National Mortgage News, Oct. 25, 2018–Brad Finkelstein (subscription)Rising interest rates and the continued slowdown in mortgage originations prompted Ellie Mae to cut its revenue forecast for the full year by at least $18 million.
Category: Top National News
Mortgage Credit Availability Reaches Post-Crisis High Among GSEs, Government Lenders
Housingwire, Oct. 25, 2018–Kelsey RamirezMortgage lenders are opening access to credit as mortgage interest rates continue to rise, according to the latest Housing Credit Availability Index from the Urban Institute’s Housing Finance Policy Center.
FCC Interpretation of Autodialer Under TCPA Threatening Industry: MBA
National Mortgage News, Oct. 25, 2018–Elina Tarkazikis (subscription)Protecting consumers from intrusive cold calls and fax-spamming is having adverse effects on the mortgage industry as the Federal Communications Commission fails to reasonably interpret language under the Telephone Consumer Protection Act, according to the Mortgage Bankers Association.
Buyers ‘Hibernating’ as Spiking Mortgage Rates Hit Housing Harder than Expected
CNBC, Oct. 24, 2018–Diana OlickMortgage applications to purchase a home are now flat compared with a year ago, according to the Mortgage Bankers Association, and may move lower in the coming weeks, if interest rates don’t fall back in a meaningful way.
Hundreds of Mortgage Execs Ask CFPB to Change LO Pay Rules
HousingWire, Oct. 24, 2018–Ben LaneNearly 250 senior executives at some of the nation’s largest mortgage companies want the government to make changes to the rules surrounding how they’re allowed to pay their loan originators. Last week, the group of mortgage execs (organized by the Mortgage Bankers Association) sent a letter to the Consumer Financial Protection Bureau, calling on the bureau to change its Loan Originator Compensation rule.
How Student Loan Debt Hurts Millennial Buyers
The Mortgage Reports, Oct. 24, 2018–Aly J. YaleIt’s no secret that crippling student loan debt keeps many Millennials from buying a home. But according to new data, Millennials with student loan debt aren’t just less likely to own a home. When they do buy? They face more expensive mortgage loans and lower home values, too.
Rising Mortgage Rates Reduced Home Purchase Power by 6%: Redfin
National Mortgage News, Oct. 24, 2018–Brad Finkelstein (subscription)A typical homebuyer has already lost over 6% of purchasing power because of rising interest rates since the start of the year, a study by Redfin found.
Mortgage Credit Still in a Post-Crisis Funk? The Data Begs to Differ
American Banker, Oct. 24, 2018–Kate Berry (subscription)”If you look from 2012 to today, credit has gotten looser, particularly with respect to greater availability of low-down payment loans,” said Mike Fratantoni, chief economist and a senior vice president at the Mortgage Bankers Association.
The U.S. Economy Is Doing Great. Why Isn’t Housing?
Bloomberg, Oct. 25, 2018–Scott LanmanThe housing market is one of the few sectors of the U.S. economy that isn’t sharing in the recent pickup in growth. Purchases are slowing down, builders aren’t building so much, and some people are even reluctant to post their properties for sale.
Fed Board to Consider Proposed Revamp of Big-Bank Supervision
American Banker, Oct. 24, 2018–Hannah Lang (subscription)The Federal Reserve Board will release a proposed framework next week on how it will supervise large banks following enactment of a recent law that provided some institutions with regulatory relief.