HousingWire, July 12, 2018–Ben LaneEarlier this week, new FHA Commissioner Brian Montgomery told a group of reporters that there likely won’t be a cut to the FHA’s mortgage insurance premiums this year, due to the health of the Mutual Mortgage Insurance Fund, the FHA’s flagship insurance fund. And according to Montgomery, the agency is not planning on making any changes to its life of loan policy this year, either.
Category: Top National News
The New Entry Point for American Luxury-Home Buyers: $1 Million
Bloomberg, July 12, 2018–Prashant GopalGot a million bucks to spend on a new home? Good. Just don’t expect a palace. The starting price for the most expensive 5 percent of U.S. residential properties sold in April was at least $1 million in more than half the luxury markets.
Tiny GSE MSR Portfolio For Sale
Mortgage Daily, July 12, 2018Mortgage servicing rights on less than $200 million in government-sponsored enterprise loans with a three-state concentration are being marketed for sale to the highest bidder.
Mortgage Apps Use AI, Crowd Sourcing Other Tech
Mortgage Daily, July 12, 2018–Sam GarciaMobile applications for banks and mortgage companies have ascended to new heights thanks to other technologies like crowd sourcing, digital concierge services and artificial intelligence.
A Decade On, Pre-Crisis Mortgages Linger for Big Banks, Homeowners
Reuters, July 12, 2018–Elizabeth DiltsA decade on big U.S. banks are still running down and selling off crisis-era mortgages, a process executives point to as weighing on loan growth.
Big Builders Are Remodeling the Housing Market
Wall Street Journal, July 13, 2018–Justin Lahart (subscription)The demise of many small builders has given big ones more power–one reason new-home sales have stayed low.
Many Loan-Mods Don’t Hold
UExpress, July 13, 2018–Lew SichelmanMortgage giants Fannie Mae and Freddie Mac helped “save” more than 68,000 borrowers from foreclosure in this year’s first quarter by modifying their loans so the payments are more affordable. But according to another report from a well-respected real estate analyst, you sometimes can’t even help those you’ve already helped.
Commercial Real Estate Implications of the Steel and Aluminum Tariffs
National Real Estate Investor, July 12, 2018–Michael Hogue When the temporary exemptions on steel and aluminum tariffs granted to Canada, Mexico and the European Union expired on May 31, 2018, the commercial development industry found itself faced with a sudden and dramatic increase in construction costs.
Homebuyers Fuel Jump in Mortgage Applications, as More Listings Finally Emerge
CNBC, July 11, 2018–Diana OlickAfter falling for two straight weeks, mortgage application volume rose 2.5 percent last week, seasonally adjusted, compared with the previous week, the Mortgage Bankers Association said. The increase was driven entirely by purchase applications.
U.S. Mortgage Credit Increased in June
World Property Journal, July 11, 2018According to a new report from the Mortgage Bankers Association, U.S. mortgage credit availability increased by 0.2 percent in June to 181.0.