Business Observer, Dec. 7, 2018Banks nationwide, by a big margin in some cases, are slowing down commercial real estate lending in most property categories.
Category: Top National News
Competition Limits the Decline in Nonbank Mortgage Employment
National Mortgage News, Dec. 7, 2018–Bonnie Sinnock (subscription)Workers employed by nonbank mortgage companies in October totaled 341,500, down from 344,000 in September, according to the Bureau of Labor Statistics. But total nonbank mortgage job numbers are up from 339,000 a year earlier.
Moody’s: RMBS Credit Quality to Stay Strong in 2019
National Mortgage Professional, Dec. 7, 2018–Phil HallMoody’s Investors Service is forecasting a strong level of credit quality and performance of residential mortgage-backed securities in 2019, although the level of strength will be slightly weaker compared to this year.
The Housing Boom Is Already Gigantic. How Long Can It Last?
New York Times, Dec. 7, 2018–Robert J. ShillerYale Professor and Nobel Laureate believes despite weaknesses, the current housing market is experiencing the third-biggest boom in modern history.
If You Ask Consumers, The Nation is in a Housing Affordability Crisis
National Mortgage News, Dec. 7, 2018–Elena Tarkazikis (subscription)The nation is suffering from a housing affordability crisis and lower construction costs and increased government subsidies can ease the pain, consumers state in a survey.
Fed Policymakers Signal Turning Point on U.S Rate-Hike Path
Reuters, Dec. 7, 2018–Michelle Price, Howard SchneiderThe U.S. central bank is flagging a turning point in monetary policy, as a Federal Reserve policymaker on Friday backed interest rate hikes in the “near term” but nodded to increasingly less certainty ahead.
Mortgage Rates are Down Significantly Over the Past Three Weeks
Washington Post, Dec. 6, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slid to a two-month low of 4.75 percent with an average 0.5 point. It was 4.81 percent a week ago and 3.94 percent a year ago. (MBA mention)
Mortgage Credit Availability Up as Lenders Expand Criteria: MBA
National Mortgage News, Dec. 6, 2018–Brad Finkelstein (subscription)Mortgage credit available to consumers increased in November by 1.1% from the previous month as lenders offered more conventional products with expanded underwriting criteria, the Mortgage Bankers Association said.
High Prices Got You Down? The Home You’re Looking For Could Still Be Within Reach
Washington Post, Dec. 6, 2018–Michele Lerner”We’re seeing an increasing number of people choose low down-payment loans and take advantage of down-payment assistance programs,” said Michael Fratantoni, chief economist for Mortgage Bankers Association. “Lenders are trying to streamline the process for using gift funds for down payments, too, although they’re still being very careful to document the source of the money.”
NFIP Extended to Dec. 21
National Mortgage Professional, Dec. 6, 2018–Phil HallThe National Flood Insurance Program was extended through Dec. 21 as part of Congress’ two-week extension for the federal government’s funding deadline.