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Student Loans

How lenders view deferred student loans continues to change and this can have a significant impact on your ability to qualify.  There is great news to report—the rules have loosened up quite a bit recently.  If you or someone you know were turned down because of student loan debts, you should call today to see how the simplified rules can allow you to qualify.

Call 520-495-7237 or email me at SmartTeam@novahomeloans.com.

Remember and Warning 2

What Memorial Day is all about

Memorial Day is a federal holiday in the United States for remembering the people who died while serving in the country’s armed forces.[1] The holiday, which is currently observed every year on the last Monday of May,[2] originated as Decoration Day after the American Civil War in 1868, when the Grand Army of the Republic, an organization of Union veterans founded in Decatur, Illinois, established it as a time for the nation to decorate the graves of the Union war dead with flowers.[3] By the 20th century, competing Union and Confederate holiday traditions, celebrated on different days, had merged, and Memorial Day eventually extended to honor all Americans who died while in the military service.[1] It marks the start of the unofficial summer vacation season,[4] while Labor Day marks its end.

Many people visit cemeteries and memorials, particularly to honor those who have died in military service. Many volunteers place an American flag on each grave in national cemeteries.

Annual Decoration Days for particular cemeteries are held on a Sunday in late spring or early summer in some rural areas of the American South, notably in the mountain areas. In cases involving a family graveyard where remote ancestors as well as those who were deceased more recently are buried, this may take on the character of an extended family reunion to which some people travel hundreds of miles. People gather on the designated day and put flowers on graves and renew contacts with relatives and others. There often is a religious service and a picnic-like “dinner on the grounds,” the traditional term for a potluck meal at a church. It is believed that this practice began before the American Civil War and thus may reflect the real origin of the “memorial day” idea.[5]

Memorial Day is not to be confused with Veterans Day; Memorial Day is a day of remembering the men and women who died while serving, while Veterans Day celebrates the service of all U.S. military veterans.[6]

Memorial Day

(credit to Wikipedia – Memorial Day)

Remember and Warning 2

MBS RECAP: Fed Statement Not Pessimistic Enough For Some Traders

Posted To: MBS Commentary

Today's Fed announcement turned out to be a dud . It's getting headline treatment here based solely on street cred. In and of itself, it could scarcely compete with today's AM economic calendar. Of particular interest was the Treasury's quarterly refunding announcement. Normally a sleeper of a market mover, the refunding announcement was more closely scrutinized this time around for two reasons. First, traders wanted to see if there would be any increase in Treasury issuance to offset new spending plans. Beyond that, the announcement served as an opportunity to debut the longer-term bonds that Mnuchin has mentioned on several occasions recently. As it happens, the longer term bonds were mentioned, but they weren't announced outright (to paraphrase, they're "currently…(read more)

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Source: Mortgage News Daily

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Fed Statement Erases Morning Mortgage Rate Gains

Posted To: Mortgage Rate Watch

Mortgage rates ended the day relatively close to ‘ unchanged ,’ depending on the lender. That’s somewhat surprising considering the presence of several big-ticket events on today’s calendar of potential market movers. Chief among these was the most recent installment of the Fed’s policy announcement. While the Fed wasn’t necessarily expected to make any policy changes, investors were still scanning for clues about the next Fed statement. In general, the announcement amounted to an optimistic deliver of several pessimistic developments. Some investors were hoping the Fed would pull fewer punches on the pessimistic stuff. In general, economic pessimism goes hand in hand with lower rates. Due to the lack of outright pessimism, rates rose in the afternoon, albeit only slightly. Several lenders…(read more)

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Source: Mortgage News Daily

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MBA Conference; Stonegate and Nationstar; Treasury Trading Changes

Posted To: Pipeline Press

As the 1,400 or so registered participants in the MBA’s Secondary Marketing conference head home, bleary-eyed, the tag-line for the conference could have been, “Just Do It Easier, Better, Faster, Cheaper… the Order is Up to You.” Of course, the devil is in the details. My cat Myrtle hasn’t weighed in on the GSE reform efforts, one of the main topics of the conference, although the MBA is pushing hard for it. but plenty of people believe it may have to wait in line behind tax, health care, immigration, foreign policy, and infrastructure issues facing the administration, regardless of how necessary it is. Support is important! Lender news Stonegate Mortgage Corporation announced that its stockholders overwhelmingly approved all proposals relating to the pending…(read more)

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Source: Mortgage News Daily

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Purchase Mortgage Gain Fails to Fill Refi Gap

Posted To: MND NewsWire

Mortgage application volume decreased for the second consecutive week as the growing pool of purchase mortgage applications just missed covering the gap from declining refinance activity. The Mortgage Bankers Association said its Market Composite Index, a measure of application activity, dipped 0.1 percent on a seasonally adjusted basis during the week ended April 28, and declined 1.0 percent unadjusted. Refinancing did not maintain last week’s flurry of activity. The Refinance Index lost 5 percent when compared to the week ended April 21 and refinancing applications fell back to a 41.6 percent share from 44 percent the previous week. The seasonally adjusted Purchase Index increased 4 percent from a week earlier and grew by 5 percent unadjusted. It was also 5 percent higher than during the…(read more)

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Source: Mortgage News Daily

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MBS Day Ahead: Ready For Anything Ahead of Fed Announcement

Posted To: MBS Commentary

Bond markets are beginning the day in slightly weaker territory after as-expected ADP Employment data and the Treasury Department commented on the possibility of bond maturities over 30 years. All of this morning's market movement is just a sideshow compared to what lies ahead. Specifically, the FOMC Announcement this afternoon is this weeks first key event with the power to break stocks and bonds out of clear consolidation patterns. All other things being equal, when I see a chart like the Treasury candlesticks above, I tend to expect a resistance bounce. It just looks like that consolidation pattern has more room to run. Given that yields are currently at the lower boundary of that triangular consolidation pattern, it makes sense to expect today's default momentum to be unfriendly…(read more)

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Source: Mortgage News Daily

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MBS RECAP: Bonds Hold Range With or Without Today's Events

Posted To: MBS Commentary

The trading week has been relatively inconsequential so far. That's the best explanation for today's bond market gains. Sure, there are a few anecdotes to point to in terms of cause and effect (like a big sell-off in oil, or the afternoon's auto sales numbers), but apart from having debatable significance, these factors surely aren't worth much of our attention if they weren't able to break 10yr yields out of the ultra-narrow range set during the last 3 days of April (2.28-2.35). Stocks are undergoing the same sort of indecision (see the chart in the Day Ahead ). Combine that with the calendar of upcoming events (which includes a ton of data, the French election run-off, and the Fed Announcement tomorrow), and a sideways grind makes sense for both sides of the market. Bottom…(read more)

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Source: Mortgage News Daily