“Unmasking Mortgage Deception: Top Loan Officer Faces DOJ Charges Over Alleged Fraudulent Scheme”

Christopher Gallo finds himself facing legal turmoil as he has been indicted on a single count of conspiracy for allegedly perpetrating bank fraud.

“Exploring the 2024 Mid-Year Mortgage Market Trends: A Detailed Recap”

Concerns over potential US Treasury sales in Japan and European economic statistics resulted in weakened bonds during the overnight trading session. Furthermore, the local session was characterized by the selling of US Treasuries, specifically the 5yr Treasury auction, which had minimal market impact as it was already foreseen. Complementarily, the Durable Goods report was consistent with expectations and did not affect trading levels. Overnight fragility continued throughout the day, with most fluctuations oscillating near recent high yields.

Economic Data/ Events

Durable Goods

Growth of 2.6 compared to a forecast of 2.5.

previous month corrected from 1.3 to 0.7.

Excluding defense and aircraft, it was 0.2 identical to the prediction.

The previous month’s figures were revised downwards from 0.7 to 0.4.

Market Movement Overview

09:06 AM: Overnight weakness plus flat morning economic data. 10yr yield escalated 4.1bps to 4.644. MBS dropped 6 ticks (.19).

10:51 AM: The lowest levels. MBS fell by 7 ticks (.22), and 10yr augmented by 5.6bps to 4.657.

01:04 PM: Non-eventful 5yr auction, without much market activity. MBS fell by 5 ticks (.16). 10yr increased by 4.8bps to 4.649.

03:55 PM: Almost no variation since the last update, remaining stagnant since the late mornings.

“AD Mortgage Welcomes New Servicing Manager: A Strategic Step Forward”

The real estate industry welcomes Satish Vishwakarma into its fold as he takes up a new role in the company. This transition culminates after an impressive twelve-year tenure at Ocwen Financial.

“Exploring the Landscape of Mortgage Rates in 2024”

Despite fluctuations in the bond market hinting at a larger increase, the typical mortgage lender managed to retain 30-year fixed rates close to those of the previous day. Usually, a weaker bond market would prompt higher rates, proportionate to this decline. However, rates only rose by a negligible 0.01% on average today, rather than the predicted hike of 0.03-0.05%. This resistance to increase can be attributed to lenders not fully leveraging the previous day’s boost in the bond market and integrating it into their rate offerings. To put it metaphorically, if lenders were artists, they received a new set of paint yesterday, but they neither had the time nor the desire to apply all of it to their canvas. Hence, despite a fraction of that paint being lost today, the overall picture remains nearly identical to what it was yesterday.

“Insights from Freedom Mortgage Founder on Credit Profiles, Profitability and Home Loan Products”

Stan Middleman articulated that individuals active in the housing loan sector should acclimate to the idea of protracted periods of increased rates. Please avoid mentioning the original source, Realtor.com, in the summary.

“CFPB Sets its Sights on Mortgage Servicing in its Crusade Against Junk Fees”

Rohit Chopra, the director of CFPB, has outlined the bureau’s commitment to take stern action against forbidden charges, misleading communications to property owners, and breaches of loss-prevention regulations.

“Revamping Reverse Mortgages: Expert Advice on Integrating New Partners Successfully”

An exclusive interview with FAR’s Ryan Schmidt had him discussing his objectives in spearheading the lender’s partner engagement initiative. His conversation with us gave insights into his leadership role, without any reference to the original source platform.

“Unlocking Future Real Estate Possibilities: Delving into Digital Mortgages and Blockchain Technology”

“Go big or go home” – a mantra that applies even in the world of capital markets, which are admittedly more complex than crafting the perfect dark chocolate brownies with a dash of salted caramel. From time to time, discussions around loan originators or brokers’ abilities to secure a loan irrespective of time or day gain prominence. The Intercontinental Exchange (ICE), the proprietor of the New York Stock Exchange, has begun gauging market players on their curiosity and apprehension of a round-the-clock stock exchange. This path reflects the increasing curiosity in off-hours stock trading; a strategy that mortgage-backed securities might adopt soon. The discussion follows 24 Exchange, supported by Steven Cohen’s Point72, filing an appeal with the Securities and Exchange Commission to initiate the foremost 24/7 exchange. The possibility of endless trading hours, presumably leading to changes across the systems, is a harder task for exchanges given the SEC’s supervisory role. As found here. The latest podcasts are presented by Calque, championing The Trade-In Mortgage that empowers homeowners to purchase ahead of selling, present non-contingent offers, and access their home equity for their next home’s down payment. The day’s episode features an interaction with Michael Bremer and Peter Kallodaychsak unveiling the dynamic between lenders and real estate brokers post the suggested NAR settlement. Lender and Broker items, software and services: Down Payment Resource’s Q1 2024 report on the Homeownership Program Index (HPI) presents the most significant annual jump in programs since its initiation in 2020, with a current offering of 2,373 down payment assistance (DPA) programs. This indicates a growth of 204 more programs than in Q1 2023, a considerable 9 percent year-over-year escalation. The report also highlights the availability of at least one program in every US county. It even brings forward the existence of 10 or more programs in 2,000 counties, signifying that DPA could be a significant boost for aspiring homeowners. The report further documents growths in programs for manufactured housing and multi-family acquisitions. Lenders must keep in mind that DPR is a software firm that offers a host of solutions to help you deploy DPA more effectively, enhance your customer service, and reduce your declines, especially for low- to moderate-income buyers. To gain more insights, read the comprehensive report or schedule a demo.

“Rising Interest Rates Impacting Mortgage Demand: An In-depth Analysis”

The volume of acquisition applications witnessed a slight decrease, sliding down by 1%. Concurrently, refinance applications experienced a more prominent dip, dropping by 6%.

“Analyzing the Latest Fluctuations in Mortgage Application Volume: An Insightful Breakdown”

According to recent data, there has been a decline in mortgage loan application volume, as indicated by the Market Composite Index. For the first time in three weeks, till the week ending April 19, interest rates have been increasing, causing the Index to drop by 2.7% on a seasonal adjustment basis. In comparison to last week, this represents a 2.0% reduction prior to adjustment. The Refinance Index also saw a decrease of 6.0% from the prior week, though it was 3.0% above the same week in 2023. There was also a decrease in the application’s refinance share, dropping to 30.8% from 32.1% the week before.
The Purchase Index, after adjusting for seasonality, recorded a decrease of 1.0%, marking the fifth decline in the past six weeks. Despite a slight uptick in the unadjusted Purchase Index, it was still 15% lower than the same week last year. There was a continued uptrend in mortgage rates the past week, reaching their peak since late 2023 but causing a slump in application activities. Joel Kan, the Vice President and Deputy Chief Economist of the MBA, disclosed that the 30-year fixed rate has increased for the third consecutive week to 7.24%, the highest since November 2023. Rising home prices and low inventory have postponed potential buyers’ decisions, causing a decline in purchase applications. Nevertheless, the ARM share of applications has increased to 7.6%, reflecting an upward trend in rates, as buyers plan to lower their potential monthly payments.