Mortgage News Daily, June 12, 2018–Jann SwansonAn increase availability of high balance loans helped drive the Mortgage Bankers Association’s Mortgage Credit Availability Index to a three-month high in May. MBA said the Index rose 1.5 percent to 180.6.
Category: Top National News
SEC Charges Merril Lynch for Overcharging Customers for Mortgage-Backed Securities
MarketWatch, June 12, 2018–Andrea RiquierThe Securities and Exchange Commission on Tuesday announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers, causing them to overpay for residential mortgage-backed securities.
Senate Panel Advances Fed Nominations, Including Clarida as Vice Chairman
Wall Street Journal, June 12, 2018–Nick Timiraos (subscription)The Senate Banking Committee approved the nominations of two of President Donald Trump’s picks for the Federal Reserve’s board of governors Tuesday, including economist Richard Clarida to become its vice chairman.
Mortgage Lenders Struggle as Demand for Mainstream Loans Falter
National Mortgage News, June 12, 2018–Bonnie Sinnock (subscription)Just 41% of lenders experienced government loan growth from purchases in the second quarter, according to Fannie Mae’s Mortgage Lender Sentiment Survey.
FHA Production Holds, Could Accelerate
Mortgage Daily, June 12, 2018HUD reported little change in monthly endorsements by the Federal Housing Administration, though business is poised for an increase. Delinquency improved, and commercial endorsements moved higher.
Credit Standards Ease as Refi Demand Diminished
Mortgage Daily, June 12, 2018Fannie Mae said the outlook for the next three months appears more favorable — with the net-up share for GSE-eligible mortgages at 47 percent. But demand growth for the prior three-month period and the upcoming three months was the lowest reading for any second quarter during the past three years.
Buyers Cherry-Pick REITs in the Bargain Bin
Wall Street Journal, June 12, 2018–Esther Fung (subscription)The mergers-and-acquisition bug has hit the real-estate investment trust industry, the long-anticipated result of the discounts that REIT stocks have been trading at compared with the private-market valuations of their properties.
Could U.S., North Korea Summit Sway Fed Rate Hike Decision?
HousingWire, June 12, 2018–Kelsey RamirezWhile economists still expect the Fed to raise rates, what Fed members will say about their monetary policy and outlook for the remainder of 2018 is yet to be seen.
How Treasury Could Come Down on Fintech Regulation
American Banker, June 12, 2018–Rachel Witkowski (subscription)The Treasury Department is expected to strike a middle path in upcoming recommendations on regulating the fintech sector, laying out how fintech oversight could be incorporated in existing rules without creation of an entirely new regulatory framework.
U.S. Monthly Consumer Prices Increase Moderately in May
Reuters, June 12, 2018–Lucia MutikaniU.S. monthly consumer inflation rose moderately in May as gasoline price increases slowed, suggesting the Federal Reserve could continue to gradually raise interest rates this year.