Jennifer F. Falk
PA License #MLO-26790
NMLS # 141592
Branch NMLS # 604653
(click links above to check licenses)
3920 Market Street, Ste. 202
Camp Hill, PA 17011
Questions? Call Jennifer F. Falk at 717-731-9703.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MND NewsWireHomes with serious negative equity numbers have now declined to the lowest point in at least two years RealtyTrac said today. The company, which began tracking so-called underwater properties in the first quarter of 2012, estimates that in the first quarter of 2014 9.1 million U.S. homes had loan balances at least 25 percent higher than the properties market value or a loan-to-value ratio (LTV) of 125 percent. This is 17 percent of all U.S. properties with a mortgage. In the fourth quarter of 2013 RealtyTrac said there were 9.3 million properties or 19 percent of mortgaged homes that were that seriously underwater and in the first quarter 2013 there were 10.9 million or 26 percent. The recent peak in negative equity was the second quarter of 2012, when 12.8 million U.S. residential properties...(read more)
Posted To: MND NewsWireEllie Mae's Origination Insight Report said today that 40 percent of mortgage loans closed in March were originated for refinancing and 60 percent for home purchases. In February the split was 43/57 percent. The March figure was the lowest share for refinancing since Ellie Mae began reporting the data in late 2012. Ellie Mae gathers data from a sample representing the approximately 57 percent of all mortgage applications that pass through its management software and systems. Jonathan Corr, president and COO of Ellie Mae said, "We continue to see the resurgence of a purchase-centric market as numbers inch closer to historical levels. Purchases increased another three percentage points in March 2014 to represent 60 percent of loans, quite the difference from March 2013 when purchases represented...(read more)
Posted To: Pipeline PressHome affordability is not a modern problem. In Zillow's In Search of Affordability , Krishna Rao writes, "Across the United States, strong home price affordability has been recently eroded by a combination of rising home prices and mortgage rates. Some areas, particularly on the West Coast, have begun to look unaffordable compared to their historic norms, forcing some household to look to the periphery of urban areas in search of affordable homes." Zillow measures affordability by looking at how much of a person's monthly income is spent on a mortgage payment. Historically in the United States, the median household would need to spend 22.1 percent of their income to afford the mortgage payments on the median home. This number fell dramatically during the housing recession, hitting a low of...(read more)
Posted To: MBS CommentaryAt the beginning of the week, we discussed the shared fate between stocks and bonds, noting that they'd been exceptionally well-connected of late and that both were approaching the later phases of a move lower (in price for stocks, and in yield for bonds). From a technical standpoint, both sides of the market have indeed ended the previous move, but now can't seem to agree on the next move. Stocks' vote is to move back in the other direction while bonds have been flat so far this week. Additionally, 2.66 has emerged as an important short term ceiling for 10yr yields--at least as important as anything can be on a 3.5 day week without any watershed market movers. For now, it acts as the line of demarcation between "sideways" and "heading higher again with stocks."...(read more)
Posted To: MBS CommentaryAs of the 3pm Treasury pit close (the unofficial end of the day for bond markets), little, if anything has changed from this morning. Despite having a wide variety of potential market movers in play, bond markets instead saw a session that would be hard pressed to be more uneventful. Treasuries were slightly weaker in the overnight session with yields pushed higher by a generally improving risk tone. This may have had something to do with stronger Chinese GDP, but even without it, there was still some 'unwinding' to do from yesterday's Ukraine- inspired flight-to-safety. When we see such flights, bond markets are preemptively moving into stronger territory on the chance that geopolitical tensions continue escalating rapidly. If geopolitical tensions to anything else, bonds lose...(read more)