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Trends in Mortgage Banking; Conferences Across the Nation Being Lined Up; Snazzy USDA Pilot Program	2/15/2012 8:52 AM
Posted To: Pipeline Press Two Brits were playing chess. Liam said to John, "Hey, do you want to make this more interesting?" John said, "Sure." So they stopped playing. One thing that is certainly interesting is trends in mortgage origination - and they are hard to miss. Regional banks and smaller lenders are picking up origination and servicing market share given up by BofA, Citi, and Chase. U.S. Bancorp, Flagstar, Fifth Third, and BB&T all gained market share in the fourth quarter on top of double-digit gains over the past three years. By most accounts Wells is up to a 30% market share through its three channels. Flagstar, for example, reported an 11% jump in home lending volume from a year earlier, but is struggling with buyback requests. It received $190 million in repurchase demands in the quarter and increased...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Quiet Week for Mortgage Applications, Interest Rates	2/15/2012 8:36 AM
Posted To: MND NewsWire Applications for both home purchase and refinance were essentially flat during the week ended February 10. The Mortgage Bankers Association's (MBA) Market Composite Index, derived from its Weekly Mortgage Applications Survey was down 1.0 percent on a seasonally adjusted basis from the previous week and virtually unchanged on an unadjusted basis. The Refinance Index increased a slight 0.8 percent from the week ended February 3 but this was enough to bring it to the highest level since late summer. The seasonally adjusted Purchase Index was down 8.4 percent and down 3.3 percent on an unadjusted basis. The later number was 7.6 percent lower than during the same week in 2011. The four week moving averages for the seasonally adjusted Market and Purchase Indices were down 0.45 percent and 3.87 percent...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Reasonable Economic Calendar Overshadowed by EU Soap Opera	2/15/2012 6:48 AM
Posted To: MBS Commentary MBS moved steadily higher for most of yesterday's session, while 10yr yields and stocks moved lower. MBS hit 103-29 in fannie 3.5's, which is a resistance level to watch today, along with 103-18 support and 103-23 as a reasonably well-traveled middle ground. 10's move primarily around a pivot centered on 1.95%. The standard-issue "risk-off" trading patterns began after a weaker-than expected Retail Sales report (+0.4 vs +0.7 consensus). Then the European news kicked in. The Eurogroup meeting that had been looming as today's main event, "turned into" a conference call, with officials stating that Greece didn't have all the required paperwork ready. Markets also learned that Greek party leader Samaras hadn't locked in his "final answer" by committing recently approved austerity measures to Greece...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS RECAP: 2/14/2012	2/14/2012 3:24 PM
Posted To: MBS Commentary MBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-24 : +0-09 FNMA 4.0 105-16 : +0-07 FNMA 4.5 106-24 : +0-04 FNMA 5.0 108-03 : +0-03 GNMA 3.5 105-14 : +0-12 GNMA 4.0 108-05 : +0-12 GNMA 4.5 109-16 : +0-09 GNMA 5.0 111-05 : +0-03 FHLMC 3.5 103-15 : +0-09 FHLMC 4.0 105-04 : +0-06 FHLMC 4.5 106-09 : +0-04 FHLMC 5.0 107-24 : +0-02 Pricing as of 4:04 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 12:49PM : ALERT: MBS At Highs. Potential Positive Reprices, But Limited by Event Risk At 103-28 currently, Fannie 3.5's are up 13 ticks on the day, and sit at the highest prices since last Thursday. These gains are sufficient and have been held long enough to justify positive reprices under normal conditions...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Improve on Weak Data, Greece Jitters	2/14/2012 2:06 PM
Posted To: Mortgage Rate Watch Mortgages Rates are somewhat improved today after holding relatively steady to begin the week. In the underlying markets MBS (the "mortgage-backed-securities" that most directly influence mortgage rates) rose to their best levels since last Thursday after today's Retail Sales figures showed slower than expected consumer spending. When MBS prices rise, interest rates fall (although it should be noted this isn't always a linear or immediate relationship, but it is generally true over time). Today's improvements bring rates near the more aggressive end of 3.875% Best-Execution levels in terms of borrowing costs, and some lenders are aggressively priced at 3.75% for pristine scenarios and higher loan amounts. (We explain even more about Best-Execution calculations in THIS POST ). European headlines...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Delinquency Spikes in TransUnion Q4 Report	2/14/2012 10:58 AM
Posted To: MND NewsWire TransUnion is reporting that serious mortgage delinquencies rose during the fourth quarter of 2011 for only the second time since the end of 2009. The rate increased 13 basis points from 5.88 percent in the third quarter to 6.01 percent. The increase was widespread; 37 percent of the states reported increases as did 64 percent of metropolitan areas. The latter figure is unchanged from Quarter 3 but up substantially from the 21 MSAs that experienced an increase in Quarter 2. New Jersey and Vermont had the largest annual increases. Their delinquency rates rose between Quarter 4, 2010 and Quarter 4, 2011 by 11.98 percent and 11.11 percent respectively. South Dakota had an increase of 10.36 percent. Arizona, California, and Wyoming had the greatest decreases in their rates, all three in the range...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS MID-DAY: 2/14/2012	2/14/2012 10:24 AM
Posted To: MBS Commentary MBS Live : MBS MID-DAY Open MBS Live Dashboard FNMA 3.5 103-24 : +0-09 FNMA 4.0 105-15 : +0-05 FNMA 4.5 106-23 : +0-03 FNMA 5.0 108-02 : +0-02 GNMA 3.5 105-14 : +0-12 GNMA 4.0 108-03 : +0-11 GNMA 4.5 109-15 : +0-08 GNMA 5.0 111-04 : +0-02 FHLMC 3.5 103-15 : +0-08 FHLMC 4.0 105-02 : +0-04 FHLMC 4.5 106-08 : +0-03 FHLMC 5.0 107-24 : +0-02 Pricing as of 11:04 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 10:59AM : Light Day of Origination Helps MBS To Highest Levels Since Thursday It's been a light day for new originations so far in MBS with current totals in Fannie/Freddie 30yr Fixed around 1/4 to 1/3 of their recent averages. That light supply environment, in conjunction with a decent enough rally in broader...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
FHA Insurance Premium to Increase Again; CFPB Servicing Statement; AMC Tax Issues?	2/14/2012 10:17 AM
Posted To: Pipeline Press This morning we had the Retail Sales figures. Shopping in Texas can be a different experience (30 seconds). Small lenders can be assured that whatever happens to larger players in mortgage banking will eventually impact them in some way. It appears that the Obama administration is putting more pressure on Fannie & Freddie to write down principal . (I have never missed a mortgage payment - where do I sign up for that program?) For the Chicago area only, I have been retained by a well-established, 100 year old community bank, based in far NW Suburban Chicago. It is looking to expand its presence in the North, Northwest and Western suburbs with the addition of a Branch Manager and production team . The bank is an approved FNMA seller-servicer, and also offers several correspondent options...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
CFPB Designs New Mortgage Statement, Feedback Wanted	2/14/2012 10:15 AM
Posted To: MND NewsWire The Consumer Financial Protection Bureau ( CFPB ) has rolled out a prototype of a form for mortgage lenders to send to borrowers during each billing cycle to keep those borrowers abreast of crucial information about their loan. The prototype was published on CFPB's blog on Monday and the Bureau is asking for consumer and lender reaction. The new model statement , designed for sending by mail or by electronic transmission, is based on a set of information that lenders are required, under the Dodd-Frank Wall Street Reform Act, to provide to their borrowers. CFPB is seeking to provide lenders a model for displaying that information in a clear and easily understandable format. Dodd-Frank requires that consumers be notified on a regular basis about: Their principal loan amount Current interest rate...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Bankers Dismiss Bank Tax as Arbitrary	2/14/2012 9:56 AM
Posted To: MND NewsWire The American Bankers Association (ABA) reacted negatively late Monday to a part of the President's FY 2013 Budget which was released earlier in the day. The ABA issued a statement through its president and CEO Frank Keating that was strongly critical of a revenue raising measure that is aimed directly at the large financial institutions which ABA represents. The Financial Crisis Responsibility Fee , which is expected to raise $61 billion over its first ten years, is part of President Obama's $3.8 trillion budget which includes $350 billion for job creation and $476 billion for upgrades to the nation's transportation system. The fee is presented as a mechanism to recover funds dispersed under the Toxic Asset Relief Program (TARP) of 2008, which "bailed out" many financial institutions viewed...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS At Highest Levels Since Thursday, Stocks Down After Data	2/14/2012 9:30 AM
Posted To: MND NewsWire It's been a light day for new originations so far in MBS with current totals in Fannie/Freddie 30yr Fixed around 1/4 to 1/3 of their recent averages. That light supply environment, in conjunction with a decent enough rally in broader bond markets has helped lift production MBS to their highest levels since last Thursday. Fannie 3.5's are currently up more than a quarter of a point at 103-25 (note: chart below shows 103-23 as it was snapped slightly prior to this post). As far as the broader rally is concerned, 10yr yields are just over 3bps lower, currently trading in the mid 1.94's. (source: MBS Live Dashboard ) In the broader markets, volume today is slightly better than yesterday, although totals are still on the light side of normal. Markets are ostensibly waiting for tomorrow's "second...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Domestic Data Tries Its Luck Against Bailout Anticipation	2/14/2012 6:30 AM
Posted To: MBS Commentary Bond markets returned to something of a middle ground yesterday after recovering from a Greece-inspired risk-off trade . Last week's key event was the inability of Greek political parties to sign off on austerity measures needed to send the current bailout to vote. This Wednesday's repeat Eurogroup meeting is made possible by Greece's approval of austerity measures over the weekend, and whether or not Greece receives their current tranche of the proposed bailout will finally see a vote. All this ushered bond markets in the door moderately worse off than Friday's latest levels to begin the current week, but the skepticism was palpable. Not only did the bond market sell-off not ever materialize into anything truly ugly, but Greece lent fixed-income bulls a helping hand mid-day after rumors started...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
HUD Ready with FY2013 Budget	2/13/2012 4:14 PM
Posted To: MND NewsWire The Department of Housing and Urban Development (HUD) unveiled its 2013 budget proposal today, asking Congress for about $44 billion. The amount is roughly the same as the amount Congress authorized for the 2012 budget year. In addition, HUD is asking for authority to guarantee $400 billion in mortgages through FHA's Mutual Mortgage Insurance Fund which is expected to provide 1.2 million single family mortgages, $149 billion in loan volume, during the year and $500 billion in Ginnie Mae guarantee authority in order to help finance a wide array of government-insured products. In addition it requests $25 billion in loan guarantee authority for the General and Special Risk Insurance Panel which will provide an estimated 156,000 units in multifamily housing properties and 80,600 beds in health...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS RECAP: 2/13/2012	2/13/2012 3:24 PM
Posted To: MBS Commentary MBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-17 : +0-03 FNMA 4.0 105-10 : +0-02 FNMA 4.5 106-21 : +0-01 FNMA 5.0 108-01 : +0-02 GNMA 3.5 105-04 : +0-05 GNMA 4.0 107-25 : +0-04 GNMA 4.5 109-08 : +0-02 GNMA 5.0 111-02 : +0-02 FHLMC 3.5 103-08 : +0-04 FHLMC 4.0 104-30 : +0-02 FHLMC 4.5 106-06 : +0-03 FHLMC 5.0 107-23 : +0-01 Pricing as of 4:03 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 2:54PM : Fed Releases Orders Related to Banks in Mortgage Settlement The Federal Reserve Board on Monday released the orders related to the previously announced monetary sanctions against five banking organizations for unsafe and unsound processes and practices in residential mortgage loan servicing and processing...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Hold Steady To Begin Busy Week	2/13/2012 2:03 PM
Posted To: Mortgage Rate Watch Mortgages Rates held steady over the weekend. In fact, rates were so steady that our measured averages on Friday were the same as today's reading , which is a fairly uncommon occurrence. Friday had been a fairly stable day, and markets traded in better territory than Thursday. Rates had come under pressure recently, pushing the 30yr Fixed Best-Execution rate up to 4.0% in some cases, with Friday and now today offering some moderation back into the 3.875% range. (We explain even more about Best-Execution calculations in THIS POST ). News and events surrounding the current Greek bailout negotiations continue to drive markets, and it is perhaps the relative lull in those events that has bond markets and MBS (the "mortgage-backed securities" that most directly govern mortgage rates) trading near...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
AMI Takes Position against Mortgage Servicing Settlement	2/13/2012 11:42 AM
Posted To: MND NewsWire In a strongly worded statement on behalf of the American Association of Mortgage Investors (AMI), Jonathan Lieberman, Managing Director of Angelo, Gordon & Company, criticized the recent settlement agreement over alleged mortgage servicing and foreclosure processing abuses. Lieberman, told the Association's bondholders in a conference call that the settlement, reached last week between five major banks and their servicing subsidiaries, the Departments of Justice and Health Education and Welfare, and 49 of the 50 states' attorneys general that, "Current press reports tell a story of regulators imposing penalties not only on the bad actors but also on Americans' investors, pension funds, and retirees," and that "the rush to finalize a flawed and opaque settlement smells funny. Members of...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
After Morning Volatility, Bond Markets Back in Friday's Range	2/13/2012 11:20 AM
Posted To: MBS Commentary MBS and Treasuries continue to trade at significantly improved levels from this morning . Bond markets put in their first major bounce shortly after the domestic open on rumors that the private sector announcement that was set to follow Wednesday's Eurogroup meeting would be delayed. Since then, limited European headlines (none really...) and non-existent economic data left today's scheduled Fed buying as the primary market mover. Even though today's Fed buying was in the longest maturities, it provided an excuse to run the ball back up the field after overnight weakness. Volume has been quite light as markets are no doubt more interested in Wednesday's Greece-related headlines than those seen yesterday and this morning. 10's moved almost precisely to Friday's lowest yields and held there through...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS MID-DAY: 2/13/2012	2/13/2012 10:19 AM
Posted To: MBS Commentary MBS Live : MBS MID-DAY Open MBS Live Dashboard FNMA 3.5 103-18 : +0-05 FNMA 4.0 105-11 : +0-03 FNMA 4.5 106-22 : +0-02 FNMA 5.0 108-01 : +0-02 GNMA 3.5 105-04 : +0-05 GNMA 4.0 107-26 : +0-05 GNMA 4.5 109-09 : +0-03 GNMA 5.0 111-06 : +0-06 FHLMC 3.5 103-10 : +0-05 FHLMC 4.0 104-31 : +0-03 FHLMC 4.5 106-06 : +0-03 FHLMC 5.0 107-23 : +0-01 Pricing as of 11:04 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 9:59AM : ALERT: MBS Pop Higher on Meeting Delay Rumors Greece had been slated to announce the terms of Private Sector Investors' involvement in the bailout. This was expected to follow Wednesday's Eurogroup meeting and to indicate a hefty 70% haircut. Rumors that this announcement will not only be delayed...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Some 2011 Mortgage Volume Stats; EverBank to Buy MetLife Warehouse Lending	2/13/2012 8:47 AM
Posted To: Pipeline Press Sometimes, at 4AM PST, my cat disdainfully watches CNBC while I work on the finishing touches in the daily commentary. Cats spend an inordinate amount of time being disdainful, but my cat has the perfect outlook while watching, which is to remember that much of the show is slanted toward entertaining, which can be enjoyable but much of which detracts from the substantive economic news. (For one thing, they're always talking about "economic uncertainty" - heck, there is always uncertainty - it's the future!) Paul Jacob with Banc of Manhattan put out a good piece late last week talking about the markets which is not so uncertain and sums things up. "This is one of those periods where the bond market feels a lot more volatile than it really is. The range since November 1 has been 1.80-2.09% on...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Week Ahead: Domestic Data, Possible Greek Bailout Approval	2/13/2012 7:01 AM
Posted To: MBS Commentary Bond markets begin the week in slightly worse territory than Friday's after Greek parliament voted to approve the austerity measures requisite for the country's bailout funds. But in and of itself, the passing of austerity doesn't guarantee the release of Greece's next aid tranche . That fate is set to be decided at a Eurogroup meeting on Wednesday. Incidentally, a similar meeting stood out as an important economic event last week, but Greece was unable to reach a consensus on requisite austerity measures. As a results, this week's meeting was announced as a follow-up, ostensibly allowing Greek political leaders an opportunity to get on the same page. (As a bit of an aside, recall that Greece's PM Papademos last week said that any members of the government who didn't support austerity measures...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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