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  • MBS RECAP: Bond Markets Holding up Well Against Stock Market Strength; MBS Better Still

    Posted To: MBS Commentary

    It turned out to be an exceedingly uncomplicated day for Treasuries by the time US trading hours rolled around. Before that, yields moved sharply higher in the overnight session after news of potential ECB corporate bond buying . This isn't something that's currently on the table for discussion in the upcoming meeting, but multiple sources say it's something the ECB has worked on. Given Germany's opposition to sovereign debt buying combined with the need for the central bank to "do as much as possible," it definitely makes sense to many market participants as a legitimate possibility. Most of the damage was done by 8am and all of it was done by 9am. From there, 10yr yields went no higher for the rest of the day. Incidentally, this resulted in the highest marks of the...(read more)

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  • Mortgage Rates Sideways to Slightly Higher

    Posted To: Mortgage Rate Watch

    Mortgage rates continue to bide their time , holding just under 4 percent on average. Some borrowers might see their quote move up .125% from yesterday, but others will be quoted the same rate with slightly higher closing costs. A few lenders didn't move at all, but they're the exception. Overall, rates were slightly weaker, resulting in a better balance between 3.875% and 4.0% as the two most prevalently quoted conforming 30yr fixed rates for top tier borrowers. Given the strong move higher in the stock market combined with the fact that rates have been taking a lot of guidance from stocks, today's marginal increase in rates is actually a strong showing. The bond markets that underlie mortgage rate movement have done more to march to their own beat while broader markets make bigger moves....(read more)

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  • No Surprise: Final QRM Rule Closely Follows QM

    Posted To: MND NewsWire

    Financial regulators on Tuesday finally released the final rule defining Qualified Residential Mortgages (QRM). The definition is intended to determine which loans are exempt from the risk retention requirements of the Dodd Frank Wall Street Reform and Consumer Protection Act. As expected, the final QRM is aligned with the definition of Qualified Mortgages (QM) which defines how lenders determine if a borrower has the ability to repay the loan and sets out a safe harbor for lenders as they make that determination and underwrite the loan. The regulatory agencies issuing the regulation (Treasury, Housing and Urban Development, the FDIC, Securities and Exchange Commission, Federal Housing Finance Agency, and the Federal Reserve) observed in the preamble to the proposals presenting the rule the...(read more)

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  • MBS MID-DAY: Bond Markets Improving Despite Stronger Data and Stocks

    Posted To: MBS Commentary

    This morning's day ahead commentary asked "will bonds continue to defy stocks?" The answer appears to be an emphatic " yes !" The S&P is up well over 20 points from opening levels and right around 30 points from yesterday's close, yet Treasuries are very nearly unchanged . Not only that, but they've been improving over the past 2 hours while stocks have seen some of their best gains. The news is even better for MBS , which just now turned positive on the day (Fannie 3.5s) after being down nearly a quarter of a point earlier. Economic data was inconsequential as far as bond markets were concerned. In fact, the time leading up to and away from the 10am Existing Home Sales data was the least volatile of the day with 10yr yields essentially flatlining at 2.22...(read more)

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  • Existing Homes Selling at Year's Fastest Pace

    Posted To: MND NewsWire

    Existing home sales, which ended four straight months of gains with a 1.8 percent decline in August, bounced back in September the National Association of Realtors® (NAR) said today. Sales increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million homes, the highest pace of the year , from the August rate of 5.05 million. Despite the recovery, sales in September are still 1.7 percent lower than in September 2013. Existing homes were selling then at a rate of 5.26 million. Sales of single family homes rose 2.0 percent to an annual rate of 4.56 million from 4.47 million in August but were 1.9 percent below the annual rate of 4.65 million units a year earlier. Existing condo and cooperative units sold at a 5.2 percent higher rate than in August, 610,000 units compared to 580...(read more)

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  • NY Finally has its own MBA; Accronym Update: QRM, NMLS, CFPB, FHFA, & HUD

    Posted To: Pipeline Press

    I was dealt a serious setback yesterday here at the MBA conference, being held in the immense Four Seasons, Mandalay, Delano, conference center complex. While among the slot machines (the two that stand out are "Pirate's Booty" and "Gorilla's Mist") I ran out of breadcrumbs that I was using to sprinkle along my path so that I could find my way back to my room. I did, however, see Pete Rose signing autographs in a book store at the Mandalay - apparently his popularity comes and goes in sync with the popularity of non-prime/sub-prime lending. Who said there's nothing new under the sun? New York finally has a statewide mortgage bankers association. "The association is there for you! The full time staff, with both extension mortgage banking and association management experience, will provide members...(read more)

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  • MBS Day Ahead: Will Bonds Continue to Defy Stocks?

    Posted To: MBS Commentary

    Will bond markets be able to hold their ground if equities make more meaningful gains today? I don't know but they did yesterday, and it was the best such performance since mid September. In fact S&P futures were up over 20 points by 5pm Treasuries had managed to make meager gains over the same time frame. This is a promising divergence because it suggests we might not be wholly dependent on stock markets in order to see low rates hang around a bit longer. Far more tenuous in terms of bond market inspiration is economic data. Today's only potentially relevant economic report is the Existing Home Sales report at 10am. It's expected to improve to a 5.10 million unit annual pace from last month's 5.05 mln annual pace. MBS Pricing Snapshot Pricing shown below is delayed, please...(read more)

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  • MBA's Stevens: No Sense Pining for the way it used to be

    Posted To: MND NewsWire

    David Stevens, President of the Mortgage Bankers Association (MBA), told an audience attending the association's s annual convention in Las Vegas that the rules for Qualified Residential Mortgages will be, as rumored, released on Wednesday. This rule, which was sent back to the drawing board two years ago after housing stakeholders complained it would shut down mortgage lending will, in this iteration, he said be aligned with the Qualified Mortgage Rule and will not have steep downpayment or strict debt-to-income requirements. He credited the industry and consumer groups for advocating on the issue. Stevens pointed to other accomplishments MBA and other industry groups have made over the past year but said there is still a lot wrong with housing . Many people seem to have forgotten that housing...(read more)

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  • MBS RECAP: Bond Markets Refreshingly Resilient Against Stock Market Gains

    Posted To: MBS Commentary

    Treasuries and MBS didn't end up making much progress today. Fannie 3.5s are only 2 ticks higher than they were at the close on Friday and 10yr yields aren't even 1bp lower. But bond markets were still arguably successful . Reason being: stocks advanced by nearly 20 points in the S&P. Why is this significant? Because equities have been the primary guidance giver for bond markets recently, and a 20 point move in the S&P is not the sort of thing that bonds have been able to overcome until today. That could mean today was simply less consequential, it could also be a sign of growing technical support in bond markets. Whatever the case, the lack of movement means we remain in "post-volatility limbo." This refers to the 3-5 days of muted movement following a dramatic spike...(read more)

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  • Watt Focuses on Reps/Warrants; 97% GSE Loan Mentioned Only in Passing

    Posted To: MND NewsWire

    Federal Housing Finance Agency (FHFA) Director Melvin L. Watt focused his remarks to attendees at the Mortgage Bankers Association annual conference on the issue of representation and warranties. He acknowledged that fears of being forced to repurchase large numbers of loans after they have been sold to one of the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac has created unease among lenders almost from the start of the mortgage crisis. Watt said that the Representation and Warranty Framework in use by the GSE's provides them the necessary assurances they need to purchase loans in an efficient and responsible manner without checking each loan individually or attending every closing. They also provide the Enterprises remedies to address situations where a lender's obligations...(read more)

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