MBS RECAP: Bond Markets Go out at May’s Best Levels

Posted To: MBS Commentary

It came right down to the wire . The best 3pm closing level for 10yr yields was previously seen on May 1st at 2.117. We hovered near those levels for much of the day today, but ultimately hit 2.095 by 3pm. Even though bonds continue to trade until 5pm, most market participants regard 3pm as the close of business. Most charting software treats 3pm levels as closing levels, and most analysts/strategists publish their end-of-day wraps just after 3pm. There's a very good reason for this. The hours at the Treasury pit at the CME run from …read more

Mortgage Rates Back Into the 3’s to End The Month

Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today , making this the 7th straight day where rates have either held steady or improved. Over that time, no single day stands out as clearly better than the others. Instead, the gains have been slow, steady, and varied by lender to a greater degree than normal. Despite the slow and steady pace, the improvement has been meaningful. Not only are today’s rates the lowest in more than three weeks, they also bring 3.875% back into the picture as the most prevalently-quoted conventional 30yr fixed rate. That said, there are …read more

State, CFPB win Judgment against Florida Loan Mod Scheme

Posted To: MND NewsWire

A Florida law firm and its several affiliates which had already been shuttered by the State of Florida and the Consumer Financial Protection Bureau (CFPB) were ordered on Friday to pay a total of $27.7 million in damages and penalties. The judgment arose out of a lawsuit filed by CFPB and the Florida Attorney General against Hoffman Law Group (formerly Residential Litigation Group) and its operators Michael Harper, Benn Willcox, and attorney Marc Hoffman and affiliated companies operating as Nationwide Management Solutions, Legal Intake Solutions, File Intake Solutions, and BM Marketing Group, all based in North …read more

Good Trends in House Prices; 45 Business Days until TRID! Survey Says 92% Will Be Ready

Posted To: Pipeline Press

According to the U.S. Census Bureau, there are now ten cities that have a population of greater than 1 million with California and Texas each home to three of these cities. San Jose, CA has now been added to the top 10 most populous cities, which also includes Los Angeles and San Diego. New York is still the most populated city and gained 52,700 people, whereas half of the 10 cities with the largest population gains in 2013 to 2014 were in Texas: Houston, Austin, San Antonio, Dallas and Fort Worth. For the top 15 fastest …read more

MBS Day Ahead: Month-End on a Friday. Time to Lock?

Posted To: MBS Commentary

Just yesterday morning, I noted that bond markets may be seeing the light at the end of the tunnel for May. Indeed, things have been going well enough this week compared to recent weeks. Even the big financial media outlets are chiming in with headlines such as ” Call it a Sign the Worst Is Over in the Treasury Market Selloff .” I wholeheartedly agree that the worst is over… for the month of May! We have absolutely no way to know what the beginning of June will bring. Yes, yes, yes, there is just as …read more

Mortgage Rates Microscopically Lower

Posted To: Mortgage Rate Watch

Mortgage rates barely budged today. Those that budged moved almost imperceptibly lower from yesterday’s latest rate sheets. In general, there was simply very little movement in underlying markets and lenders’ rate sheets matched the tone. Ironically, Freddie Mac’s weekly rate survey results came out this morning indicating higher rates. Keep in mind that the Freddie survey receives most of it’s responses early in the week and then reports on Thursday mornings. That means that any changes in rates over the intervening days are not captured in the data. In the current case, it’s not that …read more

MBS RECAP: Increasingly Calm Trading Heading into Month-End

Posted To: MBS Commentary

There's 'month-end' and then there's 'month-end.' In a general sense, this entire week can be referred to as month-end as far as bond markets are concerned. It's a time where money managers are adjusting portfolios to match adjustments made in the indices they're forced to follow. On a related note, other traders are also making compulsory trades. These trades must be made some time before the official 'month-end' which is closing time tomorrow. Compulsory trading activity like this is helping bond markets keep a more even keel as the week winds down. Additionally, Treasury debt supply …read more

MBS MID-DAY: Week-Long Positive Trend Running Out of Steam

Posted To: MBS Commentary

After the last visit to May's weakest levels (last Wednesday morning), MBS and Treasuries have been in a fairly linear trend back toward stronger levels . But as we approach those levels, bond markets are visibly having second thoughts . It's all right here in this easy-to-read chart: I would hesitate to read too much more into the current state of affairs. There are logical reasons for a positive correction within the range. Those reasons have existed for a few weeks now and the light at the end of the tunnel in terms of May's debt …read more

Sellers’ Market Drives Pending Sales to 2006 Levels

Posted To: MND NewsWire

April saw the highest number for pending sales in nearly nine years the National Association of Realtors® (NAR) said today. The Pending Home Sales Index (PHSI) increased 3.4 percent compared to a slightly upwardly revised March number, 108.7. The Index was 14.0 percent above its level in the previous April representing the largest annual increase since it rose 15.1 percent year-over-year in September 2012. NAR notes that it was the fourth straight month the PHSI, which is based on contracts signed for home purchases, had increased compared to the previous month and it has risen year-over-year …read more

Ocwen’s Houston Closure; Risks Facing Banks; Cost of Compliance; State Level Lending News

Posted To: Pipeline Press

The Census Bureau tell us that there were 23 million businesses without paid employees, or non-employer businesses, in the United States in 2013, up 4.4 million from 2003 and 269,705, or 1.2 percent, from 2012. Don’t ask me, in this age of computers, why it took them two years to count them. Many lenders are small businesses. “Small employers that have reimbursed or directly paid employee individual health insurance policy premiums may benefit from retroactive IRS relief that is now available. But this temporary relief from the market reform penalty only applies to reimbursements of health …read more