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Mortgage News Daily

MBS RECAP: Bonds Manage to Close 'Unchanged' Despite Some Volatility

Posted To: MBS Commentary

In the Day Ahead, we discussed bond traders' probable goals regarding keeping things as calm as possible. This depended on unexpected headlines and movements in external markets. Either of those were capable of throwing curveballs , and both threw a few today! Out of the gate, bonds were flat, but once equities trading picked up, Treasuries improved in line with a morning stock sell-off. At the time, it looked like stocks were set for a death-spiral well-into the lowest levels in more than a month. While most averages were indeed lower on the day, the losses were moderate. In fact, stocks were briefly positive due to mid-day Trump-related drama. This installment featured Bannon's departure from the White House team. I don't have any political views on this development, but markets...(read more)

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More 2017 Lows for Rates; More Trump Drama

Posted To: Mortgage Rate Watch

Mortgage rates moved lower again. Drama surrounding the Trump administration was also present. But this time around, the political theater wasn't responsible for the move lower in rates. In fact, it resulted in multiple lenders adjusting rate sheets higher in the middle of the day. Fortunately, rates fell enough in the morning that the net result was still positive. The average lender is at new lows for 2017 (lowest since just after the November 2016 election, in fact). 3.875% is now the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios, although quite a few lenders remain at 4.00%. Next week brings the normally-hotly-anticipated Jackson Hole symposium, but with monetary policy for both the Fed and the European Central Bank essentially an open book of late, market...(read more)

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Freddie Mac to Automate Appraisals for Some Purchase Mortgages

Posted To: MND NewsWire

Freddie Mac announced today that, going forward, not every application for a purchase mortgage will necessarily trigger an appraisal . A new automated alternative to traditional appraisals, which the company introduced for refinances in June, will soon be available for purchase mortgages. It may save borrowers in some instances as much as $500, and reduce their wait to close a loan by seven to ten days. Freddie Mac's automated collateral evaluation (ACE) uses a proprietary model to assesses the need for an appraisal by using data from multiple listing services, public records, and information on historical home values to determine collateral risks. Lenders must submit loan data through Freddie Mac's Loan Product Advisor to determine if a property is eligible for ACE. ACE will be available for...(read more)

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Freddie Mac Puts Price on All-Cash Transactions

Posted To: MND NewsWire

As investors flooded into the housing market after it collapses, they brought cash with them. At one point, 35 percent of home sale transactions were closed without a mortgage, i.e. were all-cash sales. Home prices are up, the bargains are gone, but cash sales remain significantly elevated compared to historic levels. In the August edition of Freddie Mac's Outlook , the company's economists reference recent data from the National Association of Realtors® (NAR) indicating that 18 percent of homes sold in June were all-cash transactions. Historically, about 10 percent of home sales are for cash. The economists say that most people do not like to invest a lot of cash into real estate because it is illiquid and has high transaction costs . However, given the current low inventories, the housing...(read more)

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Appraisal News; Lock Process Changes; HARP, CRT

Posted To: Pipeline Press

Brad Pitt - a wannabe architect? In 2007, Pitt founded the Make It Right Foundation to build homes for families whose original residences had been washed away in Hurricane Katrina. Here's one - the "Tiny House" - very cool . Mr. Pitt's accountants know a thing or two about dealing with the IRS (yes, I know, a weak segue), and for anyone in lending working with 4506-Ts know that the IRS is conducting maintenance beginning last night until 6AM ET on 8/21. During this time, 4506-T services will be unavailable. You are still able to submit orders during the maintenance period and all requests received during that time will be submitted to the IRS once their system is back up. Lock Nesk News and Trends A while back I heard someone joke about, "The lock desk monster," and no, they weren't in Scotland...(read more)

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MBS Day Ahead: Most Traders Thinking "Don't Rock The Boat"

Posted To: MBS Commentary

A maritime analogy for bond trading in the Summertime... In the summer months especially, there's a boat-friendly baseline weather pattern offshore. Lest you think that's a generality that doesn't merit your full confidence, check out the following shots of wave height at the moment. Blue is calm, and pink/red/crimson indicates big waves. You will likely notice a distinct difference between Northern and Southern hemispheres. As you recall from your earth sciences class in grade school, it's Winter in the southern hemisphere right now. You don't really want to do much boating off the coast of Australia. If you do, you know that you'll need to expect severe sea conditions. It's much the opposite in the Northern hemisphere. Here, there's a certain baseline of calm...(read more)

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MBS RECAP: Introducing The "Snow Cohn"

Posted To: MBS Commentary

What do you get when bond markets embark on a snowball rally due to headlines concerning Trump's Economic Advisor Gary Cohn? A delicious "Snow Cohn," of course (my team of writers assured me that was worth what I paid). In all seriousness, there were some serious tweets earlier today concerning Cohn's potential resignation and there was certainly a snowball rally that followed. Interestingly enough, even when the tweets were debunked (he's not really resigning) there wasn't a profound bounce back in the initial market movement. While some might suspect the terror attacks in Spain were the reason for that, we probably would have seen a bigger reaction in $/Yen and European equities futures were that the exclusive case. Spain may have contributed to the overall demand...(read more)

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Trump Administration Drama Pushing Rates Even Lower

Posted To: Mortgage Rate Watch

Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs. Twitter was in play again today . This time around it was Gary Cohn, Trump's economic advisor. Rather, it was rumors of Cohn's departure that sent financial markets into a tail-spin. Terror attacks in Spain may have played a supporting role. The net effect was heavy losses for stocks and solid gains for bonds. When bonds improve, rates fall . Mortgage lenders continue to be slow to pass along the gains in bond markets in general, but they're certainly passing them along. Multiple lenders issued positive reprices in the afternoon as bond markets rallied. Conventional 30yr fixed rates are increasingly being quoted at 3.875% as opposed to 4.0% on top tier scenarios. On average, rates are the lowest...(read more)

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Do’s and Don’t’s For Divorce Attorneys (and Their Clients Owning Real Estate)

Posted To: Community Commentary

As a mortgage loan officer, I typically work with home buyers who are moving up, buying their first house, or buying a vacation or investment house. My refinances are often rate and term – (lowering the client’s payment) or cash-out for a specific purpose like paying down credit card debt. Working with separating and divorcing clients is a particular area of my expertise. One or both parties often need to buy a new home, sell their current home, or refinance their partner off the mortgage if retaining their home. Rules regarding divorce or separation status vary from state to state , including community property state specific laws. Working with a knowledgeable attorney and lender will help you and your client move forward in their lives. Because I specialize in assisting Virginia...(read more)

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