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• Final Ruling Issued on SAFE Act; Underwriting Guideline Overlays, Adverse Market Fees and Steep LLPAs; CMBS Sales; California State of Emergency;
  Posted To: Pipeline PressOn a non-mortgage note, my son asked me, "At what age is it ok to tell a highway that it is adopted? At some point the highway will realize that it doesn't look like the Kiwanis's Club." I would have told him to "keep his day job", except he doesn't have one as he prepares for college. Lots of folks […]
• Vacancy Rate Near Historic High. America Has a "Home Problem"
  Posted To: MND NewsWireAs we have pointed out over the last few weeks , America has a homelessness problem; over a million individuals and families are temporarily or chronically homeless. While the statistics don't fully address this aspect, there is at least anecdotal indication that some of these people are in shelters or on the street because their […]
• The Day Ahead: Moody's Questions U.S. Credit Rating. Bonds Shrug Off News
  Posted To: MBS CommentaryEquity futures are trading higher this morning despite word from Moody’s that it would have to question America’s triple-A credit rating unless it provides a credible plan to tackle its growing deficit. Steve Hess , a top sovereign debt analyst at Moody’s, said the U.S. appears to have “no plan” to reduce the deficit. “Can the United […]
• Can Mortgage Rates Go Any Lower?
  Posted To: Mortgage Rate WatchWell, here we are on "hump day" and mortgage rates are still detached from the price fluctuations of the secondary mortgage market. Instead, the ups and downs of consumer borrowing costs continue to be driven primarily by the capacity constraints of major lenders, the market makers for mortgage rates. One misconception […]
• Is There Life After the Mortgage Business?
  Posted To: The Garrett Watts ReportWe all know the mortgage business can be extremely profitable at times. We also know it can be disastrous at other times. Regulators and law makers have created an environment that makes us feel like a pin ball, bouncing aimlessly from one bumper to another Regardless of all these issues, most mortgage lending professionals […]
• FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation
  Posted To: MND NewsWireHUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process. Last week, HUD and the FHA invited public comment on three of those policy changes, which are part of FHA's strategy to "strengthen their capital reserves". The proposed changes which are either tweaks to ot […]
• Beige Book: Mixed Reads on Economy. Housing Market Definitely "Sluggish"
  Posted To: MND NewsWireThe Federal Reserve has released the Beige Book The Beige Book is a compilation of anecdotal information and data on current economic conditions across the country. The findings are NOT THE VIEWS OF FEDERAL RESERVE OFFICIALS ...instead, each Federal Reserve bank interviews key business contacts, economists, market experts, and other so […]
• MBS Prices Hit New Record High After 5-Year Note Auction
  Posted To: MBS CommentaryMortgages are on a serious run... Front-month TBA levels set yet another new record high this morning and yield spreads continued to tighten vs. benchmarks (thx swaps!). While the street more than likely sees the current coupon in the +55/10s range, my weighting on the 4.0 has the current coupon closer to +68/10s. No matter how you s […]
• Home Builder Rankings; Updates from HUD and Fannie Mae; Home Ownership Stats; FHA Sanctions;
  Posted To: Pipeline PressLet me start off by saying that I do not believe the rumor that the International Olympic Committee has taken back skier Lindsey Vonn's gold medal, and instead awarded it to President Barack Obama, announcing that no one has ever gone downhill faster than he has. While we're talking about going downhill, here's one lis […]
• Refinance Demand Takes a Break While Purchase Apps Search for Bottom
  Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of […]