CNBC, June 14, 2018–Diana OlickThe average home sold in May went under contract in just 34 days, breaking the previous month’s record of 36 days. Of the homes that sold in May, 27.6 percent went above their list price–another record.
Category: Top National News
Rising Mortgage Rates, Home Prices a Sign of Affordability Issues
National Mortgage News, June 14, 2018–Brad Finkelstein (subscription)The high number of home sales both above and below the list price in May, combined with rising mortgage rates and prices, was a sign buyers are near affordability limits, Redfin said.
Banking Regulator Seeks to Walk Back Comments on Discrimination
Wall Street Journal, June 14, 2018–Ryan Tracy (subscription)Comptroller of the Currency Joseph Otting told the Senate Banking Committee said his review of low-income lending rules won’t undermine curbs on bias in banking, as he tried to walk back an earlier statement that he hasn’t “personally observed” discrimination.
Mortgage Rates Charge Back, Moving Toward Yearly Highs
Washington Post, June 14, 2018–Kathy Orton (MBA mention)After retreating the past two weeks, mortgage rates resumed their ascent. Freddie Mac said the 30-year fixed-rate average jumped to 4.62 percent with an average 0.4 point.
Over Hundred Mortgage Job Cuts at HomeStreet
Mortgage Daily, June 14, 2018After eliminating dozens of mortgage jobs in response to diminishing loan originations, HomeStreet Inc. is again cutting its home-lending staff–this time by more than 100. Several branches are also being closed.
Record Low Monthly GSE Refinances
Mortgage Daily, June 14, 2018Primary home lenders refinanced 104,863 Fannie Mae and Freddie Mac loans during April, according to a report from the two firms’ regulator and conservator, the Federal Housing Finance Agency, the slowest month on record for GSE refinances.
Your Home-Equity Loan May Now Be a Lot More Expensive
Wall Street Journal, June 15, 2018–Laura Saunders (subscription)For years, Americans could borrow against their homes to pay for a new car, college tuition, or even a trip to the Caribbean, and then deduct the interest on those loans. No more.
Mulvaney May Cut Off Public Access to CFPB Complaints. Ex-AG Says Not So Fast
National Mortgage News, June 14, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney hasn’t said yet whether he will keep public consumer complaints about banks, credit unions and other financial firms, but a former Ohio attorney general is gearing up just in case.
Riskier Borrowers Getting More and More Confident they Can Get a Mortgage
HousingWire, June 14, 2018–Kelsey RamirezHigher risk borrowers are growing more bold about applying for a mortgage, however it may not do them much good.
Federal Judge Rejects CFPB’s Effort to Halt Payday Lending Rule
American Banker, June 13, 2018–Kate Berry (subscription)A federal court dealt a blow to efforts by the Consumer Financial Protection Bureau to slow down the agency’s payday lending rule. U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court delay the payday rule’s effective date, which is set for next year.