MBS Day Ahead: Big Decisions to be Made, But Not Today

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MBS Day Ahead: Big Decisions to be Made, But Not Today

Posted to: MBS Commentary
Friday, November 29, 2019 9:48 AM

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Due to the holiday-shortened work week, today’s economic calendar is empty and Wednesday’s was about as clogged as it ever gets, with the following reports all within the space of 90 minutes (except the early bird mortgage application data):

  • MBA mortgage apps
  • Jobless Claims
  • Durable Goods
  • GDP (2nd update for Q3)
  • PCE inflation
  • Pending Home Sales
  • Crude Oil Inventory
  • 7yr Treasury Auction
  • Chicago PMI

It really doesn’t get any more action-packed than that, but in the bigger picture, bond markets couldn’t care much less. The trade war won’t be resolved this week. The…

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Specified (“Spec”) Pools and REIT Primer; Vendor News; Disaster Updates

Specified ("Spec") Pools and REIT Primer; Vendor News; Disaster Updates

Posted to: Pipeline Press
Friday, November 29, 2019 8:22 AM

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There are seven members of the Board of Governors of the Federal Reserve System, and each region has a President. For 2019, the annual salary for the Fed Chairman is $203,500. The annual salary of the other Fed Governors is $183,100. But just think of all the “free” lunches during your speaking tours! There is no pay gap between men and women in the Fed, nor should there be. But per the U.S. Census Bureau, unfortunately all of the largest occupations with over 1 million full-time workers show some degree of earnings gap between men and women. This pattern remains for most of these occupations even when accounting for educational attainment. Occupations in which men are, on average, older than women have higher earnings on average, compared with occupations in which women are older.

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Refinancing Share of Freddie’s Volume Soared in October

Refinancing Share of Freddie’s Volume Soared in October

Posted to: MND NewsWire
Wednesday, November 27, 2019 12:06 PM

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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 3.0 percent in October, down from 10.7 percent the previous month. The portfolio balance at the end of the period was $2.301 trillion compared to $2.295 trillion at the end of September and $2.157 trillion a year earlier.

Purchases and Issuances totaled $51.128 billion and Sales were ($1.578) billion. The September numbers were $61.80 billion and ($2,205) billion respectively.

Single-family refinance loan purchase and guarantee volume was $26.9 billion in October, up from $22.2 billion in September and representing a 57 percent share of total single-family mortgage portfolio purchases and issuances compared to 48 percent the previous month.

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Pending Home Sales Decline, But Still in Strong Territory

Pending Home Sales Decline, But Still in Strong Territory

Posted to: MND NewsWire
Wednesday, November 27, 2019 9:59 AM

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Pending home sales slipped in October after two months of solid gains. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI), a leading indicator of existing home sales, retreated 1.7 percent to 106.7 in October. The Index had gained an aggregate of 4 percentage points over the previous two months. The PHSI was up 4.4 percent from its reading in October 2018. This month neither Econoday nor MarketWatch published analysts’ forecasts for pending home sales. Lawrence Yun, NAR’s chief economist, noted the decline in inventory and a small rise in mortgage rates from the prior month to explain, in part, the October decline in contract activity.

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Borrower Retention Tool; 2020 Loan Limits; Fed Addressing Financial Disparity

Borrower Retention Tool; 2020 Loan Limits; Fed Addressing Financial Disparity

Posted to: Pipeline Press
Wednesday, November 27, 2019 8:24 AM

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Loan officers know that rent is a “piece of the puzzle,” “a part of the equation” in the homebuying decision. They should be glad to know that the typical rent in the U.S. is now $1,600, an annual increase of 2.3% in October. I’m simplifying things quite a bit, but it is not lost on LOs that a $1,600 monthly outgo, including taxes and insurance after a $20,000 down payment, buys someone a $300,000 house at current rates. And it’s still the American Dream! What isn’t in the American Dream is having your personal information sold by motor vehicle departments around the nation. For example, the California DMV pocketed $52,048,236 in revenue in the 2017-18 financial year through the sale of drivers’ personal information. California is not alone in the practice of selling names, physical addresses and car registration information to companies like LexisNexis and Experian, as well as to private investigators, insurance companies, and prospective employers.

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Mortgage Apps On-Track for Best Year Since 2007

Mortgage Apps On-Track for Best Year Since 2007

Posted to: MND NewsWire
Wednesday, November 27, 2019 5:08 AM

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Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association (MBA) says low rates are continuing to keep mortgage applications activity brisk. “Mortgage rates stayed below 4 percent for the second straight week and borrowers responded positively, with mortgage applications rising 1.5 percent on the back of increases in both refinance and purchase activity,” Kan said. “Refinances have been strong this month, but we are starting to see the average pace slow compared to the peak experienced in August through October.” MBA’s Market Composite Index, a measure of mortgage loan application volume, increased, as Kan said, 1.5 percent on a seasonally adjusted basis during the week ended November 22.

MBS RECAP: Holiday Drift Continues

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MBS RECAP: Holiday Drift Continues

Posted to: MBS Commentary
Tuesday, November 26, 2019 5:24 PM

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For those of you who are MBS Live members, yes, the recap title is the same as the MBS Huddle. Sorry for the lack of creativity, but this is an uninspiring week that’s been living up to every ounce of its uninspiring potential.

Bonds were inconsequentially stronger overnight and moved almost perfectly sideways throughout the domestic session. It’s as if the trading algorithms that have caused some ridiculous Thanksgiving volatility in the past were finally turned off (as they should be) or simply set to “sleep mode.”

Apart from a modest bump toward…

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