Tidewater Mortgage Services, Inc.
NMLS # 71158
Branch NMLS # 71158
(click links above to check licenses)
Direct: (757) 498-7400
Fax: (757) 498-7435
200 Golden Oak Ct., Suite 100
Virginia Beach, VA 23452
Questions? Call Tidewater Mortgage Services, Inc. at (757) 498-7400.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryTypically, negative economic data on the scale of this morning's New Home Sales would be a clearly positive factor for bond prices. Sales fell at their fastest pace since last July and last month's strong report was revised to mediocre levels. In one fell swoop , the entire shape of 2014 New Home Sales went from "gradually improving" to "sideways and maybe slightly weaker." Yet bond markets barely batted an eye at the data! At best, we could say that it helped stem the existing losses and encourage sideways movement, but it certainly didn't prompt any major bounce back. Pervasive weakness had been a problem almost right from the start of the overnight session. After recovering to 'unchanged' by the start of the European session, US Treasuries were almost...(read more)
Posted To: MND NewsWireNew homes sales retreated in June from the very strong performance reported for May; a performance that turns out to have been less strong. A joint release from the Census Bureau and the Department of Housing and Urban Development this morning put June sales of newly constructed single family homes at a seasonally adjusted annual pace of 406,000 units. This represents an 8.1 percent drop from the revised May rate of 442,000. May sales however were originally estimated to be at the rate of 504,000 units which would have been an 18.6 percent increase over April and, the report said, the most rapid increase in 20 years. June sales were also down, by 11.5 percent year over year . Those sales were estimated at 459,000. On an unadjusted basis there were 38,000 new homes sold in June, down from 42...(read more)
Posted To: Pipeline PressFor LOs who feel "enough is enough" with regard to the proposed Pre-Licensure Education Expiration Policy on education, timelines, and requirements, here is your chance to comment through NMLS. Out in California the Bank of Marin ($1.8 billion in assets) said it will discontinue the mortgage brokerage operation it acquired from Bank of Alameda (CA), after determining the activity was too commodity-based to make a reasonable return . It is certainly hard to earn the small revenues that a commodity business generates if a company is trying to offer a specialized product! But folks are trying different combinations. KeyBank ($88B, OH) will acquire investment bank and capital markets firm Pacific Crest Securities. Guaranty Bank and Trust Co. ($2B, CO) will acquire Cherry Hills Investment Advisors...(read more)
Posted To: MBS CommentaryThe past 5 days have simply seen rates grind around recent lows. Things have been a bit brighter in Treasuries compared to MBS, but in general, both have traded increasingly narrow ranges near the best levels of the year (again, that's more true for Treasuries, but not entirely untrue for MBS). Yesterday's weakness acted as another bounce that keeps us "grinding around" so to speak. We've discussed this noisy, important zone in terms of 2.47% in 10yr yields, with a break below 2.40 needed for outright confirmation that we're moving through the zone (2.34 would be the warning track before concluding a 2014 Treasury rally knocked it out of the park). Prospects for ongoing strength (and much of the strength seen so far this year) have been closely tied to goings-on in...(read more)
Posted To: Mortgage Rate WatchMortgage rates were mixed today depending on the lender and the time of day you look. Most recently, the average lender is back to unchanged vs yesterday. Before that, most lenders were in slightly better shape, but market weakness prompted widespread reprices. On an individual basis, some lenders are slightly higher or lower, especially if they didn't reprice with the rest of the market. 4.125% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. Any changes in quotes from yesterday would only affect the closing costs, and even then, they'd be minimal. In addition to being unchanged this week, rates continue to hold an exceptionally narrow long term range as well. Rates have held between 4.125 and 4.25 for well over 2 months. It continues to be the case that...(read more)