National Mortgage News, Aug. 14, 2018–Hannah Long (subscription)With Federal Housing Finance Agency Director Mel Watt’s term due to end in January, his successor – either a Senate-confirmed appointee or an interim chief – has substantial authority to set part of the path forward on GSE reform, including how far Fannie Mae and Freddie Mac expand their mission and the status of a common securitization platform shared by the two mortgage giants.
Category: Top National News
First-Time Homebuyers Dominate Mortgage Market
HousingWire, Aug. 14, 2018–Kelsey RamirezThis is nothing new, as first-time homebuyers have dominated the mortgage market for the past 10 years, but the latest data shows that gap actually continues to grow, according to the Urban Institute.
Marketing a Home to Millennials: Which Room is Most Important?
The Mortgage Reports, Aug. 13, 2018–Aly J. YaleSpoiler alert: it’s the kitchen.
Fewer Using Nonconventional Loans to Fund a New Home Purchase
National Mortgage News, Aug. 13, 2018–Elina Tarkazikis (subscription)The percentage of nonconventional financing for new-home purchases fell to 30.8% in 2017, from 31.5% in 2016. For reference, 2016 was the first time this share represented less than a third of the market since 2008.
Class-A Rent is Still Growing in a Handful of U.S. Markets
HousingWire, Aug. 13, 2018–Jeremiah JensenDespite nationally slowing rent growth in Class-A multifamily product, some markets are defying the odds and posting significant Class-A rent growth.
The Financial Crisis Cost Every American $70,000, Fed Study Says
Bloomberg, Aug. 13, 2018–Jeanna SmialekGross domestic product remains well below what its 2007 trend would have implied and it’s unlikely the economy will ever make up that lost ground, according to research from the Federal Reserve Bank of San Francisco published Monday. The hit will cost the average American $70,000 in lifetime income, they estimate.
CEO Calk Conspired with Managort to Defraud His Own Bank: Prosecutors
American Banker, Aug. 13, 2018–Kevin Wack (subscription)Prosecutors have previously argued that Calk’s bank approved $16 million in mortgage loans to Manafort because of Calk’s own political ambition. But the comments during Friday’s court proceedings were the government’s most forceful public statements to date about Calk’s role in the alleged fraud.
Record Guild Mortgage Originations
Mortgage Daily, Aug. 13, 2018Home lending increased at Guild Mortgage Co. to the highest level ever. Meanwhile, the size of the national staff and the residential loan servicing portfolio both increased.
Loan Originator Sentenced to Prison
Mortgage Daily, Aug. 13, 2018Daniel Cardenas worked as a loan officer at a Tampa, Fla., branch of Transcontinental Lending Group.
Broker’s Dispute with Quicken Loans Highlights Battle over Borrowers
National Mortgage News, Aug. 13, 2018–Bonnie Sinnock (subscription)One example of this turmoil is C2 Financial Corp., which recently made plans to stop submitting loan applications to the wholesale division of Quicken Loans.