Mortgage Daily, Apr. 13, 2018A tool for predicting upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, increased nearly 3 percent from the previous week during the seven days ended April 13.
Category: Top National News
Why the Dodd-Frank Rollback Has Some Small Banks Yawning
Wall Street Journal, Apr. 15, 2018–Ryan Tracy, Christina Rexrode (subscription)Smaller banks say deregulation bill doesn’t go far enough and mainly benefits the biggest regional banks.
Verbal Offers; IRS Agreements
UExpress, Apr. 13, 2018–Lew SichelmanIt used to be that homebuyers had to pay off their past-due federal taxes to obtain financing. But no more, at least not when the mortgage is being purchased by Fannie Mae.
Mortgage Rates Stay the Course Despite Trade Tensions and Global Concerns
Washington Post, Apr. 12, 2018–Kathy OrtonMortgage rates have settled in, undeterred by conflicting economic data, global political and economic concerns, and recent Federal Reserve signals. (MBA mention)
Why Home Refinance Loans Are Slipping
24/7 Wall Street, Apr. 12, 2018–Paul AusickAccording to the Mortgage Bankers Association report for the week ending April 6, home refinancing applications fell 2% week over week to 38.4% of all new mortgage loan applications. That’s the lowest percentage for home refinance applications since September 2008 and about half the peak rate of just a few years ago.
MBA Predicts New Home Sales Up in March
Mortgage News Daily, Apr. 12, 2018–Jann SwansonThe Mortgage Bankers Association is predicting a strong increase in new home sales in March. Its Builder Application Survey, conducted with mortgage subsidiaries of new home builders, found applications for new home purchase mortgages were up 14 percent from February.
Subprime Mortgages Make A Comeback–with a New Name and Soaring Demand
CNBC, Apr. 12, 2018–Diana Olick Subprime mortgages–home loans to borrowers with sketchy credit who put little to no skin in the game. Following the epic housing crash, they disappeared, due to strong, new regulation, and zero demand from investors who were badly burned. Barely a decade later, they’re coming back with a new name–nonprime–and, so far, some new standards.
Appeals Court Skeptical of Mulvaney’s Ability to Independently Lead CFPB
Wall Street Journal, Apr. 12, 2018–Lalita Clozel (subscription)An appeals court appeared skeptical Thursday that the interim director of the Consumer Financial Protection Bureau could independently run the bureau given his other role as head of the White House’s Office of Management and Budget.
CoreLogic Acquires a la mode
HousingWire, Apr. 12, 2018–Kelsey RamirezCoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that it acquired a la mode technologies.
A Small Fix for the Housing Crunch Is in Your Backyard
Bloomberg, Apr. 12, 2018–Patrick Clark, Noah BuhayarThe housing crunch in many West Coast cities has revived interest in an old idea: the granny flat. Often called “accessory dwelling units,” or ADUs, the free-standing structures can be manufactured off-site and plunked in a backyard for about $150,000, including permits and site work.