Mortgages MAX

Posted To: The Garrett Watts Report
A little over 20 years ago I started a mortgage bank with several seasoned mortgage professionals. We found an equity partner (a commercial bank) and began the process of obtaining investor approvals and warehouse lines. Our bank partner was not interested in providing us with a warehouse line. The product we sought to originate two decades ago was no different the product most bankers are originating today — conforming GSE and FHA/VA loan paper. We obtained HUD, FNMA and FHLMC approvals and secured a warehouse facility. Within four months we were originating, closing, selling and servicing loans. While the products are essentially the same, there are some distinct differences today when it comes to operating a mortgage bank today… First, we securitized all products and retained the servicing…(read more)
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Original post by C.M. "Corky" Watts, CMB

Posted To: MBS Commentary
Chicago PMI printed at 9:45. It was much much better than expected, led by gains in the new orders index and production index (short term positives) The prices paid index on the other hand fell 2.2 points and the employment index fell 2.1 points (long term negative). Both of these metrics are on the Fed’s “WE NEED MORE QE” checklist. Here is a quick recap… 09:45 30Sep10 RTRS-CHICAGO PURCHASING MANAGEMENT INDEX 60.4 IN SEPT (CONSENSUS 55.9) VS 56.7 IN AUGUST 09:45 30Sep10 RTRS-CHICAGO PURCHASING MGMT NEW ORDERS INDEX 61.4 IN SEPT VS 55.0 IN AUGUST 09:45 30Sep10 RTRS-CHICAGO PURCHASING MANAGEMENT PRICES PAID INDEX 55.0 IN SEPT VS 57.2 IN AUGUST 09:45 30Sep10 RTRS-CHICAGO PMI EMPLOYMENT INDEX 53.4 IN SEPT VS 55.5 IN AUGUST 09:45 30Sep10 RTRS-CHICAGO PURCHASING MANAGEMENT PRODUCTION INDEX 64…(read more)
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Original post by Adam Quinones