April2021

Moment of Truth For Rates and Housing

Posted To: Mortgage Rate Watch This week’s 6.4% reading on Q1 GDP reinforced the notion of a strong economic recovery. In turn, the recovery helps to justify the sharp move higher in rates seen during the same 3 months. Rates managed to recover quite a bit in April, but ended[…]

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MBS Day Ahead: Slow Start. Green Start. MBS Outperforming

Posted To: MBS Commentary Bonds are starting the day in decent shape with 10yr yields just slightly lower than yesterday's latest levels. The bigger story is MBS outperformance though. When compared to the typical Treasury benchmarks, MBS yields are lower than they've been in decades. What's a typical Treasury benchmark?[…]

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CRM, Ops, Consumer Direct, AE, LO Jobs; JV and MSA Updates; Redwood Trust Results; CFPB Action

Posted To: Pipeline Press How are we 1/3 done with 2021 already? Few are sitting on their hands as the months roll on. Exxon had its first profitable quarter since 2019. Fannie Mae posted its first quarter results this morning: $5.0 billion net income for the first quarter of 2021[…]

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Forbearance Totals Tick Higher

Posted To: MND NewsWire The number of loans in forbearance rose over the past week, driven by increases in those held in bank portfolios and private label securities (PLS). Black Knight said the first uptick in nine weeks netted out to only 20,000 as the number of forbearances serviced for[…]

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Refinance Loans Continue to Dominate Freddie Mac's Volume

Posted To: MND NewsWire Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 27.2 percent in March compared to a 17.7 percent gain in February. The portfolio balance at the end of the period was $2.927 trillion compared to $2.882 trillion the prior[…]

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MBS RECAP: Awesome Bounce Back But Still a Cautionary Tale

Posted To: MBS Commentary Awesome Bounce Back But Still a Cautionary Tale Bonds started the day quite a bit weaker after several pieces of EU econ data came in much stronger than expected. GDP had no impact, but yields spiked shortly thereafter as one gigantic seller hit the Treasury complex,[…]

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Mortgage Rates Recover After Some Morning Drama

Posted To: Mortgage Rate Watch Mortgage rates were mixed today, depending on the lender. Virtually every lender began the day with slightly higher rates, but most offered mid-day improvements in response to market conditions. As always, worth remembering that when we talk about “rates” moving higher or lower on almost[…]

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Corresp., AE, LO Jobs; Digital, Warehouse, Processing, Pricing Products; Freddie and Fannie News

Posted To: Pipeline Press A “google” is the large number of 1 with 100 zeroes after it. For lenders, a billion is a large number, and it would be unheard of for a lender to save $1 billion in costs. But that is what Google’s parent Alphabet Inc. is saving[…]

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Digital Lending Tools are Reducing Mortgage Timeframes

Posted To: MND NewsWire There has been a significant reduction mortgage processing times since the first of the year according to ICE Mortgage Technology. Its Origination Insight Report says that the time to close a purchase mortgage, which averaged 57 days in January declined to 53 days in February then[…]

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Pending Home Sales Rise Less Than Expected as Inventory Remains Ultra Tight

Posted To: MND NewsWire While the degree to which is happened was somewhat disappointing, pending home sales did snap out of a two-month slump in March . The National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI) rose 1.9 percent to 111.3 in March and is now up 23.3[…]

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