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Mortgage News Daily


MBS RECAP: Bond Traders Have Had Enough

Posted To: MBS Commentary

Bond traders are increasingly saying "enough already! " when it comes to reacting to every little push and pull in the tug-o-war over the tax bill. After headlines suggested Rubio may be pulling his "yes" vote yesterday, today's news was different. Concessions were made and the GOP once again had enough votes to move forward. Stocks and bonds moved lower together with yesterday's Rubio headlines and higher with today's. Granted, this was a much bigger deal for stocks, but bonds were taking part nonetheless. That is, until this afternoon when bonds decided enough was enough and proceeded to rally back toward 'unchanged.' Was it really as simple as bond traders getting fed up with all the political horse-trading? No, not even remotely. Bond traders have...(read more)

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Mortgage Rates Hold Recent Lows

Posted To: Mortgage Rate Watch

Mortgage rates moved slightly lower today, despite movement in bond markets that would have suggested otherwise. The paradoxical strength is likely due to the fact that bonds improved faster yesterday without mortgage lenders adjusting rate sheets accordingly. In other words, we began the day with an advantage thanks to lenders being overly cautious yesterday. From here we could even see a few lenders adjust rate sheets for the better as bonds have managed to find their footing at the end of the day. To put this talk of "improved rates" in context, many prospective borrowers would not see any difference between today's loan quotes and yesterday's. Some lenders didn't make any changes. Others merely offered modest reductions in upfront costs. It's only when we look at the average lender and...(read more)

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Freddie and Fannie May Get Another Jumpstart

Posted To: MND NewsWire

There has been a flurry of news about the two GSEs, Fannie Mae and Freddie Mac, in the last few weeks. The House Financial Services Committee recently advanced H.R. 4560, the GSE Jumpstart Reauthorization Act of 2017 to the full house for consideration. The proposed bill extends the GSE Jumpstart Act through January 1, 2019, and was approved 33-27. The Jumpstart Act prohibits the sale of the GSE preferred shares owned by the Treasury Department without congressional approval . The bill also permits the GSEs to suspend their payments into the Housing Trust Fund for any period when it is unable to make its full dividend payment to Treasury. We take that to mean the bill will not be a precursor to allowing the GSEs to retain any part of their net profits which are currently swept in their entirety...(read more)

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THL Invests in G-Rate; Fair Lending and HMDA News

Posted To: Pipeline Press

Originators, who work with plenty of renters who want to be owners, should know that the Harvard Joint Center tells us that, “We’re finally seeing the record growth in renters slow down, but while the market has responded to rental housing needs for higher-income households, there are alarming trends that suggest a growing inability to supply housing that is affordable for middle- and working-class renters, let alone those with very low incomes.” Here’s the American Rental Housing report. Company News Will Wells Fargo ever catch a break? Now it is being sued by the Navajo Nation over its "predatory sales practices." Randolph Bancorp, based in Stoughton, Massachusetts, is "aligning its mortgage banking headcount with current origination volumes." And thus layoffs. Isn...(read more)

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MBS Day Ahead: Is There a Common Theme For Bonds at Year-End?

Posted To: MBS Commentary

From time to time, a discussion will start up among MBS Live community members regarding certain habits for certain months of the year. Some popular observations have been "bonds always sell-off in October" and "there's always volatility in March." Of course nothing in financial markets will ever "always" do the same thing (because anything that can be known with certainty is already priced in to current trading levels), but some general trends do seem to emerge more often than others. Whether or not this is mere coincidence is hard to say. We can almost always identify underlying reasons for the movement seen. Still, for the past several years, and indeed in more than half the cases since the Financial Crisis, bonds have done something substantially similar...(read more)

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MBS RECAP: Stocks Lose, Rates Recover on Tax Bill Fears

Posted To: MBS Commentary

Bonds began the day in weaker territory partly due to a correction from yesterday's strong run in the afternoon, and partly due to stronger economic data in Europe. Domestic economic data was stronger too, with Retail Sales coming in at 0.8 versus a median forecast of 0.3. The previous reading was also revised up to 0.5 from 0.2. In the past, bonds might have cared more about that sort of data, but at present, there are bigger fish to fry. After yesterday's scheduled detour for inflation and the Fed (2 things that were expected to move markets despite NOT being "the tax bill"), it was back to focusing on the tax bill today. Senators Lee and Rubio threatened to vote "no" on the tax bill unless certain changes were made regarding child tax credit refunds. The release...(read more)

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Mortgage Rates Hold On to Lower Levels After Tax Bill Doubts

Posted To: Mortgage Rate Watch

Mortgage rates held on to yesterday's gains in most cases. Some lenders were even in slightly better shape today, but not enough to have an effect on anything beyond the upfront costs associated with any given rate quote. Rates themselves would be right in line with yesterday's. That's not a bad thing considering yesterday afternoon brought effective rates near their lowest levels of the month. In this case, lower "effective rates" refer to lower upfront closing costs (or higher lender credits) for the prevailing top tier conventional 30yr fixed rates of 4.0%. Bond markets (which underlie interest rate movement) continued to pay more attention to policy developments than the economic data that traditionally has an impact. In today's case, it was news that a few Republican senators may not vote...(read more)

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Automated Appraisals Don't Paint the Whole Picture

Posted To: MND NewsWire

The use of Automated Valuation Models (AVM) is expected to expand following the announced plans of the Fannie Mae and Freddie Mac to waive the requirement for a professional appraisal on qualified purchase loans where the loan-to-value (LTV) ratio is at or below 80 percent. Fannie Mae had previously allowed this waiver only for refinancing, while Freddie will now allow automated evaluation tools for both purchase and refinancing loans when working with its Loan Advisor Suite. CoreLogic's Principal Economists Yanling Mayer, writing in the company's Insights Blog, says these changes come as the industry is hearing of shortages of certified and licensed appraisers, especially in rural areas. But there is still controversy. The Appraisal Institute has raised safety and soundness concerns over eliminating...(read more)

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Downpayments at Record Highs as Home Prices Rise

Posted To: MND NewsWire

Homebuyers ponied up the highest downpayments on record to purchase homes in the third quarter of 2017. ATTOM Data Solutions' (formerly RealtyTrac) Residential Property Loan Origination Report says that the median down payment for a single-family home or condo purchased with financing during the quarter rose to $20,000 from $18,162 in the second quarter of this year. In the third quarter of last year the median was $14,400. The most recent number is the highest in ATTOMs records which date back to 2000. The $20,000 downpayment represents 7.6 percent of the median sales price during the quarter of $263,000. The percentage amount was also a recent high, up from 7.1 percent the previous quarter and 6.1 percent in the third quarter of 2016. It was the highest downpayment percentage since the third...(read more)

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Tax News; State-Level Changes; Jumbo/Non-Conforming Updates; Dot Plot Primer

Posted To: Pipeline Press

There’s a lot of airport travel coming up. It is best to stay cool, calm, and collected . Unfortunately, something else that is cool, and calm, is the entry level market for homes. Thousands of housing stats are spit out every year, and here's another one: Zillow finds about 270,000 fewer homes are sold each year compared to 2006, owing to the rentals. Put another way, the number of single-family homes that are rented out grew by 5 million between 2006 and early 2017. (For perspective, Michigan has 4.6 million units total.) Jumbo, Non-conforming, and High Balance Updates Plaza has a Solutions Program that offers a solution for your borrowers with DTI > 43% , self-employed borrowers with difficult income to document, or for transactions that do not fit standard Agency or Jumbo guidelines...(read more)

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Denise Robillard
141 BROWN AVE.
JEWETT CITY, CT 06351
Phone: 860 376-2555 Cell 860-334-2304
Email: deniser.cra@gmail.com

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We put our house on the market with assumption that it would take at least 6 months to sell. Well.. Denise got it done in 3 days!! Amazing!! Liz
The attention to detail that you provide is amazing; as well as your wealth of knowledge and your compassion and drive to help others. Dawn
Very courteous and professional staff that pay attention to even the smallest details. We are always pleased with results. Greg
I worked with DENISE for years before we finally found our forever home. DENISE was more than patient with us. If you need your house sold DENISE is the lady of the market, we put our house on the market and it sold in 15 days. I built such a bond and relationship with DENISE I feel like she's part of our family now. If we ever sell or buy again I will use no other than DENISE Kathy
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When we had to sell two houses before we could find and purchase a single large house compatible to our enlarged family’s needs and desires, we knew that we would need the area’s most experienced, professional, and driven realtor. Only Denise would do and she didn’t disappoint. We can still hardly believe how quickly she sold our houses in the midst of a weak local economy, especially compared to other houses that seem to languish on the market, let alone how she helped us to believe that we would own the dream house she showed us. When things got difficult she fought for us all day, all night, seven days a week. There aren’t enough good things we can say about Denise, our realtor and now our friend. Rich & Saralyn
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