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Mortgage News Daily


MBS RECAP: Mortgages Outperform After European Damage Control

Posted To: MBS Commentary

Today began in hilarious and somewhat glorious fashion with unnamed "ECB sources" overtly doing damage control on Draghi's comments that rocked bond markets yesterday. The "sources" said Draghi's comments were merely intended to prepare markets for a decision on stimulus later this year without making a firm commitment. Well guess what, "sources!" We have a bit of experience with "preparing markets for decreased stimulus" here in the US. The Fed crossed this same bridge in May 2013 (Bernanke actually tried to cross it in March 2013, as I discussed in way too much detail here ) and there was really no way around the fact that it was going to cause markets to freak out. We and the ECB are very lucky that the Fed paved the way for these growing pains...(read more)

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Mortgage Rates Highest in More Than 2 Weeks

Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher again today, as investors continued digesting the possibility of a "taper tantrum" in Europe. The US version of the taper tantrum occurred in 2013 when the Fed began signaling its intention to buy fewer bonds. Fed bond buying was a key motivation for the all-time low rates seen in 2012. Early yesterday morning, the head of the European Central Bank (ECB) made comments that led some investors to believe Europe was nearing its own showdown with tapering. The ECB responded this morning by telling markets they've got it all wrong and that the original comments were intended to be "balanced." While that did help bond markets recover somewhat, it wasn't enough for mortgage rates to move appreciably lower. The average lender is once again quoting 4.0% on top...(read more)

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"Lopsided Conditions" Dragging Down Pending Home Sales

Posted To: MND NewsWire

Pending home sales failed to rise as expected in May, the third straight month that measure has declined. The National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) dipped 0.8 percent compared to April, on top of a 1.3 percent downturn that month. The index is now 1.7 percent below its level in May 2016, the second consecutive month annual sales have been down. The PHSI is a leading indicator of existing home sales based on signed home purchase contracts. The Index lever was 108.5 in May, and the April index was revised down from the 109.8 originally reported to 109.4. Analysts polled by Econoday had expected the PHSI to increase from 0.4 to 0.8 percent. The consensus was for a one-half point gain. NAR said the decline was the result of ongoing supply shortages and resulting...(read more)

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Waivers Granted for Early Compliance with Servicing Rules

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) says it has learned that some servicers anticipate some calendar-related problems in complying with the final rule amending mortgage servicing regulations that were issued by the Bureau last August. Some of the changes to Regulations X and Z are schedule to go into effect on October 19, 2017 and the remainder on April 19, 2018. Both effective dates fall on a Thursday. This leaves servicers less than a full day in each case, from the close of business on the preceding Wednesday to the start of the day on Thursday, to update and test systems to assure compliance on the effective day of the changes. CFPB said it understood that, if servicers do not have sufficient time to complete these tasks, their systems may be more likely to produce errors and...(read more)

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The Economy and Rates; Originator Training; Freedom Takes a Bite Out of the Big Apple

Posted To: Pipeline Press

Transitional licensing, where a bank LO can move to being a non-depository LO and still can originate? Yup.Contact your rep in Congress to support it . I imagine non-depository lenders are keenly interested in this, although with summer vacations coming up, and plenty already on its plate, the bill may not sail through Congress. Speaking of originators, if you are looking for a good book for training new hires, here is a strong option to help them with their studies: " The Successful Mortgage Broker: Selling Mortgages After the Meltdown ." Company News; What's New Out There? Another day, another piece of substantive news. This time around, New York Community Bancorp, Inc. announced the sale of its mortgage banking business and residential assets covered under the FDIC Loss Share Agreement to...(read more)

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MBS Day Ahead: Bond Markets Debating Seriousness of ECB Tapering Risk

Posted To: MBS Commentary

Seemingly overnight (in fact, it WAS overnight yesterday), the notion of a European taper tantrum burst on the scene following comments from ECB President Draghi. Those were as follows: All signs now point to strengthening recovery in the EU Deflationary forces replaced by reflationary ones growth will be above trend and well-distributed among nations inflation will still be muted due to temporary factors still need a considerable amount of accommodation to get through those temporary factors ECB will need to be gradual in adjusting parameters Now this morning, the ECB is already trying to do damage control , saying Draghi intended the comments to balanced and that markets took him way out of context. ECB sources further asserted that markets "failed to take note of caveats." We can...(read more)

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Mortgage Application Activity Slows Significantly

Posted To: MND NewsWire

Applications for mortgages plunged during the week ended June 23, even as interest rates remained relatively stable. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, fell 6.2 percent, on a seasonally adjusted basis, from the week ended June 16 and was down 7 percent without an adjustment. The decrease affected applications for both refinancing and for purchase , although refinancing took the larger hit. That index dropped by 9 percent and the refinance share of activity retreated a full percentage point to 45.6 percent. The Purchase index was down from the prior week by 4 percent when seasonally adjusted and 5 percent unadjusted. Compared to the same week in 2016, the unadjusted index maintained an 8 percent edge. Refi Index vs 30yr Fixed...(read more)

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MBS RECAP: On Guard For One Central Banker, Bonds Get Rocked By Another

Posted To: MBS Commentary

Bond markets got sucker-punched today. Traders were on the lookout for Yellen's comments at a conference in London in the afternoon. Instead it was overnight comments at a conference in Portugal from ECB President Mario Draghi that did the damage. In not so many words, Draghi said Things are good in the EU. Recovery is strengthening Deflation being replaced by reflation Still need accommodation, so we'll be gradual in adjusting it Bottom line, this is early-stage taper tantrum talk--EU style. European bonds didn't like it one bit, with German Bunds rising roughly 13bps. Almost every last bit of upward pressure in US bond markets can thank the Europe for the inspiration. Once European markets closed, US bonds went sideways. It was clear there was some hesitation ahead of Yellen's...(read more)

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Mortgage Rates Bounce Higher

Posted To: Mortgage Rate Watch

Mortgage rates saw their biggest bounce higher in more than a week today as domestic bond markets (which dictate rates) followed a much bigger move in European bond markets. The European move can be traced to comments from European Central Bank President Mario Draghi depending on the lender. In a nutshell, his comments sounded like the Fed's comments in the early days of the "taper tantrum" in the US (a big jump in rates that occurred when the Fed signaled its intention to buy fewer bonds). Translated into simpler terms , big central banks buy lots of bonds. When they do that, prices of those bonds go up and rates come down. Whatever bonds are being bought are those that react most to changes in central banks' policies. In 2013, it was the US Fed signaling less buying of Treasuries and MBS...(read more)

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Curtain May be Rising on Another GSE Drama

Posted To: MND NewsWire

Bloomberg is reporting there appears to be yet another plan in the long running reality show featuring the government sponsored enterprises or GSEs. Fannie Mae and Freddie Mac, which have been in government conservatorship since 2008, are the perpetual topic of congressional hearings, partisan and non-partisan legislation, shareholder lawsuits, and nearly constant rumors. The latest of the later, for which there appears to be substantiation, is that Senators Bob Corker (R-TN) and Mark Warner (D-VA) are working on a plan that would break each of the two, into several smaller pieces - although it is unclear what form those entities would take. Corker and Warner are both members of the Senate Banking Committee which has a hearing on GSE reform scheduled for later this week. The Bloomberg article...(read more)

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Denise Robillard
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