UExpress, July 20, 2018–Lew SichelmanModern technology has vastly shortened the time it takes to qualify for a mortgage and close on a home. The internet continues to streamline the real estate process with new programs that improve efficiency at a blistering rate. But there are still some real estate transactions where speed can cause an uncomfortable squeeze.
Category: Top National News
Mortgage Rates Remain Little Changed This Summer
Washington Post, July 19, 2018–Kathy OrtonMortgage applications were down last week, according to the latest data from the Mortgage Bankers Association. The market composite index–a measure of total loan application volume–decreased 2½ percent from a week earlier. The refinance index rose 2 percent, while the purchase index fell 5 percent.
U.S. Leading Economic Indicators Rose in June
Wall Street Journal, July 19, 2018–Nishant Mohan (subscription)An economic index that measures U.S. business trends rose in June following stagnation in May. The Conference Board Leading Economic Index rose 0.5% in June to 109.8.
Detroit Has the Country’s Most Unequal Housing Market–And That Could be a Good Thing
MarketWatch, July 19, 2018–Jacob PassyDetroit had the most home price inequality of any city in the country, according to a recent study. But inequality could be good for housing markets.
Manhattan’s Commercial-Property Sales Are Stirring From a 2-Year Slump
Bloomberg, July 19, 2018–Sarah MulhollandNew York’s commercial real estate market is crawling out of a slump. In the first half of 2018, $22.5 billion of properties such as office towers and apartment complexes changed hands, up 34 percent from a year earlier.
All Heat, No Light: Kraninger Gives Little Sense of CFPB Views
American Banker, July 19, 2018–Kate Berry (subscription)As much attention as Kathy Kraninger has drawn over her selection as the administration’s choice to run the Consumer Financial Protection Bureau, she has mostly been a blank slate on financial regulatory issues. That remained the case following her three-hour nomination hearing Thursday.
Fannie Mae Eases M.I. Termination Requirements
Mortgage Daily, July 19, 2018Fannie Mae is making it easier for borrower to cancel mortgage insurance through valuation alternatives and looser loan-to-value ratios.
You Can Own ‘The Brady Bunch’ House for a Cool $2 Million
WLWT5, July 19, 2018–Justin KirklandHere’s a story, of a lovely lady, who decided to list her 3-bedroom, 3-bathroom mid-century ranch style home for $1.88 million.
LOs Continue to Migrate from Banks to Nonbanks
Mortgage Daily, July 19, 2018The NMLS Mortgage Industry Report 2018 Q1 released by the Conference of State Bank Supervisors showed the quarterly trend of originators fleeing financial institutions for non-bank home lenders continued.
Richard Branson, Joe Montana Back A.I.-Based Mortgage Startup
Bloomberg, July 19, 2018–Patrick ClarkRichard Branson, the billionaire founder of Virgin Group, and former National Football League quarterback Joe Montana are betting that artificial intelligence can make getting a mortgage a better experience.