Real-Time Long Island Mortgage News
The Sun Also Rises For The Housing and Mortgage Markets
by Matthew Graham on May 22, 2020 at 7:31 pm
Posted To: Mortgage Rate WatchThere's no shortage of bad news when it comes to the economy and the housing market. But that's no surprise considering the circumstances. The sheer size and speed of the economic contraction makes it easy to worry about what the future will look like. Has coronavirus changed things forever? Is it true that many jobs have been permanently destroyed? I don't know. No one can really know. Many of the more troubling questions won't be able to be answered any time soon. No one can deny things are bad and that some things may stay bad for a long time. But hidden amid the understandable sea of pessimism, there are some reasons for hope. We're not talking about the kind of hope that makes us complacent to the ongoing economic risks. Rather, there are simply some positive counterpoints to the abundant...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
First Wave of Forbearances Almost Doubles Delinquency Rates
by Jann Swanson on May 22, 2020 at 4:26 pm
Posted To: MND NewsWireThe years-long downward trend of mortgage delinquencies appears to have come to an abrupt end in April. Black Knight, in its "first look" at the month's loan performance data, said the national delinquency rate shot up 90 percent compared to March and is 86 percent higher than in April 2019 at 6.45 percent. That rate indicates the percentage of active loans that were 30 days or more past due but not in foreclosure with 3.40 million loans in that category, 1.61 million more than the prior month and 1.59 more than in April 2019. Black Knight reported earlier this month that, as of April 30, more than 3.8 million home mortgages had entered forbearance plans. They subsequently reported that some 46 percent of borrowers in forbearance at the end of April, had continued to make at least part of their...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
More Evidence That Forbearance is Widely Being Taken as a Precaution
by Jann Swanson on May 22, 2020 at 1:45 pm
Posted To: MND NewsWireThe number of homeowners in mortgage forbearance plans continues to increase, reaching 4.75 million by May 19. This is 9.0 percent of all active borrowers nationwide and represents a little more than $1 trillion in unpaid principal. The number of plans grew by 93,000 borrowers between May 12 and May 19. Black Knight, in its weekly report on the forbearance program, offered to homeowners who have been financially impacted by the COVID-19 pandemic, notes that the most recent increase is down 70 percent from the 325,000 new plans during the first week of May , and is 93 percent lower than the 1.4 million plans opened the first week of April. This slowdown suggests that volumes may be beginning to flatten , warranting a shift in servicer focus from forbearance pipeline growth to forbearance pipeline...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS Day Ahead: Not Reading Too Much Into Things Ahead of 3.5-Day Weekend
by Matthew Graham on May 22, 2020 at 1:37 pm
Posted To: MBS CommentaryTreasuries started out stronger after overnight drama between China and Hong Kong caused a " risk-off " trade (i.e. sell stocks, buy bonds). MBS continue lagging Treasuries. What's up with that? The performance between MBS and Treasuries can always vary to some extent. Divergences are more easily seen in a few specific situations. One of the most common situations is an obvious risk-off rally (or "flight-to-safety," if you prefer). This type of rally benefits the most basic, most liquid, least risky bonds first and foremost. Treasuries fit that bill better than anything. None of this is a very big deal in the bigger picture. MBS are still in a process of finding their range versus Treasuries, and there has been far more drama in the past few months than we could ever...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
LO Jobs; CRM, Marketing, Lending Products; Tools for Borrowers; Rates: a Global Snapshot
by Rob Chrisman on May 22, 2020 at 12:52 pm
Posted To: Pipeline PressThe Friday before a three-day weekend (honoring the men and women who died while serving in the U.S. military)! Can’t you just feel that anxiousness to go and hike, to have a meal out, to see people, to sit in a restaurant? No one can argue that social distancing has increased the rate of infection, right? Many are “chomping at the bit,” weighing statements from scientists & politicians, especially as news continues to come out from people about catching COVID supposedly having never left their house . Or statistics, like as of May 17, about 91,000 lives have been lost to the coronavirus but those aged 65 or older accounted for 80 percent of these deaths , and residents or employees of long-term care facilities accounting for one third of all deaths . And so many working...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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