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The Week Ahead – Bill Godfrey, EVP Capital Markets

Headline News and Market Report

Bond Market News and Perspective for Mortgage Professionals”

Monday, October 24, 2011

No Economic Indicators are scheduled for release today.

Treasury 30-Year Bonds Gain as Europeans Struggle to Resolve Debt Crisis  U.S. 30-year bonds ended a four-day decline after European policy makers ruled out tapping the central bank to boost a rescue fund for indebted nations as they struggle to resolve the region’s debt woes.

Home Lending Revamp Planned   Federal regulators unveiled a major overhaul of an underused mortgage-refinance program designed to help millions of Americans whose home values have tumbled.

Fannie Mortgage Bonds Slump on Change of Refinancing Guidelines  the Federal Housing Finance Agency announced for the GSE refinancing program affecting so-called underwater borrowers.

U.S. Mortgage Fixes Won’t ‘Shock and Awe’ Economy   President Barack Obama, who tours foreclosure-ravaged Nevada and California this week, may face homeowners demanding bolder action as regulators prepare to release details of new housing proposals as early as this week.

Europe Puts Severe Options on Table   European leaders took their first steps toward a new plan to stem the euro crisis, admitting that their last grand plan, agreed to only three months ago, has failed.

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The Week Ahead – Bill Godfrey, EVP Capital Markets

On the supply side, outside of the weekly 3 and 6 month T-Bill auctions on Monday , there is only one short term Treasury auction of $30 billion in reopened 4-week bills Tuesday.

Economic news from Friday showed that business inventories have expanded modestly faster than realized over the past few months. Augusts’ gains were +0.5% versus an expectation of +0.4%. July’s increase was revised up to +0.5% from +0.4% previously reported. Retail sales gained 1.1% in September, a seven-month high, with autos surging 3.6%. This is in line with the jump in unit sales to a 13.0 million unit annual rate from 12.1, and ex auto sales rising 0.6%.

Last week the treasury market witnessed another week of long end losses, leaving yields above to where they were on September 20 before the FOMC announced the larger than expected portfolio extension plan.

On Friday, there were heavy two-way flows on the day in MBS, (especially in FNMA 3.5% and 4.0% coupons); money managers and financial institutions were buyers, while servicers and originators sold. Higher coupons performed better on money manager buying.  For the day originations totaled ~$1.8 billion.

As far as the primary side, lenders have reported a moderate slow down in production activity, with lock volume flat to down 30% week-over-week.  An informal survey conducted last week displayed that the 30yr fixed rates have increased to the 4.25% – 4.5%  range and the 15yr
fixed rate increased to 3.375% – 3.5% range due to lower MBS prices and lenders’ capacity constraints to fulfill and process originations from high refinance volumes.


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Opinion: MetLife to Sell Mortgage Business

Met Life is concerned about the new regulations affects on their insurance business. B of A is getting out the correspondent business, because they are concerned about the affects Basel III puts on their capital via their servicing valuations. Mason McDuffie is a true mortgage banker, who’s only business is mortgages (not life insurance, not consumer or institutional banking); so we are not concerned with how any new regulations will affect our other business, because mortgage banking is our only business.

Obviously, we will adhere and adapt to any new regulation that affects mortgages, in the best way it can help our customers and comply fully with the various laws and regulations.

Bill Godfery – EVP, Capital Markets

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Congratulations to Heather Headley – Top Producer, City of Oakland

Heather Headley from our Oakland, Ca. Branch received the “Top Producer” award from the City Of Oakland this morning. This is the 2nd consecutive win for Heather!  Heather has closed 25 Oakland city 2nd mortgages, far ahead of the nearest loan officer, who only closed 6. Congratulations Heather and thank you for being a part of the Mason-McDuffie Mortgage Team!!

“Thank you Heather for being a part of our team & thank you for helping so many families attain the goal of Home Ownership!”

– Brian Moggan, Branch Manager Oakland 

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We Are Hiring!! – Please Check Out Our Current Openings

Our goal is to provide leadership and equip our employees with the training and necessary tools for professional lending success on whatever career path they choose with us. We are a mortgage banker, not a broker, which gives our team a competitive edge. View Current Openings

The advantages we provide:

  • A stable environment with opportunities for advancement in a company with roots in the real estate lending business dating back to 1887. We offer a professional development path for each staff member and seek to help each person grow their skills, and meet their goals and their career plans.
  • A strong support staff of experienced underwriters and full in-house services including underwriting, drawing documents and funding loans. This competitive advantage allows us to close loans much more quickly than the competition, generally in 21 to 30 days.
  • A menu of loan solutions including VA, FHA, conforming conventional and non-conforming conventional as well as 203k renovations loans and specialized Deptartment of Agriculture loans in some markets.
  • Senior management, including the chairman, who started as loan officers and know what is required to serve clients well. Chairman Herb Tasker has been an industry leader for years and is a past President of the National Mortgage Bankers Association.
  • Aggressive compensation plans that allow our loan officers to be rewarded for serving their clients well. We recognize our President’s Club members (the top 10 percent) with an annual trip.
  • Tools for your success: Online marketing flyer templates coupled with personalized software allow loan officers to easily create professional materials; State-of-the-art technology with anytime access.
  • A competitive benefits package LEARN MORE.

The Ideal Candidate is:

  • Committed to excellent customer service
  • Entrepreneurial and experienced
  • Tech savvy
  • Responsive and effective communicaton
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Archive: Loan Officer of the Month – August 2011

For the month of August, 2011 we will feature Suzy Dukelow, who’s effort and excellent service continues to help her borrowers achieve the dream of home ownership. Suzy works hard to find the right loan for every one of her clients.

Suzy joined our team just a little over two months ago. Suzy is part of the Redwood City Branch, however she works remotely out of her home office North San Diego County.  In this short period of time, a little over two full months at Mason-McDuffie Mortgage, Suzy now ranks in the top 6 in both Volume and Units.  Suzy has been committed to learning our systems and took advantage of MMCD’s platform to where she was able to fund 5 loans last month with a pipeline of 13 more loans. Being a new Loan Officer here at MMCD, working remotely, and being one of our top producers in such a short amount of time,  makes Suzy a great choice for Loan Officer of the Month. You can read more about Suzy belowCongratulations Suzy!

Suzy’s success as a loan officer is supported by her vast knowledge in all aspects of Residential Real Estate Lending.  Together with her team, Suzy’s goal is to provide outstanding customer service to every borrower while providing them with the loan that is best suited to their individual needs.

Suzy became a licensed Real Estate salesperson in 1974, while still a student at UC Irvine.  After her graduation with a degree in Fine Arts, Suzy worked in resale real estate for 5 years.   In 1982 Suzy obtained her California Real Estate Broker’s license.  This was followed by 15 years selling new homes with The Fieldstone Company and The William Lyon Company.  This broad experience in real estate has given Suzy the understanding of all ends of a real estate transaction.

Suzy is a recent transplant to San Diego County, moving from Coto de Caza in Orange County to Fallbrook in September of 2010.  She enjoys the quieter pace and beautiful surroundings her new rural home.  In her spare time she enjoys spending time with her family and pets.  She enjoys travel especially to warm, tropical beaches.

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New Homebuyers Paying for the Sins of Investors

It is a sad commentary on the state of our country that the dream of homeownership is just that “a dream” for many first time homebuyers.  At a time when rates are at historical lows and home prices are down many people still cannot qualify for home loans.  New homebuyers are paying for the sins of greedy investors.  The thing that politicians seem to not understand is that those people left the marketplace over three years ago.  Why punish the honest players still making loans and first time homebuyers who would like to turn their dream of homeownership into a reality.  Read more here.

– Marilyn J. Richardson, President & CEO