Where R Rates / MBS Market Update
MORTGAGES KEEP GAINS
We are seeing all red this morning but make sure you are looking at the numbers next to the red. They are very small this morning compared to the monster boost we got yesterday. The fact that we did not retreat more this morning at this point is very encouraging.
We are back to where we were a week ago before the market dropped out from under us late last week. This is likely going to cause us some resistance from rates getting much better and it is also a potential floor of support to not lose the ground we lost.
Typically when you see such a large move in one day you see a decent retraction the following day. I am not saying it won’t, I am just not saying it has as of this point.
Hopefully you were able to take advantage of some good float downs and locks yesterday and hopefully more today. Reminder, these rates are only better than locks made last Thu or Friday and this Monday when we lost so much ground. Your previous locks are similar or better than we are today more than likely.
We have a mixed bag of reports this morning with jobless claims, retail sales and Philly Fed Manufacturing Index. Some were mortgage bond positive and some were mortgage bond negative. That is why the market is staying pretty close to where we left off yesterday.
We have a pretty slow report day today and tomorrow and Monday is MLK day so a no report day for the most part at least domestically.
Make it a great day!
| YESTERDAY CONV 5.5% – UP 75 CONV 6.0% – UP 59 GOVT 5.5% – UP 69 GOVT 6.0% – UP 47 10 YR NOTE – DOWN 13 TO 4.65 DOW JONES – UP 703 |
| SO FAR TODAY CONV 5.5% – DOWN 6 CONV 6.0% – DOWN 9 GOVT 5.5% – DOWN 3 GOVT 6.0% – DOWN 9 10 YR NOTE – UP 3 TO 4.68 DOW JONES – DOWN 47 |
GREEN is GOOD for Rates – RED is BAD for Rates
Product & Guideline Highlights
GETTING FHA AUS APPROVE
I have made a career out of helping people navigate the world of manual underwriting in government products.
People tend to forget that FHA was designed for the working class people. To increase homeownership to those who are not perfect.
I see and review a lot of manual underwrites and one of the most obvious ways to overcome a refer and receive an approve eligible is the least known and least used.
It is essentially a click of the button to see if you can get an approve and if you do then you can see if they will qualify or not.
This trick is designed for borrowers who are currently renting a home and now doing an FHA purchase.
If you can prove 12 months positive rental history then you can add that to the AUS findings and many times turn a refer into an approve.
Give it a try and see what happens. Get the approvals that your competitors cannot and leave them scratching their heads wondering how you did it. If your not working with me have you ever asked yourself why not?
If you are headquartered in GA, AL, MS, South TN or FL Panhandle and a broker or non-del correspondent then I am your guy. Lets start the conversation. Just click reply.
FHA – USING POSITIVE RENTAL HISTORY IN THE AUS
Under Product click yes to the question Is FHA Positive Rental History.
- One borrower must be a first time homebuyer.
- Must document last 12 months on time rental history.
- VOR (if landlord is not party to transaction) or cancelled checks.
- Go in to the Flagstar system loan application screen.
- Choose main registration section.
Jackism of the Day
A PROBLEMS PURPOSE
I received a special message this morning from the man upstairs that made me excited and it also humbled me in realizing how many times I have failed to be the man that I was created to be.
For those of you who do not believe what I believe I still think you can get a message about todays topic although it is definitely a spiritual one and one that smacked me upside my head. I encourage all to see how you can relate it to your life and what you believe.
I get up at 4 AM each morning and go to the gym. It is my time of quiet and peace and I usually spend the time inbetween sets and during to go through the Lord’s Prayer phrase by phrase. Today, I spent some time on “Give us this day our daily bread”. I always love this section and I just think of all that He provides in any given day. Food, wisdom, peace, grace, mercy, joy, purpose, resources, people and all that you can imagine.
It was at that point I asked myself. Yo Jack, if He is providing all that we need in any given day then why am I a hot mess of potatoes in some of the situations and problems that I do not handle very well.
It was at that moment I realized the why. The fact the He provides so much for us each day we still must receive them. We must accept. Regardless of what you believe what is your source of help to get you through the day? What do you call on or who do you call on each and every day to make it through the good times and the bad?
The question is do we accept and receive in order to use them or do we just try to go it alone with our own resources and our own control.
The eternal question of why do bad things happen to good people is an easy answer and yet one of the most difficult to comprehend when you are the recipient of bad things.
If we are a good person why are we going through so much pain and suffering and why does it have to be so hard?
The answer is that we live in a world that does not take sides. Bad things happen to good people, bad people, middle of the road people. There are no exceptions to who gets what. There is no partiality to problems.
We do not get to pick and choose what we approve of that we are hit with in our life. There is not a multiple choice list of problems or solutions to pick from each day. That is why we should not worry about tomorrow as today has enough problems of it’s own.
Now this is the message he gave me after realizing I do not always receive or accept what He is giving. As I pondered the difficult things I am working through in my life like the roof here at Spyglass and the transition fun at Mr. Cooper and the remodel on my house.
Every single problem we have in our life is an opportunity to glorify Him. Ouch! It’s not actually about me. Every opportunity regardless of who you are or what you believe is an opportunity to be that which you always desired to be.
If you do not have problems how can we ever do what we are called to do. It is easy to love those who love you. It is completely different when you are called to love those who hate you or are against you.
It is easy to take a shortcut to make something work. It is difficult to do the right thing and the end result be a great story of how great what you believe in guided you through a tough time.
If every one of our problems were seen as an opportunity then that opportunity gives us a chance to receive and accept what we need the most in life. We will actually find greater peace, joy and security after a problem is resolved than we ever would if there was never a problem at all.
Today, take the problems of today and make them an opportunity to accept and receive what you do not have in order to shine the light on what truly matters in your life and you will find that your problems will have a great purpose.
