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Mortgage Rates Extend Steady Streak
Blog 9 months ago
Mortgage Rates Extend Steady Streak

Mortgage rates haven't really moved for 9 straight business days.  Some lenders have seen microscopic improvements during that time, but the...

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Fannie and Freddie End Funding of Single-Family Rentals
Blog 9 months ago
Fannie and Freddie End Funding of Single-Family Rentals

The Federal Housing Finance Agency (FHFA) has pulled the plug on pilot programs run by both Fannie Mae and Freddie Mac (the GSEs) to finance...

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Home Price Gains Continue to Dampen Demand
Blog 9 months ago
Home Price Gains Continue to Dampen Demand

Existing home sales posted their fourth straight loss in July and have dropped to their slowest pace since February 2016.  The National Association...

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MBS Day Ahead: Bonds Near Summer's Best Levels Ahead of Fed Minutes
Blog 9 months ago
MBS Day Ahead: Bonds Near Summer's Best Levels Ahead of Fed Minutes

News regarding Cohen's plea deal came out right as futures markets were closing yesterday.  There were only 15-20 minutes for a reaction, and we...

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Subservicer Review; Note on Chenoa; Upcoming Training and Events
Blog 9 months ago
Subservicer Review; Note on Chenoa; Upcoming Training and Events

Now that we’re more than halfway through the third quarter, how’s it shaping up for lenders? Yes, the industry has reduced its ranks, therefore...

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Mortgage Applications: Refi Index Pulls Out of Slump
Blog 9 months ago
Mortgage Applications: Refi Index Pulls Out of Slump

Last week's mortgage application activity was the best since early July as interest rates for most products drifted lower for the second week.  The...

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MBS RECAP: Slow Session For Bonds Despite Stock Record
Blog 9 months ago
MBS RECAP: Slow Session For Bonds Despite Stock Record

The S&P 500 hit a record intraday high today (just over 2873.22 compared to the previous high of 2872.87).  In other words, it wasn't a triumphant...

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Mortgage Rates Little-Changed Ahead of Fed Minutes
Blog 9 months ago
Mortgage Rates Little-Changed Ahead of Fed Minutes

Mortgage rates were generally unchanged again today although several lenders were in just slightly better territory.  That makes this the 8th...

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Treasury Weighs in With Mortgage Industry Recommendations
Blog 9 months ago
Treasury Weighs in With Mortgage Industry Recommendations

The Treasury Department has recommended some sweeping changes for consumer financial services including some directly impacting the mortgage...

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MBS Day Ahead: Bullish and Bearish Cases For The Next Big Move
Blog 9 months ago
MBS Day Ahead: Bullish and Bearish Cases For The Next Big Move

With yields touching the lowest levels in more than a month yesterday, there are two distinct cases to be made for the path ahead.  In the more...

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LO and Customer Retention Products; Conventional/Conforming Updates
Blog 9 months ago
LO and Customer Retention Products; Conventional/Conforming Updates

What can keep interest rates low in the United States? A slow economy. What can cause higher rates? Inflation. To no one’s surprise, U.S. tariffs...

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MBS RECAP: Today's Market Mover: Jawboning
Blog 10 months ago
MBS RECAP: Today's Market Mover: Jawboning

When it comes to financial markets, the definition for 'jawboning' is a bit looser than normal as it also encompasses market movement that occurs...

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Mortgage Rates Resisting a Move Lower
Blog 10 months ago
Mortgage Rates Resisting a Move Lower

Mortgage rates were almost perfectly unchanged again today, meaning they haven't really changed in more than a week.  All this despite a rather...

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Great Recession Still Taking Toll
Blog 10 months ago
Great Recession Still Taking Toll

Irving Berlin once wrote, "The song might be over, but the melody lingers on."  That, according to a paper from the Federal Reserve Bank of San...

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MBS Week Ahead: Slow Data, Vacation Absences, Fed Minutes Make For Uncertain Week
Blog 10 months ago
MBS Week Ahead: Slow Data, Vacation Absences, Fed Minutes Make For Uncertain Week

The frustrating thing about weeks that are normally vacation-heavy is that the resulting lack of volume and liquidity can leave bonds in a position...

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Digital Products; Corporate Moves, Gov't-Owned Banks; Amazon and Marriott Deal
Blog 10 months ago
Digital Products; Corporate Moves, Gov't-Owned Banks; Amazon and Marriott Deal

In my travels around the States, I see that some lenders are nervous. Yes, margins appear to have, for the most part, stopped compressing...

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MBS RECAP: Bonds Ignore Stocks to Hold Steady on The Week
Blog 10 months ago
MBS RECAP: Bonds Ignore Stocks to Hold Steady on The Week

10yr yields ended the week at almost exactly where they began.  With the exception of Tuesday, bonds closed within 1.5bps of each other on the...

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Mortgage Rates Almost Perfectly Unchanged This Week
Blog 10 months ago
Mortgage Rates Almost Perfectly Unchanged This Week

Mortgage rates were almost perfectly unchanged today.  That leaves them right in line with last Friday's levels.  I devoted a considerable number...

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Fannie Mae Research: Housing, What a Drag?
Blog 10 months ago
Fannie Mae Research: Housing, What a Drag?

Fannie Mae's monthly Economic Development papers always have the best headlines, pithy and to the point. The August one reads. "Growth Picks Up as...

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MBS Day Ahead: Checking In With Bigger Picture (Treasury vs MBS)
Blog 10 months ago
MBS Day Ahead: Checking In With Bigger Picture (Treasury vs MBS)

It may end up being a slow, summertime Friday with the news cycle calming down relative to earlier in the week, not to mention the fact that its...

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Second Quarter Loan Performance Shows Steady Improvement
Blog 10 months ago
Second Quarter Loan Performance Shows Steady Improvement

Loan performance continued to improve in the second quarter. The overall delinquency rate on one-to-four-unit residential properties fell to a...

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Flagstar/Fed News; FHA, VA, Ginnie Program Updates; New Lender Products
Blog 10 months ago
Flagstar/Fed News; FHA, VA, Ginnie Program Updates; New Lender Products

Capital markets folks know that there are billions of dollars of outstanding 5, 6, 7, and even 8% securities filled with high interest-rate loans....

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MBS RECAP: Bonds End Unchanged After Mid-Day Scare
Blog 10 months ago
MBS RECAP: Bonds End Unchanged After Mid-Day Scare

Treasuries were weaker at the start of the overnight session as renewed US/China trade negotiations propelled global equities markets higher.  The...

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Mortgage Rate Misinformation Run Amok!
Blog 10 months ago
Mortgage Rate Misinformation Run Amok!

Be careful what you read--or perhaps, who you trust--about mortgage rates today.  There's a lot of misinformation out there.  Don't be mad.  No one...

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Purchase Origination Share Remains at Survey High
Blog 10 months ago
Purchase Origination Share Remains at Survey High

Purchase loans held on to the June share of 71 percent of closed loans in July which remains the highest share in the seven-year history of Ellie...

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MBS Day Ahead: Turkey Causing Road Rage; Another Look at Moving Average Misdirection
Blog 10 months ago
MBS Day Ahead: Turkey Causing Road Rage; Another Look at Moving Average Misdirection

I found myself driving in the truck for more than an hour yesterday evening--long enough to hear the news cycle repeated several times.  During...

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Construction Numbers Post Sluggish Recovery
Blog 10 months ago
Construction Numbers Post Sluggish Recovery

As analysts had predicted, both housing permits and starts recovered, albeit only slightly, in July after a poor showing the previous month. The U...

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Tech and Vendor Updates; White Paper on Reasons for Margin Compression
Blog 10 months ago
Tech and Vendor Updates; White Paper on Reasons for Margin Compression

Trillions of dollars of securities are tied to LIBOR, but the London Interbank Offered Rate is scheduled to be phased out at the end of 2021....

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Economic Environment Depressing Millennal Homeownership
Blog 10 months ago
Economic Environment Depressing Millennal Homeownership

It shouldn't be news to anyone that the homeownership rate of the Millennial generation continues to be anemic.  While it has improved slightly...

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MBS RECAP: Bonds Dragged Into Snowball Rally by Stocks (Not Turkey)
Blog 10 months ago
MBS RECAP: Bonds Dragged Into Snowball Rally by Stocks (Not Turkey)

Headlines continue overstating the connection between US market movements and the financial drama in Turkey.  Today was especially damaging to the...

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