Bankrate.com, Sept. 16, 2020–Peter MillerIn August, Fannie and Freddie announced that refinancing borrowers would have to pay a new charge, a 0.5 percent “adverse market refinance” fee starting Sept. 1. …
Category: Top National News
Will Changes at Fannie Mae and Freddie Mac Mean Higher Rates?
Bankrate.com, Sept. 15, 2020–Peter G. Miller“I cannot make a single argument in support of the GSEs’ decision to impose a 50 basis point price increase on all refinances, effective Sept. …
Judy Shelton Lacks Confirmation Votes for Fed Board, Thune Says
Bloomberg, Sept. 15, 2020–Laura LitvanJudy Shelton, President Donald Trump’s controversial nominee for the Federal Reserve board, doesn’t yet have enough support in the Republican-controlled Senate to win confirmation, said Senator …
Opendoor Announces Merger with Social Capital Hedosophia Holdings Corp. in Bid to Go Public
HousingWire, Sept. 15, 2020–Julia FalconiBuying platform Opendoor said it will merge with Social Capital Hedosophia Holdings Corp. II. to become a public company using the special purchase acquisition company in …
U.S. Industrial Production Points to Slowing Manufacturing Recovery
Wall Street Journal, Sept. 15, 2020–David Harrison (subscription)U.S. industrial production rose for the fourth consecutive month in August but at a much lower rate than earlier in the summer, a …
Changes to the Qualified Mortgage Rule are Coming; Be Prepared
National Mortgage News, Sept. 15, 2020–Colgate Selden (subscription)With origination volumes skyrocketing due to historically low interest rates, it would be an understatement to say lenders have been preoccupied in 2020. …
Ex-Owner of Florida Mortgage Firm Freed After 9 Years of 30-Year Term for Massive Fraud
Associated Press, Sept. 15, 2020A judge on Tuesday ordered the release of Lee Farkas, 67, chairman of the now-defunct Florida-based mortgage company Taylor, Bean and Whitaker.https://www.orlandosentinel.com/news/crime/os-ne-financial-exec-serving-30-years-for-fraud-released-20200915-vq3hnfxkibeu7kcc45ssqqw4da-story.html
New Home Purchase Applications Jump 33.3 Percent Year-Over-Year
National Mortgage Professional, Sept. 15, 2020–Navi PersaudThe Mortgage Bankers Association’s Builder Application Survey data for August reported a 33.3% increase in new home purchase applications compared to the same period …
Citigroup to Resume Job Cuts After Pausing for Pandemic
Bloomberg, Sept. 14, 2020–Jennifer SuraneThe reductions will come as Citigroup is facing a likely revenue drop and another increase to loan-loss reserves this quarter as the pandemic drags on, as …
Why on Earth Haven’t 19 Million Homeowners Refinanced Their Mortgage Yet?
Bankrate.com, Sept. 14, 2020–Jeff OstrowskiWhy are so many homeowners still locked into above-market rates? “The same reason people don’t go to the dentist regularly even though they should – it’s …