Mortgage Rates (And Uncertainty) Remain High

Mortgage Rates didn’t move much today, with most lenders just slightly higher than yesterday.  This keeps us right in line with the highest levels in more than 4 months.  For the sake of perspective, More »

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Carbon Energy Ltd. (CNXAY: OTCQX International) | Equity Research Report

Equity Research Report

Oct 26, 2016

OTC Disclosure News Service

Milton, QL, Australia

This release includes additional documents. Select the link(s) below to view.

161027 Financial Analyst Report FINAL.pdf

Copyright © 2016 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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FormFree selected to yield item corroboration for Fannie Mae

Lost in all a hullabaloo about Fannie Mae’s big announcement this week that it would be charity lenders insurance from buyback risk, supposing a lender uses Fannie Mae’s Desktop Underwriter and Collateral Underwriter tools, was usually how Fannie Mae dictated to yield lenders with that protection.

Part of a Fannie Mae’s “Day 1 Certainty” module stipulated that lenders use Desktop Underwriter for validation of borrowers’ income, assets, and employment.

But how is Fannie Mae going to establish a borrower’s assets? By regulating AccountChek from FormFree Holdings, as it turns out.

FormFree announced progressing this week that Fannie Mae chose it as a initial “designated vendor” for item corroboration by Desktop Underwriter.

As partial of a Day 1 Certainty program, Fannie Mae will offer “enforcement use of certain representations and warranties for certified components,” with use privately for item corroboration that takes outcome on Dec. 10.

And that’s where FormFree’s use comes in.

According to sum supposing by FormFree, AccountChek enables lenders to “easily and securely” investigate a borrower’s item information to establish ability-to-repay by regulating direct-source data, expelling a need for borrowers to collect, duplicate and contention paper statements.

Now, that use will now be integrated into Desktop Underwriter.

“Today represents a start of a new epoch in debt lending, and FormFree is anxious to be during a forefront of such an sparkling change in a industry,” pronounced Brent Chandler, CEO and owner of FormFree.

“Automated item corroboration is an thought whose time has finally come. Every day, we’re reminded of a supremacy of safeguarding borrower data. In addition, regulators have placed heated inspection on a processes by that lenders make their underwriting decisions,” Chandler continued.

“The proclamation from Fannie Mae moves us one step closer to a wholly digital debt transaction formed wholly on information that is inexperienced by tellurian hands, injecting both confidence and objectivity into a approve/deny decision,” Chandler added. “This form of lending sourroundings not usually advantages a debt industry, though it also creates a improved lending knowledge for a borrower by providing a some-more streamlined routine giveaway of any spirit of bias.”

Again, a item corroboration apportionment of a Day 1 Certainty module takes outcome on Dec. 10.

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Mortgage Rates (And Uncertainty) Remain High

Mortgage Rates didn’t move much today, with most lenders just slightly higher than yesterday.  This keeps us right in line with the highest levels in more than 4 months.  For the sake of perspective, outside the past 4 months, rates have hardly ever been as LOW as they are today.  The average lender is quoting conventional 30yr fixed rates of 3.625% on top tier scenarios, though several remain at 3.5%.  

The bond markets that underlie rate movement are generally defensive and uncertain at the moment.  Investors are anxious to see if next week’s Fed announcement will hold clues about the Fed’s intention to hike its policy rate in early December.  Even though the Fed Funds Rate doesn’t directly affect mortgage rates, if investors increasingly believe the Fed will hike in the future, mortgage rates tend to move higher in the present.  

That’s one of the key reasons that rates have been rising over the past few months.  The other major consideration concerns the Fed’s largest counterpart, the European Central Bank (ECB).  Investors are anxious to find out if the ECB plans to begin reducing the amount of bonds it’s buying each month.  That bond buying is a driving force behind low rates around the world.  There are rumors on both sides of the debate, but officially, all we know is that we’re waiting until early December to get the ECB’s thoughts.  

Between the ECB and Fed, there’s a massive amount of uncertainty that can’t possibly be cleared up for more than a month.  If anything is going to inspire rates to make big moves before then, it would have to make a very strong case.  As far as strategy is concerned with respect to mortgage rates, it makes more sense to be defensive (i.e. favoring locking vs floating) until and unless rates can stage a big enough comeback to call the recent uptrend into question.

Today’s Best-Execution Rates

  • 30YR FIXED – 3.625%
  • FHA/VA – 3.25-3.5%
  • 15 YEAR FIXED – 2.875%
  • 5 YEAR ARMS –  2.75 – 3.25% depending on the lender

Ongoing Lock/Float Considerations

  • Rates have generally been trending higher since hitting all-time lows in early July
  • Clearly-defined uptrends provide higher-than-average motivation to lock

  • Risk-takers can try to time the dips in rates that may occur during that broader uptrend, but the reward for good timing generally isn’t worth the risk in these situations.
  • We’d need to see a sustained push back toward lower rates (something that lasts more than 1-3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers. 
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’  Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy.  It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

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