HousingWire, Oct. 11, 2018–Jessica GuerinAn estimate released Thursday by real estate data provider ClosingCorp highlights the lasting effects of the storm, estimating more than 1,600 pending mortgage transactions are in jeopardy thanks to Michael’s destruction.
Category: Top National News
What Will Trigger Irresponsible Lending?
Orange County Register, Oct. 11, 2018–Jeff LazersonIn September 2016, I first reported to you that averaging deposits from 24 months of bank statements would be acceptable to count as income. In August 2017, I first reported that stated income loans are back. Ever since, common cries from many readers have been, “Here we go again” and “Didn’t lenders learn the lesson from the mortgage meltdown?”
Mortgage Rates Soar, Could Sink in Next Report
Mortgage Daily, Oct. 11, 2018–Sam GarciaAn expected surge in mortgage rates came to fruition this week. The latest forecast has fixed rates tumbling in next week’s report.
California Pummeled by Mortgage Layoffs
Mortgage Daily, Oct. 11, 2018–Sam GarciaA Mortgage Daily analysis of individual states’ employment data has uncovered thousands of previously unreported mortgage-related layoffs this year. California employees suffered the most, while banks took a beating.
Big Lenders Make Push to Liquidate Sears
Wall Street Journal, Oct. 11, 2018–Suzanne Kapner, Lillian Rizzo (subscription)Some of Sears Holdings Corp.’s biggest lenders were pushing for it to liquidate rather than use bankruptcy protection to try to save an American legend whose stores and catalogs dominated retailing for generations.
Pentagon, Others Baffled by CFPB Plan to Cease Military Lending Exams
American Banker, Oct. 11, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau’s decision to stop examining financial firms for compliance with the Military Lending Act has sparked pushback not only from lawmakers and consumer advocates but also from the Defense Department and every major group representing military service members.
Weekly Mortgage Applications Fall 1.7% as Interest Rates Move Above 5%
CNBC, Oct. 10, 2018–Diana OlickOther than watching reports of rising interest rates, mortgage lenders and brokers probably weren’t very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report.
This Is Why Homes Are Now Even Less Affordable for Most Americans
Barron’s, Oct. 10, 2018–Avi SalzmanThe 5% level isn’t just a psychological barrier. A one-percentage-point rise in rates can cost a buyer hundreds of dollars a month, a shock for those who have gotten used to rates of 4% or less for years. And it may already be having an impact. (MBA mention)
Lenders Fear Worst from Rent Control Measure on California Ballot
National Mortgage News, Oct. 10, 2018–Hannah Lang (subscription)Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.
Millennials Want a House Soon, But Some Buying into Purchase Myths
National Mortgage News, Oct. 10, 2018–Elina Tarkaziks (subscription)About 38% of first-time homebuyers plan to purchase in the next two years, while 36% hope to buy a house within the next three to five, according to Bank of America’s Homebuyer Insights Report. Still, a knowledge gap exists among renters.