Independent mortgage banks (IMBs) have been around for more than a century. but have taken on increased significance and power in the marketplace since the housing crisis. The Mortgage Bankers Association (MBA) says that several myths have grown up around this trend, coming from critics such as the Brookings Institution. It just published a White Paper discussing the current role of IMBs and addressing the myths. There were 900 IMBs in the US In 2017 according to Home Mortgage Disclosure Act (HMDA) data. They account for 16 percent of companies reporting data but originated 54 percent of single family (one to four unit) mortgages, up from 25 percent in 2008. MBA says this growth presents policy questions, but "it should be evaluated based on a solid understanding of the IMB role and importance

February 25, 2019 Download our Mobile App: Download our Mobile App: Housing News Can We Stop Freaking Out About Independent Mortgage Banks Now? Independent mortgage banks (IMBs) have been around for more than a century. but have taken on increased significance and power in the marketplace since the housing crisis. The Mortgage Bankers Association (MBA) says that several myths have grown up a... (read more) Mortgage Rate Watch Mortgage Rates Only Modestly Higher After Tariff News Mortgage rates were very nearly unchanged today, although the average lender was just slightly higher. Investors reacted to news over the weekend that the US/China tariff deadline would be extended. While that doesn't have anything to do with mortgag... (read more) MBS Commentary MBS Live Day Ahead: Tariff Extension is Old News as Bonds Wait For Powell and Data The "big" news over the weekend was the announcement of an extension on US/China tariffs that were set to go into effect on March 1st.  While an eventual trade deal would still be a big development for both sides of the market, the extension was... (read more) Rob Chrisman Workflow and Profitability Products; Study on Referrals; Events and Training When you hear “Midwest” what comes to mind? Missouri? Illinois? What about “Mideast?” Some place a long way from Missouri! “Rob, have you heard that the cost to originate a loan is different based on geography?” I ... (read more) MBS Commentary MBS Live Recap: Sudden Glut of Fed Bond-Buying Comments As recently as January 10th, Jerome Powell unequivocally stated that the Fed's balance sheet wind-down was on auto pilot.  In other words, they weren't going to be jumping back into buying bonds with balance sheet reinvestments any time soon.&nb... (read more) MBS Commentary MBS Live Recap: Bonds Hold Ground Nicely Despite Threats If bonds happened to move higher in yield by more than they did today, we'd be talking about how the announcement of a US/China tariff extension put upward pressure on rates.  As it stands, we can still witness just a bit of that upward pressu... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.84 -0.09 Price / Yield Change MBS UMBS 5.5 98.84 -0.09 UMBS 6.0 100.49 -0.07 GNMA 5.5 99.47 -0.10 GNMA 6.0 100.63 -0.08 Pricing as of: 11/14 10:27PM EST 10 Year US Treasury 4.4606 +0.0218 Price / Yield Change US Treasury 2 YR Treasury 4.353 +0.003 5 YR Treasury 4.341 +0.015 7 YR Treasury 4.403 +0.016 10 YR Treasury 4.460 +0.021 30 YR Treasury 4.610 +0.027 Pricing as of: 11/14 10:27PM EST Latest Video Santelli Exchange: Inflation vs. the cost of living Fed Chair Powell takes different approach than predecessors, speaks more of... Preliminary read for December wholesale inventories up 1.1 percent Around the Web CNBC Here's why it's a mistake to blame the Fed for the world's economic ills Reuters Fed's Powell heads to Congress amid shifting landscape CNBC Janet Yellen says Trump has a 'lack of understanding' of Fed policies and the economy NAHB Eye on Housing Property Taxes by State 2017 Bloomberg A Higher Inflation Target Won't Make the Fed More Effective CNBC Inside Fed Chairman Jerome Powell's charm offensive on Capitol Hill Calculated Risk Blog Dallas Fed: "Texas Manufacturing Expansion Continues" Bloomberg A Subprime Lender Tries the Ultimate Cut-Throat Deal Bloomberg Banks Sure Don't Look as If They Need Relief Calculated Risk Blog Chicago Fed "Index Points to Slower Economic Growth in January" Redfin Buffalo, Grand Rapids and Omaha Are Now the Nation's Fastest Housing Markets CNBC Former Fed Chief Paul Volcker rips 'culture of the financial system' and its focus on profits Bloomberg Most Economists See U.S. Recession by 2021, Survey Shows

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