Nationstar Mortgage Holdings Inc

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  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise as Bond Yields Increase

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Mortgage Refinance Applications Rise

    Mortgage refinance applications, as measured by the MBA Refinance Index, rose 16.7% from 1,693 to 1,902 for the week ending August 28.

    By Brent Nyitray, CFA, MBA
  • uploads///LPS originations
    Financials

    Why low mortgage origination volumes are bad for REITs

    Mortgage originators have had a difficult time over the past year, as rates have begun rising. The increase in interest rates pretty much stopped the refinance boom in its tracks.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    Jobs Report Postponed until Friday, May 8

    The jobs report should have gone out last Friday. But the BLS decided to postpone it until this Friday, May 8. Unless the report is unusually good, the bond market will probably take it in stride.

    By Brent Nyitray, CFA, MBA
  • uploads///GDP
    Macroeconomic Analysis

    Lots of Real Estate Numbers ahead: Here’s What You Need to Know

    This week will have a lot of valuable data for real estate investors. We have some important earnings this week too.

    By Brent Nyitray, CFA, MBA
  • uploads///Twos Tens
    Financials

    Strong economic data is causing the yield curve to steepen

    The shape of the yield curve matters almost as much as the absolute level of interest rates to financial companies As a general rule, financial companies (banks, REITs) borrow short and lend long. What this means is that they lever their balance sheet by borrowing at short-term interest rates and generally invest in longer-maturity assets, […]

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why mortgage rates declined after the FOMC maintained its course

    Interest rates fell sharply across the board as the Fed voted to maintain its current rate of asset purchases. The market was betting heavily that the Fed would begin to reduce purchases.

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    Consumer Financial Protection Bureau rose cost of loan servicing

    Regulatory risks One of the other big risks for holders of mortgage servicing rights (MSRs) is the Consumer Financial Protection Bureau (CFPB). While the servicer’s job is to look out for the bondholders, the regulators are tasked with looking after the borrower. First, one of a servicer’s jobs is dealing with the borrower once a […]

    By Brent Nyitray, CFA, MBA
  • uploads///Radar Logic Futures Curve
    Financials

    Radar Logic futures curve predicts flat real estate prices until September 2014

    Radar Logic futures can be used to forecast real estate prices Most people are unaware that there is a futures market for U.S. real estate prices.  The Radar Logic futures contract launched about a year ago on the CBOE Futures Exchange. While they are not especially liquid, they do provide an insight into what the market […]

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    Mortgage servicing rights increase in value as interest rates rise

    Mortgage servicing rights are one of the few financial assets that increase in value as rates rise Most mortgage REITs are exposed to changes in interest rates, and are usually long-duration, which means that the value of their portfolio decreases in value as interest rates rise. Good examples of these types of REITs would be […]

    By Brent Nyitray, CFA, MBA
  • uploads///Black Knight Origination Volume
    Financials

    Why more mortgage originators venture into the non-qualified space

    The Consumer Financial Protection Bureau promulgated a list of requirements for a mortgage to be considered a qualified mortgage (or QM). On January 1, the new QM rules took effect.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage applications rebound after a short holiday week

    Mortgage applications fall off a cliff on a short week The MBA Applications index rose 11% after falling 13% the week before, which was a holiday-shortened week. Refinances drove the increase, with an 18% jump in the index. Purchase activity also rose, although only slightly. The summer selling season is winding down, and we’re entering […]

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why did the mortgage rates flatten after a mixed jobs report?

    The average 30-year fixed-rate mortgage rose 1 basis point, from 4.34% to 4.35%, while the ten-year bond yield was flat after a mixed jobs report.

    By Brent Nyitray, CFA, MBA
  • uploads/// year intraday
    Financials

    Bonds and REITs collapse on FOMC statement

    The Federal Open Market Committee determines interest rate policy The June Federal Open Market Committee (FOMC) meeting was recently completed and the results of that meeting were released at 2:00 pm EST. The FOMC statement gives color on how the Fed views the economy, how they are thinking about moving forward, and some guidance regarding […]

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Costs Rise with Healthcare Inflation

    Employment costs rose 0.6% in the quarter ending March 31, 2016. Over the past 12 months, compensation costs for civilian workers have risen 1.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///LPS originations
    Financials

    Why steeply falling originations mean bad news for non-agency REITs

    Mortgage originators have had a difficult time over the past year, as rates have begun rising. The increase in interest rates pretty much stopped the refinance boom in its tracks.

    By Brent Nyitray, CFA, MBA
  • uploads///OCN
    Fund Managers

    Baupost Group Lowered Its Stake in Ocwen Financial

    The Baupost Group lowered its position in Ocwen Financial (OCN) during 4Q14. The position accounted for 1.77% of the total portfolio in 4Q14.

    By Samantha Nielson
  • uploads///MSR
    Financials

    Why mortgage servicing rights imply risks for servicers

    Risks of being a servicer Generally, servicing seems like an easy job. Collect the payment, give the government its take, pass the (smaller) payment to the bondholders, and keep the rest. What could go wrong? There’s just one catch. What happens if you miss your mortgage payment? The U.S. government guarantees Ginnie Mae securities. When […]

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Catch the Bond Market Rally

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield LT
    Financials

    Recommendation: how to play increasing interest rates for Mortgage REITs

    Interest Rates are going up. Now what? It is hard to be a mortgage REIT investor right now. The secular bond bull market that began in 1981 – 1982 recession has ended. The wind at the back of REIT investors, quantitative easing, which has put a bid under most of the stuff that mortgage REITs […]

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Macroeconomic Analysis

    Credit Remains Tight in the Mortgage Market

    Given that credit conditions are generally strong elsewhere, there has to be something specific going on in the mortgage market. Regulatory conditions are making banks reluctant to lend.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rose as Bond Yields Increased

    TheFed hoped that lowering mortgage rates would also support home prices.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise as Bonds Fall: A Critical Investor Input

    Last week, the ten-year bond yield increased 7 basis points, and mortgage rates rose from 3.85% to 3.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise Despite Little Bond Market Movement

    Last week, mortgage rates rose from 3.87% to 3.92% even though the ten-year bond yield fell by a basis point.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fall as Bonds Rally, Impact Mortgage REITs

    Mortgage rates largely ignored the moves in bond markets. In the week ended January 8, they fell by ten basis points while the ten-year bond yield fell to 2.1%.

    By Brent Nyitray, CFA, MBA
  • uploads///Fannie Mae Attitudes about housing expected px appreciation
    Real Estate

    Fannie Mae’s survey shows an increase in home price appreciation

    The latest survey shows that consumers expect home price appreciation to increase by 2.5% over the next 12 months. This is up 20 basis points month-over-month.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    Are lower rates enough to trigger another refinance wave?

    The increase in rates has basically put prepayment worries on the back burner for REITs. The lack of a reaction in the refinance index on the back of a drop in rates could mean we’re finally seeing prepayment burnout. This would be good news for REITs.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Bond Market Rally Lifts Originator Business

    Since the bubble burst, mortgage origination has been almost exclusively government-driven. The US government bears 50% of the credit risk of the entire US mortgage market.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    An Old Headache Returns: Increased Prepayment Speeds Up

    The Mortgage Bankers Association (or MBA) Refinance Index rose 66% from 1,349 to 2,245 as rates finally fell enough to allow refinances.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Assets
    Company & Industry Overviews

    Why the Fed Continues to Reinvest Its Maturing QE Assets

    QE increased the size of the Fed’s balance sheet almost eightfold since the turn of the century. Currently, the Fed’s balance sheet holds around $4.5 trillion.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why Did Mortgage Rates Fall with Interest Rates?

    Lately, mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen over the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///NLY financial performance Q
    Earnings Report

    What’s Annaly Capital’s Take on the Bond Market’s Volatility?

    Annaly positioned itself to reduce its interest rate risk and increase its credit risk. Since 2009, global bond markets have risen in value by about $17 trillion.

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Financials

    The Labor Force Participation Rate Increased in July

    In July 2016, the labor force participation rate rose to 62.8%—up 10 basis points from June. The labor force rose from 158.9 million to 159.3 million.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Rise with the Bond Market

    Lately, mortgage rates and bond yields have shown a weak correlation. Treasury yields have fallen over the past month, while mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Increasing Mortgage Rates Negatively Impact Mortgage REITs

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Foreclosure percent
    Financials

    How Do Foreclosures Impact Mortgage REITs?

    The federal government has taken numerous steps to reduce foreclosures. It started with loan modification programs.

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Financials

    Labor Force Participation Rate Rose in June

    In June 2016, the labor force participation rate rose to 62.7%—up 10 basis points from May. The labor force rose from 158.5 million to 158.9 million.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Financials

    How Much Did Mortgage Refinance Applications Fall Last Week?

    Mortgage refinance applications, as measured by the MBA (Mortgage Bankers Association) Refinance Index, fell last week. Since mid-2013, refinances have been dropping dramatically.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage Rates Catch Up with Bond Yields

    Last week, the ten-year bond yield fell 12 basis points to 1.44%. Mortgage rates fell 10 basis points to 3.46%.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Mortgage Applications Fell on the Brexit Vote

    Mortgage applications fell 2.6% last week after rising 2.9% the week before. Rates were increasing for most of the week, only to fall on Friday on the Brexit vote.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Housing Market: Mortgage Rates Head Lower

    Lately, mortgage rates and bond yields showed a weak correlation. Treasury yields fell over the past month. Mortgage rates have been steady.

    By Brent Nyitray, CFA, MBA
  • uploads///Foreclosure percent
    Macroeconomic Analysis

    Mortgage Servicing Rights’ Valuations Are Getting Hit

    New capital requirements for MSRs (mortgage servicing rights) are also depressing valuations. Banks are reluctant to hold too much servicing.

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Macroeconomic Analysis

    The Labor Force Participation Rate Heads Back Down Again

    In May 2016, the labor force participation rate fell to 62.6%, down 20 basis points from April.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise with Treasury Yields

    Last week, the ten-year bond yield rose 14 basis points to 1.84%. Mortgage rates rose 6 basis points to 3.64%.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Company & Industry Overviews

    The FOMC Notes That Credit Conditions Are Improving Slightly

    The FOMC staff economists said that financial market conditions have improved further since the March meeting.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Why Did Mortgage Rates Fall with Bond Yields?

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market started when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Assets
    Macroeconomic Analysis

    The Fed Continues to Maintain Its Bloated Balance Sheet

    Quantitative easing (or QE) has increased the size of the Fed’s balance sheet almost eightfold since the turn of the century.

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Macroeconomic Analysis

    Labor Force Participation Rate Rose: So Why Don’t We Feel Better?

    The unemployment rate has been falling, so why don’t we feel better about the economy? Let’s look to the labor force participation rate to answer that question.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Refinance Applications Fall as Interest Rates Rise

    Mortgage refinance applications fell 2.3% from 2,104 to 2,056 for the week ending March 4. Since mid-2013, refinances have been dropping dramatically.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    How Did Mortgage Rates Trend Last Week?

    Lately, mortgage rates have mainly ignored bond market movements.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Refinance Index
    Macroeconomic Analysis

    Refinance Activity Surges as Rates Fall, Impacts Mortgage REITs

    Mortgage refinance applications, as measured by the MBA (Mortgage Bankers Association) Refinance Index, rose 16% for the week ending February 5.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rose despite a Flat Bond Market: REIT Outlook

    Lately, mortgage rates have mainly ignored bond market movements. However, they finally started catching up. Last week, they rose by 5 basis points to 3.67%.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fall despite Higher Interest Rates

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market began when it pushed rates lower to help people refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise despite Lower Bond Yields

    Mortgage rates have lagged behind the drop in interest rates we’ve seen over the past few weeks. Last Friday, they reacted to the strong jobs report and increased from 3.8% to 3.9%.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Ignore the Jobs Report for the Moment

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help the housing market began when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Macroeconomic Analysis

    Labor Force Participation Rate Still Mired at Multi-Decade Lows

    In October, the labor force participation rate held steady at 62.4%—its lowest point since 1977.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Assets
    Macroeconomic Analysis

    Why Did the Fed Decide to Keep Reinvesting Maturing QE Assets?

    The elephant in the room at the Fed is that rates need to return to more normal historical levels at some point.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Tick up Despite Bond Market Rally

    Last week, interest rates fell on the weak jobs report. The ten-year bond yield fell from 2.16% to 1.99%. Surprisingly, mortgage rates rose 5 basis points to 3.88%.

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Cost Index Falls

    The employment cost index increased 0.2% in the quarter ending June 30, 2015. This was a small increase from the fourth quarter of 2014.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fell Last Week as the Bond Market Sold Off

    Last week, mortgage rates fell even though the bond market fell. This was because rates rose a few basis points too high…

    By Brent Nyitray, CFA, MBA
  • uploads///Labor Force Particiption Rate
    Macroeconomic Analysis

    The Labor Force Participation Rate Hits a Multi-Decade Low

    Since the Great Recession, the labor force participation rate has declined. It’s back to levels we haven’t seen since the late 1970s.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Rise as Bond Market Sells Off

    Mortgage rates are the lifeblood of the housing market. The Fed’s plan to help housing began when it pushed rates lower to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Ignore the Rally in the Bond Market

    As a general rule, mortgage rates are somewhat stabler than bond yields. When we see big outsized moves in the bond markets, mortgage rates tend to lag the move.

    By Brent Nyitray, CFA, MBA
  • uploads///Employment Cost Index
    Macroeconomic Analysis

    Employment Costs Are Accelerating

    Employment costs increased 0.7% in the quarter ended March 31, 2015. This was a small increase from the December quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Increase as Bond Market Sells Off

    Mortgage rates followed the bond market lower, which sold off with European bonds. The 30-year increased 9 basis points to 3.87%. The ten-year picked up 10 basis points.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Zig as the Bond Market Zags

    With a focus to draw first-time homebuyers into the market, the government has announced measures to increase credit availability for new homebuyers.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fall as Bonds Rally

    Mortgage rates are the lifeblood of the housing market, and the Fed’s plan to help housing began with pushing rates lower in order to allow people to refinance.

    By Brent Nyitray, CFA, MBA
  • uploads///Ally Financial_Key Facts
    Fund Managers

    Oaktree Capital Boosts Holdings in Ally Financial

    Ally Financial joined TARP in 2008 as part of an effort to stabilize the US auto industry. The firm went on to become a major provider of auto finance.

    By Stuart McKenzie
  • uploads///Mortgage Rates
    Macroeconomic Analysis

    Mortgage Rates Fall as Bonds Rally: A Critical Housing Input

    Mortgage rates fell along with bond yields after the FOMC statement. That said, we’ve seen tremendous volatility in the ten-year over the past month

    By Brent Nyitray, CFA, MBA
  • uploads///KB Home Geographic Expposure
    Earnings Report

    Understanding KB Home’s Geographical Advantage And Strategy

    KB Home (KBH) is a Los Angeles–based homebuilder that focuses on first-time, move-up, and active adult homebuyers.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications hit 14-year lows as refinances dry up

    The MBA Applications Index fell 7.2% after rising 0.2% the week before. This is the lowest reading for the MBA Mortgage Applications Index since early 2001.

    By Brent Nyitray, CFA, MBA
  • uploads///Black Knight Origination
    Financials

    Must-know: Understanding non-qualified mortgage loans

    Non-QM loans would typically be useful for borrowers with sporadic income, but a large amount of assets. However, lenders will only consider low loan-to-value (or LTV) loans—like 80% maximum, which really is a ceiling. Most lenders are below that.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why mortgage rates rose as the 10-year bond sold off

    The average 30-year fixed-rate mortgage rose 2 basis points, from 4.15% to 4.17%, while the ten-year bond yield rose 11 basis points after some weaker economic data.

    By Brent Nyitray, CFA, MBA
  • uploads///HARP Refinances
    Financials

    A key guide to the left-versus-right divide on housing policy

    For the political right, the goal is to encourage private capital to return to the market and lower the government’s footprint in housing. For them, the goal is to “crowd in” private capital.

    By Brent Nyitray, CFA, MBA
  • uploads///FICO scores
    Financials

    An investor’s guide to non-bank mortgage servicers like Ocwen

    It’s important to keep in mind that the quality of MSRs that have been originated over the past six years are head and shoulders above the MSRs that were created during the bubble.

    By Brent Nyitray, CFA, MBA
  • uploads/// year bond yield historical
    Financials

    Wells Fargo and Ocwen’s mortgage servicing right sale is blocked

    New York State Attorney General Eric Schneiderman decided in October to block the planned sale of mortgage servicing rights from Wells Fargo (WFC) to Ocwen Financial.

    By Brent Nyitray, CFA, MBA
  • uploads///delinquencies
    Financials

    A key guide to mortgage servicing rights: The non-bank servicer

    The non-bank servicer is what the name implies: a company that services loans as a primary business but isn’t a bank. Typically a bank will service its own loans that it has put on its balance sheet.

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    The must-know basics of mortgage servicing rights and servicers

    Mortgage servicing rights (or MSRs) are interesting assets that can hedge interest rate risk. They’re usually held on banks’ balance sheets.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Mortgage rates rise 10 basis points on strong economic data

    The average 30-year fixed-rate mortgage rose 10 basis points, from 4.38% to 4.48%, while the ten-year bond rose 11 basis points.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications fell in the holiday-shortened week

    The MBA Applications Index fell 12.8% after holding steady the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications are falling as rates rise

    Last year, refinance activity drove business for mortgage bankers. Now, they’ll have to rely on purchase activity, which tends to be very seasonal.

    By Brent Nyitray, CFA, MBA
  • uploads///Two Harbors
    Financials

    Must-know: Two Harbors reports a small decline in book value

    Two Harbors’ sophisticated investment strategy of buying mortgage servicing rights and being short TBAs helped it weather the bond market sell-off.

    By Brent Nyitray, CFA, MBA
  • uploads///Mortgage Rates
    Financials

    Why mortgage rates are falling as the government re-opens

    The average 30-year fixed-rate mortgage fell 2 basis points, from 4.28% to 4.23%, as the ten-year bond yield dropped from 2.69% to 2.88%.

    By Brent Nyitray, CFA, MBA
  • uploads///MR unemployment
    Financials

    September jobs report disappoints, December taper off the table

    The economy added 148,000 jobs in September—lower than the consensus forecast of 180,000. August was revised upward to 193,000 jobs from 169,000.

    By Brent Nyitray, CFA, MBA
  • uploads///MBA Mortgage Apps
    Financials

    Why mortgage applications rose despite the government shutdown

    Mortgage applications fall slightly The MBA Applications Index rose 0.3% after rising 1.2% the week before. Mortgage applications have dropped off a cliff ever since rates began increasing last spring. Both purchases and refinances drove the increase. The summer selling season is winding down, and we’re entering a slow period that will last through the […]

    By Brent Nyitray, CFA, MBA
  • uploads///MSR
    Financials

    Why mortgage servicing rights can hedge interest rate risk

    Mortgage servicing rights are residual assets from mortgage origination Mortgage servicing rights (MSRs) are residual assets that mortgage originators usually retain after selling a mortgage into a mortgage-backed security. While a few companies specialize in servicing—particularly Ocwen (OCN) and Nationstar (NSM)—MSRs are usually held on the balance sheets of banks. MSRs are interesting assets that […]

    By Brent Nyitray, CFA, MBA
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