National Mortgage News, Nov. 9, 2018–Bonnie Sinnock (subscription)If falling volume and rising costs weren’t bad enough for nonbank mortgage lenders, an extended run of tight gain-on-sale margins is further eating into their profits.
Category: Top National News
Firm Advising GSE Investors Updates Plan to End Conservatorships
American Banker, Nov. 9, 2018–Hannah Lang (subscription)The revised blueprint by Moelis & Co. LLC, which serves as a financial adviser to some Fannie and Freddie shareholders, incorporates a plan by the mortgage companies’ regulator for them to adopt risk-based capital requirements. The original Moelis plan released in June 2017 had drawn mixed reviews from the industry.
Stated-Income Loan with Easier Standards Assist Wage Earners and Self-Employed
Orange County Register, Nov. 11, 2018–Jeff LazersonWhere is the energy and action these days when it comes to mortgage products? After all, most well-qualified borrowers are hunkered down enjoying their lower mortgage rates. According to Mortgage Bankers Association chief economist Mike Fratantoni, 75 to 80 percent of mortgage holders are below 4 percent.
CFPB, FHFA Release Mortgage Origination Data
Mortgage Professional America, Nov. 11, 2018–Francis MonfortThe Consumer Financial Protection Bureau and the Federal Housing Finance Agency have announced the release of a new loan-level dataset collected through the National Survey of Mortgage Originations for public use.
Slowing Down VA Refi Churn Proving More Difficult than Expected
National Mortgage News, Nov. 12, 2018–Brad Finkelstein (subscription)Ginnie Mae officials continue to be concerned about the high prepayment speeds of Department of Veterans Affairs-guaranteed mortgages.
CFPB Walks Tightrope in Effort to Define ‘Abusive’ Practices
American Banker, Nov. 11, 2018–Kate Berry (subscription)In trying to define “abusive” practices, the Consumer Financial Protection Bureau is developing rules of a road that has already been paved.
Cooling Trend Could Bode Well for Home Buyers
Washington Post, Nov. 13, 2018–Kenneth R. HarneyDon’t call it a “buyer’s market.” Don’t call it a “correction.” But the fact is that a sobering change is taking shape in the housing market–an unmistakable cooling trend that defies an economy that is showing impressive growth, has the lowest unemployment rate in years and the highest home-equity levels on record. (MBA mention)
Wells Fargo to Pay $43 Million to Settle Pre-Crisis RMBS Trust Lawsuit
HousingWire, Nov. 12, 2018–Ben LaneWells Fargo announced late last week that it reached a settlement with a group of institutional investors, which includes funds affiliated with investing giants BlackRock and PIMCO, to bring a pair of class action lawsuits to a close.
No-Cost Loan for VA Borrowers
UExpress, Nov. 9, 2018–Lew SichelmanA nearly no-cost loan is just one of the latest offerings from lenders. There is also a low-down-payment program that offers borrowers a $2,000 Home Depot gift card plus a $1,500 grant to offset some closing costs, and another that allows borrowers to qualify based on their assets as opposed to their incomes.
Mortgage Rates Shoot Up to their Highest Level in Nearly 8 Years
Washington Post, Nov. 8, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.94 percent with an average 0.5 point. It was 4.83 percent a week ago and 3.90 percent a year ago. The 30-year fixed was last this high in February 2011. (MBA mention).