 AM
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