Todd A. Hobby
PA License #MLO-25410
NMLS # 143084
Branch NMLS # 604653
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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: MND NewsWireThe Mortgage Bankers Association (MBA) said today that applications for the purchase of newly constructed homes declined in November by about 18 percent from October levels. The change does not include any adjustment for seasonal variations. MBA's data comes from its Builder Application Survey conducted among mortgage subsidiaries of home builders across the country. Using survey data as well as assumptions regarding market coverage MBS projects that sales of new homes were at a seasonally adjusted rate of 455,000 units in November. On an unadjusted basis there were an estimated 32,000 sales. Last month MBA reported an 11 percent decline in new home purchase applications in October and that new home sales were at an annual rate of 509,000 and about 40,000 units had sold during the month. Of...(read more)
Posted To: MND NewsWireWhile mortgage delinquency rates are expected to continue their decline to more normal levels next year, multiple factors will slow that drop from the pace seen in recent years. TransUnion projected today that the mortgage delinquency rate will decline from its expected year-end 2013 level of 3.94 percent to 3.75 percent by the end of next year, a far shallower decline than has previously been the case. At the same time the credit reporting company said credit card delinquencies will rise over the next 12 months. While 2014 is expected to be the fifth straight year in which mortgage delinquencies have fallen, it would be the first year in which the negative change was smaller than the year before. The year-over-year drop in delinquencies of 60 days or more accelerated from 6.40 percent in 2010...(read more)
Posted To: MND NewsWireThe bitcoin movement just became a little more complicated: JPMorgan Chase is going after the bitcoin biz by patenting a similar system. But these few slips of paper I have in my wallet are worth something, right? Right? Things tend to slow down during December, but LOs are still out there for business. Garth Graham with the STRATMOR Group writes, regarding the C's of lending, "The 'four Cs' of lending still serves as a good basis for deciding whether to approve a loan, although it's now been subsumed into a new acronym: 'ATR' (ability to repay). However, the more compelling discussion at this week's tech show was what I refer to as the '3 Key Cs' of business success this coming year: capacity, conversion and compliance. Right now we're in the middle of an interesting transition. Lenders are...(read more)
Posted To: MND NewsWireForeclosure starts reached a 95 month low in November. RealtyTrac, in its November U.S. Foreclosure Market Report, said that a total of 52,826 properties entered formal foreclosure for the first time in November, down 10 percent from the previous month and 32 percent from a year ago. This was the smallest number of foreclosure starts since December 2005 , when 49,236 mortgages were put into the foreclosure process. The slowing rate of starts drove overall foreclosure activity for the month of November down by 15 percent from October's levels. A total of 113,454 or one in every 1,155 housing units received a default notice, notice of a scheduled auction, or were subject to a bank repossession during the month. The month-over-month drop was the largest since November 2010 when reactions to the...(read more)
Posted To: MBS CommentaryYesterday - Treasuries somewhat weaker overnight, much weaker in afternoon - Budget deal talk, weak auction, technical shift all weighed - MBS were tame until after 10yr Auction, weakness and reprices afterward - Fannie 4.0s lost about half a point, rate sheets gave up most of post-NFP improvement Today - Data finally arrives with Retail Sales and Jobless Claims - Not showstoppers, but certainly capable of setting the tone - 30yr Bond Auction at 1pm is relevant as well - Despite morning data, 1pm is the "make or break" time of day Strategy In general, Treasury auctions haven't elicited as much reaction on the part of MBS as they did back in 2008-2010 when markets were still feeling out the new normal of the QE era. Now as that era prepares for its most fundamental shift, auction results may...(read more)