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Home Equity, Budgeting Tools; Extensive Reports on Rise of Non-Bank Lending

Posted To: Pipeline Press

This week I’ve been running football quotes in the joke section at the bottom. Thanks to Gary B. who sent Chuck Noll’s, “Pressure is something you feel when you don’t know what you’re doing.” Lots of folks in our industry, including me, don’t know what they’re doing in terms of technology. Nor does the consumer. “Rob, here's a question for your readers. I'm reading articles about Facebook secretly using the user’s iPhone camera as you scroll your feed . If a loan officer has Facebook on their phone, and receives loan applications through an app or other means on their iPhone, how does a mortgage company QC the security of consumer information? Signed: Make paper great again!” Regarding consumers, how about two who, gosh darn...(read more)

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11/15/2019 01:59 PM

MBS Day Ahead: Retail Sales in Focus; Trade Headlines Always a Risk

Posted To: MBS Commentary

It's Friday and that means it's time to be on the lookout for unexpected trade-related headlines, especially in the afternoon. Those sorts of newswires and tweets have become almost predictable at the end of any given week, but markets have increasingly taken them with a grain of salt. Case in point, last week's major motivation for stock gains and bond market weakness was the notion that previously announced tariffs would be rolled back as a part of the phase 1 trade deal. The biggest move followed an announcement to that effect from China's commerce minister. But when Trump pushed back on those headlines on Friday, it did little to undo what had already been done (though it definitely moved markets). Before we get to the point in the day where such headlines become a bigger...(read more)

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11/15/2019 01:31 PM

What Exactly is "Mass Timber" and Why Should We Care?

Posted To: MND NewsWire

Look closely and you will see that a lack of new home construction is behind almost every problem facing housing today. Residential construction has simply not recovered from the financial crisis and the experts see it only growing worse. Freddie Mac's economists estimated the long-term shortfall between the supply of homes and the demand could be 2.5 to 4.0 million units each year. The National Association of Homebuilders' (NAHB's) Paul Emrath says since 2006 builders have never matched the average of 1.5 million homes they built each year from 1961 to 2000. While there are many reasons builders aren't building, two of them are the costs of construction making it risky for builders to assume they can make a profit, and the lack of appropriate skilled labor . One type of building that is attracting...(read more)

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11/14/2019 09:59 PM

MBS RECAP: Bonds Make Case For a Comeback

Posted To: MBS Commentary

By the end of last week, although there was potentially a sliver of hope afforded by Friday's highs being slightly lower than Thursday's, it looked like bonds were punching out of the massive 2019 rally and embarking on the new trend toward higher rates. But the new week of trading has increasingly called that conclusion into question. Granted, there were a few other reasons to hold out hope over the weekend (trade deal backtracking, temporary trepidation about new bond issuance, the technical ceiling at 1.94% potentially acting as a buying cue, and the chance that the weakness was exacerbated by the "3-day weekend effect"), but no one could be blamed for not wanting to catch that falling knife. By moving back down to 1.82%, 10yr yields have already made it clear that a surge...(read more)

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11/14/2019 09:58 PM

Mortgage Rates Are Actually LOWER This Week

Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today. Whereas it was a bit easier to be dismissive about recent improvements, they're starting to add up at this point. Granted, we're not talking about anything other than a return to the rates seen on November 6th, but for anyone who was rate shopping at the end of last week, that's a welcome change. As if often the case on Thursdays, there is a major discrepancy between much of today's mortgage rate news and what I'm telling you here. Specifically, whereas I'm telling you rates are lower today and as low as they've been in more than a week, the average major media outlet is saying rates are HIGHER this week. As usual (at least when it comes to rates on Thursdays), I'm right and they're wrong. Actually, I'm right in a timely way and they're right if the goal...(read more)

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11/14/2019 09:24 PM

MBS Day Ahead: Should The Last Trend Get a Do-Over?

Posted To: MBS Commentary

Bonds gave us quite a scare last week as key technical ceilings gave way. High volume and concrete fundamental justification added validity to the move. Combine that with the massive size and old age of the 2019 rally and there was more than just a small reason to be concerned. To be very clear, there are still reasons to be concerned about a potential big-picture shift that may be in the works, but we can at least entertain the possibility that such a shift has yet to be confirmed. I keep going back to 2011 as the best example of similar behavior in the bond market. For several weeks now, it has been the precedent that lets us know bonds could rally even more, or undergo only a mild correction before embarking on another rally trend. If we examine 2019 vs 2011 with a long-term modified moving...(read more)

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11/14/2019 02:32 PM

Broker, Marketing, DPA Tools; GSE Changes; Yield Curve, Employment, and Mortgage Rates

Posted To: Pipeline Press

Some people save $2.95 a day by making coffee at home rather than stopping at Dunkin’ or Starbucks. It adds up! Something didn’t add up for WeWork which reported this morning that it lost $1.25 billion in the 3rd quarter. I think that’s the combined whole net worth of about 1,000 small brokers and bankers. Perhaps WeWork could use a loan, from… Google? Next year you’ll be able to bank at Google via a partnership with Citigroup and a credit union. All the talk months ago about Amazon entering residential lending, what about Google? (By the way, yesterday Nike cut off selling through Amazon.) Lender Services and Products Maxwell’s ground-breaking loan application, QuickApply, for their digital mortgage point-of-sale platform is designed to ease one of the...(read more)

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11/14/2019 01:54 PM