National Mortgage News, Feb. 22, 2019–Hannah Lang (subscription)The federal banking agencies denied several appraisal organizations’ request for a public hearing on a proposal to reduce the number of residential real estate transactions that require an appraisal.
Category: Top National News
Millennials Have Officially Entered the Housing Market
HousingWire, Feb. 22, 2019–Alcynna LloydMillennials surpassed Generation X as the group that was responsible for the most new mortgages. Since then, Millennials’ share of the mortgage market has continued to rise. By the end of 2018, Millennials represented 45% of all new mortgages, compared to 36% for Generation X and 17% for Baby Boomers.
New Loan App Is Coming
UExpress, Feb. 22, 2019–Lew SichelmanBig changes are coming in the standard application for home financing. But if lenders are not on the ball, the modifications could throw a monkey wrench into the mortgage sector. At least for a while.
Will Mortgage Prepayments Spring Back?
The M Report, Feb. 25, 2019The decline in mortgage rates in recent months hasn’t affected the mortgage prepayment rate, which was the lowest in more than 18 years, reported Black Knight.
The Nation’s Housing: Who Provides the More Accurate Home Valuation: Zillow or Redfin?
Richmond (Va.) Times-Dispatch, Feb. 22, 2019–Kenneth Harney When you type in a home’s street address to obtain an online valuation from the two biggest players in the field–Zillow’s Zestimate or Redfin’s Estimate tools–how good is what you get?
Interview with Mike Fratantoni, Chief Economist, Senior Vice President, Research and Industry Technology, Mortgage Bankers Association
Radding’s Report, Feb. 21, 2019 (podcast)Radding’s Rapport welcomes Mike Fratantoni to share his views on current economic trends.Mike is MBA’s Chief Economist and Senior Vice President of Research and Industry Technology.
Mortgage Rates Fall for the Third Week in a Row
Washington Post, Feb. 21, 2019–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dipped to 4.35 percent with an average 0.5 point. It was 4.37 percent a week ago and 4.40 percent a year ago. The 30-year fixed rate has fallen 16 basis points since the first of the year. (MBA mention)
Addressing the Outcomes of Nonjudicial Foreclosure
DS News, Feb. 21, 2019–Donna JosephOn Wednesday, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. (MBA mention)
TIAA Bank Exiting Retail Mortgage Lending, Selling to U.S. Bank
HousingWire, Feb. 21, 2019–Ben LaneAs part of the “realignment,” TIAA Bank will “transition” out of its retail branch mortgage business and “concentrate on originating home mortgage loans directly, particularly through its existing digital capabilities that provide an exceptional client experience,” the bank said in a statement.
Through Acquisition, M&T Bank Expands Mortgage Servicing Business
Buffalo Business First, Feb. 21, 2019–Alissa KlineAccording to a regulatory filing, the Buffalo-based lender agreed to pay $146 million for the right to service a residential mortgage loan portfolio with an outstanding balance of $13.3 billion.