The regulator, in response to a records request, allegedly neither confirmed nor denied whether it looked into potential violations by Veterans United.

More than half of consumers worry about money daily, despite improved budgeting habits and, according to a Ramsey Solutions survey, declining mortgage concerns.

Members of the House Financial Services Committee pressed prudential bank and credit union regulators about the potential risks of bank lending to private credit firms in a hearing Thursday.

Five new employees joined All American as mortgage bankers, two of which received a senior title, and the lender welcomed another as a senior loan processor.

If pessimism about further rate declines pans out, it could add to tricky mortgage company involvement on home equity lending, panelists at an IMN meeting said.

After hitting long-term highs on May 19th, mortgage rates dropped somewhat quickly by May 26th. Ever since then, they’ve been moving back and forth in a very narrow range. Today’s movement happened to be the good kind with the average lender cutting top-tier 30yr fixed rates by 0.03%. As always, keep in mind that mortgages are most commonly offered in 0.125% increments. When our daily rate index changes by only 0.03%, it’s because we are also measuring the underlying costs associated with any given rate and extrapolating the relative impact on interest rates. To use a crude example, let’s consider two different hypothetical rate quote options yesterday and today.
Yesterday

6.625% at a cost of $12 upfront
6.50% at a cost of $24 upfront

Today

6.625% at a cost of $9 upfront
6.50% at a cost of $21 upfront

Now pretend you only have $15 to spend for closing costs. You still can’t afford to buy your rate down to 6.5%, and you’ll still be choosing the 6.625% quote. But while the interest rate portion of your quote didn’t change, the actual interest cost improved.  Our index captures and expresses these improvements in a single number. 

Modest Gains Maintained After Intraday Slippage

Slippage is a bit less severe than leakage. Neither of them will turn a green day red, but they both erode morning gains. Today’s gains primarily followed a pre-market comment from Trump who said the US was in the middle of final negotiations to end the Iran war. Bonds hit their best levels shortly thereafter and then the slippage set in. The backtracking was more evident in Treasuries with the 10yr losing almost half of the day-over-day gains. MBS managed to hold firmer, and were still broadly in line with the middle of the AM range by 4pm. Friday brings the jobs report. While it hasn’t been as big of a flashpoint recently, we’d never rule out a reaction in the event of a big beat/miss.

Econ Data / Events

Jobless Claims (May)/30

225K vs 213K f’cast, 215K prev

Market Movement Recap

08:42 AM Decently stronger overnight and no drama so far. MBS up 7 ticks (.22) and 10yr down 4.1bps at 4.455

11:34 AM Sideways so far and just a hair weaker.  MBS still up 6 ticks (.19) and 10yr down 3.1bps at 4.465

03:31 PM Treasuries near weakest levels but 10yr still down 2.5bps at 4.471. MBS still up 6 ticks (.19).

The following newswire hit about an hour before the open: TRUMP: US IN THE MIDDLE OF FINAL NEGOTIATIONS TO END IRAN WAR.  Bond yields and oil prices had already fallen modestly up to that point, but more than doubled the overnight rally after that. Yields are thus starting the day roughly 4bps lower, perfectly erasing the entirety of Wednesday’s losses. Jobless Claims had no impact at 8:30am ET. An hour earlier, Challenger Layoffs possibly moved the needle microscopically, but it’s just as likely that the ongoing drop in oil prices did the trick. There’s no other big ticket data for the day, so we’re headline watching and waiting for Friday’s jobs report.

Lender and Broker Products, Software, and Services There’s been plenty of chatter lately about lenders trying to rebuild realtor referral pipelines. One company may have found a different angle. Inside Real Estate (yes, the company that bought BoomTown) has quietly launched a new lead solution designed specifically for lenders focused on agent relationships. Consumers enter looking for both financing guidance and help finding a home, creating opportunities for lenders to engage early in the process and strengthen agent partnerships. Several participating lenders have reportedly received qualified applications within days of launch, while also generating new conversations with referral partners. BoldTrail already powers lead generation and nurture for the largest real estate brands and is the chosen partner for more than 400k agents and 14k LOs nationwide. One catch: markets are exclusive… Might be worth checking if your market is still open. Schedule a call or Email/text Mike Ensch at 562-644-2373. Are you making the most of every borrower relationship? Could your retention strategy be working harder for your business? In today’s market, retention takes more than a first-lien mortgage strategy. Lenders looking to strengthen long-term borrower value are turning to HELOCs and HELOANs to support growth across market cycles. Join FirstClose VP of Client Success Andria Lightfoot and Optimal Blue PPE Solution Specialist Cheri Wolfe on June 10 at noon CT for a webinar on building a smarter retention strategy through home equity lending. You’ll learn why these products matter, how pricing consistency can support scalable execution, and how originators can identify opportunities at the point of sale. Register now to strengthen your retention strategy and drive more value from every borrower relationship.

MBS buying’s future and what Bill Pulte’s new additional role portends are among issues coming into focus, panelists and attendees at an IMN conference said.