National Mortgage News, Feb. 21, 2019–Hannah Lang (subscription)The Federal Housing Administration is expanding a pilot program to streamline mortgage insurance applications for affordable housing developments, HUD announced Thursday.
Category: Top National News
U.S. Banks Record $59.1 Billion in Profits in Fourth Quarter of 2018
Reuters, Feb. 21, 2019–Pete SchroederThe U.S. banking sector recorded $59.1 billion in profits in the fourth quarter of 2018, down slightly from the third quarter’s record level but still up significantly from the prior year, according to data from the Federal Deposit Insurance Corp.
New Loan Allows 85% Cash Out with Less Documentation
Orange County Register, Feb. 21, 2019–Jeff LazersonSelf-employed borrowers now can qualify more easily for second fixed-rate loans.
Zillow CEO Rascoff Steps Down so Barton Can Lead Moonshot Effort
Bloomberg, Feb. 21, 2019–Patrick ClarkZillow Group Inc., the housing search website pursuing an ambitious plan to buy homes and originate mortgages, said CEO Spencer Rascoff is handing the reins to Executive Chairman Rich Barton, who co-founded the company in 2005.
Senate Panel Sets Vote on Calabria Nomination for FHFA
American Banker, Feb. 21, 2019–Neil Haggerty (subscription)The Senate Banking Committee will vote Tuesday on Mark Calabria’s nomination to succeed Mel Watt as director of the Federal Housing Finance Agency.
Weekly Mortgage Applications Rise 3.6%, a Sign of Hope for the Spring Homebuying Season
CNBC, Feb. 20, 2019–Diana OlickMortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Why Kraninger’s CFPB is Mandating Fewer Consumer Refunds
American Banker, Feb. 20, 2019–Kate Berry (subscription)The Consumer Financial Protection Bureau appears to have shifted away from requiring financial institutions to refund customers in response to enforcement actions.
Fed Prepares to End Balance Sheet Runoff Later This Year
Wall Street Journal, Feb. 20, 2019–Nick Timiraos (subscription)Federal Reserve officials agreed at their meeting last month to announce soon a plan to stop shrinking their $4 trillion portfolio of bonds and other assets later this year, according to minutes of the meeting released Wednesday.
Here’s Why the Housing Market Should Expect a Cash-Out Refi Boom
HousingWire, Feb. 20, 2019–Jessica GuerinHome equity levels are climbing while mortgage interest rates are falling, and this has some experts predicting an inevitable boom in cash-out refinances.
Are Lenders Shying Away from the Retail Sector?
National Real Estate Investor, Feb. 20, 2019–Liz WolfRetail properties can still get financing, capital markets experts say, but their sponsorship, location and metrics are under very close scrutiny.