Is there a beloved show that you actively try to avoid for reasons? I’ll go. First, I stayed away from Dexter because, from what I heard, it seemed a little dark. After polling the internet, here are twenty-five popular shows others avoid watching and their reasoning. 1. The Handmaid’s Tale “The Handmaid’s Tale,” replied one. … Read more
I was having dinner in Manhattan last night, with the topics including Virgin Orbit filing for bankruptcy and the continuing Homepoint rumors (any questions should be directed to your wholesale AE or the publicly-held company itself!), when the waiter came up and asked how everything was before Iâd taken a bite. Does that constitute a âdishruption?â Want a visual of something as disruptive as an FHFA pricing change with no notice or lead time? Here you go. For more acronyms that begin with âF,â the Federal Deposit Insurance Corporation (FDIC) announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. Dig your loose change out of the couch and buy some of the portfolio âcomprised primarily of commercial real estate (CRE) loans, mostly multifamily in NYC, commercial loans, and a smaller pool of single-family residential loans.â (Todayâs podcast can be found here and this week itâs sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more. Hear an interview with Personeticsâ Jody Bhagat on automating consumers spending habits and pitching vendor technology to banks.) Lender and Broker Services and Software
For many, having the goal in sight makes them less fearful than people of younger generations. In others, the fears may seem all too real.
The bond market is still in the process of reestablishing composure after the recent banking panic. The bank episode sent Fed rate expectations plummeting at first, then into an extremely volatile sideways range for 2 weeks. As of last week, panic was nowhere to be seen on charts, but caution remained in terms of outright levels. In other words, the blue line in the chart below is still much lower than it was in early March (and lower than the current Fed Funds Rate!), but no longer showing the same level of volatility. Caution, not panic. That caution is one of several reasons the overnight spike in oil prices has had limited impact on rates–especially longer-term rates like 10yr yields. Due to their short-term inflation implications, oil prices have a logically larger impact on shorter-term rates and Fed Funds expectations. Longer-term rates can consider the hit to the economy (either due to higher oil itself or central banks’ efforts to push back on the inflation implications). The past few sentences are much ado about nothing considering the relative size of the move though. Oil has merely done what the stock market had done more than a week ago and returned to early March levels. Meanwhile, bonds are taking more cues from the aforementioned “caution.” We’ll get more legitimate market movers this week in the form of big ticket economic data. Friday’s jobs report is the obvious headliner, but ISM PMIs (today and Wednesday) are no slouches. Of the two, it’s Wednesday’s NON-Manufacturing index that carries more weight these days.
Today brings two new updates on inflation. Core PCE inflation came in at 4.6 vs 4.7% forecasts, down from a 4.7% level previously. This isn’t nearly as big of a market mover as the CPI data out 2 weeks ago, but a big deviation could nonetheless have an impact. In this case, we have a small deviation and a favorable one. Later in the morning, the inflation expectations components of the consumer sentiment data were also inoffensive to fans of low rates with the 1yr level dropping 0.2 and the 5yr outlook rising 0.1. One common question regarding the PCE inflation data concerns its relative level of impact. The Federal Reserve occasionally mentions that PCE is its preferred gauge of broad inflation, but we rarely see PCE elicit a big response in the bond market. The reason for this is simple: it comes out two weeks after the substantially similar CPI data. While the indices themselves can vary in terms of outright levels, the direction of movement is extremely well aligned. Both show decades-high inflation beginning to recede at a cautious pace.
OriginPoint has announced the nationwide launch of Same Day Mortgage, a loan program that aims to help first-time homebuyers compete with all-cash buyers. Promising a loan approval in less than 24 hours, OriginPoint said the program is set to level the playing field for first-time homebuyers against cash buyers and to expedite successful closings in … [Read more…]
âMy landlord told me that she would like to have a chat with me about the house’s sky-high heating bills this winter. I told her, âSure thing, whenever you want. My door is always open.ââ A key selling point for originators, in talking to potential clients on the fence about buying a home, is rent. Rents have been increasing, and thereâs no sense of permanency, but if you canât pay your rent, qualifying for a home loan is going to tough. LendingTree found that more than 8 million U.S. adults live in a household not caught up on rent payments. About 3.6 million adults are also living in households that are not being charged rent, primarily in Mississippi, West Virginia, Alaska, Arkansas, and Alabama. There are plenty of rent disputes in the courts, just as there are disputes and cases involving mortgage bankers. I bring this up because convicted former MBA Chairman Ron McCord and his Oklahoma-based company settled CapLoc’s allegations that they put fraudulent loans on a funding line settled for $31 million. Brad Finkelstein did a write up. (Todayâs podcast can be found here and this week itâs sponsored by MGIC. Since 1957, MGIC has insured more than 13.5 million mortgage loans with innovative products, tools and strategies that help customers solve problems and fuel growth. Explore tools and solutions to boost your business here. Listen to an interview with Tallulah Le Merle, where she flips the script and asks Robbie questions about mortgages.) Lender and Broker Services and Software
Bonds Rally on Month-End Trading and Friendly Inflation Data Bonds began the day in unchanged territory and made cautious gains after reasonably friendly inflation data. PCE was a bigger factor than the Consumer Sentiment inflation expectations, but both contributed. Given our position on the calendar, we should also consider the impact of month/quarter-end positioning. It would help account for some of this week’s resilience in US bond markets relative to the suggestion of equities markets or EU bonds. Econ Data / Events Core PCE Inflation y/y 4.6 vs 4.7 f’cast, 4.7 prev Chicago PMI 43.8 vs 43.4 f’cast, 43.6 prev Consumer Sentiment 62.0 vs 63.2 f’cast, 63.4 prev 1yr inflation expectations 3.6 vs 3.8 prev 5yr inflation expectations 2.9 vs 2.8 prev Market Movement Recap 09:31 AM Roughly unchanged overnight. Moderately stronger after inflation data. 10yr down 3bps at 3.517. MBS up 2 ticks (.06). 01:10 PM Slow, steady gains all day. Some month-end bond buying is likely contributing. MBS up more than an eighth. 10yr down 4bps at 3.507 03:20 PM Additional gains before and after the 3pm CME close. 10yr down 6bps at 3.486. MBS up a quarter point.
Are you a little confused when trying to distinguish between Millennials and Gen Z? It can be difficult, especially since they both often have an air of youthfulness about them. Knowing which is which may be challenging. But fear not! In this blog post, we will explore some key differences between Millennial or Gen Z so … Read more