Mortgage Daily, Sept. 17, 2018Fannie Mae now says expected business from all U.S. residential lenders is projected to reach a trough in the first quarter of next year, when mortgage originations are anticipated to fall to $338 billion.
Category: Top National News
Ginnie’s Jumbo Issuance Sinks to 4-Year Low
Mortgage Daily, Sept. 17, 2018As monthly issuance ascended to the highest level in nine months at Ginnie Mae, jumbo securitizations retreated to a low not seen in nearly four years.
‘Just a Matter of Time’ Before Amazon, Google Enter Mortgages: loanDepot CEO
National Mortgage News, Sept. 17, 2018–Penny Crossman (subscription)LoanDepot CEO Anthony Hsieh delivered a bracing message to mortgage lenders on Monday–strong new competitors are coming into this market, so they need to expand their offerings.
Hurricane Florence Creating Housing Shortage for Displaced North Carolinians
Wall Street Journal, Sept. 18, 2018–Laura Kusisto (subscription)Finding temporary housing for thousands of North Carolinians displaced by Hurricane Florence could prove more difficult than it was for those uprooted by other recent U.S. storms and hurricanes.
CFPB Tries Sweetening Pot for Firms Testing Disclosure Changes
National Mortgage News, Sept. 17, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is revamping a program to encourage innovation in consumer disclosures after an earlier effort drew little industry interest.
Lower Priced Homes Driving New Home Sales
Mortgage News Daily, Sept. 14, 2018–Jann SwansonWhile applications for financing new home purchases declined in August, the Mortgage Bankers Association is predicting a bump in the month’s new home sales.
Homeowners are Sitting on a Record $6 Trillion in Equity But are Wary of Tapping It
MarketWatch, Sept. 14, 2018–Andrea RiquierAmerican homeowners have amassed a record $6 trillion in equity in their properties, a figure boosted by surging home prices and a trend of owners staying put longer. But rising interest rates and caution resulting from the housing troubles of a decade ago are limiting how much of that equity is getting tapped. (MBA mention)
Why Zillow Addicts Can’t Look Away
New York Times, Sept. 14, 2018–Ronda KaysenBrokers say that Zestimates can be off base, but that doesn’t stop sellers from obsessing over what the website says their home is worth.
How the Mortgage Industry is Responding to Hurricane Florence
National Mortgage News, Sept. 14, 2018–Paul Centopani (subscription)To aid those affected and help curb delinquencies, many servicers are rolling out emergency assistance initiatives for the areas hit by the storm–including temporary reductions or moratoriums on mortgage payments without penalty.
New York Sues U.S. to Stop Fintech Bank Charters
Reuters, Sept. 14, 2018–Jonathan StempelMaria Vullo, superintendent of New York’s Department of Financial Services, called the July 31 decision by the Office of the Comptroller of the Currency to let financial technology companies, or fintech firms, obtain charters “lawless, ill-conceived, and destabilizing of financial markets.”