Sunday, 09 August, 2020

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Category: Mortgage News Daily

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eClosing, Broker, Servicing Products; USDA Rural Tidbits; Forbearance Stats Improving Originators, as Deb from Virginia reminded me, are currently like ducks: cool and calm on the surface, paddling frantically underneath. Originators like low rates, but not if their clients can’t qualify for a loan. Furloughs are becoming permanent for many companies. U.S. equity indexes might be trading substantially up on Read more…


MBS Day Ahead: “Flat” is an Understatement. What Changed? Recent trading activity lies in stark contrast to the drama seen earlier in 2020.  Even at the beginning of June, bonds still had an interesting (and scary, at first) story to tell as yields spiked in response to stronger econ data and coronavirus hopes.  Both of those factors remain in play, Read more…


Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  At times (like today), we may see the mortgage market weaken while Treasuries improve.  Today’s video breaks that down in easily digestible detail. Econ Data / Events Market Movement Recap 08:43 AM Bonds began the overnight session fairly flat but popped Read more…


Coronavirus hit markets with unprecedented force in March. Stock prices and bond yields sank.  When the outlook grew less dire, markets began moving back in the other direction.  As quarantine measures ease, fear surrounding a second wave of COVID-19 is pushing back on the recovery in markets. Let’s quantify the fear using daily COVID-19 case counts in several key states.   Read more…


Interest rates on closed loans continued to decline in April, falling from 3.65 percent in March to 3.48 percent according to the Origination Insight Report from Ellie Mae. That prompted another surge in refinancing, with that portion of originations jumping from 55 percent in March to 65 percent. The refinancing share of conventional loans also rose 10 percentage points to Read more…


Maybe all of the talk about ending the GSE’s long term incarceration in conservatorship is more than talk this time. Earlier this week both Freddie Mac and Fannie Mae announced they would be issuing Requests for Proposals (RFPs) seeking to hire financial advisors to that end. Then, late Wednesday, the Federal Housing Finance Agency (FHFA), the GSE conservator, said it Read more…


There are now two entities tracking forbearance statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black Knight. The information they are providing is critical, and we did summarize both reports last week, but covering both is probably overkill. Until one report proves to be measurably more informative than the other or we find a way to combine Read more…


AE Jobs; LOS, Correspondent Products; Approaching Webinars; Federal Reserve’s Recent Actions Another stimulus package is in the headlines but no one is talking about inflation being a concern with near-term oil futures prices actually below zero. Oil producers are in a tight spot. And when in a tight spot it is important to panic. Uh, I mean, not panic. It Read more…


Who knows what tomorrow will bring? At least for today we have some welcome good news from the National Association of Realtors® (NAR). Existing home sales, which declined slightly in January, enjoyed a spring-market explosion in February. NAR said sales of pre-owned single-family houses, town houses, condos, and cooperative apartments rose 6.5 percent compared to the previous month. Sales were Read more…


Remote Ops, AE Jobs; CRM, , Bid Tape, Warehouse Products; Non-QM Sector Walloped – Why? Today, with the official start of Spring, and while the industry waits for the FHFA to answer concerns about appraisals, VVOEs, and other issues, there are other pressing questions. “Rob, does my wife quarantining on the 1st floor and me staying on the 2nd floor Read more…


Tighter underwriting and a strong economy seemingly continue to be reflected in mortgage loan performance. In its “first look” at January loan data, Black Knight says the national delinquency rate hit the lowest level since they began tracking it in 2000. The rate, 3.22 percent, represents a 5.4 percent decline from December and 14.2 percent year-over-year. The company says the Read more…


The bond market specializes in making bets about future economic realities even as the stock market reflects shorter-term performance of the biggest companies.  “Shorter-term” in this context means a heavy weight given to present day stats and an outlook that extends not more than a year or two into the future.  Bonds, on the other hand, have an outlook that Read more…


Everyone is aging, right? “I finally did it! I bought a new pair of shoes with memory foam insoles. No more forgetting why I walked into the kitchen!” People change, populations change, and loan officers must adapt. economists have revised 2020 growth prospects higher and revised down recession probabilities, many economic indicators are positive: consumer spending and confidence is high, Read more…


Mortgage rates rose in October for the first time this year and that increase, while small, is reflected in loans that closed in November according to Ellie Mae’s Origination Insight Report. The average interest rate of loans originated during the month increased to 3.97 percent from 3.94 percent among the October crop. Most likely in response, the percentage of adjustable Read more…


For all practical purposes, today is the last trading day of the year.  In fact, based on volumes so far, today may actually be the first day of the winter holiday break.  Either way, we’ve certainly passed to last of 2019’s “high consequence / high significance” trading days.  That doesn’t mean we can’t end up seeing some volatility over the Read more…