Columbus Day

Monday, October 10^th is Columbus Day, a federal holiday.  Stonegate Mortgage Corporation offices will be open, however bond market and most if not all banks are closed for the day. 

 As such there will be no funding of loans Monday October 10^th, and the lock desk will not be open.

Most importantly, as a federal holiday, Monday October 10^th cannot be counted as a rescission day for refinance loan closing purposes. 

Lock expirations falling on a weekend or holiday “roll” to the next business day, however we remind you to check your expiration dates to account for the non-rescission day and shorter week in your loan funding schedules.

USDA Rural Housing Availability of Funds

Stonegate Mortgage has received word from USDA that funds for USDA refinance transactions are not available, at this time.  USDA refinances may be originated, processed, underwritten and submitted to USDA for a conditional commitment.  However, these loans may not close until funds are available again.

USDA’s fiscal year ended September 30, 2011.  The word from USDA is that funds should be available the latter part of October.  We hope this is a short lived issue.  When we get word that funds are available again, we will begin closing refinance transactions.

Purchase transactions are still able to close, as there is no shortage of funds for purchases.

Mortgage Market Update

Good morning,

We are seeing unprecedented trading in the MBS markets this morning and traders as well as Tier One lenders have been struggling to come up with prices to convert to mortgage rates-we will have pricing posted as soon as possible however the lock desk may be delayed slightly from the 11am ET start time to allow some consensus to be built in the markets.

MBS is trading up 24 ticks after the huge run up late yesterday so expect some improvement once pricing is established.

 

Thank you,

Mike Brown

Capital Markets

Mortgage Market Update

After a wild week last week economic releases are light in the coming days, so focus in bond and equity markets is the world-wide recovery, or more importantly lack thereof. With 10 year treasury dabbling with the 2 handle last week, we find the yield early today at 2.99% so the safety play is still on.

Stocks appear slightly weak at the open but no 200 point drops in the works for this morning. MBS is trading close to the closing price from Friday so do not expect much excitement today-for a change.

Greece, Portugal and the growing concern of losing momentum in the US is driving yields lower-stocks still holding up after a long run from the bottom in 2009, as it appears the only place the US stimulus activity seems to have made a difference is in corporate treasuries! Now that that has run out, we shall see how the earnings look this summer.

 

Mike Brown

Capital Markets

Stonegate Mortgage Corporation

Mortgage Market Update – Afternoon

Market has held on to a small gain this afternoon, 4/32nds from the opening price at 9:30.  We have not posted new prices; however, we are improving our fixed rate products by 0.20 in price for the balance of the day.  We will not send new rate sheets but pricing has been added to pricing engines for retail users.

Thank you,

Mike Brown

Capital Markets

Stonegate Mortgage Corporation