Intermountain Mortgage Company

Posted To: MND NewsWireIn accordance with requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) recently conducted five-year assessments of two rules it promulgated under the act. We summarized their assessment of the Ability-to-Repay/Qualified Mortgage rule last week. What follows is a brief summary of the assessment of the Real Estate Settlement Procedures Act's (RESPA's) servicing rule. Many provisions of the rule relate to servicer obligations to review delinquent borrowers for foreclosure avoidance options such as loss mitigation. These include requiring servicers to make certain disclosures, take certain procedural steps, and meet prescribed timelines when borrowers are applying for and being evaluated for these options. The data showed...(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 CommentaryEver since bottoming out in early 2019, 10yr Treasury yields faced a pretty clear line in the sand from a technical standpoint. 2.82% stuck out like a sore thumb overhead due to multiple instances where it acted as a floor in 2018. It may have seemed too far away to worry about 3 weeks ago, but with 2.75% being broken yesterday/today, 2.82% is next in line. Would a break above 2.82% be the end of the world for bonds? Not necessarily. In fact, in the biggest of pictures, as long as yields don't break above 3.26%, the longer-term outlook could remain positive. It would just be getting off to a rockier start compared to a scenario where yields are instead able to hold fairly steady in the 2.75-2.82 range until finding a reason to rally. Either way, the longer-term outlook will depend on bonds...(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 PressFor the first time in history, the six biggest banks — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley — made $100 billion in profit in a year. Yowzah! There’s a lot going on out there, and Ben Smidt put out his “Mortgage Expert Insights on Business Planning Strategies” that is worth a gander. Every basis point counts, right? With the increase in short-term rates, for non-depository lenders, does your accounting team tell you how much it costs every day to have a funded but unsold on your warehouse? If they haven’t, they should. Conventional Conforming Changes For the most part Freddie and Fannie have motored on, regardless of the PUGS (partial U.S. government shutdown). Let’s see what they’ve been up...(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 NewsWireApplications for new home purchases dropped in December , falling 6.8 percent behind those a year earlier. The deficit from November was even larger, a decline of 13 percent. The Mortgage Bankers Association (MBA) estimates that those numbers, which do not include any adjustment for seasonal patterns, translates into new home sales during the month at an annual rate of 552,000 units, a 12 percent decrease from the estimated November pace of 627,000 units. On an unadjusted basis, MBA says there were 37,000 new homes sold during the month, down 17.8 percent from the 45,000 new home sales in November. "New home sales declined for the second straight month in December, from 627,000 units to 552,000 units, as factors such as a volatile stock market and economic uncertainty , both here and abroad...(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 CommentaryThe Wall St Journal ran a story this afternoon suggesting Treasury Secretary Mnuchin was pushing for a compromise deal to ease Tariffs on China in order to grease the skids for trade talks. As a result, stocks and bonds lost their cool --relatively. Case in point, in the 30 minutes following the headline, nearly 350k 10yr Treasury futures contracts traded. To put that in perspective, the 30 minutes following the January 4th jobs report saw just over 250k. To be fair to the jobs report, it created lasting volume throughout the day whereas the trade-related headlines made for a much more condensed dose. Even so, the reaction speaks to importance of trade-related updates as the US works on hammering out a deal with China. We could also argue that it speaks the deprivation that markets have been...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. […]