Washington Post, May 24, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.66 percent with an average 0.4 point. Meanwhile, mortgage applications declined again last week, according to the latest data from the Mortgage Bankers Association.
Category: Top National News
Dodd-Frank Reform Could Make it Easier to Get a Mortgage
Bankrate.com, May 24, 2018–Rachel WitkowskiIt should be easier for you to get a mortgage now that President Donald Trump has signed legislation that will lift lending restrictions on community banks. Congress’ move received praise from David Stevens, president and CEO of the Mortgage Bankers Association.
Deutsche Bank Axes 7,000 Jobs in Major Cost-Cutting Move
Reuters, May 24, 2018–Tom SimsDeutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability, mainly in New York and London and where it has been losing ground to U.S. rivals.
1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation
Bloomberg, May 24, 2018–Yalman Onaran (subscription)Trump signed into law on Thursday a bill that provides community and regional banks with relief, exempting them from significant oversight. Last year, he pledged to “do a big number” on the 2010 Dodd-Frank Act, the bedrock law enacted to prevent a future financial meltdown. Yet the latest move is relatively restrained, leaving most of the act intact.
Agency Approved Mortgage Banker for Sale
Mortgage Daily, May 24, 2018A shell mortgage banking business with full agency approvals is being offered for sale to the highest bidder through the auction process.
Mortgage Rates Climb to 7-Year High, Could Fall
Mortgage Daily, May 24, 2018–Sam GarciaAlthough interest rates on single-family loans jumped to the highest level in seven years, one short-term forecast has them retreating in the upcoming week. But long-term forecasts call for further escalation.
Some Low-Income Buyers Don’t Prepare to Get a Mortgage: Fannie Mae
National Mortgage News, May 24, 2018–Brad Finkelstein (subscription)A group of low- and moderate-income first-time homebuyers tracked in a Fannie Mae study did not properly prepare to get a mortgage, which created a prolonged and complicated purchase process.
Weekly Mortgage Refinances Drop to an 18-Year Low as Rates Jump
CNBC, May 23, 2018–Diana OlickA sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association.
GSEs Vying to Help Lenders Manage Mortgage Servicing Rights
National Mortgage News, May 23, 2018–Bonnie Sinnock (subscription)Government-sponsored enterprises Fannie Mae and Freddie Mac are in a race to offer services and technology that help mortgage bankers raise cash from mortgage servicing rights.
U.S. Mortgage Industry Wary of Transition from LIBOR
Reuters, May 23, 2018–Richard LeongU.S. mortgage bankers are concerned about the coming phaseout of a global interest rate benchmark because, they said at a Mortgage Bankers Association conference, the transition will entail costs and administrative burdens and the replacement rate is not an ideal substitute.