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 Mortgage News Daily
Mortgage Portmanteaus -- Brankers and Broanchers vs. Net Branches - 1 hour ago
Posted To: The Garrett Watts ReportA portmanteau means a blend of two or more words and their meanings into one new word. An example is the word brunch meaning breakfast +lunch. Another is smog meaning a combination of smoke and fog. Some would consider a portmanteau a type of word morphing and we agree. Mortgage lending has had its share of portmanteaus. Over the last several years mortgage brokers who were transitioning to mortgage banking were sometimes phrased as Brankers. Branker is a morph of a mortgage banker and mortgage broker. A Branker acts and operates as a mortgage broker and doesn’t perform many functions of a mortgage banker – underwriting, doc prep and secondary market --, but does fund and sell loans in their name as a mortgage bankers. One key similarity with Bankers and Brankers is loan repurchase...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS MORNING: Supply Concessions Set Up. Targets Outlined - 2 hours ago
Posted To: MBS CommentaryThe main theme in the rates market this morning has been a set up for the last Treasury auction of the week :$13 billion 30s. Results to be released at 1pm. The auction supply concession is obvious when looking at both price action outright as well as the long bond's performance relative to the rest of the yield curve. The chart below is 30 year bond prices. Notice the initial concession that was able to be built in after the Employment Situation Report was released last Friday. This theme carried over to this week...bond prices have continued to fall ahead of today's auction. Looking at the long bond's performance relative to the rest of the yield curve makes the auction concession even more obvious. 30s got their butts whipped by 2s after jobs data last Friday and the curve steepened...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Lenders Relaxing Non-Agency ARM Regs; High Cost Loan Reporting Guidance; Negative Convexity Defined; New Mortgagee Letter - 3 hours ago
Posted To: Pipeline PressWho says numbers aren't fun? A top muni bond analyst at Wells Fargo sent THIS to me. Numbers are fun! Sometimes time drags, and sometimes it flies. I came to this brilliant observation yesterday while waiting in the California DMV, waiting for my 15 year old daughter to obtain her driver's permit. Time flies doesn't it? On the other hand, in the mortgage business, it seems like a lifetime ago when companies were offering stated/stated 90% neg AM loans. Can anyone seriously push to have those days come back? That being said, ING notified its brokers that it raised LTV's and CLTV's, especially on Jumbo adjustable rate mortgages. US Bank's wholesale division is pushing its 1/1, 3/1, 5/1, 7/1, 10/1 ARM programs with IO options, cash out, up to $1.5 million. EverBank is "dipping...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS OPEN: Speculative Signs of Reversal in Benchmarks - 5 hours ago
Posted To: MBS CommentaryGood Morning. A nationwide strike has essentially shut down Greece. From the AP : "Thursday's strike — the second in a week — brought the country to a virtual standstill, grounding all flights and bringing public transport to a halt. State hospitals were left with emergency staff only and all news broadcasts were suspended as workers walked off the job for 24 hours to protest spending cuts and tax hikes designed to tackle the country's debt crisis" Seems like a good way to cut the deficit doesn't it? (note sarcasm) Jobless Claims data has been released. The market was expecting 460,000 new claims and 4.49m continued claims. The Labor Department reported initial jobless claims fell to 462,000 in the week ending 3/6/2010. This is 6,000 less than the previous...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Chinese Inflation Drives Domestic Stocks Lower - 5 hours ago
Posted To: MND NewsWireSpeculation that China may have to tighten its economic policy is pulling investor sentiment lower this morning. Amid positive data on industrial production and retail sales, Chinese CPI climbed 2.7% in February, indicating that the central bank may have to take a more serious approach to slow down spending. “China is aiming for 3% inflation for all of 2010,” said Benjamin Reitzes from BMO. “Continued acceleration would make that target tough to hit and markets are concerned that this latest jump in inflation could cause Chinese officials to tighten policy further.” Reitzes called the CPI figure “somewhat troubling,” adding that it’s too early to a definitive statement that prices are about to take off. “However, with the economic numbers showing...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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