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     Mortgage News Daily 
    • Underwriters: Loan Quality Still in Need of Improvement; Interesting FICO Score Data; Will the Fed sell their MBS Holdings?

      • Posted To: Pipeline Press

      At the last company Christmas party, loan agents lined up on one side of the room and the underwriters on the other side. The loan agents throw fire cracker at the underwriters...and the underwriters lit them and threw them back. A long-time underwriter wrote to me and opined, "Consumers always want more than what they can afford and we gave them exactly what they wanted for the last 10 years (without any prudent financial advice). I actually like the guideline changes and feel it is necessary to eradicate some of the lackadaisicalness that I hear in some underwriter's voices. Manufacturing quality is still a problem for the Agencies, and originating mortgage companies are still closing loans that are not 100% purchasable by the aggregators upon delivery. Fannie and Freddie have technology...(read more)

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    • MBS OPEN: Rates Ticking Higher Just Because They Can

      • Posted To: MBS Commentary

      Good Morning. I've had some great coaches in my lifetime...none better than my high school/juniors hockey skipper. Many of the messages he bestowed upon me have carried over from the locker room into my professional life. One of my favorites is the K.I.S.S principle. KEEP IT SIMPLE STUPID This is incredibly relevant to the current market environment. The econ calendar isn't providing much meaningful guidance at the moment. Stocks are still showing an unwavering inclination to do what they want, when then want. Politicians are counting votes, leaving some of the most important reform debates of our era at the mercy of party lines. Fiscal affairs abroad are falling victim to heavy scrutiny AND speculation. Overall, this doesn't paint a very clear BIG PICTURE perspective. Well actually...(read more)

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    • The Day Ahead: Inventories, Budget Statement, Treasury Auction

      • Posted To: MND NewsWire

      Investors this morning await the first real data to be released this week. But wholesale trade inventories isn’t a major market mover, nor is the afternoon’s budget statement, so it could be a quiet day if investors prefer to postpone trading until retail sales figures hit the headlines on Friday. One hour before the opening bell, the market is pretty flat. Dow futures are down 1 point at 10,563 and futures on the S&P 500 are up 0.00 points to 1,140.50 Meantime, WTI crude oil is up 31 cents to $81.80 per barrel, and Spot Gold is trading $5.15 higher at $1,127.00. Earlier today the Mortgage Bankers Association said its index of mortgage application rose 0.5% in the first week of March, but it remains down 12.5% from last year. Key Events Today: 10:00 ― Wholesale Trade Inventories...(read more)

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    • Explaining The MBS Settlement Process

      • Posted To: MBS Commentary

      10yr Notes progressively improved into the PM , ending 5 ticks better on the day with a yield of 3.70. MBS fought off much of the AM weakness in tsy's, and rallied just as well into the PM, reaching 101-15 at 4pm. But then we ended 4 ticks down on the day at 101-01! WHAT?!?!? So you're tellin' me MBS effectively erased all gains from the past two days?! Not exactly... I'll let AQ explain... -------------------------------------------- If you haven't read the following description of the agency MBS settlement process...please don't skip over it as it may save you from having to change your pants when next month's settlement rolls around. If you have read it...go over it one more time just to make sure the underlying logic is clear. The March FN 4.5 MBS coupon has...(read more)

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    • Commercial and Multifamily Mortgages Outperforming Overall Bank Holdings

      • Posted To: MND NewsWire

      Commercial and multifamily mortgages continue to have the lowest rates of charge-offs of any loan types at banks and thrifts and perform better than the overall loan portfolios at those institutions according to the Mortgage Bankers Association (MBA). In response to what it referred to as a great deal of discussion and conjecture about those loans in recent months, MBA updated an earlier " DataNote " analysis of commercial and multifamily mortgage data from the 4th quarter of 2008 with data from the same period in 2009. The report states that 56 percent of the assets held by banks and thrifts at the end of 2009 consisted of loans and leases, a category that includes 1-4 family mortgages, home equity loans, credit cards and other consumer loans, commercial mortgages, multifamily mortgages...(read more)

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    • HUD Enforcing Job Creation Requirements for State and Local Governments

      • Posted To: MND NewsWire

      The Department of Housing and Urban Development (HUD) has released the results of the first stage of its increased oversight and enforcement of job creation requirements under Section 3 of the Housing and Urban Development Act of 1968. In a press release on Monday HUD said that more than 3,100 state and local government agencies that receive HUD funds have responded to its campaign to expand hiring and contracting opportunities for low-income persons and three out of four of HUD-funded state and local agencies had submitted their annual reports. HUD said that this was the largest response since HUD made such reporting mandatory. Under Section 3, state and local governments that receive funding from HUD in excess of $200,000 for activities involving housing construction, demolition, rehabilitation...(read more)

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    • MBS AFTERNOON: Potential Reprices For The Better

      • Posted To: MBS Commentary

      MBS Off To The Races with 4.5's up 8 ticks to 101-15! 10yr up 5 ticks on the day dropping yield to 3.70 (through post auction resistance) Reprices for the better = highly likely From the Ninja: Mortgages are still on hold as today’s 3yr note auction held few surprises-everyone loves the shorter end of the curve; don’t you? $40 billion notes maturing in 2013 is quite commonplace and the sheer size of the issue is no longer an emotional and or logistical challenge to anyone directly (or indirectly, on the bid) involved. No real change to the way we do and or perceive business here in MBS secondary trading land. The market is better into lower and or range-bound rates, like today, and not as excited should the treasury market break out to the upside to prices (and lower interest...(read more)

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    • Risk Weighted Returns; Warehouse Lending Credit Manager Needed; Subprime Analysts Lost; Bank News

      • Posted To: The Garrett Watts Report

      We commented last week how a lot of people didn’t know what HSBC stood for... If you go back to when they bought a bank in Buffalo, New York to established themselves in the U.S. The joke was that HSBC stood for "Holy ____, Buffalo's Cold.” City National Bank (Los Angeles) was in the news for paying off all its TARP money last week, but the real story is how they became L.A.’s prestige bank in the first place. Frank Sinatra’s son was kidnapped on a Friday in 1963, and the singer called up Bank of America, Security Pacific and a few other big banks asking for $240,000 to pay the ransom money. The big banks told him to come in Monday morning and fill out a loan application. When he called City National, Chairman Bram Goldsmith told him “Come down to the...(read more)

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    • MBS LUNCH: 3 Year Note Auction Results And Reaction

      • Posted To: MBS Commentary

      Immediately following the 3yr Treasury Note auction, treasuries weakened while MBS held steady. Since then, MBS have lost a few ticks, but the 4.5 remains positive on the day, up 1 tick at 101-07. The 10yr note is also up a tick leaving the yield just under 3.72. The 10yr's post auction selling turned the corner very much in line with yesterday's high yields suggesting a shift of guidance to tomorrow's auction. . MBS is building a case for support just over 101-06, but as volume remains fairly light, again, the emphasis is even more squarely on tomorrow's auction than it already was. Until/Unless 101-06 breaks down in a significant way, the chances of reprices for the worse remain limited to "knee-jerk only," but we're not seeing justification for that. In 10yr...(read more)

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    • MBS MORNING: Fed President Reminds About Labor Market Weakness

      • Posted To: MBS Commentary

      I am kinda bummed no one laughed at my Kathy Ireland reference in MBS OPEN . Her dress was so tight you could see her liver processing the booze (that's a rumor). I suppose I could have poked fun at Sarah Jessica Parker's "Queen of the Nile" get-up. Ugh. You guys are killing me. Is this one of those "you had to be there" jokes? I know I am setting myself up to be mocked because I watched the Oscars...but come on, there is humor in everything we do. (Like I said, I lost control of the remote. Other men: don't pretend you didn't watch. You know what I am talking about here!) Ok I am done pretending I am Perez Hilton. HAHA back to the markets. Chicago Fed President Charles Evans, a middle of the road on inflation non-FOMC voter, shared prepared remarks with...(read more)

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    • Empty Econ Calendar Helps Mortgage Rates Hold Steady. Auctions Biggest Reprice Threat

      • Posted To: Mortgage Rate Watch

      After last week’s rates roller coaster ride that forced multiple reprices for the better and the worse, yesterday was quite boring. Mortgage rates held steady as prices of mortgage backed securities never moved too far in either direction. With very little price volatility, lenders left rate sheets unchanged on the day near the best rates of 2010. There are no major economic reports scheduled for release today. With no economic data hitting the news wires this morning, today’s trading action, like yesterday, has been slow. AQ recapped some events that happened overnight which have affected the flow of money in markets today. HERE it is if you are interested. The only event on the calendar with the ability to move mortgage rates is the first of three treasury auctions for the week...(read more)

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    • Second Mortgages in the Spotlight; Reverse Repurchase Primer; My Opinion on Mortgage Rates After the Fed; Provident Cuts Interest Only

      • Posted To: Pipeline Press

      Often I start the commentary off saying something witty, but I couldn't think of anything clever so I thought I'd suggest you take a look at this video about, of all things, seat belts. It is making the rounds, and with good reason. The Federal Reserve has a little more than ten business days to complete their well-publicized purchase of agency mortgage-backed securities (MBS). Last week it bought $10 billion, breaking their 3-week streak of $11 billion. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are/were eligible assets for the program. Everyone knows that the end of the program is imminent. I am going to go out on a limb here, which is rare for me, and suggest that the consultants, market gurus, bloggers, paid services, etc., who firmly...(read more)

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    • MBS OPEN: Flight to Quality in Light Trading Volume

      • Posted To: MBS Commentary

      Good Morning. Happy Standardized Test Tuesday! My nephew has Maryland School Assessment tests today, we were pre-gaming this morning. I remember those days pretty well...mostly because they were so incredibly boring and slow. Also because the test's time slots subtracted from favored subjects such as recess and P.E. What I should really be saying is HAPPY FLIGHT TO QUALITY TUESDAY!!! While you were sleeping, a senior director at Fitch Ratings by the name of Paul Rawkins told folks at a conference in London that Portugal's "pedestrian approach is a concern for us". Notice I didn't mention anything about Greece??? Yeh. Thats because more than one EU country is facing some sort of ratings downgrade. Whether or not these concerns are truly legitimate or a target of trader...(read more)

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    • The Day Ahead: Stocks Dip on Sovereign Debt Fears Abroad. Treasuries Get Flight to Quality

      • Posted To: MND NewsWire

      Equity futures are firmly lower this morning following a mixed session yesterday. The Dow looks to open 31 points lower at 10,507 while futures on the S&P 500 are off 4.25 points to 1,132.75. “The mood in global markets is towards risk aversion with no apparent trigger,” said Benjamin Reitzes from BMO. MND's Adam Quinones says weakness in stocks and the flight to quality into Treasuries is a factor of overnight news from Fitch Ratings that warned against a downgrade of the credit ratings of the United Kingdom, France, and Spain. Confirming that risk isn’t on the table this morning, WTI crude oil is down $1.25 to $80.62 per barrel, and Spot Gold is trading $6.32 lower at $1,117.23. As one would expect, the US dollar is stronger against a broad array of currencies. The...(read more)

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    • MBS CLOSE: Strong Vs. Treasuries, But Lackluster Day All Around

      • Posted To: MBS Commentary

      No material change since 10:30AM MBS 4.5's unchanged on the day at 101-07 10yr note 4bps higher on the day to 3.72 Stocks were up, down, up, closed flat No data tomorrow either, then 3yr note auction at 1pm Fed Evans at 930am Big Picture: something's gotta change, or long, slow, grind continues. I wanted to show you the same chart from the Afternoon notes, now updated for the past few hours for the sake of comparison, but I had to send it off to whatever company that is that prints those little activities on my kid's dinner menu where he's supposed to find the differences between two pictures. They heard about those two MBS charts and were thrilled at the possibility of just putting out one puzzle this year that would keep everyone guessing as to whether or not there was even...(read more)

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    • MBA: Servicing Specialists Should Not be Required to Obtain SAFE Act Licensing

      • Posted To: MND NewsWire

      The Mortgage Bankers Association (MBA), American Bankers Association (ABA), and the American Financial Services Association (AFSA) joined with 11 state and local mortgage lending groups on Friday to send a letter to the U.S. Department of Housing and Urban Development expressing concerns about the way in which HUD is proposing to implement the 2008 SAFE Act. The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing), was passed in July 2008 as part of the Housing and Economic Recovery Act. It directs states to adopt licensing and registration requirements for loan originators that meet minimum standards established by the act in lieu of HUD establishing nationwide standards. It also encourages the Conference of State Bank Supervisors (CSBS) and the American Association of Residential...(read more)

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    • GSEs: Long Term Rates Again Below 5 Percent

      • Posted To: MND NewsWire

      Mortgage rates reversed course yet again during the week ended March 4 with the 30-year fixed-rate mortgage (FRM) once more falling below 5 percent. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97 percent with an average of 0.7 point compared to an average rate of 5.05 percent with 0.7 point the previous week. The 15-year FRM averaged 4.33 percent, down from 4.40 percent the week before. Fees and points remain unchanged at 0.7 point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average rate of 4.11 percent, down from 4.16 percent during the week ended February 25. Fees and points also declined from 0.6 point to 0.5 point. The one-year Treasury-indexed ARM was the lone exception to the downward trend. The average rate for...(read more)

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    • MBS AFTERNOON: Extremely Quiet Day Winding Down

      • Posted To: MBS Commentary

      ridiculously flat trading in MBS and Tsy's low volume, sparse data calendar, looking toward auctions Did we mention flat trading? You'll rarely see MBS and Treasuries trade this flat for this much of the day. From 10:45 on, MBS haven't moved more than 1 tick and tsy's not more than 1bp. Volume is light on both fronts with MBS just over half recent norms. Perhaps even more telling, a quick scan down Fannie, Freddie, and Ginnie MBS from 4.0 to 6.0 shows every security in that range UNCHANGED on the day, except Ginnie 4's, currently up ONE tick. Yawn..... Stocks are pretty much unchanged across big 3 indexes as well. No further data today (not like there was any this AM), and biggest event tomorrow, apart from 3yr auction, looks to be fed-speak! Other than 10yr Auction, Wednesday...(read more)

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    • HVCC is Here to Stay. Any Chance for Improvements to the Process?

      • Posted To: The Garrett Watts Report

      Our FOCIS –plus study has a section on Home Value Code of Conduct (HVCC) compliance. Warehouse lenders in particular are interested in whether a mortgage company has a written HVCC policy and what process lenders use to comply. Some lenders have an internal appraisal management process to comply. The process involves approving appraisers for their panel and having someone, not involved in the origination process, select appraisers randomly. Others use an external appraisal management company (AMC) that has a stable of appraisers that are selected randomly. What is the impact of HVCC? HVCC has been a challenge for originators who don’t have the flexibility they had in the past. Some mortgage bankers complain there are quality issues with appraisals and order a review appraisal before...(read more)

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    • MBS LUNCH: Support Found at Mid-Range Marks. Preparing for More Debt Supply

      • Posted To: MBS Commentary

      Did anyone happen to catch Saturday Night Live this weekend? Alan, the lovable moron from "The Hangover" was the host. I suppose I should share his real name too: Zach Galifianakis. I usually watch SNL on Hulu whenever I have time...but this weekend I happened to be in front of the boob tube to catch it live. I have to say, that entire cast is fully devoted to their careers in comedy. If you missed it or just need a good laugh again...take a few minutes of your day and watch some of the clips , especially the " Kissing Family " skit. My ribs still hurt from laughing. Seriously. Trading in the rates market today has been slower than Allen Iverson's exit from the NBA ..but not as painful to watch. 361,592 10 yr contracts have swapped hands in the rates futures market,...(read more)

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    • The Ultimate Solution for the Appraisal Industry

      • Posted To: Community Commentary

      Since the inception of the Home Valuation Code of Conduct (HVCC) in May 2009, there has been much discussion, and misinformation, about the benefits and harm caused by the controversial agreement with the New York Attorney Generals office and the Federal Housing Finance Agency. This agreement, originally made with the Office of Federal Housing Enterprise Oversight, requires Fannie Mae and Freddie Mac to only accept appraisals ordered from parties independent to the loan production process. Essentially, this means, anyone that may get paid by a successful closing of the loan cannot order the appraisal. In the past 6 months while the Realtors© and Mortgage Brokers associations point fingers at appraisal management companies for their use of incompetent appraisers who don’t understand...(read more)

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    • Mortgage Rates Hold Near Best Levels of 2010 as Benchmark Yields Rise

      • Posted To: Mortgage Rate Watch

      I described last week as a roller coaster ride for mortgage rates. A busy schedule of economic data provided much of the motivation for movement in the rates marketplace with the release of the Employment Situation Report on Friday capping off the volatile action. The jobs report indicated fewer jobs were lost than economists had forecast. This better than expected read on the health of the labor market pushed benchmark Treasury yields higher and mortgage-backed security prices lower. While most lenders repriced for the worse after the data was released, several ended up repricing for the better before the week came to a close as of MBS prices rebounded late in the day. This brought mortgage rates right back to the lows of 2010, basically unchanged on the week. To remind readers, as the price...(read more)

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    • Credit Unions Expanding Loan Production; Ready for Buybacks?; Lender Rating Model; FHA Approval News; Four More Bank Failures

      • Posted To: Pipeline Press

      When I was a kid, I used to pray every night for a new bike. Then I realized that God doesn't work that way. So instead I stole a bike and asked Him to forgive me. Neither strategy worked for four more banks, as the FDIC shut them down Friday (without finding buyers for two of them leading to losses for depositors who had balances exceeding the agency's insurance limits). Sun American's (FL) deposits and assets were acquired by First-Citizens Bank (NC) at a cost to the FDIC of $103 million. The Bank of Illinois was "absorbed" by Heartland Bank (IL) at a cost to the FDIC of about $54 million. Waterfield Bank (MD), at a cost to the FDIC $51 million, and Utah's Centennial Bank are now being run by the FDIC, with the help of Zion's Bank, at a cost of about $96 million...(read more)

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    • MBS MORNING: Benchmark Rates Higher in Quiet Trading Environment

      • Posted To: MBS Commentary

      Good Morning. Happy Monday. I don't know what the weather was like this weekend where you live, but here in the DC/Baltimore metro area we finally had a change of pace from snow and ice: SUN ! Every field was occupied with some sort of sporting event or recreational activity...mostly lacrosse where I live near Annapolis. After a good run and few hours of lax, I feel recharged and ready to go for a productive week ahead---I hope you do too. Here is a quote to get you motivated if you're dragging a bit: "Even if you're on the right track, you'll get run over if you just sit there" -Oklahoma's favorite son, Will Rodgers Ok. Wake up now. Time to get your purchase market campaign perfected. The Week That Was.... The bond market spent the week chopping around a confined...(read more)

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    • The Week Ahead: Treasury Auctions Highlight Slow Econ Calendar Until Friday

      • Posted To: MND NewsWire

      Equity futures are moderately higher ahead of a fairly light week of economic data. Dow futures are trading 18 points higher at 10,563 and S&P 500 futures are up a 2 points to 1,138. Commodities are also edging slightly higher with WTI crude oil up 33 cents to $81.83 per barrel and Spot Gold up 54 cents to $1,135.19. Meantime, the US dollar is a bit lower against the euro since France’s Nicolas Sarkozy said the continent would help Greece: “if it were necessary, the states of the euro zone would fulfill their commitments.” In terms of data the week ahead doesn’t quite begin until Wednesday afternoon when the Treasury releases its budget statement. On Thursday, weekly jobless claims will be accompanied by the monthly trade balance. Friday’s retail sales index...(read more)

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