Category: Top National News

Long Beach Press-Telegram (Calif.), Nov. 8, 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. Mortgage Bankers Association chief economist Mike Fratantoni said, “75 to 80 percent of mortgage holders are below 4 percent.”

Scotsman Guide, Nov. 8, 2018–Victor WhitmanMortgage delinquencies edged up 11 basis points over the third quarter to hit 4.47 percent to end September, moving higher in several states in the South region in the wake of Hurricane Florence and Tropical Storm Gordon, the Mortgage Bankers Association reported.

National Mortgage News, Nov. 8, 2018–Paul Centopani (subscription)Continued diversification of its business lines and better margins in its securitization activities helped Redwood Trust overcome steep mortgage origination declines and post nearly 14% annual growth in net income during the third quarter.

HousingWire, Nov. 8, 2018–Alcynna LloydHousing affordability remained at a 10-year low in the third quarter of 2018, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

American Banker, Nov. 8, 2018–Neil Haggerty (subscription)In her first comments since Democrats won control of the House, Rep. Maxine Waters, D-Calif., the expected incoming chair of the Financial Services Committee took a hard line against the Trump administration and pledged to protect “consumers and investors from abusive financial practices.” But she also committed to “hearing a range of views” if chosen to run the panel.

HousingWire, Nov. 8, 2018–Ben LaneMBA released a brief updated forecast this week, which states that multifamily lending is on track to set another record in 2018.

Reuters, Nov. 8, 2018–Howard Schneider, Jason LangeThe U.S. Federal Reserve held interest rates steady on Thursday but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment.

National Mortgage News, Nov. 7, 2018–Elina Tarkazikis (free article)California voters rejected Proposition 10, which would have reduced state restrictions on municipal rent control laws that proponents said would create more affordable housing options for tenants, but was opposed by real estate and mortgage industry interests. “We recognized early on that this could have a very far-reaching impact on the multifamily industry and the housing industry, so we’re very pleased with the outcome of the election,” said Sharon Walker, associate vice president of multifamily at the Mortgage Bankers Association.

CNBC, Nov. 7, 2018–Diana OlickRising interest rates are now clearly taking their toll on potential homebuyers. Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

Union-Leader (Manchester, N.H.), Nov. 7, 2018–Deborah Kearns (Bankrate.com)Borrowers who don’t fit into a pristine credit box now have more options, Joel Kan, associate vice president of industry surveys and forecasting with the Mortgage Bankers Association. There’s more balance to the lending equation nowadays after the regulatory pendulum swung too far in the opposite direction–a move that shut out otherwise capable borrowers, Kan says.