There were three Indian squaws. One slept
on a deer skin, one slept on an elk skin, and the third slept on a hippopotamus
skin.
All three became pregnant.
The first two each had a baby boy. The one
who slept on the hippopotamus skin had twin boys. This just goes to prove
that the squaw of the hippopotamus is equal to the sons of the squaws of the
other two hides.
Want a good statistic to demonstrate how tight the housing
market is? 57% of all realtors have been involved in a sale with at least
10 offers on a single property in the past year. In fact, only 2% have not
experienced a bidding war in the last year. In many areas Baby Boomers aren't
moving, being perfectly happy where they are. The move-up buyer can't find (or
afford) a better place so they are staying put, and we all know what
that does to first-time home buyers. Of course, a certain percentage of those
are all-cash buyers. That's only part of the problem: appearing before the
House Financial Services subcommittee, Dave Motley, president of the Colonial
Savings FA, said increased federal regulations and resulting constricted availability
of credit in recent years have affected the ability of the mortgage industry to provide
financial products and services to consumers and smaller lenders.
New products from lenders and vendors, new business
channels
The Capital Markets Division of MIAC Analytics continues to expand its whole loan trading
desk. MIAC placed $600 MM of whole loans in 2016 and continues to grow
their trading volume. MIAC's Whole Loan Brokerage Team specializes in
leveraging MIAC's advanced pricing analytics for Re-performers, NPLs, non-QM,
S&D, and CRA mortgages. Synchronized with the whole loan brokerage
capabilities, MIAC is the largest independent provider of fair- market values
for residential, commercial mortgages and consumer loans. "We're proud of
our success in 2016. MIAC's brokerage services complement our risk
management solutions, MIAC Analytics, which is our mortgage pricing and
risk-management software suite. Our goal is to provide clients a seamless
solution for their participation in the whole loan market," says Steve
Harris, managing director of the Capital Markets Division. For more
information on MIAC's services and current loan offerings, please contact Steve Harris.
To learn more about MIAC's sophisticated mortgage pricing and risk management
software tools, please visit www.miacanalytics.com.
United Wholesale Mortgage announced a fully digital
mortgage. The new offering, BLINK, which stands for "borrower
link," allows mortgage brokers to be on an even playing field in the
digital mortgage space, according to UWM.
Independent mortgage banker Castle & Cooke Mortgage, LLC announced the
launch of its new Consumer Direct team, designed to improve retention of
clients in the company's expansive servicing portfolio and ensure the mortgage
needs of all Castle & Cooke Mortgage's current borrowers are being met. In
addition to portfolio retention activities, the new consumer direct team will
originate loans to consumers across Castle & Cooke Mortgage's extensive
nationwide footprint. The new, rapidly-growing team of highly experienced loan
originators is led by Matthew Keyworth.
Mother Lode Holding Company (MLHC), one of the
largest independent title agencies in the West, announced today significant
expansion of its Texas operation via opening retail branches branded Texas
National Title in several Texas markets beginning in April 2017 under the
direction of industry veteran, David Tandy.
MLHC hired David last year to be the President and CEO of Texas National Title,
a wholly owned subsidiary of MLHC.
Guild Mortgage has launched MyMortgage, a digital
mortgage portal designed to combine a paperless loan application with a
personalized mortgage experience. It was designed to deliver an unequaled
personal touch. Guild has partnered with Roostify, a secure, cloud-based technology platform, to
create a more intuitive and streamlined mortgage process for lenders, agents
and homebuyers. MyMortgage is fully integrated with the company's proprietary
systems, allowing for faster and more accurate analysis and recommendation of
the right loan for the borrower.
Angel Oak Companies named four new executives to
its leadership team: Matt Henson (Chief Human Resource Officer), Al Stanley
(Chief Information Officer), Steven Winokur (Chief Marketing Officer), and Nick
Mantia (Vice President of Training). In addition to naming new executives,
affiliates of Angel Oak Companies increased staff 27% in 2016 with plans to
grow on a similar trajectory in 2017. Since its inception in 2008, Angel Oak
Companies' growth story has included assets under management for Angel Oak
Capital Advisors growing from $10 million to over $6 billion, loan production
across its lending platform reaching an all-time high in 2016 of over $1
billion from loans originating in 33 states.
Ditech has expanded its Home Equity Closed End
Fixed Rate product terms to include 30 years. This program can be used as an
alternative to monthly MI or the higher interest rates associated with jumbo
products.
Flagstar Bank has increased the aggregate loan
amount it will finance to any one borrower from $2,000,000 to $4,000,000. The
maximum number of loans to any one borrower remains at five. When
determining if the limit has been met, new loan submissions for a borrower must
take into consideration any of that borrower's outstanding loans with Flagstar
Bank that are: non-closed, Closed and currently serviced by Flagstar Bank, or
Closed but the servicing rights have been sold within the last 24 months.
Have you been looking for a No Income, No Asset, No TRID,
No DSCR Calculation and No Financed Property Maximum? Loan Stream Wholesale
has products that may appeal to you. Contact Loan Stream at 800-760-1833 or
send an email to inquiries@lswholesale.com.
Capital Markets
Freddie Mac priced its biggest STACR to date: a
$1.32 billion Structured Agency Credit Risk (STACR) debt notes offering, its second low LTV deal of the
year. "Through STACR, its flagship credit risk transfer offering, Freddie
Mac transfers a significant portion of its mortgage credit risk on certain
groups of loans to private investors. STACR 2017-DNA2 has a reference pool of
single-family mortgages with an unpaid principal balance (UPB) of approximately
$60.7 billion, consisting of a subset of fixed-rate, single-family mortgages
with an original term of 241 to 360 months acquired by Freddie Mac between July
1, 2016, and Oct. 31, 2016. The reference pool includes loans with LTVs ranging
from 60 to 80 percent, Freddie Mac holds the senior loss risk in the capital
structure and a portion of the risk in the Class M-1, M-2 and B-1 tranches, and
also a significant portion of the first loss risk in the B-2 tranche. BofA
Merrill Lynch and Wells Fargo Securities are co-lead managers and joint
bookrunners."
Rates aren't doing much, so I won't waste your time ahead
of Friday's employment data. Sure, there was a little movement based on
security, coupon, or maturity, but rate sheets aren't moving much. We did have
the release of the minutes from the March FOMC meeting which showed most
participants favoring a change to the current reinvestment policy later this
year vs. in early 2018. There shouldn't be any surprises: The Federal Open
Market Committee agreed that changes to holdings (the $1-2 they've been buying
every day) would be "gradual and predictable." Most participants prefer
to taper reinvestments (both treasuries and MBS).
We
ended Wednesday with the 10-year yielding 2.36% and agency MBS prices roughly
unchanged from Tuesday's close. This morning we've already had some job news
ahead of tomorrow's employment data. Challenger, Gray & Christmas said job
cuts in March rose to 43,310. Initial Jobless Claims also came out: -25k to
234k, levels not seen since the 1970's - the labor market is certainly healing.
And that does it for scheduled news that matters. Currently the 10-year is
yielding 2.35% and MBS prices are worse about .125.
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