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MBS RECAP: 4 Year Prophecy Fulfilled; Now What?
Posted on Thursday February 27, 2020

Posted To: MBS Commentary

10yr yields were as low as 1.24% and ended the day at 1.27% after a decent amount of volatility. MBS gained almost a quarter point, but mortgage lenders did not generally improve rate sheets by that much (and some not at all). Back in the day (but not too far...), it was hard not to notice that the bond market had a habit of hitting long-term low yields on years that ended in 3 and 8. This began in 1993 and worked out perfectly until 2008. It was the topic of a small amount of inconsequential debate in 2013 as yields were still really low, but had technically bottomed out in 2012. The prophecy was then forgetting in 2018 because, clearly, it wasn't anywhere close to happening at that point. Enter 2020 and the rapid rush to new all-time low yields. Consider that in the context of 2012 and...(read more)

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Lowest Rates in 8 Years, But All Kinds of Disclaimers
Posted on Thursday February 27, 2020

Posted To: Mortgage Rate Watch

Mortgage rates hit the lowest levels in 8 years either today or yesterday, depending on the lender, just narrowly edging out the rates seen in early July 2016. There are multiple caveats, however. First off, lenders are responding to recent market movements in different ways. Some lenders move down faster and then remain flat even as the bond market (which dictates rates) improves. Other lenders have been slow to react, but have since moved down more steadily. Still others are somewhere between those extremes. Perhaps the most important thing to note about mortgage rates this week is that, while they are certainly at long-term lows, they are absolutely NOT moving lower as fast or as much as US Treasury yields. I discussed this in greater detail in the previous rate article and then again this...(read more)

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Reverse Daily Mortgage

Scott Norman: What it Was Like to Originate Texas’s First Reverse Mortgage
Posted on Thursday February 27, 2020

The state of Texas had been resistant to reverse mortgages, and home equity lending in general, for a very long time before things started to change in the 1990s. Much of the change in the state’s perspective on the matter was due to the efforts of Scott Norman, whose career as a legislative aide for […]

The post Scott Norman: What it Was Like to Originate Texas’s First Reverse Mortgage appeared first on Reverse Mortgage Daily.

Wholesale Leads Retail in December Reverse Mortgage Endorsement Drop
Posted on Thursday February 27, 2020

Home Equity Conversion Mortgage (HECM) endorsements fell by 13.6% in the month of December 2019, for a total of 2,456 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the wholesale endorsement segment of business, which experienced a decrease of 21.1% that month, while wholesale levels […]

The post Wholesale Leads Retail in December Reverse Mortgage Endorsement Drop appeared first on Reverse Mortgage Daily.