Fay B. Silverman
VA License #MLO-2945
NC License #I-105958
NMLS # 144133
Branch NMLS # 71158
(click links above to check licenses)
200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Fay B. Silverman at 757-605-4079.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MND NewsWireRealtors responding to a recent survey by the California Association of Realtors® (C.A.R.) reported that investors and investor sales are a shrinking part of their business. Investor transactions made up an average of 32 percent of sales Realtors reported in the survey, conducted in May of this year, down from 39 percent in the 2013 survey. Most respondents reported that they have one to three clients who are investors. Only 20 percent said they were doing business with six or more. The average number of investor clients dropped from 7 in the 2013 survey to 5.2 this year. More than half of respondents reported they had three or fewer investor sales over the previous 12 months. While Realtors reported that the percentage of sellers they represented in investor transactions grew by 7 percentage...(read more)
Posted To: MBS CommentaryMBS are outperforming Treasuries today and have been flirting with positive territory heading into the noon hour. Treasuries are still about 1bp higher than yesterday. Bond markets were weaker overnight, led primarily by London this time as the Bank of England's meeting minutes showed 2 votes for a rate hike . Other economic data in Europe and Asia was generally not bond-market-friendly. The domestic session saw MBS and Treasuries start in weaker territory. That said, they both did a good job of holding ground during the first few hours and kept the losses contained in a narrow range. From there, MBS have simply done a better job of bouncing back . This is partly a factor of natural spread dynamics (i.e. Treasuries have benefited more from rallies and been hurt more by sell-offs recently...(read more)
Posted To: Pipeline PressThe CFPB released a bulletin outlining expectations for mortgage servicers that transfer loans; bulletin includes information on how mortgage servicers should pay attention to new rules protecting consumers applying for loss mitigation help or trial modifications. The updated bulletin, which can be accessed here , replaces the CFPB's February 2013 guidance. The CFPB explains that its "concern in this area remains heightened due to the continuing high volume of servicing transfers." Most view this updated bulletin as a more detailed supervisory tool rather than a departure from the CFPB's previous stance (in place since January) on mortgage servicing transfers. For example, the original bulletin included seven general information requests for certain servicers planning transfers and this bulletin...(read more)
Posted To: MND NewsWireAs interest rates pulled back last week, refinancing drove mortgage application activity slightly higher . The Mortgage Bankers Association said that its Market Composite Index, a measure of application volume, increased 1.4 percent on a seasonally adjusted basis during the week ended August 15 and was up 1 percent on an unadjusted basis. Refinancing activity increased to a 55 percent share of mortgage applications from 54 percent the previous week and the Refinance Index increased 3 percent. The spike in refinancing was offset by a decline in applications for purchase mortgages and the seasonally adjusted Purchase Index decreased 0.4 percent from the week ended August 8. Refinance Index vs 30 Yr Fixed The unadjusted Purchase Index decreased 2 percent from the previous week and was 11 percent...(read more)
Posted To: MBS CommentaryBond markets have endured 2 days of losses so far this week. Both days have also been prime examples of illiquid summertime trading. This simply means that there are few warm bodies at trade desks, fewer hours being worked, less interest in winning mental chess matches against other traders, and more interest in simply surviving to trade in the more liquid months ahead. The phrase "going through the motions" applies fairly well. The most recent positive motion last week took 10yr yields to the lower end of their current trend of improvement. Interestingly enough, if 10's had gone any lower to start this week, they would have been breaking out of this trend. Additionally, the move higher has only barely made it half-way back to the other side of the trend. In other words, there's...(read more)