The lending giant’s plans don’t include expansion, but their public offering may inspire other mortgage companies to follow suit.
While very low inventory prevented a full market recovery, pricier home listings only trail year-ago totals by 9.2%, according to Zillow.
The single-borrower deal, sponsored by Brookfield, was pulled in the spring due to market conditions that halted most securitizations at the onset of the COVID-19 outbreak.
Booming refinancing is expected to more than offset the tighter underwriting in second-quarter mortgage results.
It’s a tough time to be shopping for a home around Seattle. Blame the coronavirus pandemic.
Posted To: Mortgage Rate WatchMortgage rates were unchanged today for the average lender. That means they remain at all-time lows that are even lower than the all-time lows seen during the previous 3 business days. Even so, today’s underlying market movement might be a bit of a wake-up call for anyone waiting to lock an interest rate. In general, the decision to lock or float a mortgage rate has had low consequences recently. While that will likely continue to be the case until the coronavirus situation meaningfully improves, it doesn’t mean we should fall asleep at the wheel. We need to remain vigilant for signs that the most recent all-time low mortgage rates are the last we’ll see for months or years. Today served as a fairly non-threatening wake-up call in that regard–at least for those following the intraday movement…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Posted To: MBS CommentaryBonds Pull Back, But It’s Still a Waiting Game Despite some modest weakness to begin the day, bonds remain smack dab in the center of their recent range. We’ve officially begun the waiting game. Econ Data / Events 11:30-11:50 AM (ET) – Fed 30yr UMBS Buying Market Movement Recap 08:06 AM Bond yields and stock prices were inconsequentially higher overnight and remained very flat throughout Asian and European sessions. MBS starting the day 2 ticks (.06) weaker. 10yr yields up 1.3bps at .653. 10:15 AM Weakness accelerated into the 10am hour, roughly following a stock surge. Bonds seem to be finding support for now though. 10yr yields up 2.3bps at .663 and UMBS 2.0 down an eighth on the day. 01:12 PM Solid defensive stand continues for the bond market after strong 10yr auction. MBS at highs…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Posted To: MND NewsWireFannie Mae’s Home Purchase Sentiment Index (HPSI) continued to rebound last month from its sharp retreat to near record lows in the Spring. The Index, based on selected responses to the company’s National Housing Survey (NHS) fell an aggregate 29.5 points in March and April, in reaction to the COVID-19 crisis. It added back 4.5 points in May and gained another 9 points in June. The Index is now at 76.5, with four of the six survey components used in the index moving higher. The HPSI however, is still down 15 points from its level in June 2019. Survey respondents expressed a significantly more positive view of homebuying and home selling conditions than in recent months. Sixty-one percent of participants said they thought it was a good time to buy a home and the net positive answers increased…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Posted To: MND NewsWireMortgage application volume bounced back into positive territory last week , even though banks and many businesses were closed on Friday for the Independence Day Holiday. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was 2.2 percent higher on a seasonally adjusted basis, which included an adjustment for the holiday, from the previous week, although volume was down 8 percent before adjustment. The Refinance Index rose 0.4 percent week-over-week and was 111 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 60.1 percent of total applications from 61.2 percent the previous week. The seasonally adjusted Purchase Index gained 5 percent week-over-week while declining by the same amount before adjustment…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Posted To: Pipeline PressCrazy times. Brooks Brothers filed for Chapter 11 bankruptcy. Rocket Companies filing for an IPO. Genworth Mortgage Insurance completing an excess of loss reinsurance transaction. It is easy to argue that it is the fear of the virus that is impacting economies around the world, not the virus itself, slowing economies and keeping rates low. People learn to adapt, right? And that encourages a bounce back: “adaptive economic normality.” The virus is certainly pushing the advance of technology in the residential lending industry as individuals, lenders, and title companies have changed ways of doing business. (Here’s how to “Rickroll” your next Zoom meeting . ) Real estate agents have adapted, as have buyers, and sales are strong at reasonable price points. Most housing…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.