MBS RECAP: More Intraday Volatility But Little-Changed at The Close

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary MBS walked in the door in positive territory this morning and are currently heading out the door in roughly the same shape. That nearness to opening levels belies the intraday volatility however. This began with a rally to the best levels of the year for both MBS and Treasuries. Lackluster Chicago PMI helped everything move together in a risk-off direction after the cash open in Stocks (risk-off implies bond rally and stock selling). Some of the levity in Treasuries was attributed to short positions (those betting on higher rates)

FHFA: Progress Report on Fannie/Freddie Replacement

Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) has released a progress report on the common securitization infrastructure (CSI) being constructed as a replacement for the existing processes used by the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The updates are discussed as they relate to the common securitization platform (CSP) which is largely a technology project and the contractual and disclosure framework (CDF) being developed to enhance transparency and investor protections in residential mortgage-backed securities (RMBS). The proposed new infrastructure was set forth in a white paper issued in October 2012 by FHFA and public

Freddie Announces New Loan Purchase Tool For Pre-Purchase Error Check

Posted To: MND NewsWire

Freddie Mac will be phasing in a new tool over the next few months which is designed to help lenders identify credit, data, and purchase eligibility issues in their loans before they are delivered to Freddie Mac. The Loan Quality Advisor marks the launch of the company’s new Greater Purchase Certainty Initiative which seeks to help lenders improve loan quality while making it more efficient and transparent to do business with Freddie Mac. The Advisor is an online tool that allows lenders to compare current loan file data with the data submitted to Loan Prospector in

Home Prices Increase at Fastest Annual Pace Since May 2006- Case Shiller

Posted To: MND NewsWire

Every city in the S&P Case-Shiller 20-City Composite Index has now posted annual increases for at least two consecutive months. The February 2013 indices released this morning showed year-over-year prices in the 10-City Composite gained 8.6 percent and the 20-City Composite rose 9.3 percent. In 16 of the 20 cities the annual growth rate rose in February compared to January and ten are now posting double digit positive changes. The 10-City Composite increased 0.4 percent from January to February and the 20-City increased 0.3 percent with Las Vegas and Phoenix posting monthly increases in excess of

Organization’s Roles in LO Comp Developments – Give us Clarity!; Change to FL’s Foreclosure Process?

Posted To: Pipeline Press

Innovation among vendors appears to be alive and well, as does taking customer surveys. Have you ever read reviews of hotels on Trip Advisor or product reviews on Amazon? 90% of homebuyers look online prior to buying a home according to Trulia.com and 72% say they trust online reviews as much as personal recommendations. Now there is a mortgage specific site that will let your customers rave about the great service you provided . Lenders in the Sunshine State know what HB87 is. The Florida House voted overwhelmingly Monday to speed up the residential mortgage foreclosure

The Day Ahead: Last Chance for Normalcy this Week

Posted To: MBS Commentary

With the coming and going of the confidence vote for Italy’s new Prime Minister Enrico Letta on Monday, and the absence of a discernible reaction in US Bond Markets, it’s unlikely that the 2nd round of confidence voting today will have much of an impact. In fact, considering that such things DID have an impact in European markets, we might go so far as to say that US bond markets are rather uninterested in any of the week’s European offerings outside Thursday’s ECB Announcement. Whereas Monday’s events were of little concern to thinly traded, narrow ranged

LPS Home Price Index Rises; 9 of The Top 10 Metro Areas in CA

Posted To: MND NewsWire

Lender Processing Services, Inc. (LPS) said Monday that its Home Price Index (HPI) for February was up 1.0 percent to $210 from the end-of-January Index of $208. The February 2013 index is 7.03 percent higher than the $196 HPI at the end of February 2012 but remains well below the peak HPI of $265 in June 2016. The LPS HPI is based on a repeat sales analysis of home prices as of their transaction dates for each of more than 15,500 ZIP codes. It represents the price of non-distressed sales by taking into account price discounts

MBS RECAP: Holding Ground Despite Advancing Stocks, MBS Outperform

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Today was a perfectly acceptable–even if low volume–Monday for bond markets. Things were more quiet than usual right out of the gate with Japan and China out on Holiday. European markets had less than their usual effect on Treasuries in the wee hours and domestic trading was surprisingly supportive in light of the rally to a new all-time closing high for S&Ps. Low volume certainly creates the possibility for surprising movement and/or more of it. We also have the technical break of the 1.68 level in 10yr yields acting

Mortgage Rates Modestly Improve on 2013 Lows

Posted To: Mortgage Rate Watch

Mortgage rates continued lower today, after officially hitting the lowest levels of the year on Friday. Bond markets including MBS (the “mortgage-backed-securities” that most directly affect mortgage rates) generally held steady despite advancing stock prices. More specifically, MBS actually did a better job holding their ground than 10yr US Treasuries, which tend to move in the same direction. Whereas Treasuries are just slightly weaker than Friday’s latest levels, MBS are slightly stronger. This allowed lenders to adjust rate sheets further into the year’s best territory with 3.375% now becoming a contender for the Conventional, 30yr

Challenges and Goals of Fannie/Freddie Prenuptial Agreement

Posted To: MND NewsWire

A key to improving the efficiency, accuracy, and transparency of the housing finance system is standardization according to Stephen Clinton , Freddie Mac’s Senior Vice President of Conservatorship and Corporate Initiatives. Clinton, writing in Freddie Mac’s Executive Perspectives Blog, addressed some of the challenges of being ” present at the creation ” of the Common Securitization Platform (CSP) proposed for the secondary market . Freddie Mac and Fannie Mae (the GSEs) have already taken many steps toward standardization, Clinton said. Under the direction of its conservator and regulator the Federal Housing Finance Agency (FHFA) the GSEs