CHM Blog

Daily Market Analysis

The FOMC minutes were out this afternoon. They are generally reflecting what was happening on March 15th. In this market, three weeks is a lifetime, but it is still worth a read. It isn't news that the MBS markets have been in chaos, as we have pointed out and, as our readers know, firsthand. The last almost two weeks, though, the MBS markets have settled down a lot. Not so with lenders that have been relied on to purchase originations; most private lenders are struggling with short cash positions, and high refinance volume, making the inability to price loans based on the security market movements. If you focus on the MBS prices, you would think it is a different world.

A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Sunday, March 15th, 2020, at 10:00 am. Below is the entire text of the policy statement:

Developments in Financial Markets and Open Market Operations The System Open Market Account (SOMA) manager first reviewed developments in domestic and global financial markets. Financial markets remained exceptionally volatile amid the global spread of the coronavirus and uncertainty regarding its effects. Since the meeting of the FOMC in late January, the S&P 500 index declined 18 percent, nominal US Treasury yields moved 60 to 100 basis points lower, and market-based measures of inflation compensation fell 75 to 100 basis points. Investment-grade and high-yield credit spreads widened about 120 basis points and 360 basis points, respectively. The US dollar appreciated notably against most currencies, with the exception of other safe-haven currencies, and crude oil prices dropped 40 percent. Against this backdrop, expectations for the path of the federal funds rate adjusted sharply. Implied rates on federal funds futures contracts suggested the Committee was expected to reduce the target range 1 full percentage point at its upcoming scheduled meeting following the 50 basis point reduction in the target range in early March. In addition, market participants reportedly anticipated that the Committee would announce additional purchases of Treasury securities and agency mortgage-backed securities (MBS).

Trading conditions across a range of markets were severely strained. In corporate bond markets, trading activity and liquidity were at very low levels, although not back to the low point reached in 2008. Market participants expected that actions taken to slow the spread of the virus could have significant effects on the credit worthiness of certain borrowers, particularly those at the lower end of the credit spectrum. Market participants also increasingly pointed to concerns in other segments of the debt market. In securitized markets, including those for asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), primary market issuance slowed, and secondary market trading had become less orderly, with money managers selling short-dated liquid products to meet investor redemptions.

Treasury sold $17B of 30s (29 years and 10 months). Like yesterday the bidding was firm. In the WI trading, the rate was 1.330%. At the auction, the rate hit at 1.325%. The Bid/cover 2.35 compared to 2.30 average, indirect bidders took 66.4% compared to the average 60.7%, direct bidders were less enthusiastic, taking 11.0% compared to 15.8% average of the last 12 30 auctions.

EIA crude oil inventories increased to 15.2 mil barrels from 13.8 mil the prior week. Crude oil increased $2.00 today, mostly on the idea oil producers will cut back. So far, Saudis and Russia continue to pump. There isn't any place to put the excess. It's floating in tankers that are seen as storage tanks.

The WHO has been outed recently as unable to tell the truth about what it knew and what it hid. The head of WHO has strong connections to the Chinese government; he is from Ethiopia, where China holds massive investments that keep the economy afloat. Trump is threatening to cut funding while the WHO wants politics out of the discussions.

Should we open the US economy in steps? On one side, if it isn't opened, the outlook for the US economy will weaken more, and the economy will likely fall into depression. On the other side, if Trump does open it somewhat and the virus doesn't abate, all of the efforts will be for naught. There are reports that after tapering in China, the virus is beginning to rebound. Meantime, the professionals are moving back into stocks at a surprisingly rapid rate. Nice to be optimistic!

Tomorrow weekly claims at 8:30 am ET along with March PPI and the preliminary U. of Michigan consumer sentiment index. Claims are exploding, and consumer sentiment is declining.

PRICES @ 4:00 PM ET

10 yr. note: 0.75% +3 bp

5 yr. note: 0.47% unch

2 Yr. note: 0.24% -3 bp

30 yr. bond: 1.36% +6 bp

Libor Rates: 1 mo. 0.863%; 3 mo. 1.319%; 6 mo. 1.224%; 1 yr. 1.044% (4/7/20)

30 yr. FNMA 3.0: 105.66 +27 bp (+29 bp from 9:30)

15 yr. FNMA 3.0: 105.32 +14 bp (+16 bp from 9:30)

30 yr. GNMA 3.0: 106.58 -11 bp (+8 bp from 9:30)

Dollar/Yuan: $7.0660 +$0.0201

Dollar/Yen: 108.85 +0.10 yen

Dollar/Euro: $1.0860 -$0.0031

Dollar Index: 100.18 +0.28

Gold: $1683.80 +$0.10

Crude Oil: $25.98 +$2.35

DJIA: 23,433.57 +779.71

NASDAQ: 8090.90 +203.64

S&P 500: 2749.98 +90.57

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 8th, 2020 5:36 PM
Daily Market Analysis

Yesterday the equity markets wrapped its arms around the idea that the virus is peaking. There were solid improvements across the board with the DJIA up 1600 points. This morning in futures trading, the DJIA and the other two key indexes are following yesterday; DJIA +848 at 9:00 am ET. Also driving the improvement is that several Wall Street economists and analysts have been saying the lows that occurred a month ago were the bottoms. The current outlook for the economic recovery is optimistic; businesses will slowly start to open, consumers, when unlocked from their homes, will rush out to spend, and all businesses that are closed will re-open with the same employees. As if the virus was a bad dream and now we awake, likely the present optimism is too extreme. The economic recovery isn’t going to be as swift and seamless as many are now thinking.

Nancy Pelosi talking to her peers yesterday, telling them the next stimulus bill will be at least $1trillion. The focus on replenishing funds for programs established in Congress’s $2.2 trillion virus relief bill signed into law last month. Pelosi also said the bill should assist state and local governments, with an emphasis on smaller municipalities with fewer than 500,000 residents. Additional direct payments to individuals, extended unemployment insurance, more resources for food stamps, and more funds for the Payroll Protection Plan that provides loans to small businesses. She wants the next stimulus bill to be passed this month. The House isn’t scheduled to be back in session until April 20 at the earliest. It is possible to pass legislation with most members out of town, as long as no one objects. We doubt the next stimulus package will be just $1 trillion, possibly twice that amount. President Trump said Saturday he’ll ask Congress for more money for small business loans if the $349B already designated for the program runs out. In a White House briefing yesterday, Trump also said that if another round of stimulus is needed, he would consider more direct payments to Americans. It’s “absolutely under serious consideration,” he said, adding he also wants “real infrastructure” as a part of it.

Janet Yellen yesterday said the present unemployment rate is already over 13%. She said there will be a tremendous need for additional funds to support local governments; suggested that the Federal Housing Finance Agency could get involved to help head off a foreclosure crisis.

Confirmed infections in the U.S. were more than double that of any other nation, at more than 368,000, according to data Monday from Johns Hopkins University. In the 24 hours ending at 8 pm ET on Monday, 1,164 people died from the COVID-19 respiratory disease caused by the virus, according to a Wall Street Journal analysis of Johns Hopkins University data—roughly even with the prior four days’ death counts.

At 9:30 am ET the DJIA opened +847, NASDAQ +221, S&P +90. 10 yr. at 9:30 0.76% +8 bps after increasing 7 bps in yield yesterday. FNMA 3.0 coupon at 9:30 -5 bps from yesterday’s close, but 15 bps better than at 9:30 yesterday.

At 10:00 am ET, the JOLTS job openings expected at 6.638 mil openings, as released,6.882 mil. Old data but may serve as a benchmark when the March and April openings are reported. This afternoon, another pre-virus data, Feb consumer credit expected at +$14B.

At 1:00 pm ET, Treasury will auction $40B of 3 yr. notes.

The Fed is increasing the purchasing of MBSs, which should help the mortgage markets settle down. Over the last week, pricing in the MBS markets has been stable and subdued compared to the volatile price swings that were happening the previous month.

PRICES @ 10:00 AM ET

10 yr. note: 0.75% +7 bp

5 yr. note: 0.50% +6 bp

2 Yr. note: 0.29% +3 bp

30 yr. bond: 1.35% +7 bp

Libor Rates: 1 mo. 0.921%; 3 mo. 1.352%; 6 mo. 1.238%; 1 yr. 1.042% (4/6/20)

30 yr. FNMA 3.0: @9:30 105.20 -5 bp (+15 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 104.95 -8 bp (-3 bp from 9:30 yesterday)

30 yr. GNMA 3.0: @9:30 106.52 +6 bp (+44 bp from 9:30 yesterday)

Dollar/Yuan: $7.0475 -$0.0448

Dollar/Yen: 109.01 -0.21 yen

Dollar/Euro: $1.0916 +$0.0123

Dollar Index: 99.83 -0.85

Gold: $1690.30 -$3.60

Crude Oil: $26.46 +$0.38

DJIA: 23,418.55 +738.55

NASDAQ: 8083.80 +170.56

S&P 500: 2735.92 +72.94

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 7th, 2020 10:44 AM
Daily Market Analysis

Before the weekend, the administration was sounding extremely negative about the outlook for the spread of the virus. Now, both the president and vice-president are a little more optimistic with daily counts leveling off in NY. “We are beginning to see the glimmers of progress,” Pence said at a White House news conference on Sunday. “The experts will tell me not to jump to any conclusions, and I’m not, but like your president, I’m an optimistic person, and I’m hopeful.” The government is starting to see “cases, and most importantly, losses and hospitalizations, begin to stabilize.” New York state reported 594 new coronavirus deaths on Sunday, a reduction of 36 from Saturday. Optimism is needed these days, but jumping from the gloom and doom in two days maybe a little too much; that said, any good news is welcome. The latest numbers on the outbreak had changed the White House’s projections of how many Americans may die. The president also said his coronavirus task force had a “very good meeting” on Sunday at the White House. The reaction to the remarks sending the stock market up this morning and the 10 yr. note yield slightly higher.

In what could be considered old news, Jamie Dimon, in his annual letter, warned that JP Morgan Chase wouldn’t be immune to the fallout over the virus as the country enters a deep recession. “At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008,” “Our bank cannot be immune to the effects of this kind of stress.” Dimon, the only current CEO who steered a major U.S. bank through the financial crisis, said JPMorgan’s earnings will be “down meaningfully” this year, though the bank is “unlikely” to cut its dividend. JPMorgan has been waiving fees for some loans, allowing customers to defer payments on mortgages and auto loans, and removing minimum payment requirements on credit cards. It’s also extended $950 million in new loans to small businesses over the past 60 days and is planning to lend an additional $150 billion to clients across the world.

At 9:30 am ET, the DJIA opened +862, NASDAQ +269, S&P +96. 10 yr. at 9:30 0.66% +5 bps. FNMA 3.0 coupon at 9:30 +2 bps from Friday’s close and -14 bps from 9:30 Friday.

After three weeks of unprecedented volatility in the MBS markets, the last six sessions have calmed and are trading in a more subdued pattern. For the most part, there hasn’t been that extreme movement in MBS prices.

This afternoon Treasury will auction $40B of 3 yr. notes, tomorrow $25B of 10s.

Moody’s last week talked about mortgage delinquencies, possibly increasing to 30%. Many loan servicers won’t be able to survive unless there are some safety nets installed. Quicken Chief Executive Officer Jay Farner said that would be disastrous for mortgage servicers, who simply don’t have the capital to withstand such a sudden shock to the system. Moody’s scenario of 30% defaults translates to 15 million households missing payments.

There is a growing conviction within the equity markets that the low in the indexes on March 24th is the low and won’t fall below it; 18.695 for the DJIA that trades now at 22,065.

A technical note for the 10 yr. note, there is very solid resistance at 0.60%.

PRICES @ 10:00 AM ET

10 yr. note: 0.65% +5 bp

5 yr. note: 0.41% +3 bp

2 Yr. note: 0.25% +3 bp

30 yr. bond: 1.27% +6 bp

Libor Rates: 1 mo. 0.985%; 3 mo. 1.387%; 6 mo. 1.208%; 1 yr. 1.048% (4/3/20)

30 yr. FNMA 3.0: @9:30 105.05 +2 bp (-14 bp from 9:30 Frida)

15 yr. FNMA 3.0: @9:30 104.98 +5 b (+8 bp from 9:30 Friday)

30 yr. GNMA 3.0: @9:30 106.06 -9 bp (-7 bp from 9:30 Friday)

Dollar/Yuan: $7.0923 unch

Dollar/Yen: 109.13 +0.61 yen

Dollar/Euro: $1.0796 -$0.0004

Dollar Index: 100.71 +0.14

Gold: $1684.50 +$38.80

Crude Oil: $27.42 -$0.92

DJIA: 22,089.59 +1037.06

NASDAQ: 7695.89 +322.81

S&P 500: 2603.17 +114.52

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 6th, 2020 9:30 AM
Daily Market Analysis

March employment data at 8:30 am ET, was much worse than forecasts, but the forecasts were meaningless since the virus can't be accurately quantified. The unemployment rate increased to 4.4% from 3.5% (likely understated), non-farm job losses 701K, private job losses 713K, and manufacturing jobs -18K. Average hourly earnings expected +0.2% increased 0.4%, yr/yr +3.1%. The labor participation rate dropped to 62.7% from 63.4%. The participation rate had been steady at 63.2 or 3%. The data as a whole is probably understated; the BLS collected the data as of March 12th.

President Trump said yesterday he spoke to Russia and the Saudis about cutting output by 10 million barrels a day to stop the collapse of oil prices. The president tweeted that he spoke with Crown Prince Mohammed Bin Salman, who had talked with Vladimir Putin. The kingdom didn't confirm a cut but did call for an urgent OPEC+ meeting, state-run media reported. But a Kremlin spokesman said the Russian president hasn't spoken to the crown prince or agreed to cut supply. Nevertheless, crude increased 25% yesterday, and this morning up another 11%.

Today the $349B small business rescue gets underway; should be a massive number filing for assistance, but lenders complained they lacked sufficient guidance from the Small Business Administration on how to process them. While new rules were issued late yesterday, it wasn't clear how quickly lenders would be able to comply with them or how many would participate because of what some see as disadvantageous terms. The demand expected to far outstrip available funding, mom-and-pop shops will be at risk of losing out. The 30 million small businesses in the US employ half of the private workforce, and their collapse would have long-lasting effects across the country.

The MBS markets have settled down this week. After weeks of extreme price swings, it appears the market has somewhat returned to normal, at least for the moment. We're not seeing the 50 to 100 bps moves this week. That is good news, but there is still a log jam at the lender levels to process the refinance rush, and there are still some funding issues.

At 9:30 am ET, the DJIA opened -50, NASDAQ -6, S&P -3. 10 yr note unchanged at 0.60%. MBS price for FNMA 3.0 coupon +8 bps from yesterday's close and +36 bps from 9:30 yesterday.

At 10:00 am ET, the March ISM non-manufacturing index was expected at 43.0 from 57.3 in Feb; as released, it was better, at 52.5; still above 50 indicating expansion. A nice report but don't pay a lot of attention to it; the index will decline. ISM surveys more than 375 firms from numerous sectors across the United States for its non-manufacturing index. This index covers services, construction, mining, agriculture, forestry, and fishing and hunting. The non-manufacturing composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted, but the supplier deliveries index does not have statistically significant seasonality and is not adjusted.

PRICES @ 10:00 AM ET

10 yr note: 0.59% -1 bp

5 yr note: 0.36% -2 bp

2 Yr note: 0.22% -2 bp

30 yr bond: 1.23% -1 bp

Libor Rates: 1 mo 0,981%; 3 mo 1.373%; 6 mo 1.204%; 1 yr1.060% (4/2/20)

30 yr FNMA 3.0: @9:30 105.19 +8 bp (+36 bp frm 9:30 yesterday)

15 yr FNMA 3.0: @9:30 104.90 -7 bp (+25 bp frm 9:30 yesterday)

30 yr GNMA 3.0: @9:30 106.14 +17 bp (+60 bp frm 9:30 yesterday)

Dollar/Yuan: $7.0898 +$0.0056

Dollar/Yen: 108.47 +0.59 yen

Dollar/Euro: $1.0788 -$0.0069

Dollar Index: 100.72 +0.54

Gold: $1635.60 -$2.10

Crude Oil: $26.73 +$1.41

DJIA: 21,362.53 -50.91

NASDAQ: 7489.84 +2.53

S&P 500: 2526.80 -0.10

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 3rd, 2020 9:46 AM
Daily Market Analysis

Trading in stocks and interest rates early this morning was subdued; the very volatile MBS markets continue to settle down. MBS trading ranges and prices for the last month were moving as much as 100 bps a day; since the beginning of this week, trading has settled to what would be considered back to normal.

Weekly jobless claims exploded, expected to be about 3.5 mil claims increased 6.648 mil. The prior week was revised from 3.283 mil to 3.307 mil. 9.955 mil in the last two weeks. The economic toll of the coronavirus pandemic continued to mount in the US as a record applied for unemployment benefits last week, while the number of reported cases of the new virus worldwide approaches one million.

The drop in equity prices is framed as a weak outlook ahead, maybe much worse than anyone thinks now. The economy will suffer likely more than is believed now in terms of a speedy recovery. The other coin that is dropping is the excessive amount of debt carried in every sector. The Fed's drive to zero interest rates over the last year drove businesses to borrow at excessive amounts, buying back stocks, buying companies, lending at very low rates. There has been a debt bubble increasing for more than a year; low grade corporate bonds were gobbled up to achieve higher returns. Our regular readers know what we have said about the increasing debts; corporates, sovereigns, consumers; it has been a binge driven by central banks. The Fed is now being put under the microscope for "causing" the debt crisis by pushing rates down at any sniff of an economic bump.

Oil prices may have found a bottom, too early to be sure, but prices jumped on hopes for a truce in the price war between Saudi Arabia and Russia and the possibility of action from the White House to mitigate the effects of last month's drops. Tomorrow President Trump will meet with key oil executives to discuss measures to help the industry as it fights for survival. Putin said yesterday that oil producers should cooperate to mitigate the market decline, adding that Moscow is discussing the condition of the oil market with Washington and the Organization of the Petroleum Exporting Countries. The size of the collapse in oil demand over recent months, with government-mandated lockdowns around the globe as a result of the coronavirus pandemic grounding flights and keeping citizens in their homes added to supply increases as Russia and the Saudis spat.

The Feb US trade deficit was expected at -$39.5B, as reported -$39.9B; down from -$45.3B in Jan.

At 9:30 am ET, the DJIA opened -12, NASDAQ -14, S&P -1. 10 yr. note at 0.60% +2 bps. MBS prices are settling down recently; at 9:30 am ET FNMA 3.0 coupon unchanged from yesterday's close and -6 bps from 9:30 am ET yesterday.

At 10:00 am ET, Feb factory orders expected +0.2%, as released unchanged.

The March job cuts from Challenger was 222,288 from 56.660 in Feb.

The last month the MBS markets have been in huge turmoil; lenders facing strong margin calls on credit lines, MBS investors reeling over the massive refinancing, destroying the duration models that investors were expecting. Since Monday, there has been a substantial decline in the daily price swings that at times moved the market by 100+ basis points, since Monday the price movements are returning to normal trading. The volatility has essentially put some lenders in jeopardy and driving out of the market for originations. Let's hope the current settling continues and return to new norms in the spread between the 10 yr. note and mortgage rates.

PRICES @ 10:00 AM ET

10 yr. note: 0.60% +1 bp

5 yr. note: 0.35% unch

2 Yr. note: 0.23% +1 bp

30 yr. bond: 1.25% +2 bp

Libor Rates: 1 mo. 1.01%; 3 mo. 1.436%; 6 mo. 1.195%; 1 yr. 1.002% (4/1/20)

30 yr. FNMA 3.0: @9:30 104.86 unch (-6 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 104.65 +1 bp (-9 bp from 9:30 yesterday)

30 yr. GNMA 3.0: @9:30 105.63 -14 bp (-10 bp from 9:30 yesterday)

Dollar/Yuan: $7.0962 -$0.0040

Dollar/Yen: 107.29 +0.13 yen

Dollar/Euro: $1.0855 -$0.0109

Dollar Index: 100.22 +0.55

Gold: $1624.00 +$32.60

Crude Oil: $21.92 +$1.61

DJIA: 21,006.54 +73.51

NASDAQ: 7399.95 +39.36

S&P 500: 2489.97 +17.97

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 2nd, 2020 9:29 AM
Daily Market Analysis

Stock indexes at 8:00 am ET, before the March ADP private jobs data; the DJIA -850. At 8:15 am ET, ADP reported private jobs down just 27K, much stronger than estimates that were looking for losses of 180K jobs. A bit surprisingly, the reaction to the lower job losses didn't initially help equity markets. Total focus today is on the comments from yesterday's virus update at 5:30 pm ET. President Trump used words he has never uttered before, that the next two weeks will be hell for the virus spread and new forecasts that 100K and 240K US deaths expected now as the spread multiplies and people being encouraged to stay at home. Trump largely abandoned his optimistic tone, telling the US to brace for one of its toughest stretches as a nation. "This is going to be a painful two weeks,"…… "Our strength will be tested; our endurance will be tried."... "We're going through the worst thing that the country's probably ever seen." The phrase social distancing has now taken on a new name, yesterday the new definition changed to mitigation.

The death count will peak by April 15, a University of Washington study predicted. NYC reported 1,096 deaths as of 4:30 pm ET yesterday, up from 932 in a morning update. What forecast is correct isn't encouraging? The talk of 240K deaths or this one serves to remind the uncertainty. Global toll: Cases topped 860,000 and deaths passed 42,300, John Hopkins University data show. Spain had 864 new fatalities, marking its deadliest day, as confirmed cases surged past 100,000. Italy will extend its nationwide lockdown to April 13, warning relaxing rules too early could undo efforts to halt the spread. China reported 130 asymptomatic infections.

ADP reported much better private jobs numbers than markets were expecting. Private jobs declined just 27K according to the release on forecasts of a drop of 180K.

Earlier this morning, another better than expected report from MBA on weekly mortgage applications. Overall mortgage apps increased 15.3%, purchases were down 11.0%, but refinancing continues to increase +26.0%.

At 9:30 am ET,the DJIA opened -850, NASDAQ -217, S&P -95. 10 yr at 9:30 0.60% -8 bps. MBS FNMA 3.0 coupon +8 bps from yesterday's close and +9 bps from 9:30 yesterday.

At 9:45 am the March PMI manufacturing index was 48.5 as forecast and down from 50.7 in Feb. UK's March Manufacturing PMI fell to 47.8 from 51.7 (expected 47.0). France's March Manufacturing PMI fell to 43.2 from 49.8 (expected 42.9). Italy's March Manufacturing PMI fell to 40.3 from 48.7 (expected 40.5). Spain's March Manufacturing PMI fell to 45.7 from 50.4 (expected 44.0). Swiss March procure.ch PMI fell to 43.7 from 49.5 (expected 40.0).

At 10:00 am ET, the ISM March manufacturing index expected at 44.0 from 50.1 in Feb, as released the index at 49.1. It fell below neutral for the first time in almost three years, registering a 49.1 percent reading in August, down 2.1 points from 51.2 in July. The index is at the lowest reading since January 2016. However, August is the 124th month above the 42.9 percent threshold consistent with expansion in the overall economy. Comments from purchasing executives highlight international concerns, including trade wars and rising tariffs, signs of slowing global growth, and Brexit, along with increased uncertainty regarding the US economy, as significant issues. The New Orders Index dropped 3.6 points to 47.2, the lowest reading since April 2009 during the Great Recession. The weak reading suggests a significant deceleration in demand. New export orders fell 4.8 points to 43.3, also the lowest reading since the recession. The backlog of unfilled orders increased 3.2 points but remained below neutral for the fourth consecutive month, posting a 46.3 reading in August.

Feb construction spending expected +0.7%, as released -1.3%.

Congress and the administration are preparing another $2 trillion of more help, this time for infrastructure funding. A plan similar to the WPA during the depression, providing jobs. The talk now remains political between the two parties on details.

March auto sales will be dribbling out through the day; Chrysler/Fiat down 10.4% on estimates of -7.1%. Auto sales in March will decline, and April isn't going to be any better. Feb sales were 16.8 mil.

The last month in the MBS markets have experienced substantial price swings, as much as 100 bps a day. Yesterday for the first time in weeks, the trading in the securities appeared to have settled down with no real price changes. This morning the MBS markets are trading quietly; is the chaos lessening? Two sessions aren't enough to draw conclusions. Nevertheless, it is some comfort not seeing the extreme price changes that have marked the last month.

PRICES @ 10:00 AM ET

10 yr. note: 0.60% -8 bp

5 yr. note: 0.35% -3 bp

2 Yr. note: 0.24% -1 bp

30 yr. bond: 1.24% -9 bp

Libor Rates: 1 mo. 0.992%; 3 mo. 1.450%; 6 mo. 1.175%; 1 yr. 0.997% (3/31/20)

30 yr. FNMA 3.0: @9:30 104.91 +8 bp (+9 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 104.73 +10 bp (+13 bp from 9:30 yesterday)

30 yr. GNMA 3,0: @9:30 105.72 -9 bp (+22 bp from 9:30 yesterday)

Dollar/Yuan: $7.1027 +$0.0203

Dollar/Yen: 107.23 -0.30 yen

Dollar/Euro: $1.0925 -$0.0108

Dollar Index: 99.56 +0.51

Gold: $1588.40 -$8.20

Crude Oil: $20.35 -$0.13

DJIA: 21,277.55 -639.51

NASDAQ: 7499.94 -204.16

S&P 500: 2505.84 -78.75

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on April 1st, 2020 10:00 AM
Daily Market Analysis

Generally quiet this morning in early trading; the DJIA -230 at 8:30 am ET, 10 yr. -2 bps, and MBS prices fractionally better.

This week markets will get a strong dose of data that includes the virus reactions. Goldman Sachs out this morning with its forecasts; as expected, the outlook continues to weaken. Goldman is increasing the fallout; Q2 GDP revised from -24% to -34%, unemployment revised to 15% from 9% previously (a month ago). However, Q3 revised to an increase of 19%. "Our estimates imply that a bit more than half of the near-term output decline is made up by year-end," they wrote. While there's a risk of longer-term fallout on income and spending, the aggressive action by the Federal Reserve and the government should help to contain this. The forecast of Q2 is about right, but we worry that the recovery may not be as strong as Goldman currently believes; it is a moving target and mostly depends on the consumer and how quickly consumers will be able to put all of this in the rearview mirror.

The Fed's colossal stimulus is not the end of the help that will be needed. The White House and congressional Democrats are prepping a fourth stimulus package. The administration has compiled requests from government agencies totaling about $600B. The proposals include more state aid plus bailouts for mortgage markets and travel industries. Nancy Pelosi indicated there might be further direct payments to individuals. In an interview this morning with MSNBC, Pelosi said negotiators had already agreed that "everything will be specific to the coronavirus" in the next round of legislation and that it wouldn't become a "wish list."

There's bipartisan momentum building for another stimulus measure in Congress. Senator Ted Cruz said yesterday on Bloomberg Television that "if the crisis continues for substantially longer, I have no doubt that the Congress will have to act again." The $2 trillion stimulus package passed last week, the largest ever, it's likely not going to be enough and more is going to needed. Much of the thinking now is that in two weeks, the virus will begin to flatline, we all pray it will.

At 9:30 am ET, the DJIA opened -160, NASDAQ -46, S&P -18. 10 yr. at 9:30 0.69% -3 bps. FNMA 3.0 coupon at 9:30 +3 bps from yesterday's close and -104 bps from 9:30 yesterday.

At 9:45 am ET, the March Chicago PMI purchasing mgrs. index was thought to be at 40.0 from 49.0 in Feb; as released, the index held well at 47.8. Tomorrow, the March ISM manufacturing index, a national look, expected at 43.1 from 50.1 in Feb.

At 10:00 am ET, the Conference Board's consumer confidence index was estimated at 110.0 from 130.7 in Feb, as released the index fell to 120.0.

In old news, Jan Core/ Logic home price index was expected +0.4%, as reported +0.3%; yr./yr. +3.1%.

Leaders of G20 countries pledged last week to inject over $5 trillion into the global economy to limit job and income losses from the outbreak, while working to ease supply disruptions caused by border closures intended to limit transmission of the virus. The ministers met again this morning to discuss their response to the coronavirus pandemic.

PRICES @ 10:00 AM

10 yr. note: 0.68% -4 bp

5 yr. note: 0.38% -4 bp

2 Yr. note: 0.20% -3 bp

30 yr. bond: 1.33% unch

Libor Rates: 1 mo. 0.984%; 3 mo. 1.433%; 6 mo. 1.091%; 1 yr. 1.014% (3/30/20(

30 yr. FNMA 3.0: @9:30 104.91 +3 bp (-104 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 104.60 +7 bp (-46 bp from 9:30 yesterday)

30 yr. GNMA 3.0: @9:30 105.75 -6 bp (-75 bp from 9:30 Yesterday)

Dollar/Yuan: $7.0875 -$0.0128

Dollar/Yen: 108.15 +0.37 yen

Dollar/Euro: $1.0964 -$0.0082

Dollar Index: 99.56 +0.38

Gold: $1627.80 -$15.40

Crude Oil: $20.47 +$0.38

DJIA: 22,238.63 -88.65

NASDAQ: 7786.07 +11.92

S&P 500: 2612.56 -14.09

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on March 31st, 2020 9:06 AM
Rates At a Glance
Mortgage Rates
Currently Trending
7 Day Mortgage
Rate Forecast
This Week's
Potential Volatility

Neutral

Lower

High

(by Sigma Research)
RE Report

Existing home sales figures better than a year ago

For the real estate market, it appears what begins to happen each early spring is still happening — at least in the short term. For the second straight month in February, the National Association of Realtors reports that contracts to purchase re-sale homes rose.

Fox Business News' Andrea Ricci reports, "The NAR's pending home sales index increased to a reading of 111.5, up 2.4% from the prior month. January's index was revised slightly to 108.9 from 108.8." This is after economists polled by Reuters had forecast pending home sales falling 1.0% last month.

Says Ricci, "Pending home contracts generally are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later." Lawrence Yun, NAR's chief economist, noted. However, the data did not capture the significant fallout from the coronavirus pandemic, which is likely to derail the housing market as layoffs surge and the economy falters.

In the meantime, U.S. existing home sales surged to a 13-year high in February, data earlier this month showed. That means compared to one year ago, pending sales were up 9.4% in February.

This Week's Mortgage Rate Summary

How Rates Move:

Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market.  This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events.  When MBS pricing goes up, mortgage rates or pricing generally goes down.  When they fall, mortgage pricing goes up.  Tracking these securities real-time is critical.  For more information about the rate market, contact me directly.  I’m among few mortgage professionals who have access to live trading screens during market hours.

Rates Currently Trending: Neutral

Mortgage rates are moving sideways at the moment.  Last week the MBS market improved by +333bps.  This was enough to move rates lower last week. We saw historically high rate volatility throughout the week.

This Week's Rate Forecast: Lower

Three Things: These are the three areas that have the greatest ability to move mortgage rates this week. 1) Coronavirus, 2) Central Bank, and 3) Domestic.

1) Coronavirus: this continues to be the most important story since WWII for the economy. While infections continue to spread, economies are shut down, and financial markets are broken. Even when some countries like China claim to be coming back online, there is no one for them to produce and sell to. Here are this morning's headlines that are getting the attention of bond traders.

  • President Trump has extended the social distancing guidelines until at least April 30th
  • New York surpasses 1,000 deaths.
  • Spain joins Italy and the United States as countries with more reported cases than China.
  • South Korea reports a resurgence in cases.
  • Dr. Anthony Fauci appeared on CNN's "State of the Union" yesterday and declared that the current modeling projects between 100k and 200k deaths in the US alone.
  • US cases now at 150K, Deaths at least at 2,500
  • Global cases now close to 750K, Deaths at least 35K
  • Red Cross mobile naval hospital to dock in NYC this morning

2) Central Bank: Over the past three weeks, we have seen emergency measures taken by several of the G20's and some more than once. We start this week with emergency action out of the People's Bank of China as they unexpectedly cut the rate on reverse repurchase agreements by 20 basis points, the largest in nearly five years. Our Federal Reserve is looking into adjusting the amount of daily MBS purchases as well as other measures.

3) Domestic: We have a very big week for economic data. Jobs will get the most focus with the release of ADP Private Payrolls, Initial Weekly Jobless Claims, Challenger Job Cuts, Non-Farm Payrolls, Average Hourly Earnings, Unemployment Rate, and more. The NFP is expected to go negative for the first time since 2010. Also, we get important manufacturing news with Chicago PMI and ISM PMI, both expected to show and manufacturing recession. But of more importance is the ISM Services number (2/3 of our economy), which is expected to go negative for the first time since 2010.

This Week's Potential Volatility: High

We are in for another wild ride in the rate markets this week. There's economic data this week that will reflect the effects of the coronavirus and will play a significant role in the direction and volatility of rates.

Bottom Line:

If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on March 30th, 2020 11:22 AM
Daily Market Analysis

This is a big week for data, and the key points are March reports that now include much of the virus fears. The week concludes on Friday with the employment data, in the meantime ISM manufacturing and non-manufacturing indexes.

As you know, the president extended the stay-at-home date two more weeks to April 30th. The news of increasing cases caused the president to back off the Easter hope of lessening the confinement. It has been a little over two weeks that we have been confined to our homes maintaining social distancing; can we all stand it for another four weeks? Can businesses survive? The extension, while necessary, will be the death knell for more small businesses.

The Fed bought $183B of mortgages last week in its move to help keep rates low. For the last month, the MBS markets have been in turmoil, we have mentioned it numerous times, what the Fed is doing though is causing mortgage lenders a real headache with what has always been a safety net between when the lender commits and when the loan closes. The timeline has increased with the virus's fears, with closings being delayed somewhat. Mortgage bankers use a hedge to cover the exposure, and it has been a "normal" pattern until now. The hedge pays them if the prevailing rate in the market is higher than the rate the mortgage rate they locked with the customer. The hedge protects the lender against higher rates until the mortgage closes. But compounding the problem, many customers couldn't close on their loans because of quarantines, leaving the mortgage lenders with only the cost of the hedge and no off-setting loan.

At 9:30 am ET the DJIA opened +193, NASDAQ +92, S&P +34. MBS prices at 9:30 am ET +56 bps from Friday's close and +116 bps from 9:30 am ET Friday.

At 10:00 am ET, February pending home sales were expected -1.6%, as released +2.4%.

Crude hit a 17 yr. low this morning. Between the Saudis and Russia flooding the market and the slowing of demand puts the oil market into the chaos that we see in the stock and mortgage markets. Prices are on track for the worst quarter on record. Goldman Sachs Group Inc. estimates consumption will drop by 26 million barrels a day this week as measures to contain the coronavirus hurt global GDP. Meanwhile, Riyadh and Moscow are showing no signs of a detente in their supply battle as Saudi Arabia announced plans to increase its oil exports in the coming months. There is so much crude floating around now that there is no place to store the excess supply, anther serious problem caused largely by the virus.

The next fear is about to be a serious issue. Huge amounts of debt by consumers and businesses are not going to meet payments. In China, overdue credit-card debt swelled last month by about 50% from a year earlier. A recent International Labor Organization report estimated global job losses of almost 25 million, with income losses of as much as $3.4 trillion. And those numbers may underestimate the magnitude of the virus impact, the ILO said. In 2009, when unemployment topped 10%, the nation's card lenders were forced to write off a record $89 billion of soured debt. On Sunday, Federal Reserve Bank of St. Louis President James Bullard warned the pandemic could push the unemployment rate to 30% in the second quarter.

PRICES @ 10:00 AM ET

10 yr. note: 0.63% -5 bp

5 yr. note: 0.35% -5 bp

2 Yr. note: 0.25% unch

30 yr. bond: 1.25% -5 bp

Libor Rates: 1 mo. 0.989%; 3 mo. 1.450%; 6 mo. 1.072%; 1 yr0.968% (3/27/20)

30 yr. FNMA 3.0: @9:30 105.95 +56 bp (+116 bp from 9:30 Friday)

15 yr. FNMA 3.0: @9:30 105.16 +34 bp (+47 bps from 9:30 Friday)

30 yr. GNMA 3.0: @9:30 106.58 +41 bp (+97 bp from 9:30 Friday)

Dollar/Yuan: $7.1038 +$0.0074

Dollar/Yen: 108.04 +0.09 yen

Dollar/Euro: $1.1019 -$0.0119

Dollar Index: 99.13 +0.76

Gold: $1645.00 -$9.10

Crude Oil: $20.22 -$1.30

DJIA: 21,721.17 +84.39

NASDAQ: 7616.22 +113.84

S&P 500: 2570.56 +29.09

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on March 30th, 2020 9:31 AM
Daily Market Analysis

Markets have waited all week for the weekly unemployment claims; the forecasts and estimates were broad, from +700K to one forecast at 7 million. Claims increased by 3.283 million. The stock indexes at 8:25 am ET this morning were weak, the DJIA -515, the 10 yr. note at 0.78% -8 bps, and FNMA 3.0 coupon 104.52 +19 bps. At 8:45 am ET, the DJIA trading in the futures market -149, the 10 yr. – 8 bps and FNMA 3.0 coupon +11 bps from yesterday. FNMA 2.5 coupon dropped 25 bps from before the claims data. The filings data is a record for claims filed. For almost a year the weekly claims data had been so stable the report was hardly noticed. Interesting though that states were able to process so many claims. Next week’s claims will be just as large, if not more.

The $2 trillion in spending and tax breaks was passed by the US Senate late last night. $500B in loans and assistance for larger companies, as well as states and cities. Companies receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year. The Treasury Department would have to disclose the terms of loans or other aid, and a new Treasury inspector general would oversee the lending program. Struggling US airlines would be eligible to receive federal loans and direct cash assistance if they are willing to give an option for an ownership stake to the government. $25B to passenger carriers and $3B to airline contractors providing ground staff such as caterers, while cargo haulers would see $4B (money to airlines will be re-paid). The addition of direct cash relief -- earmarked specifically for payrolls -- was sought by airline and industry unions.

The legislation doesn’t include emissions limits for airplanes that were sought by House Democrats, Senator Pat Toomey, a Pennsylvania Republican, said on a press call. $350B in aid for small businesses, much of which would be in loans through the Small Business Administration and banks, guaranteed by the federal government. Direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Low-income taxpayers to get the full $1,200 payment. The initial plan would have given smaller checks, or in some cases, no money at all, to very-low-income people. Borrowers with loans insured by government agencies such as the Federal Housing Administration and the Department of Veterans Affairs would be eligible for forbearance. Consumers whose mortgages are backed by Fannie Mae and Freddie Mac would also be eligible to skip payments. Mortgage servicers, couldn’t demand documentation proving economic hardship. Instead, borrowers would just have to attest that they’re struggling, according to the text of the legislation. A coronavirus relief fund with $150B would be created for states, cities, and other local governments. There is more in the bill, but those are the headlines.

This bill isn’t signed yet; it now has to pass the House. Congress will be adding more over the coming months.

Gold is finally making the headlines as the supply is being tested. Worldwide panic over the coronavirus outbreak and a flood of stimulus by central banks has ignited demand for one of the oldest methods of storing wealth. There are thousands of tons of gold bars sitting in vaults around the world, and it’s suddenly much harder to get metal when and where it’s needed. “Since last week, face masks, hand sanitizers, toilet rolls, and bullion have something new in common – they run out when everyone tries to buy them,” said Vincent Tie, sales manager at Silver Bullion Pte Ltd in Singapore.” The largest single depository is the New York Fed, which holds 497,000 1 kilo bars stacked high on the Manhattan bedrock. In London, the Bank of England in the City of London holds a further 400,000 bars, while other vaults are operated by banks and logistics companies. London and Switzerland are also huge depositories.

At 9:30 am ET, the DJIA opened +470, NADSAQ +108, S&P +48. 10 yr. 0.81% -5 bps (up from 0.78% at 8:30). MBS prices at 9:30 FNMA 3.0 -14 bps, 2.5 coupon -58 from yesterday’s closes. At 8:30 am ET, the 3.0 coupon was +11 bps, the 2.5 coupon +25 bps.

Powell this morning: The United States “may well be in recession,” but progress in controlling the spread of the coronavirus will dictate when the economy can fully reopen, Federal Reserve chair Jerome Powell said Thursday in an interview on NBC’s Today Show. “We are not experts in pandemic... We would tend to listen to the experts. Dr. Fauci said something like the virus is going to set the timetable, and that sounds right to me,” Powell said, in reference to Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases who is on the White House’s coronavirus task force. “The first order of business will be to get the spread of the virus under control and then resume economic activity.” His comments are a contrast to the urging by some of President Donald Trump’s advisers for a faster reopening.

PRICES @ 10:00 AM ET

10 yr. note: 0.81% -5 bp

5 yr. note: 0.50% -4 bp

2 Yr. note: 0.31% -3 bp

30 yr. bond: 1.40% -5 bp

Libor Rates: 1 mo. 0.959%; 3 mo. 1.267%; 6 mo. 1.067%; 1 yr. 0.987% (3/25/20)

30 yr. FNMA 3.0: @9:30 104.19 -14 bp (-65 bps from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 104.32 unch (-46 bps from 9:30 yesterday)

30 yr. GNMA 3.0: @9:30 104.75 -12 bp (-52 bps from 9:30 yesterday)

Dollar/Yuan: $7.0761 -$0.0383

Dollar/Yen: 109.66 -1.54 yen

Dollar/Euro: $1.0973 +$0.0089

Dollar Index: 100.16 -0.89

Gold: $1657.40 +$24.00

Crude Oil: $23.60 -$0.89

DJIA: 21,764.76 +564.21

NASDAQ: 7568.37 +184.08

S&P 500: 2539.50 +63.94

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on March 26th, 2020 9:52 AM

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