Real-Time Long Island Mortgage News
Ops Jobs; Reverse, Training, VA Tools and Products; Ellie's $11 billion Sale and Other Vendor News
by Rob Chrisman on August 7, 2020 at 1:12 pm
Posted To: Pipeline PressLet me get this straight. It’ll take a year or two for a cure for a virus that can be killed with hand sanitizer, soap, and hot water? COVID is driving our economy, driving headlines, driving working from home and managing employees working from home , and driving the behavior of residential lenders. Speaking of headlines, two Michigan lenders were in the headlines yesterday for two very different reasons. United Wholesale made news for having 50 confirmed virus cases . Rocket Companies, owner of Quicken Loans , made news for its Initial Public Offering and subsequent one-day price rally of 25 percent. Was the stock underpriced, or was the demand that strong? Time will tell. Lender Products and Services Are you ready for VA IRRRL and FHA Streamline refinance opportunities in this market...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Another Wave of Forbearances is Probably On The Way
by Jann Swanson on August 7, 2020 at 12:30 pm
Posted To: MND NewsWireThere was a significant decline in the number of active COVID-19 related forbearance plans over the past week, but that decrease did not necessarily mean homeowners were emerging from financial difficulties. Black Knight said its weekly survey found 101,000 fewer loans in forbearance, leaving just over 4 million or 7.5 percent of servicer portfolios in active plans, the smallest share since late April. Those loans represent $852 billion in unpaid principal. The company says that one reason behind the reduced number was the expiration of initial plans. It estimated that about a half million were set to expire at the end of July. An initial wave of 2.5 million expirations hit at the end of June. More than two-thirds of the plans that remain in forbearance have had their plans expanded, most for...(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: Time For Non-Farm Payrolls, A Report That Used To Matter
by Matthew Graham on August 7, 2020 at 12:29 pm
Posted To: MBS CommentaryNo other piece of scheduled monthly economic data has a better track record of influencing the bond market than nonfarm payrolls. There are stretches of multiple consecutive months where it has arguably been responsible for setting the trading tone for the entire month. It began to lose its potency as a market mover when the labor market got "boring" in 2016-2019. Unemployment was so low and job creation was so steady that traders would have needed to see several successive months of surprising job losses before betting on anything other than a continuation of the bulletproof labor market. Then came covid, and the US economy lost more jobs more quickly than at any other time in history. Suddenly, the jobs report had a chance to be relevant again as it might serve as an indicator of...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Most Mortgage Rate Headlines Are Wrong Today
by Matthew Graham on August 6, 2020 at 9:05 pm
Posted To: Mortgage Rate WatchThere are quite a few more new stories than normal about mortgage rates today. Most of them are wrong. This one is not, and it's pretty easy to see why. Freddie Mac releases its weekly mortgage rate survey every Thursday morning. The survey accepts responses from Monday through Wednesday, but based on a comparison of day-to-day rates versus the survey numbers, it would appear Monday's rates get most of the weight, Tuesday's slightly less, and Wednesday's almost none. In other words, the survey has historically compared Mon/Tue rates to Mon/Tue rates. That's not a problem if that was made more clear by the throng of journalists that cite the survey as the definitive word in week-over-week rate movement. As it stands, however, we have headlines unequivocally proclaiming mortgage rates are at...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS RECAP: Bonds Generally Consolidating Ahead of Jobs Report
by Matthew Graham on August 6, 2020 at 8:49 pm
Posted To: MBS CommentaryBonds Generally Consolidating Ahead of Jobs Report MBS were higher today, but for the week as a whole, they've been flat (and right in line with last Friday's levels as of this afternoon). That doesn't seem like a coincidence based on tomorrow's jobs report, but it still might be! We just haven't seen enough evidence of the market's willingness to react to econ data recently. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Jobless Claims 1.186m vs 1.415m f'cast, 1.435m prev Market Movement Recap 08:19 AM Modest gains in Asia and slightly better gains in Europe for bonds overnight. The strength generally correlated with stock market weakness. 10yr yields starting almost 3bps lower and 2.0 UMBS starting almost an eighth of a point...(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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