National Mortgage News, Nov. 15, 2018–Elina Tarkazikis (subscription)Redfin is the latest example of real estate companies diving deeper into the mortgage industry, but also joins more tech-focused mortgage companies in their push toward digitizing the process.
Category: Top National News
Wildfire Victims Get Extra Time for Mortgage Payments
San Bernardino Sun (Calif.), Nov. 15, 2018–Jeff LazersonServicers are authorized to suspend or reduce homeowner’s mortgage payments for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster.
Senate One Step Closer to Voting on CFPB Nominee
American Banker, Nov. 15, 2018–Neil Haggerty, Kate Berry (subscription)Senate Majority Leader Mitch McConnell filed a motion that could bring the administration’s choice for Consumer Financial Protection Bureau director , Kathy Kraninger, up for a vote before the full Senate later this month.
Wells Fargo Eliminating 900 Mortgage Jobs
HousingWire, Nov. 15, 2018–Ben LaneWells Fargo announced Thursday it is eliminating 1,000 positions nationwide in its Consumer Lending and Payments, Virtual Solutions and Innovations groups.Of those, 900 cuts will be in the company’s home lending division.
In New York, $35 Million Will Buy an Apartment. Or Grand Central
Bloomberg, Nov. 15, 2018–Danielle MoranFor $39 million, you could buy a mansion in New York’s Upper East Side with eight bedrooms, eighteen bathrooms, a cigar bar, private library, and top-floor indoor pool just blocks away from Central Park. Or if you’re the Metropolitan Transportation Authority, you could buy Grand Central Terminal, one of New York’s greatest icons, and still have $4 million to spare.
Weekly Mortgage Applications Drop 3.2%, Hit by Tanking Stocks and Rising Rates
CNBC, Nov. 14, 2018–Diana OlickMortgage application volume fell 3.2 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 22 percent lower compared with the same week one year ago.
‘Auntie Maxine’ Waters Gets Ready To Take On The Banks As House Panel Chair
NPR, Nov. 15, 2018–Jim ZarroliWith Democrats assuming control of the House in January, Rep. Maxine Waters, D-Calif., is about to become more visible than ever before, with the power to slow down an important part of Trump’s agenda and even shine a light on his company’s finances. “Waters is a skilled legislator, and she has devoted considerable energy to issues affecting the mortgage industry, such as affordable housing, and we look forward to continuing to work with her,” says Robert Broeksmit, president of the Mortgage Bankers Association.
Rising Home Prices and Interest Rates Squeeze All but the Richest Homebuyers
NBC News, Nov. 14, 2018–Martha C. WhitePrice gains are slowing, but this isn’t making houses any more affordable, because mortgage rates are rising, which is cooling demand for homes, said Joel Kan, associate vice president of economic and industry forecasts for the Mortgage Bankers Association.
New Study Examines Online Mortgage Buyer Behavior
National Mortgage Professional, Nov. 14, 2018–Phil HallKey findings from the study reveal that when it comes to searching online for mortgages, consumers have less allegiance to specific brands. Searches for non-branded keywords such as “Best Mortgage Rates” have increased more than 200 percent, while branded searches that include the name of a specific mortgage lender decreased by more than 60 percent.
5 Reasons Amazon’s HQ2 Pick is a Dud for Mortgage Lenders
National Mortgage News, Nov. 14, 2018–Austin Kilgore (subscription)Amazon’s surprise decision to split its second headquarters between two HQ2 finalists–Long Island City in the Queens borough of New York City, and the Crystal City neighborhood of Arlington, Va.–should come as a disappointment to mortgage lenders hoping the promise of 50,000 new high-paying jobs would be a boon for business.