Category: Top National News

National Mortgage Professional, Oct. 29, 2018–Phil HallSpoiler Alert: it’s Alaska.

Mortgage Daily, Oct. 29, 2018An exact reversal of last week had an increase in new refinance business being more than offset by a decline in purchase-money business. Adjustable-rate activity soared. The U.S. Mortgage Market Index from Mortgage Daily, was 111 in the week ended Oct. 26.

Mortgage Professional America, Oct. 29, 2018–Francis MonfortWhile Congress enacted the Telephone Consumer Protection Act to combat an abusive form of cold-call telemarketing and fax-blast spamming, MBA said recent litigation has exposed legitimate businesses to unquantifiable uncertainty.

HousingWire, Oct. 29, 2018–Ben LaneIn the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity.

American Banker, Oct. 29, 2018–Neil Haggerty, Hannah Lang (subscription)For regional banks with more than $100 billion of assets, all eyes will be on the Federal Reserve Wednesday as the U.S. central bank proposes changes to its prudential supervision program for large banks.

HousingWire, Oct. 26, 2018–Alcynna Lloyd”This strong, above trend growth is being driven by stronger consumer spending–fueled by the incredibly healthy job market and rising wages,” said MBA Chief Economist Mike Fratantoni. “Stimulative fiscal policy is also clearly spurring faster expansion, with the third quarter data showing gains in defense spending.”

National Mortgage News, Oct. 26, 2018–Paul Centopani (subscription)While the average down payment percentage of purchase price stayed mostly flat, the average dollar amount dropped 10% from the previous quarter, according to LendingTree.

San Jose (Calif.) Mercury News, Oct. 26, 2018–Rose MeilyThe California housing market posted its largest annual sales decline since March 2014 in September, as home sales fell below the 400,000-level benchmark for the second consecutive month.

Orange County Register, Oct. 26, 2018–Jeff LazersonMortgage giants Freddie Mac and Fannie Mae are focused on a faster, more convenient loan approvals using automation. Freddie Mac calls its new product the Freddie Edge. Fannie Mae calls it Day 1 Certainty. There are plenty of industry vendors gushing about how their companies are supporting the digital mortgage era.

Bloomberg, Oct. 27, 2018–Alexandre TanziThe median length of time Americans have owned their homes rose to a record of more than eight years in the third quarter, according to ATTOM Data Solutions. That’s up from 4.5 years when the recession ended in June 2009.