MBS RECAP: Mortgages Win Flatness Contest Vs Treasuries and Stocks

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Flatness... That would be the best characterization for today's range in MBS. Even as Treasuries and equities futures whipped around mildly before the Stock open, MBS couldn't be bothered to move outside a 3 tick range from 103-15 to 103-18. Later in the day, the only semblance of drama in broader markets merely made for a 1 tick expansion of that range as MBS visited 103-14. A-4-tick range is a rare occurrence for production MBS, and even rarer on month-end trading days. Tomorrow brings an impressive glut of European economic data that may well set the tone for the domestic session unless morning data contains outrageous surprises. MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/298066.aspx

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Is the Mortgage Interest Deduction Impeding Home Ownership?

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Posted To: MND NewsWire

The Hamilton Project, an economic policy initiative at the Brookings Institution, invited 15 economists of different philosophies to submit proposals for rethinking the Federal Budget. In the eighth of the resulting papers Alan Viard, Resident Scholar, American Enterprise Institute, proposed to replace the mortgage interest deduction with a refundable credit to reduce the artificial incentive for the construction of high-end homes by better targeting the tax breaks for housing. Viard says current tax policy offers unwarranted subsidies for the purchase of expensive homes by high-income taxpayers, but does little to promote homeownership by those of more modest means. He contends that, in addition to the actual mortgage interest deduction, homeowners receive an additional benefit from the tax...(read more)

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Source: http://www.mortgagenewsdaily.com/02272013_mortgage_interest_deduction.asp

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Mortgage Rates Start Strong, But Move Higher In Afternoon

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Posted To: Mortgage Rate Watch

Mortgage rates are unchanged to slightly higher , after beginning the day in slightly better territory vs yesterday and weakening in to the afternoon hours. As is occasionally the case, interest rates took cues from equities markets and the European currency. Both of these advanced, especially in the afternoon, pulling domestic interest rates up with them, which resulted in deterioration for the secondary mortgage market and ultimately widespread revisions to morning rate sheets. Best-execution for 30yr Fixed, Conventional Loans remains at 3.625% with recent improvements leaving 3.5% closer than 3.75% for most lenders. ( What is A Best-Execution Mortgage Rate? ) Fed Chairman Bernanke was back on Capitol Hill today, fielding questions from the House Financial Services Committee in his second...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/297844.aspx

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Cordray: CFPB Addressing Debt Traps, Dead Ends, and Discrimination.

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Posted To: MND NewsWire

Richard Cordray , Director of the Consumer Financial Protection (CFPB) told the National Association of Attorneys General that, since he last spoke to them in 2012 CFPB had begun to address key problems in the consumer financial markets. In the largest market, mortgages , CFPB had adopted sweeping new rules to prevent a repeat of the "excesses and irresponsible practices" that helped precipitate the recent financial crisis. He said CFPB has also developed and delivered new tools for consumers and its consumer response function has, to date, fielded more than 130,000 consumer complaints, helping to return millions of dollars to consumers and solving problems that had been frustrating them for months or even years. CFPB has been making the prices and risks of mortgages clear by simplifying consumer...(read more)

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Source: http://www.mortgagenewsdaily.com/02262013_cfpb_consumer_pitfalls.asp

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Mortgage Rates Lowest In More Than Two Weeks

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower today , extending their rally following yesterday's Italian election news. The situation in Italy continued to represent an unknown when trading got underway in the US and combined with Fed Chairman Bernanke offering no surprises, rates markets held their ground despite stronger economic data. This brings most lenders to their best rate/fee combinations since February 7th while others are now at their best levels in just over a month. In most cases, the Best-Execution rate remains at 3.625%, but 3.5% is as close as it has been in several weeks, and most lenders can offer reasonable trade-offs to move lower in rate (higher costs or decreased lender credit). ( What is A Best-Execution Mortgage Rate? ) The key takeaway from today's market activity is that Europe-driven...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/297639.aspx

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Mortgage Rates Drop At Fastest Pace In Three Weeks After Italian Elections

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower today by the widest margin in over three weeks. The faster-paced movement is courtesy of political tensions in Italy surrounding the country's elections over the past two days. Markets had expected a Bersani victory, which would be as close to a status quo as possible and seen as best for European stability. Instead, Berlusconi may have won control of at least half of the Italian parliament. Markets perceive this as a negative development for EU stability, and such negative developments were among the key contributors to all-time low interest rates in 2012. Mortgage rates themselves, are several degrees removed from the sections of the market that most directly benefit from such "flights-to-safety," but they've nonetheless managed to far outpace any recent attempts...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/297421.aspx

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Individual Loan Officer Applications Fall for the First Time Since 2011

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Posted To: MND NewsWire

NMLS has reported that 120,142 individuals are now licensed by the states as mortgage loan originators (MLOs) as are 16,688 companies. NMLS's Fourth Quarter report includes tallies on both state licensed or registered loan originators and those licensed by federal government agencies. The 16,688 companies which have 18,819 branches hold a total of 33,872 licenses. These licenses include separate licenses required for other trade names or for different authorities (i.e. Lender and Broker) required in some states. Federal licenses are held by 124 of the state licensed companies. Individual licensees hold 258,948 licenses and 5,530 hold both state licenses and federal registration. In the fourth quarter applications for licensing/registration were submitted by 1,082 companies, 3,021 branches,...(read more)

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Source: http://www.mortgagenewsdaily.com/02252013_mortgage_licensing.asp

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Record Drop in Foreclosure Starts, but 90 Day Delinquencies Increase -MBA

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Posted To: MND NewsWire

Mortgage delinquency rates fell in the fourth quarter of 2012 to their lowest rates since 2008. According to data from the National Delinquency Survey (NDS) released by the Mortgage Bankers Association (MBA), delinquencies in one-to-four unit residential properties fell to a seasonally adjusted rate of 7.9 percent of all outstanding loans. This was a decrease of 31 bps (bp) from the third quarter and 49 bps from the fourth quarter of 2011. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. Foreclosure starts were at the lowest level since the second quarter of 2007, down 20 bps from Q3 to a rate of 0.70 percent and 29 bps lower than in the fourth quarter of 2011. The percentage of loans some stage of foreclosure...(read more)

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Source: http://www.mortgagenewsdaily.com/02212013_national_delinquency_survey.asp

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Mortgage Settlement Aids 550K Homeowners, Totaling $45 Billion

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Posted To: MND NewsWire

The five mortgage servicers involved in last year's $25 billion settlement over servicer errors and abuses have now distributed an average of $82,000 in relief to each of 550,000 homeowners. Joseph A. Smith who heads the Office of Mortgage Settlement Oversight said this is a total of $45.83 billion that has been distributed in less than one year following the settlement agreement between the servicers and 49 state attorneys general, the Departments of Justice and Housing and Urban Development (HUD). Smith's office released an interim report on the progress of the settlement distribution today. Smith said he is required to file his first progress report with the courts in the second quarter of this year but he is providing this, a second interim report, as part of an ongoing effort to inform...(read more)

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Source: http://www.mortgagenewsdaily.com/02212013_servicer_settlement.asp

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The Day Ahead: All About Europe and Next Week

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Posted To: MBS Commentary

Thursday's robust batch of economic data brings the calendar of domestic reports to a close for the week. This leaves Friday at the whim of overnight events in Europe where there is a similarly robust batch of economic data including German GDP and IFO Business Climate as well as Italy's reads on inflation Consumer Confidence and Retail Sales. Markets will hear from two ECB speakers following Thursday's freshly updated client notes from JPMorgan on the expectation for a rate cut at the next ECB Announcement, and all of that will happen before New York gets in for the day. From then on, the calendar is stone silent, leaving markets to "trade it out." This could be enlightening, underwhelming , or a mere headline chase. We could see a fair amount of attention paid to Italy and the risk that the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/297044.aspx

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Better Know the Cost to Produce a Loan; Smoldering Non-agency Security Market; LO Earnings

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Posted To: Pipeline Press

Do you know what it costs your company to produce a loan? I hope so, because if the president of a lender wants to do more business in 2013 , or merely to maintain market share, they're going to need to know the cost to produce a loan since margins are expected to drop significantly . And originating loans at more than your gain is not a long term plan. In my experience, banks are much better at setting budgets and knowing margins than mortgage banks or brokers, but management will need to be aware of exactly how low their margins can go before cutting overhead. And if your company was carrying below-average producers on the payroll in 2012, there is not much reason to think their productivity will skyrocket in 2013 (see comp story below). With all this refi business going on, yes, those borrowers...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/02222013-picasso-s-napkin-lo-earnings.aspx

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Mortgage Rates Finish The Week Near Recent Highs

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Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today, despite moderate improvements in underlying bond markets. This is primarily due to fairly pronounced weakness late in the day yesterday combined with the fact that bond markets opened in even weaker territory before improving to modestly positive levels. Beyond those timing considerations, the gains were simply quite small in the first place. Some lenders offered improved rate sheets as market levels crept back into positive territory but on average, borrowing costs are slightly higher than yesterday for the prevailing 3.625% Best-Execution rate for 30yr Fixed, Conventional loans, though not quite as high as they were on the 2/13. ( What is A Best-Execution Mortgage Rate? ) Yesterday we logged a bit of frustration with the improvements, noting that...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/297184.aspx

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MBS MID-DAY:Steady Improvements After LTRO Repayment News, Block Trades

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Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary On this data-free Friday, domestic markets have been relegated to watching tradeflows after a more interesting overnight session. To that end, the first part of the night was negative for bond markets with more of "risk-on" tone out of Europe following a stronger IFO Business Climate survey as well as better-than-expected Retail Sales in Italy. But news that that the most recent installment of the ECB's LTRO (long term refinancing operation) repayments was less-than-expected helped reverse the weaker trend. This was primarily seen in German Bunds first, but domestic accounts have increasingly gotten on board with several block trades in 5yr futures leading the charge at 7:15am NY time. The rest of the morning has been a technically-driven grind back in...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/297105.aspx

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MBS RECAP: When Is Strength Actually Weakness In Disguise?

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary When is strength actually weakness in disguise? This is not a trick question. It's probably applicable to many topics, but today it runs the risk of being applicable to bond markets and mortgage rates. This isn't to say that interest rates are definitively "doomed" and that any motions toward recovery are therefor invalid. This isn't the product of brainwashing or band-wagon jumping with the multi-month bias moving us regularly higher in rate (though such ignorance is temptingly blissful). This is quite simply about the fact that bond markets rallied today and were clearly unwilling or unable to move past the technical levels that would pique our interest in further positive possibilities. Sure... that could easily happen tomorrow, but all we know is...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/296987.aspx

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FHA Market Share Continues to Ease, Refinancing at Recent Highs

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Posted To: MND NewsWire

The share of refinancing relative to all mortgage originations increased sharply in January, rising from 69 percent the previous month to 73 percent while purchase applications hit an historic low. The information comes from Ellie Mae's Origination Insight Report and is compiled from the approximately 3 million loan originations utilizing its software and origination management systems. The refinancing share of closed loans in January was the highest since Ellie Mae began producing its report in August 2011, an increase of 4 percentage points from December. Purchase applications had a 27 percent market share, down from 31 percent in December and the lowest in Ellie Mae's reporting history. Purchase applications averaged a 38 percent share in 2012. FHA loans continued a gradual decent in market...(read more)

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Source: http://www.mortgagenewsdaily.com/02202013_ellie_mae_loan_metrics.asp

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Mortgage Rates Inch To New 7 Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates avoided the larger-scale swings that they might have considering the important data on tap today. Instead, they merely began the day just barely into their worst levels in about 7 months (depends on the lender, some are improved, others unchanged) and, for the most part, stayed right there despite a good bit of volatility surrounding today's big new. While many lenders are still at 3.625% in terms of Best-Execution for 30yr Fixed, Conventional Loans, 3.75% is increasingly prevalent. ( What is A Best-Execution Mortgage Rate? ) Today's big-ticket event was the release of the Minutes from the most recent Fed meeting . Markets already had the official statement produced by that meeting as of January 30th, but the Minutes offer more granular details on the undercurrents that could...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/296797.aspx

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HARP 2.0 Reaches 1 Million Milestone

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Posted To: MND NewsWire

Just a little over a year after the Home Affordable Refinance Program (HARP) was substantially revised into HARP 2.0 it has reached nearly as many homeowners as in the two-and-a-half years that preceded the revisions. In November 2012 nearly 130,000 homeowners refinanced through HARP, bringing the total transactions through the program since its inception in April 2009 to 2.09 million. About 1.04 million of these have occurred since HARP 2.0 became effective in December 2011. In November Fannie Mae refinanced 77,301 home mortgages through HARP, 22 percent of all refinancing it did that month and Freddie Mac had 52,445 HARP refinances or 23.4 percent. The revisions to HARP removed the existing 125 percent cap on loan-to-value ratios. About one fifth of the loans refinanced since that time have...(read more)

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Source: http://www.mortgagenewsdaily.com/02192013_refinancing_harp.asp

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Mortgage Rates Start Stronger, Higher In The Afternoon

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Posted To: Mortgage Rate Watch

Mortgage rates began the day flat to slightly lower before market weakness in the afternoon caused many lenders to release negatively revised rate sheets. Not all lenders took part in the "reprice," but the net effect is an average Best-Execution rate with borrowing costs very similar to those seen on Friday with some lenders slightly higher in cost while others remain slightly lower. The most prevalent Best-Execution rate continues to be 3.625%. ( What is A Best-Execution Mortgage Rate? ) As noted on Friday, interest rates have been moving in an increasingly narrow range since late January, albeit a range that is moving slightly higher. That's either ominous or promising depending on the direction of the next big move. In other words, this big, long pause at current levels suggests a certain...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/296573.aspx

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Mortgage Rates Recover Modestly After Treasury Auction

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Posted To: Mortgage Rate Watch

Mortgage rates moved slightly lower this afternoon after beginning the day in line with yesterday's worst levels of the year. Things looked relatively bleak as domestic market participants were greeted with flat trading levels vs Wednesday's late day weakness and stronger economic data in the morning that, at first, threatened to take rates even higher. But bond markets, including MBS (the mortgage-backed-securities that most directly affect mortgage rates) were able to hold their ground long enough to make it to the 1pm 30yr Treasury Auction, which helped rates move lower into the afternoon. Best-Execution for 30yr Fixed, Conventional loans remains at 3.625%, with ongoing stratification between lenders due to recent volatility. ( What is A Best-Execution Mortgage Rate? ) What does " ongoing...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/296103.aspx

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The Day Ahead: Risking Unbroken Monotony Before 3-Day Weekend

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Posted To: MBS Commentary

Thursday, with it's 30yr Bond Auction and survey week Jobless Claims numbers, stood a decent chance the break the recent monotony for broader bond markets. "Monotony" is a bit of a deceiving term , because it connotes a lack of importance whereas the the stakes are actually quite high. Rather, the gist of the message was that trading ranges in rates benchmarks had been contained in increasingly narrow ranges. Unfortunately for MBS, those ranges touched on some scary territory and made things more dramatic for rate sheets, but Thursday's mini-rally helped facilitate a modest bounce back in that regard. While the 11 tick improvement for Fannie 3.0s was a welcome development in the seemingly neverending string of down days, it was more of a relief rally for a sensitive and scared coupon near the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/296165.aspx

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Senators Push for QRM Matching Dodd-Frank Intent

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Posted To: MND NewsWire

Three of the senators who helped frame parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 have again written to financial regulators asking them to respect the intent of the legislation. Kay Hagan (D-NC), Johnny Isakson (R-GA) and Mary Landrieu (D-GA) sent a letter on Thursday to the heads of the six agencies which are formulating the qualified residential mortgage rule (QRM) of Dodd-Frank. QRM will define exemptions for lenders from risk retention requirements for securitized mortgages and will define underwriting guidelines for the most affordable mortgage products. The letter points out that the Consumer Financial Protection Bureau ( CFPB ) finalized a final rule defining "Qualified Mortgages on January 10 and asking the heads of the Federal Reserve, Federal Deposit...(read more)

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Source: http://www.mortgagenewsdaily.com/02152013_dodd_frank_qrm.asp

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Housing Seen as Emerging Bright Spot by Freddie Mac Economists

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Posted To: MND NewsWire

Even with the unexpected decline in the Gross Domestic Product (GDP) in the fourth quarter of 2012, Freddie Mac's chief economist Frank E. Nothaft , and deputy chief Leonard Kiefer, see housing as an emerging bright spot . In the February issue of Freddie Mac's Outlook they point to a number of measures indicating that housing is an improving economic sector including that fixed residential investment made its first positive contribution to GDP growth since 2005, adding 0.4 percent to growth in the fourth quarter and 0.3 percent for the entire year. December housing starts were above expectations, up 37 percent from December 2011 at an annual rate of 954,000. Housing starts have posted year-over-year gains every month since September 2011. Existing home sales rose 9 percent and new home sales...(read more)

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Source: http://www.mortgagenewsdaily.com/02142013_freddie_mac_forecast.asp

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Foreclosure Activity Drops Sharply Thanks to New California Law

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Posted To: MND NewsWire

Foreclosure activity in much of the nation now appears to be accelerating downward, dropping 7 percent in a single month according to RealtyTrac. Foreclosure filings nationwide - default notices, scheduled auctions, and bank repossessions - numbered 150,864 or one in every 869 U.S. housing units in January compared to 162,511 in December. This was a 28.5 percent decrease from January 2012. Foreclosure starts were down 11 percent from December and 28 percent compared to a year earlier and at the lowest level since June 2006. Bank repossessions or REO dropped 5 percent from the previous month and were down 24 percent from January 2012 to the lowest level since February 2008. While overall activity was down in most states, the size of the national decline can be traced to California where a new...(read more)

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Source: http://www.mortgagenewsdaily.com/02142013_realty_trac_foreclosures.asp

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MBS RECAP: Rough Day For Bond Markets, Even Before It Began

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It's interesting to consider that today's weakness was essentially present from the outset ("interesting" in an awful, painful sort of way). In another sick sort of way, it was also refreshing to see markets making movements that were clearly correlated to related markets and events. Things have been a bit slow recently, and at least from an analytical perspective, they were easier to make sense of today. Sadly, that sense is a bit bearish, but here goes: Europe. That is all.... German Bunds (and other stuff like UK "Gilts") led this charge higher in yield overnight with Treasuries doing a pretty good job of fighting off the bearishness from European "core" debt markets. Quite simply, the as-expected Retail Sales report was then the staging area for tons...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/295880.aspx

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All-cash Buying on the Rise While Delinquencies Drop; Nevada wants to do what?

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Posted To: Pipeline Press

The talk in the halls here in Houston at the Texas Mortgage Bankers Association secondary conference is about a) diminishing margins for 2013, and b) the level of appropriate government intervention. Yes, in a move that critics say is just another step in nationalization, the state of Nevada (state song: "Nevada Means Home"), in conjunction with the Federal government, may soon be competing with hedge funds and equity firms in buying up properties. Okay, skip that - they'd be buying mortgages . Citing the overhang of distressed homes as a major stumbling block to recovery, Bruce Breslow, Director of Nevada's Department of Business and Industry, is proposing a new program for reducing it: he wants to use federal and other funds to purchase about $150 million in delinquent mortgages and substantially...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/02132013-all-cash-buying-mortgages.aspx

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