Thinking Refi? Read this First !

Posted To: Community Commentary

With rates near all-time lows, millions of homeowners are frantically refinancing. Borrowers often think the only pertinent question is “ how much can I drop my rate? ”, when there’s other as (or more) important factors involved. Let’s look at some of those, and make more informed decisions on refinancing: What will it cost? Refinance expenses vary widely by state. Florida and New York have hefty state taxes and title fees. Attorneys are required in some states, but not others. A refinance that costs $2,000-$3,000 in low cost states could be $8,000-$10,000 elsewhere. Refinancing in the 5 boroughs? Don’t forget to account for your mansion tax! Can I get a lender credit to cover any closing costs? Mortgages have interest rates in .125% intervals. Actual loan pricing doesn…(read more)

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Thinking Refi? Read this First !
Thinking Refi? Read this First !

Forbearances Decline for Second Week; Rates Are Not 1.99%

Two entities, Black Knight and the Mortgage Bankers Association (MBA) have been tracking loans in forbearance plans since the start of the pandemic. They have diverged a bit in their numbers over the last half year, but both agree, in their most recent reports, that there are now fewer than 4 million borrowers in plans. MBA, in their report earlier this week, said there were 3.7 million loan in forbearance, or 7.67 percent of all loans in servicer portfolios. On Friday Black Knight’s report put the number of 3.9 million, or 7.4 percent of the estimated 54 million loans being serviced. About 73 percent of those loans are in extensions of their initial 90-day plan. Black Knight says the current tally is down by 71,000 from the previous week and represents $852 billion in unpaid principal. There
Forbearances Decline for Second Week; Rates Are Not 1.99%
Forbearances Decline for Second Week; Rates Are Not 1.99%

MBS RECAP: Boring Day For Bonds, But Tension Remains For Mortgages

Posted To: MBS Commentary

Boring Day For Bonds, But Tension Remains For Mortgages Rates continued reeling (depending on the lender) from the G-fee hike announced late Wednesday, but bonds managed to hold their ground (finally). This is the first decent push back against the recent technical breakout and the first real chance we have of defining an upper boundary for the current range. It's also the most optimistic view of such a ceiling. We'll know more about its chances next week. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Retail Sales 1.2 vs 1.9 f'cast vs 8.4 prev Core Retail Sales 1.4 vs 0.8 f'cast , 5.6 prev Industrial Production 3.0 vs 3.0 f'cast, 5.7 prev Consumer Sentiment 72.8 vs 72.0 f'cast, 72.5 prev Market Movement Recap 08:15 AM Bonds were slightly…(read more)

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MBS RECAP: Boring Day For Bonds, But Tension Remains For Mortgages
MBS RECAP: Boring Day For Bonds, But Tension Remains For Mortgages

Mortgage Rates Are Not 1.99%. In Fact They're Back Over 3%

Posted To: Mortgage Rate Watch

Some mortgage companies have generated buzz by advertising 30yr fixed rates of 1.99%. While it is possible to obtain such a rate, there is definitely a catch. Rates are certainly low in the big picture. Up until this week, they were as low as they’ve ever been . The average lender was easily able to do a conventional 30yr fixed in the high 2% range for ideal scenarios. The situation has deteriorated fairly rapidly since then. More on that in a moment. For now, let’s pretend rates are still at all time lows, because even when that was the case, 1.99% still wasn’t what it appeared to be. The key concept that will help us understand why we could see 1.99% advertised when the average lender is almost a full percentage point higher is that of upfront costs vs interest rate. Fortunately, it’s pretty…(read more)

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Mortgage Rates Are Not 1.99%. In Fact They're Back Over 3%
Mortgage Rates Are Not 1.99%. In Fact They're Back Over 3%

Fed is going to have buy more Treasurys if we get a stimulus deal: Chief investment officer

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Rick Rieder, BlackRock chief investment officer of global fixed income, joins 'Squawk Box' to discuss what the market is predicting in terms of a recovery.

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Fed is going to have buy more Treasurys if we get a stimulus deal: Chief investment officer
Fed is going to have buy more Treasurys if we get a stimulus deal: Chief investment officer

July retail sales rise 1.2 percent versus forecasts of 2.3 percent

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CNBC's Rick Santelli reports on the July retail sales and CNBC's Steve Liesman breaks down the ex-autos retail sales.

…(read more)

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July retail sales rise 1.2 percent versus forecasts of 2.3 percent
July retail sales rise 1.2 percent versus forecasts of 2.3 percent

Industrial production data rises 3 percent versus 2.8 percent expected

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CNBC's Rick Santelli reports on July's industrial production numbers.

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Industrial production data rises 3 percent versus 2.8 percent expected
Industrial production data rises 3 percent versus 2.8 percent expected

Consumer sentiment index beats expectations, 72.8 vs 71 expected

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CNBC's Rick Santelli takes a look at business inventory data and a preliminary August read of the consumer sentiment index.

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Consumer sentiment index beats expectations, 72.8 vs 71 expected
Consumer sentiment index beats expectations, 72.8 vs 71 expected

Controller, MLO Jobs; ROI, Broker, AI, Jumbo Products; Compliance and State-Level Legal News

Posted To: Pipeline Press

Hundreds of thousands of people in the lending industry, their borrowers, and vendors are grappling with the refi price hit announced Wednesday evening by FHFA Director Calabria. From the Carolinas I received this from Rhonda M. “We are into the J’s now for Atlantic named storms. Wonder if Hurricane Jalabria might work?” In one sense it is merely a transfer of money directly from lenders to the Agencies and the FHFA. When refinancing from 4 percent to 3 percent what added risk is there in this rate term product? None, so why the “refi tax”? We’ll survive, of course, just as we have done with RESPA, TRID, and the 10 basis point increase to gfees that we’re still paying for after Congress directed the FHFA to implement due to the “Temporary”…(read more)

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Controller, MLO Jobs; ROI, Broker, AI, Jumbo Products; Compliance and State-Level Legal News
Controller, MLO Jobs; ROI, Broker, AI, Jumbo Products; Compliance and State-Level Legal News

Forbearances Decline for Second Week, Falling Below 4 Million

Posted To: MND NewsWire

Two entities, Black Knight and the Mortgage Bankers Association (MBA) have been tracking loans in forbearance plans since the start of the pandemic. They have diverged a bit in their numbers over the last half year, but both agree, in their most recent reports, that there are now fewer than 4 million borrowers in plans. MBA, in their report earlier this week, said there were 3.7 million loan in forbearance, or 7.67 percent of all loans in servicer portfolios. On Friday Black Knight’s report put the number of 3.9 million, or 7.4 percent of the estimated 54 million loans being serviced. About 73 percent of those loans are in extensions of their initial 90-day plan. Black Knight says the current tally is down by 71,000 from the previous week and represents $852 billion in unpaid principal. There…(read more)

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Forbearances Decline for Second Week, Falling Below 4 Million
Forbearances Decline for Second Week, Falling Below 4 Million