National Mortgage News, Dec. 19, 2018–Pat Kinsel (subscription)Notarize CEO (and MBA Tech All-Star honoree) says lenders that use technology to meet customer demands and build disruptive delivery models will see a dramatic spike in market share. These technology adopters will also save thousands of dollars in origination fees.
Category: Top National News
More Home Buyers are Turning to Adjustable-Rate Mortgages
Washington Post, Dec. 19, 2018–Michele LernerAdjustable-rate mortgages come with the risk of future rate increases, but today’s hybrid ARMs are typically fixed for five to seven years before they begin to adjust to market rates.
New American Funding Acquires Marketplace Home Mortgage
National Mortgage Professional, Dec. 19, 2018–Phil HallThe transaction will increase New American Funding’s presence in the Minnesota market, where Marketplace has been operating since its founding 1995. Marketplace also has locations in Florida, Michigan, New Hampshire, South Dakota and Wisconsin. The terms of the acquisition were not disclosed.
Federal Agencies Urged to Close Capital Rule Proposal ‘Immediately’
National Mortgage News, Dec. 18, 2018–Elina Tarkazikis (subscription)A proposal issued over a year ago by federal banking agencies to simplify risk-based capital rules and ease compliance burdens for community banks has still not been finalized, and mortgage brokers and bankers are calling on them to do just that. (MBA mention)
As Fed Begins Meeting, Trump Again Calls for No Rate Increase
Wall Street Journal, Dec. 18, 2018–Nick Timiraos (subscription)President Trump continued on Tuesday morning his public campaign calling on the Federal Reserve to refrain from raising interest rates during the central bank’s two-day meeting that begins later in the day.
Experian Offering Potentially Higher Credit Scores in Exchange for Access to People’s Bank Accounts
HousingWire, Dec. 18, 2018–Ben LaneExperian announced Tuesday that it is launching a new program called “Experian Boost.” Through the program, consumers grant access to their bank accounts to allow Experian to use utility and telecommunications payments in the calculation of their credit score.
Mnuchin Says He’ll Stay in Trump’s Cabinet Until 2020 or Beyond
Bloomberg, Dec. 18, 2018–Saleha Mohsin, Jennifer JacobsTreasury Secretary Steven Mnuchin said he plans to stay in his post through the 2020 presidential election–and perhaps longer if asked.
Inflated Rents Could Push More Consumers into Homebuying
National Mortgage News, Dec. 18, 2018–Paul Centopani (subscription)Rising rents combined with growing housing inventory could lead to increased purchase mortgage originations in the near future.
Americans Earning Over $200,000 Are Flocking to These Neighborhoods
Bloomberg, Dec. 18, 2018–Reade Pickert, Jonathan LevinOne way to measure the economic fortunes of a place is by the concentration of households earning $200,000 or more, the highest threshold in the Census Bureau’s American Community Survey.
Weekly Mortgage Applications Fall 5.8% as Stock Market Plunge Unnerves Potential Buyers
CNBC, Dec. 19, 2018–Diana OlickEven with mortgage rates at the lowest level in three months, homebuyers are pulling away from the housing market. The Mortgage Bankers Association said mortgage application volume fell 5.8 percent last week. Volume was 17 percent lower than a year ago.