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Treasuries hold recent gains as inflation gauge stabilizes
US Treasuries retained most of their recent gains as anticipation of Federal Reserve interest rate cuts held firm after the central bank's preferred gauge of inflation matched economist estimates.Yields were mixed across tenors following Friday's release of July personal income and spending data, with short maturities little changed after falling from session highs while longer-dated yields were several basis points higher on the day. The report embeds price indexes for personal consumption expenditures, or PCE, including the inflation rate that Fed policymakers aim to keep at around 2%.READ MORE: Fed independence hangs on meaning of 'for cause'That rate was unchanged at 2.6% in July, while the core PCE price index — which includes excludes food and energy — rose 2.9% from a year earlier, compared with 2.8% in June. The report left intact expectations that the Fed will cut interest rates twice this year, beginning as soon as next month, in response to signs of a softer labor market even as inflation remains above the 2% target. "Core PCE was mild enough that a Fed cut is still the most likely outcome" for September, said Bryce Doty, a bond fund manager at Sit Investment Associates. "The two-year yield is so low it's telegraphing what the Fed is going to do for sure."READ MORE: Mortgage rates hit 10-month low as Powell hints at Fed cutSwap contracts that predict Fed rate decisions are pricing in about 20 basis points of easing for Sept. 17, about 80% of a quarter-point rate cut, and a cumulative 55 basis points by the end of the year.Rate-cut expectations rocketed higher in early August after employment data registered a sharp slowdown in job creation through July. A poor August jobs report on Sept. 5 "might put a 50-basis-point cut on the table" for September, Doty said. Two-year yields declined to session lows after revisions to the University of Michigan's August consumer sentiment survey showed lower expected inflation rates than the preliminary findings did. Fed Governor Christopher Waller, who along with Governor Michelle Bowman dissented from last month's decision to leave rates unchanged in favor of cutting them, in a speech last night said he supports a September rate cut and anticipates additional reductions over the coming three to six months.READ MORE: Higher mortgage rates slow refi application volumeTwo- to five-year Treasury yields, more sensitive to Fed rate changes than longer maturities, touched the lowest levels since early May this week, partly in reaction to efforts by US President Donald Trump to install new central bank policymakers committed to monetary easing. Created via a Tuesday auction at a yield of 3.641%, the latest two-year note rallied to 3.61% the next day, and traded at around 3.62% Friday.Most of this week's drop in short-maturity yields "was driven by the news from President Trump calling for Fed Governor Cook to be fired and the question of Fed independence going forward," said Molly Brooks, US rates strategist at TD Securities. Trump is attempting to unseat Fed Governor Lisa Cook based on unlitigated charges of mortgage fraud. Cook is challenging the action in hearing that began at around 10 a.m. in Washington.READ MORE: Pulte posts new criminal referral as Cook escalates lawsuitBenchmark yields other than the 30-year declined in August, leading the Bloomberg Treasury Index to a gain of more than 1% through Thursday. The 30-year is higher on the month, partly on concern about inflation arising from politically motivated monetary policy. Also, 30-year yields have risen globally, with those of Germany, France and Japan reaching multiyear highs.Longer-maturity Treasury yields rose Friday in part because the personal income and spending data show resilience on the part of consumers that's unlikely to persist while interest rates remain high, Doty said. Also, corporate bond underwriters expect a seasonal surge in supply next week — traditionally one of the market's busiest weeks of the year. Hedges to protect anticipated offerings from rising yields can involve sales of Treasuries or paying in interest-rate swaps, a negative for the market.The Treasury market may benefit Friday from bond-index rebalancing taking place at 4 p.m. New York time. The month-end changes have the potential to create demand for bonds entering the benchmarks from index funds and other passive investors. While dealers prepare for the event, limiting its market impact in many cases, the biggest rebalancings are on the last trading days of August, November, February and May, when the largest amounts of new Treasury debt are sold.
What lender-servicers should know about a new state process
One aspect of a law that takes effect in Connecticut on Oct. 1 was designed to improve the surety bond cancellation process by fully automating it, but making that possible will involve a procedural change that servicers who are also lenders in the state will need to understand."The bill generally requires surety companies to give all their cancellation notices electronically for the bonds they issue to certain banking department regulated entities," according to Connecticut's Office of Legislative Research.The state only requires lender-servicers to have one license on the nationwide industry platform states use, which also has a registry component. However, Connecticut has two separate surety bond requirements: one for lending operations and the other for servicing.So to ensure surety bonds can be cancelled through automation on that platform, avoiding delays that occur through a manual process that would involve mailing, lenders in this situation will need to create a second registration for their servicing operations.Why completing the process is importantIndustry attorneys are urging lender-servicers working with mortgages in Connecticut need to complete this process by Oct. 1 because the surety bond process is essential to maintaining their license.Loss of a surety bond at Connecticut lender 1st Alliance led to the company's closure during a legal disagreement with regulators over how it licensed individuals. (The Consumer Financial Protection Bureau's case against 1st Alliance was dismissed earlier this year.)The origins of surety bond use in the mortgage industrySurety bonds came into broader use in the mortgage industry after the Great Financial Crisis, driven largely by the Secure and Fair Enforcement of Mortgage Licensing Act, which created the Nationwide Multistate Licensing System and Registry and generally made them a requirement.The aim of surety bonds is to ensure that mortgage entities comply with laws and regulation, allowing for claims to be filed against it for compensation if there are injured parties. Surety bond cancellations can occur for a routine reason like expiration but also due to contingencies such as nonpayment of premiums.
Wholesaler AD Mortgage launches borrower portal
Wholesale lender AD Mortgage has launched a borrower-facing portal in order to improve the experience of their broker's clients, the company said.AD Home gives consumers "a smoother, faster and more intuitive way to manage their loans," the company's announcement said.AD is known as a non-qualified mortgage lender, but it also offers conventional and government products, according to the press release. The new portal offers:Navigation through a streamlined interface that helps borrowers find what they need;A user-friendly design that makes accessing and understanding loan details easyBorrower payment scheduling Until recently the company was marketing itself as A&D Mortgage. It is the latest mortgage industry company to rebrand this year, joining a list which includes Fairway and Rocket.In January, the company acquired the third-party originations business that had been owned by Flagstar as Mr. Cooper, who purchased other assets elected to pass on this business.National Mortgage News reached out to AD for further comment."When their borrowers are taken care of, our partners can focus on what they do best — growing their business," said Max Slyusarchuk, CEO of AD Mortgage, in the press release. "This isn't just an upgrade — it's our way of making sure every client our partners serve enjoys a smooth, modern and secure loan experience."Earlier in August, AD released AIM Assistant, an artificial intelligence-powered tool designed to make daily operations inside the company's AIM Partner Portal faster, clearer and more convenient for mortgage brokers.AIM Assistant allows mortgage brokers to request loan changes from any portal page; ask the guideline assistant for real time answers about non-QM offerings; and connect to partner support or schedule a training session instantly.
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