Todd A. Hobby
PA License #MLO-25410
NMLS # 143084
Branch NMLS # 604653
(click links above to check licenses)
3920 Market Street, Ste. 202
Camp Hill, PA 17011
Questions? Call Todd A. Hobby at 717-731-9703.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
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)
Posted To: MBS CommentaryAlthough MBS did a good job of pushing back against a recent bout of underperformance over the past 3 sessions, today showed it won't be a straight shot. In other words, MBS had closed the gap to Treasuries somewhat since Friday, but it widened again today . This was ultimately only exceptionally noticeable compared to yesterday. When viewed against the backdrop of the past 5 days, nothing too troubling is going on between Treasuries and MBS, and nothing that can't be explained. Such an explanation would included elevated supply from MBS originators as well as geopolitical risk having a more direct effect on Treasuries. Both sides of the market started out in stronger territory today thanks to bond-market-friendly comments from the Bank of England--essentially the only market mover...(read more)
Posted To: MND NewsWireThe theme for the economy and the housing market's in 2014 has been set for months; the economy will continue to slowly strengthen; the modest recovery in housing will be sustained . Each monthly or quarterly report or round of economic analysis seems to merely join the chorus. Fannie Mae's most recent entry on Wednesday merely added a new note. Growth is expected to strengthen during the second half, but not enough to save the year. Katie Penote, a member of Fannie Mae's Economic & Strategic Research (ESR) Group, writes that the economy experienced the worst performance in five years in the first quarter and incoming data for the second quarter suggests only a moderate improvement. The first quarter's problems are attributed to a significant downward revision in healthcare spending. During...(read more)