Lenders using Candor produce a high-quality loan that requires only 1 underwriter touch on 70% of loans. Imagine the ROI by reducing fallout, improving hedge, slashing cycle time, and banishing repurchases.
“My password is weak? Well, so is my memory, so cut me some slack and let me keep it!” What isn’t weak is the bond market, and rates continue to fall. Lenders, weak or strong, have a lot on their plates. Mortgage rates continue to drop, and lenders are grappling with renegotiations, improving efficiency, and nationwide appraisal delays and expenses. And how’s your move back to the office, or not, going? “Our profession cannot long endure a remote work model!” That’s what the Morgan Stanley Chief Legal Officer is telling law firms. "I strongly believe that firms that return to the office will have a significant performance advantage over those that do not," CLO Eric Grossman wrote in a letter to Morgan Stanley's outside law firms. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology. Lenders using Candor produce a high-quality loan that requires only 1 underwriter touch on 70% of loans. Imagine the ROI by reducing fallout, improving hedge, slashing cycle time, and banishing repurchases.)
This week’s economic calendar is slow, as usual mid-month. Fedspeak will go quiet ahead of next week’s July 27/28 FOMC meeting. Today contains just one economic release, the NAHB Housing Market Index for July due out later this morning. The NY Fed Desk will purchase an average of $5 billion of MBS per day during the week. We begin National Daquiri Day with Agency MBS prices better by .250 and the 10-year yielding 1.23 after closing last week at 1.30 percent (and versus the end of March’s 1.77) on lots of demand for U.S. securities, COVID variants, and world economies not bouncing back as expected.
Let’s start off the week with a video. As the populations of residential lenders age, eyesight becomes a problem. Be careful out there, as evidenced by this video! (Warning: do not watch if easily offended.)