Forbes, Jan. 28, 2019–Kori HaleMicrosoft is trying to build a more inclusive Seattle with a $500 million donation toward affordable housing in the city. The tech giant created a $475 million trust fund to support creating more middle-income housing along with a $25 million donation to address homelessness.
Category: Top National News
Housing Market is Cooling, But Not Enough to Help Middle-Class Buyers Yet
Associated Press, Jan. 28, 2019When home sales weaken, prices typically do, too, which benefits buyers. Not quite this time. Home purchases in many areas of the country have dipped and price gains have slowed, but more middle-class Americans are finding homeownership unaffordable.
Your FICO Score is Not Your Mortgage Destiny
Miami Herald, Jan. 28, 2019–Kenneth HarneyA new statistical review, conducted for this column by mortgage network LendingTree based on more than one million actual loan offers during 2018 suggests that, depending on market conditions, a “good” 700 FICO score could get you nearly as attractive a rate deal as someone with an 800-plus score.
MBA Asks VA to Delay Cash-Out Refi Rule Enforcement
National Mortgage Professional, Jan. 25, 2019–Phil Halln a letter to the VA, MBA President and CEO Robert Broeksmit cited a “significant operational challenge” in the new VA disclosures that would impose required borrower disclosures which are not readily available to MBA member lenders offering such refinance loans.
‘Dirt’ vs. Inventory Houses
UExpress, Jan. 25, 2019–Lew SichelmanThere’s no question that purchasing a newly constructed house is an exciting time. But if time is of the essence, consider buying a house out the builder’s inventory of finished but unsold homes.
CECL Talks Could Get Heated as Detractors Weigh In
American Banker, Jan. 25, 2019–John Reosti (subscription)Members of the Financial Accounting Standards Board could be in for an earful Monday. FASB will hold a highly anticipated roundtable at its Norwalk, Conn., headquarters to discuss the Current Expected Credit Loss accounting standard.
Independent Mortgage Banks Foster Competition and Access to the Housing Market
National Mortgage News, Jan. 25, 2019–Robert Broeksmit, CMB (free article)MBA President and CEO Robert Broeksmit, CMB, illustrates how independent mortgage banks have been instrumental in helping to fill the void left by the many traditional bank lenders that have retreated from government lending programs and the overall mortgage market since the downturn.
Bucking the Trend, SB Financial Increased Originations in ‘18
The Mortgage Leader, Jan. 25, 2019SB Financial Group Inc. increased mortgage origination volume in 2018, though the business environment was challenging for lenders. The bank originated mortgage origination volume of $342.1 million, an increase of $26.3 million, or 8.3 percent, compared with 2017.
Commercial Mortgage Market Should Prep for LIBOR Switch Now: MBA
National Mortgage News, Jan. 24, 2019–Elina Tarkazikis (subscription)While the London interbank offered rate won’t go dark until 2021, the commercial real estate finance industry should start preparing for the transition now, says the Mortgage Bankers Association.
Fixed Mortgage Rates Refuse to be Swayed as Government Shutdown Lingers
Washington Post, Jan. 24, 2019–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average hasn’t budged for three weeks. It has remained at 4.45 percent with an average 0.4 point. A year ago, it was 4.15 percent. (MBA mention)