Steve Petersen

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Real Estate News
2016 Saw Mortgage Distress Recede Strongly
Mon, 23 Jan 2017 16:18:06 GMT

Posted To: MND NewsWireThe only loan performance metric reported by Black Knight Financial Service's December and thus year-end "first look" that rose in 2016 was the prepayment rate . That stat, despite the rapid increase in interest rates over the ..[read more]

Guild & Quicken in the Media; 2 Sides to the FHA About-Face; Events/Conferences
Mon, 23 Jan 2017 14:31:03 GMT

Posted To: Pipeline PressOur thoughts and prayers go out to the families of those that lost their lives in storms in the South and East. On the other coast, Los Angeles has received more rain over the weekend than in all of 2013! And while we’r..[read more]

MBS Week Ahead: Limited Data and Fed Blackout Leave Focus on Trump, Technicals
Mon, 23 Jan 2017 13:52:14 GMT

Posted To: MBS CommentaryBeginning on the business week before an FOMC Announcement, Fed speakers are "highly discouraged" (forbidden, basically) from making public speeches or comments regarding monetary policy. This is referred to as the Fed's ..[read more]

MBS RECAP: Bonds Bounce Back After Inauguration
Fri, 20 Jan 2017 22:28:44 GMT

Posted To: MBS CommentaryTo be fair to today's presidential inauguration, it was never destined to be an exceptionally big market mover. Traders nonetheless had to prepare to move in either direction in the event Trump's speech contained some..[read more]

Mortgage Rates Remain at Recent Highs Despite Afternoon Bounce
Fri, 20 Jan 2017 21:40:00 GMT

Posted To: Mortgage Rate WatchMortgage rates rose slightly today, on average, but performances varied by lender and depending on the time of day. Rates were higher across the board this morning as global bond markets added to yesterday's weakness (we..[read more]

FHA Premium Cut Officially Reversed; Mortgagee Letter Already Out
Fri, 20 Jan 2017 20:02:28 GMT

Posted To: MND NewsWireAs was being widely rumored yesterday, the newly installed Trump Administration has indefinitely suspended a scheduled reduction in the annual premium for Federal Housing Administration (FHA) insurance. A 25-basis point reducti..[read more]

Whether Expansion or Recession in 2017, Housing will Survive
Fri, 20 Jan 2017 19:59:21 GMT

Posted To: MND NewsWireHow will the economic philosophy that was altered by the last election actually evolve into policy? The is the question raised by Fannie Mae's Economic and Strategic Research Group, headed by Doug Duncan, Senior Vice President ..[read more]

Rising Rates Reflected in Increased Purchase Share
Fri, 20 Jan 2017 19:53:02 GMT

Posted To: MND NewsWireEllie Mae said its Origination Insight Report for December reflects the first effects of rising interest rates . Loans for refinancing slipped from 47 percent in November to 46 percent as the reciprocal number, purchase loans, ..[read more]

Appraisal Fails Still Causing Issues Despite Improving Markets
Fri, 20 Jan 2017 19:50:58 GMT

Posted To: MND NewsWireWhile it trails well behind credit history and debt-to-income levels, collateral problems are consistently the third most frequent cause of loan denials. CoreLogic said Home Mortgage Disclosure Act (HMDA) data for 2015 show col..[read more]

Vendor News and New Products; Agency News and Updates--Stocks Slammed by Mnuchin
Fri, 20 Jan 2017 15:31:16 GMT

Posted To: Pipeline PressHow many people find fault seemingly every day with the FHA, Fannie Mae, and Freddie Mac programs or structure? Plenty – see below – they can’t seem to catch a break. What I really meant to ask is how many p..[read more]

MBS Day Ahead: Rates Don't Live in a One Story Building
Fri, 20 Jan 2017 14:24:45 GMT

Posted To: MBS Commentary10yr yields hit 2.5112 overnight. That's close enough to the important 2.52% pivot point to suggest an expansion of what we consider the current range to be. After all, before the beginning of 2017, 2.52% was actually the..[read more]

MBS RECAP: Bond Markets Continue Slide
Thu, 19 Jan 2017 22:22:09 GMT

Posted To: MBS CommentaryPain continued for bond markets today as 10yr yields broke above the upper range boundaries that had been intact since the beginning of the year. Admittedly, at roughly 2.32 to 2.44 (closing levels), the range in question isn..[read more]

Rates Break Through Important Ceiling
Thu, 19 Jan 2017 20:57:00 GMT

Posted To: Mortgage Rate WatchFreddie Mac's weekly mortgage rate survey came out this morning showing the lowest rates in 3 weeks (don't get excited). This happens due to the survey's methodology, which unfortunately relies on Monday/Tuesday rates al..[read more]

Probable Delay, Possible Reversal for FHA Premium Cut
Thu, 19 Jan 2017 17:19:59 GMT

Posted To: MND NewsWireSecretary of Housing and Urban Development (HUD) nominee Ben Carson said at his confirmation hearing, "Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that po..[read more]

Construction Starts Bounce Back, Permits Remain Constrained
Thu, 19 Jan 2017 15:04:22 GMT

Posted To: MND NewsWireHousing starts continued their see-saw pattern in December, rising 11.3 percent from November when they had fallen significantly after a sensational October. The increase this time, however, was due solely to a surge in multi-f..[read more]

Chase Settles Discrimination Issue; FHA Program Roiled by MIP Rumors
Thu, 19 Jan 2017 14:25:02 GMT

Posted To: Pipeline PressHow has housing changed in the last 100 years? It’s easy to see when a “vertical flight” is put together, and Trulia posted current listings that were built in every decade that are pretty interesting to ski..[read more]

MBS Day Ahead: Draghi Press Conference and Data Contend With Range Break
Thu, 19 Jan 2017 13:34:31 GMT

Posted To: MBS CommentaryWhen it comes to defining the recent range, there are several candidates for the upper and lower boundaries. When 10yr yields were under 2.40%, that was the best boundary to watch. A break over 2.40% suggested 2.42% was the n..[read more]

MBS RECAP: From Bottom to Top of 2017 Range in One Fell Swoop
Wed, 18 Jan 2017 22:20:01 GMT

Posted To: MBS CommentaryAfter flirting with a break of the lower end of 2017's sideways range yesterday, bond traders clearly decided " now's not the time. " There's precious little to hang one's hat on when it comes to justifying ov..[read more]

Rates Rise Abruptly to 3-Week Highs
Wed, 18 Jan 2017 21:42:00 GMT

Posted To: Mortgage Rate WatchMortgage rates moved sharply higher today , more than erasing yesterday's improvement. In fact, in one fell swoop, rates essentially moved from the bottom of 2017's range to the top! There are a few caveats though. First..[read more]

Builder Confidence Slides Off 12-Year High
Wed, 18 Jan 2017 15:39:01 GMT

Posted To: MND NewsWireThe Housing Market Index (HMI) backed down a bit from its post-election surge in January, dropping 2 points to a composite reading of 67. The National Association of Homebuilders (NAHB)/Wells Fargo index, which measures builder..[read more]

Deutsche Settles; Investor Requirement and Underwriting Changes
Wed, 18 Jan 2017 14:07:23 GMT

Posted To: Pipeline PressThe mortgage world is full of acronyms. Some refer to Finance of America as “FOAM,” for example. There are new ones every year, making it hard for old-timers in lending to keep track. Speaking of which, I’m ..[read more]

MBS Day Ahead: Active Day for Data; Range Remains Intact
Wed, 18 Jan 2017 13:29:13 GMT

Posted To: MBS CommentaryAlthough yields were able to close at the lowest levels in more than a month yesterday, bonds continued to trade in the same intraday range (roughly 2.30-2.44% in terms of 10yr yields). Today begins with that range being firm..[read more]

Refi Applications Continue Healing With Help From FHA Fee Cut
Wed, 18 Jan 2017 13:19:36 GMT

Posted To: MND NewsWireMortgage applications rose on a seasonally adjusted annual basis during the week ended January 13. The Mortgage Bankers Association said its Market Composite Index, a measure of applications volume, increased by 0.8 percent com..[read more]

MBS RECAP: Best Closing Levels Since Late November
Tue, 17 Jan 2017 22:48:17 GMT

Posted To: MBS CommentaryIn some regards, bonds had their best day of the year today. The outright gains weren't quite as big as Jan 5th or 9th, but closing yields were the lowest since Nov 29th! Much of today's bond market positivity owes it..[read more]

Mortgage Rates Back Near 2-Month Lows
Tue, 17 Jan 2017 21:53:00 GMT

Posted To: Mortgage Rate WatchMortgage rates moved lower today , generally recovering the losses seen last Friday. This brings many lenders back in line with the lowest levels since November 17th, although last Wednesday (Jan 11) was slightly better ..[read more]

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