Where R Rates / MBS Market Update

WAITING FOR RATES

Kind of a slow morning thus far with not a lot happening. Investor decisions are being made with global news which there is no big changes there overnight. Central Banks across the globe are all stating the same thing. They are in no hurry to lower their rates until this inflation number can come down and stay down.

Another big topic is the changes in energy and if we can get energy aka oil down then that would really help inflation. We have been in this range of 70 – 80 bbl and currently around $73.00.

With everything Trump is doing and other countries it just takes time to turn the tide. Absent of other reports we rely on what is happening globally as well as the technical trading side of our business. With our technical trading where we are looking at the actual charts we are about 25 – 30 BPS away from where we need to be to put some pressure on going in to a new trading window to get better rates. We just do not have any news or reports allowing us to get there.

We did go down on the average 30 year fixed rate week over week though. We went from 6.95% to 6.93%. 

Week over week we also saw a 6.6% decrease in overall applications which will make sense if you saw less applications coming your way. Applications to refinance dropped by 7% and applications to purchase a home dropped by 6%.

At 1 PM the Fed Minutes will be released from their last meeting they just had. You do not typically have a huge reaction to this but the minutes will show all of what was discussed at the meeting and gives a better idea of what all of the members were thinking and saying.

As of now we have had little movement today after yesterdays losses which we experienced more on the conforming side than the govt side. 

Hang in there and I will see you tomorrow!

GREEN is GOOD for Rates – RED is BAD for Rates

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Product & Guideline Highlights

INQUIRIES AND ADDRESSES

I thought I would send out a reminder to those of you that pull credit reports and review them in order to make sure you get all of the information from the borrower.

I see this condition on most of the approvals that go out and would be a great way to minimize conditions regardless of what lender you are working with.

For Fannie, Freddie, FHA, VA and USDA a borrowers explanation is required for inquiries that has happened in the most recent 90 days from the day of credit pull aka application. It is important that the inquiries are addressed by the borrower due to they need to state if a new debt was created or not. A processors cert is not as helpful due to we want to make sure the borrower is attesting to no new debt.

In addition, it is always important to look at the addresses in most recent two years on the credit report. I see this just as frequently. Many times old addresses pop up for some reason and the borrower must advise the why it is listed in most recent two years.

If an address is on the credit and not on the 1003 then we need an explanation from the borrower.

Hope this is a helpful reminder to add to your processors list as well as when going over the credit with a borrower on the phone. 

Jackism of the Day

EMCEEING YOUR LIFE

I think many times we do not realize how much influence that we have on those around us.

Think about this for a moment. When you go to a show or to a play or the music award ceremonies you see on tv or the actors awards shows.

Who is the star of the show but not the purpose of the show? It is the Emcee. The Emcee gets the crowd going, they keep the program moving, they lift up and encourage the audience as well as those that they are introducing.

They keep folks occupied when the curtains are closed and offer the finale to send people on their way.

An Emcee can make or break a show that they are not the main characters in.

Did you ever stop and think that maybe you are not the main character in your own story? That instead, you are the one that keeps the show going for those around you. The one that can make a difference in how others around you perform their duties and their skills and how your role is to lift up and encourage all that is happening around you.

It truly is amazing how we can make a huge impact in the lives and people that surround us on a daily basis solely on how we go from moment to moment and person to person in our day.

How often have you heard the words “I really needed that” or “thank you so much for that encouragement” or someone did something better than they would have because you gave them a little nudge or push in the right direction.

If your life was a stage and you were the Emcee and everyone around you are the main acts. How would you orchestrate everything to make sure the audience and the people surrounding you doing their jobs had the best time and was the most effective because you were the one helping them along.

We all have a place in this life and in this world. Everyone of us has a stage. Everyone of us is an Emcee for others. Whether it is clients, co-workers, spouse, kids, family, community members and anyone else.

As you go throughout the day pretend you are the Emcee of the show that is surrounding your life. What can you do to make it an experience they will never forget. For the positive : )