Do’s and Don’t’s For a Smooth Mortgage Process

Posted To: Community Commentary

Every borrower wants their mortgage closing to be simple and stress free. While it may not always feel like it (between loan processors’ requests for your 2011 Schedule E and page 6 of March’s bank statement), lenders want the same thing. Here are some timely “do’s and ( mostly hypothetical) don’ts” for borrowers to consider during the loan application process. While no single list can completely cover all loans, following these ” do’s and don’ts ” during your mortgage application process will help you close your loan faster , sleep better at night, avoid premature gray …read more

MBS RECAP: Fitting End To Worst Month in Modern MBS History

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If we consider the worst 5-week batches of time for production MBS, and even if we allow late 2010 to combine the worst 5 weeks spanning November and December, May 2013 is still 12 ticks worse, give or take. That’s insane! Is it just me or do the past 5 weeks not feel as abusively awful as late 2010? If May seemed any more tolerable, maybe it had to do with the fact that rates began the month within spitting distance of all-time lows and at their worst just …read more

CFPB Enhances Massive Consumer Complaint Database

Posted To: MND NewsWire

The massive public database of consumer complaint information which the Consumer Financial Protection Bureau (CFPB) brought on-line in March has now been enhanced. The Bureau announced today that it has expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database. The searchable database allows consumer to track complaints about products and services levied by other consumers. Information is available on more than 90,000 individual complaints which, in addition to the two categories added today, include entries about mortgages, student loans, bank accounts and …read more

MBS SPECIAL ALERT: Bond Markets Sell-Off Following Chicago PMI, Consumer Sentiment

Posted To: MBS Commentary

As a courtesy to our readers who aren’t yet subscribers to MBS Live , we wanted to bring you an early update this morning as conditions have grown exceptionally volatile in short order. As can sometimes be the case with Chicago PMI, market participants who pay to get the data 3 minutes early, started a snowball rolling well ahead of the official 9:45am release. Sometimes this can prove to be misdirection, but usually moves this big result in exactly the sort of ‘mega-beat’ seen this morning. Not only was the headline itself bad for bond markets, …read more

The Day Ahead: Month-End, Econ Data, and Technical Resistance

Posted To: MBS Commentary

After an eerily uncommon two days in a row of gains, bond markets will face off with an old friend: ‘ month-end .’ This tends to be a supportive time of month for Treasuries and MBS as portfolio managers must match their holdings to recently updated indices. Simply put, month-end means some additional buying needs arise in bond markets. The problem is that market participants already know this and already know the values by which the indices have extended, so it’s not as if there’s a small window of time on the last day of the …read more

MBS RECAP: Decent Data, Friendly Auction, Hope Stays Alive

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Today was a pretty straightforward one as far as the bounce back from Tuesday’s mega sell-off is concerned. There was a fair chance Tuesday’s lows could serve to bookend the range heading into next week’s NFP (laid out in The Day Ahead chart as the supportive red line), and a fairer chance still that friendly data and events today would continue in that vein after yesterday’s well-behaved rally. On the data front, Jobless Claims were supportive, coming in weaker than expected and affording a slight boost at the open. …read more

Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?

Posted To: Mortgage Rate Watch

Mortgage rates continued picking up the pieces today , after skyrocketing to their highest levels in over a year to begin the week. The past two days of improvement only serve to recover a small portion of what’s been lost so far in the month of May, however. To put things in perspective, we have yet to see some lenders recover even half of the losses from Tuesday alone! Best-execution remains at 4.0% but 3.875% is starting to look more viable. While the trend of the past two days is welcome relief after Tuesday’s rout, …read more

Builders Slightly Less Upbeat on Rental Market

Posted To: MND NewsWire

The Multifamily Production Index (MPI) compiled by the National Association of Home Builders continued in positive territory for the fifth straight time in the first quarter of 2013. The Index which measures builders perceptions about the apartment and condominium markets, inched down two points to 52 compared to the fourth quarter of 2012. The MPI is conducted in a manner similar to the the (NAHB)/Wells Fargo Housing Market Index (HMI). Builders and developers are asked, on a scale of 0 to 100, whether current conditions are getting better , getting worse , or about the same …read more

Obama Administration Extends MHA, HAMP Modification Programs Through 2015

Posted To: MND NewsWire

The Obama Administration has extended its Making Home Affordable (MHA) program through December 2015. The action, taken Thursday brings that program into line with new expiration dates announced earlier for the Home Affordable Refinance Program ( HARP ) and the Streamlined Modification Initiative for homeowners with mortgages owned or guaranteed by Fannie Mae and Freddie Mac (the GSEs). MHA is run jointly by the Departments of Treasury and Housing and Urban Development. A number of foreclosure prevention programs operate under its aegis including the Home Affordable Modification Program ( HAMP ), 2MP second lien modification program, …read more