Category: Top National News

The Mortgage Leader, Jan. 10, 2019Michael Bright, executive vice president and COO of Ginnie Mae, has accepted a position in the private sector and will resign from his position on January 16. Bright will serve as CEO of the Structured Finance Industry Group, a trade group.

The Hill, Jan. 10, 2019–Juliegrace BrufkeThe Democratic-led House passed a standalone spending measure Thursday to provide funding for the Departments of Transportation, Housing and Urban Development and other agencies.

American Banker, Jan. 10, 2019–Kate Berry (subscription)The industry’s worst fears about higher costs and less available credit stemming from the Consumer Financial Protection Bureau’s mortgage rules have not materialized in the years since those regulations were written, the bureau said Thursday.

Orange County Register, Jan. 10, 2019–Jeff LazersonRefreshing is the word that comes to mind as the lending industry prepares for a possible wave of unpaid and furloughed federal workers in need of mortgage payment forbearance, late charge waivers and a pass on reporting mortgage late payments to the credit bureaus.

CNBC, Jan. 9, 2019–Diana OlickOverall volume jumped 23.5 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An adjustment was also made for the New Year’s Day holiday. Volume was still 9 percent lower than a year ago.

Washington Post, Jan. 9, 2019–Kenneth R. HarneyIf you’d been hoping to buy or refinance a house during the past couple of weeks with a conventional loan, your application or closing probably sailed through with few if any hitches, said Pete Mills, a senior vice president for the Mortgage Bankers Association. But federal workers could be experiencing problems.

CNBC, Jan. 9, 2019–Annie Nova”Buying a home is a statement of optimism about your financial picture and your employment position,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association. “It’s going to be tougher to be optimistic given the amount of uncertainty in the environment right now.”

National Mortgage News, Jan. 9, 2019–Elina Tarkazikis (subscription)The average first-time homebuyer earns about $72,500, which is higher than the country’s overall median household income of $60,700, according to Zillow. The drop is even greater for peers of new homeowners that didn’t buy a house, as their median income sits at just $42,500.

Consumer Reports, Jan. 9, 2019–Daniel Bartz”This money should be used for purposes that really add value,” says Michael Fratantoni, chief economist for the Mortgage Bankers Association. That means spending the cash on a home repair or paying off high-cost debt, rather than taking a vacation.

Reuters, Jan. 9, 2019–Jonathan Spicer, Howard SchneiderFederal Reserve policymakers can wait on any further interest rate hikes until they have a better handle on whether growing risks will undercut an otherwise solid U.S. economic outlook.