MBS RECAP: A Resilient Month-End For Bond Markets, All Things Considered

MBS RECAP: A Resilient Month-End For Bond Markets, All Things Considered

Posted to: MBS Commentary
Friday, October 31, 2014 5:01 PM

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10yr yields are heading out the door at 2.335–a very significant level considering it had been the lowest closing yield of the year until October 8th. It’s also right in line with a super-long-term inflection point for bond markets with roots as far back as 2010. Holding underneath it is a good thing, and provides a silver lining to today’s otherwise slightly downbeat session.

Today’s drama started overnight when the Bank of Japan upped their annual QE allotment to 80 Trillion yen (from 50 previously). More complete coverage of the effects can be found HERE.

Very…

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Daily Newsletter: Baby Boomer Attitudes on Housing Might Surprise You; Rates Slightly Higher After Japan News; Lender Still on Hook Despite CFPB Consent Order

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30 Year Fixed
4.03% +0.02
15 Year Fixed
3.21% +0.03
10YR Treasury
2.33% +0.0250
FNMA 30YR 3.5
103.38 -0.08
FNMA 15YR 2.5
103.70 -0.05
View Today’s Rates
Friday October 31, 2014
MND NewsWire – 3:26PM
Baby Boomer Attitudes on Housing Might Surprise You
A survey of attitudes toward housing released on Thursday by The Demand Institute indicates that the Baby Boom generation still has no intention of aging gracefully . In fact, when …
Mortgage Rate Watch – 3:40PM
Mortgage Rates Slightly Higher After Big News From Japan
Mortgage rates drifted inconsequentially higher to end the month, remaining well-within the recent range, albeit closer to the higher end. The most prevalently-quoted conforming 30yr …
MND NewsWire – 11:07AM
Lender Still on the Hook Despite CFPB Consent Order
A recent motion filed by a mortgage company to dismiss portions of a class action suit against it shows, according to an attorney familiar with the matter, that a consent order settling …
MBS Commentary – 12:46PM
MBS MID-DAY: Unexpected Weakness After Japan Tape-Bomb, but Some Redeeming Qualities
This will largely be a reprint of an update that appeared on MBS Live this morning. Reason being: that update covered the impact of big, surprising news from the Bank of Japan overnight …

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.03% +0.02
15 Yr FRM 3.21% +0.03
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 3.92% +0.02
5/1 Yr ARM 3.25% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.47% 1.11 +0.02
30 Yr. Fixed 4.33% 1.33 -0.01
MBA ** hdr_arrow.png
30 Yr. Fixed 4.20% 0.17 -0.10
15 Yr. Fixed 3.41% 0.28 -0.07
30 Yr. Jumbo 4.14% 0.10 -0.07
30 Yr. FHA 3.90% 0.08 -0.10
5/1 ARM 3.05% 0.38 -0.15
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 3.98% 0.50 +0.06
15 Yr. Fixed 3.13% 0.50 +0.05
1 Yr. ARM 2.43% 0.40 +0.02
5/1 Yr. ARM 2.94% 0.50 +0.03

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 100.00 -0.14
30YR FNMA 3.5 103.38 -0.08
30YR GNMA 3.0 101.95 -0.02
30YR GNMA 3.5 104.41 -0.06
15YR FNMA 3.0 103.70 -0.05
15YR FNMA 2.5 101.47 -0.09
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 0.4974% +0.0202
5 YR 1.6079% +0.0329
10 YR 2.3317% +0.0250
30 YR 3.0630% +0.0167
Prices as of: 10/31/2014 4:32PM EST

23623981

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Daily Rate Update: Mortgage Rates Slightly Higher After Big News From Japan

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dailyrateheader.png
30 Year Fixed
4.03% +0.02
15 Year Fixed
3.21% +0.03
10YR Treasury
2.33% +0.0250
FNMA 30YR 3.5
103.38 -0.08
FNMA 15YR 2.5
103.70 -0.05
View Today’s Rates
Mortgage Rates Slightly Higher After Big News From Japan
October 31, 2014
Mortgage rates drifted inconsequentially higher to end the month, remaining well-within the recent range, albeit closer to the higher end. The most prevalently-quoted conforming 30yr fixed rate remained 4.0%, with 4.125% not too far behind. On average, rates were just slightly better than Wednesday’s, though a few lenders were at their highest levels in weeks.

Today’s big consideration for financial markets was surprise news that the Bank of Japan voted to increase its quantitative easing (QE) program to 80 trillion Yen per year (just over $720 billion). Relative to the size of Japan’s economy, this is at least twice as aggressive as QE in the US, and consequently made for a big market impact. Because Japan’s QE program includes stocks, that was the scene of the greatest volatility, but stock market gains often take a bit of a toll on bond markets, resulting in higher rates.

All things considered, bonds–especially the Mortgage-Backed-Securities (MBS) that govern mortgage rates–held up quite well. In other words, this is one of the few instances where a bad day for rates may actually turn out to be good in the long run. Volatile market conditions put bond markets to the test, and provided them an opportunity to display some innate resilience.

Next week is not without its own market movers though. Europe continues to be a major consideration for US rates and the European Central Bank releases their policy announcement on Thursday. One day later, the biggest piece of economic data for the US will be released–The Employment Situation. Either of these events are capable of giving rates a solid push higher or lower, depending how they go. The conclusion is that lock/float decisions should be carefully reevaluated by the middle of next week.

Loan Originator Perspective

“I favor floating at these levels. It appears that we’ve found some stability after selling off the past week, and I think this may be the high side of rates for the next week or so. I would definitely advise waiting until Monday versus locking today.” –Brent Borcherding, brentborcherding.com

“Big news out of Japan last night has sparked a huge world rally in stocks. Typically, when stocks rally you would expect bonds to sell off (which increases rates). Bonds are weaker today (higher rates), but far less than what you would expect with the Nikkei up 5% last night, Europe up over 2% and US stocks up 1%. The ceiling on the 10 year treasury note of 2.34 has held up and buyers have emerged each time it was tested. Following the strategy of lock the lows float the highs, I favor floating all loans over the weekend.” Victor Burek, Open Mortgage

“I was very impressed by mortgage bonds’ resilience this week and especially today as stocks mounted huge gains. Equities have moved up very fast and are possibly due or a pullback. Should we get that pull back bonds should benefit and rates can possibly move lower. Today is Halloween but I do not find it to scary to float over the weekend :)” –Manny Gomes, Branch Manager Norcom Mortgage

“Rates held up fairly well today in the face of continued stock gains. My rate sheets were slightly off yesterday’s, but not enough to impact most loans. Japan announced a huge new QE program, remains to be seen how that will impact rates here. Bottom line: we’re still in current ranges, and there’s nothing wrong with that.” –Ted Rood, Senior Mortgage Originator

“Huge shake-up for markets with Japan adding more stimulus. It’s become so redundant to see equities rally heavily on the fact of more money coming in to stimulate the economy, and later on watching it all unwind into bonds. Overall a much more bullish picture either way for all asset classes and debt. 2.34% on the 10 YR has proven to be of substantial importance, I would keep a close eye on how we fair out when markets close. If 2.34 stays intact, I am a firm believer in floating through and through and better rates/spreads are coming. As of now I am locking loans cleared to close, and potentially 15 days out heading into the weekend.” –Constantine Floropoulos, Quontic Bank

Today’s Best-Execution Rates

  • 30YR FIXED – 4.0
  • FHA/VA – 3.5
  • 15 YEAR FIXED – 3.25
  • 5 YEAR ARMS – 3.0 – 3.50% depending on the lender

Ongoing Lock/Float Considerations

  • The hallmark of 2014 has been a narrow range in rates. Too many market participants bet on rates going higher in 2014, and markets punished that imbalance with a paradoxical move lower.
  • European markets helped that process along and continue to play a prominent role in keeping US rates lower than they otherwise might be.
  • For most of the Summer and early Fall months, rates held a narrow range of 4.125% -4.25% (essentially where the 2014 rate recovery has bottomed out) and finally broke to a 3.875%-4.0% range in mid-October. It’s too soon to tell if this is a brief window of opportunity or the continuation of 2014’s very gradual improvements.
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’ Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy. It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

30 Year Fixed Rate Mortgage
31?w=360
15 Year Fixed Rate Mortgage
31?w=360&p=15YRFRM

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.03% +0.02
15 Yr FRM 3.21% +0.03
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 3.92% +0.02
5/1 Yr ARM 3.25% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.47% 1.11 +0.02
30 Yr. Fixed 4.33% 1.33 -0.01
MBA ** hdr_arrow.png
30 Yr. Fixed 4.20% 0.17 -0.10
15 Yr. Fixed 3.41% 0.28 -0.07
30 Yr. Jumbo 4.14% 0.10 -0.07
30 Yr. FHA 3.90% 0.08 -0.10
5/1 ARM 3.05% 0.38 -0.15
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 3.98% 0.50 +0.06
15 Yr. Fixed 3.13% 0.50 +0.05
1 Yr. ARM 2.43% 0.40 +0.02
5/1 Yr. ARM 2.94% 0.50 +0.03

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 100.00 -0.14
30YR FNMA 3.5 103.38 -0.08
30YR GNMA 3.0 101.95 -0.02
30YR GNMA 3.5 104.41 -0.06
15YR FNMA 3.0 103.70 -0.05
15YR FNMA 2.5 101.47 -0.09
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 0.4974% +0.0202
5 YR 1.6079% +0.0329
10 YR 2.3317% +0.0250
30 YR 3.0630% +0.0167
Prices as of: 10/31/2014 4:32PM EST

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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
View this Report in your Web Browser | Forward to a Friend | Subscribe
This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.
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Weekly Rate Report: Mortgage Rates Drift Higher Again; Relief In Sight?

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weeklyrateheader.png
30 Year Fixed
4.03% +0.02
15 Year Fixed
3.21% +0.03
10YR Treasury
2.33% +0.0250
FNMA 30YR 3.5
103.38 -0.08
FNMA 15YR 2.5
103.70 -0.05
View Today’s Rates
Mortgage Rates Drift Higher Again; Relief In Sight?
October 31, 2014
Market Summary
Mortgage rates stayed surprisingly stable this week despite several potentially unsettling events. Unfortunately, the stability came in the form of a stable trend toward higher rates. Despite the weakness, rates did a good job of holding their ground in the face of several challenging events, offering some hope for a bounce early next week.

The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution), remained at 4.0% but with 4.125% now a closer runner-up compared to last week.

The week ahead is not without its own market movers. Europe continues to be a major consideration for US rates and the European Central Bank releases their policy announcement on Thursday. One day later, the biggest piece of economic data for the US will be released–The Employment Situation. Either of these events are capable of giving rates a solid push higher or lower, depending how they go. The conclusion is that lock/float decisions should be carefully reevaluated by the middle of next week.

Matthew Graham, Chief Operating Officer, Mortgage News Daily

30 Year Fixed Rate Mortgage
31?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 3.99%
Ending Average: 4.03%
Weekly Change: +0.04%
Yearly Change: -0.13%

Friday, October 24, 2014 : 3.99% (-0.02%)
Mortgage rates caught a break today and were able to ease just slightly lower heading into the weekend. This is somewhat refreshing because yesterday’s bigger move higher was the kind of thing that historically results in further upward pressure. The gains weren’t quite enough to get the average top tier rate quote back into the 3’s for conforming, 30yr fixed loans. 3.875% and 3.75% remain viable for some borrowers looking to pay more money upfront in exchange for a lower monthly payment. In general though, 4.0% is the most prevalent quote today.

More detail: “Mortgage Rates Mildly Lower; Volatile Week Ahead”

Monday, October 27, 2014 : 3.99% (+0.00%)
Mortgage rates were almost perfectly unchanged over the weekend. Most lenders are still right in line with Friday’s most prevalently-quoted conforming 30yr fixed rate of 4.0% for top tier borrowers. That said, most of those rate sheets also still have reasonable costs for borrowers interested in paying more upfront for a lower rate. For instance, the time required to break even on additional upfront costs is roughly 5 years when moving down from 4.0 to 3.875% or 3.75%, depending on the lender.

Today was uneventful in terms of movement in the markets that underlie mortgage rate changes. The rest of the week, however, stands a good chance to be increasingly volatile. Wednesday afternoon’s Fed Announcement is the main event in that regard. The Fed is widely expected to confirm the end of the asset purchases associated with its 3rd round of quantitative easing (QE3). While that won’t be a surprise if it happens, it will require additional verbiage changes in a statement that hasn’t been forced to undergo any meaningful changes in months.

More detail: “Mortgage Rates Holding Near 4 Percent”

Tuesday, October 28, 2014 : 3.99% (+0.00%)
Mortgage rates were almost universally sideways today with very few lenders changing rate sheets noticeably from yesterday. As such, the most prevalent conforming 30yr fixed rate quote remains 4.0% for top tier borrowers. It continues to be the case that paying points upfront in exchange for a lower rate may make sense to some borrowers at these levels. There’s nothing inherently bad or good about that strategy. It’s simply a trade-off between upfront costs and monthly payment.

More detail: “Mortgage Rates Stay Sideways Ahead of Important Fed Announcement”

Wednesday, October 29, 2014 : 4.04% (+0.05%)
Mortgage rates rose to the highest level in 3 weeks after today’s Fed Announcement. The move was a two-part process with initial rate sheets being weaker in the morning and mid-day reprices (lenders raising rates) following the Fed. The pace of the movement was moderate, leaving 4.0% intact as the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers, but 4.125% is now much closer than it had been. Many lenders are already there today.

It’s important to understand that the Fed ending QE and today’s rise in rates are not in a direct causal relationship. Market participants unanimously agreed that today would mark the end of the Fed’s third round of quantitative easing (QE3) and that part of the announcement was no surprise.

More detail: “Mortgage Rates at 3-Week Highs After Fed Ends QE”

Thursday, October 30, 2014 : 4.01% (-0.03%)
Mortgage rates pulled back to hold near 4 percent after rising to the highest levels in 3 weeks. After yesterday’s Fed announcement, the most common rate quotes were at risk of edging up to 4.125% for top tier borrowers. While some lenders are still in that range today, the improvement keeps the balance tipped decisively toward 4.0%. In other words, both rates are out there today, but 4.0% is more prevalent. In general, rates are nearly back in line with Tuesday’s.

Whether rates had simply had enough of their recent move higher or whether they’re just more in tune with weakness in the European economy, today’s stronger GDP report didn’t have any impact.

More detail: “Mortgage Rates Recover Slightly; Holding Near 4 Percent”

Friday, October 31, 2014 : 4.03% (+0.02%)
All things considered, bonds–especially the Mortgage-Backed-Securities (MBS) that govern mortgage rates–held up quite well. In other words, this is one of the few instances where a bad day for rates may actually turn out to be good in the long run. Volatile market conditions put bond markets to the test, and provided them an opportunity to display some innate resilience.

Next week is not without its own market movers though. Europe continues to be a major consideration for US rates and the European Central Bank releases their policy announcement on Thursday. One day later, the biggest piece of economic data for the US will be released–The Employment Situation. Either of these events are capable of giving rates a solid push higher or lower, depending how they go. The conclusion is that lock/float decisions should be carefully reevaluated by the middle of next week.

More detail: “Mortgage Rates Slightly Higher After Big News From Japan”

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Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads.
Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.03% +0.02
15 Yr FRM 3.21% +0.03
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 3.92% +0.02
5/1 Yr ARM 3.25% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.47% 1.11 +0.02
30 Yr. Fixed 4.33% 1.33 -0.01
MBA ** hdr_arrow.png
30 Yr. Fixed 4.20% 0.17 -0.10
15 Yr. Fixed 3.41% 0.28 -0.07
30 Yr. Jumbo 4.14% 0.10 -0.07
30 Yr. FHA 3.90% 0.08 -0.10
5/1 ARM 3.05% 0.38 -0.15
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 3.98% 0.50 +0.06
15 Yr. Fixed 3.13% 0.50 +0.05
1 Yr. ARM 2.43% 0.40 +0.02
5/1 Yr. ARM 2.94% 0.50 +0.03

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 100.00 -0.14
30YR FNMA 3.5 103.38 -0.08
30YR GNMA 3.0 101.95 -0.02
30YR GNMA 3.5 104.41 -0.06
15YR FNMA 3.0 103.70 -0.05
15YR FNMA 2.5 101.47 -0.09
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 0.4974% +0.0202
5 YR 1.6079% +0.0329
10 YR 2.3317% +0.0250
30 YR 3.0630% +0.0167
Prices as of: 10/31/2014 4:32PM EST

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.

© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

View this Report in your Web Browser | Forward to a Friend | Subscribe
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Baby Boomer Attitudes on Housing Might Surprise You

Baby Boomer Attitudes on Housing Might Surprise You

Posted to: MND NewsWire
Friday, October 31, 2014 10:46 AM

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A survey of attitudes toward housing released on Thursday by The Demand Institute indicates that the Baby Boom generation still has no intention of aging gracefully. In fact, when it comes to housing it appears few intend to yield at all to their advancing years.

The Institute, a nonprofit run by the Conference Board and the Nielson ratings people, surveyed 4,000 households last year in which residents qualified as members of that huge post-war generation born between 1944 and 1963 about their future housing plans.

The survey found that as a group Baby Boomers had a median net worth of $200,000 in 2007 and were on their way to accumulate nearly $370,000 by 2013. Instead the recession sent many off the rails and at the time of the survey that median net worth was down to a median of $143,000. Although many Boomers have delayed or modified their plans due to the recession they have, the Institute says, not abandoned them entirely. Over the next five years it is expected they will spend $1.9 trillion on new home purchases and $500 billion on rent.

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MBS MID-DAY: Unexpected Weakness After Japan Tape-Bomb, but Some Redeeming Qualities

MBS MID-DAY: Unexpected Weakness After Japan Tape-Bomb, but Some Redeeming Qualities

Posted to: MBS Commentary
Friday, October 31, 2014 12:46 PM

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This will largely be a reprint of an update that appeared on MBS Live this morning. Reason being: that update covered the impact of big, surprising news from the Bank of Japan overnight, and it has been the only salient market mover for bond markets.

As for the movement, it’s not good, but neither is it without its redeeming qualities. Bonds are decidedly weaker (not good). But 10yr yields are holding under or around key technical ceilings and MBS are outperforming somewhat heroically (redeeming).

And now for the big, long explanation on the overnight news:

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Lender Still on the Hook Despite CFPB Consent Order

Lender Still on the Hook Despite CFPB Consent Order

Posted to: MND NewsWire
Thursday, October 30, 2014 2:13 PM

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A recent motion filed by a mortgage company to dismiss portions of a class action suit against it shows, according to an attorney familiar with the matter, that a consent order settling charges brought by the Consumer Financial Protection Agency (CFPB) “does not necessarily bring finality to the issues it covers.” At least not in the absence of releases from affected consumers.

Barbara S. Mishkin, writing in the Ballard & Spahr CFPB Monitor says that earlier this week Castle & Cooke Mortgage, LLC filed a motion to dismiss three counts in a class action complaint filed against it in federal court last July. The named plaintiff, a consumer, had received redress under a consent order from CFPB against Castle & Cooke finalized in November 2013. The order had settled charges that the mortgage company had violated the Regulation Z loan originator compensation rule by establishing a quarterly bonus system giving loan officers greater bonuses for originating loans at higher interest rates. CFPB maintained that the bonus system was not reflected in the company’s compensation agreements and while payroll records reflected the bonuses there was nothing indicating what portion of a bonus was attributable to which loan

(READ THE FULL POST)

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