Kevin Joseph Gorman
VA License #MLO-2938
NMLS # 264807
Branch NMLS # 71158
(click links above to check licenses)
200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Kevin Joseph Gorman at 757-605-4182.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
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)
Posted To: MBS CommentaryEverything that happened in bond markets today, happened before noon. Whether this was a factor of European markets contributing to the volatility or simply another afternoon during August isn't readily apparent, but both likely contributed. Treasuries were slightly stronger in the overnight session. 10's and MBS were both back to yesterday's best levels at the open. The morning data only proved to be a minor speedbump in the grand scheme of things (stronger Housing Starts caused temporary weakness). It wasn't until stocks were open for the day and headlines hit alluding to potential Ukraine/Russia deescalation that the weakness flared in earnest. It was fueled on several occasions by large block trades in Treasury futures. These happen every day, but when trading activity is...(read more)
Posted To: Mortgage Rate WatchMortgage rates continued moving higher today after headlines suggested a chance for deescalation in Ukraine. It was the geopolitical risk in Ukraine that coincided with a strong move lower on Friday. Strong economic data also contributed to the weakness as a report showed Residential Construction rose at the fastest pace since November. Economic strength tends cause investors to sell bonds and move to riskier assets. When bonds--like those that dictate mortgage rates--are sold, rates move higher. Today's move completely undoes last week's improvement. That said, most of that improvement was seen on Thursday and Friday, so it's not quite as dramatic as it might seem. In fact, with the exception of the last three days, today's rates are still the lowest in over a month . The most prevalently...(read more)