National Mortgage News, June 21, 2018–Joe Adler, Hannah Lang (subscription)The Trump administration proposed Thursday to rip off the Band-Aid from Fannie Mae and Freddie Mac, ending conservatorship of the mortgage giants and leaving them to raise their own capital in the private market. But the plan raises a whole host of questions and left many wondering whether it could advance.
Category: Top National News
174 Congress Members Pressure Carson to Finalize FHA Condo Rules
HousingWire, June 21, 2018–Jeremiah JensenCongress passed H.R. 3700, which made changes to rules that restrict FHA loan approval for condos, back in July 2016. Members of both parties, include 54 Senators and 120 members of the House of Representatives, signed a letter asking Carson to get a move on and finalize the rules in H.R. 3700.
Manhattan Home Inventory Surges, But Buyers Aren’t Interested
Bloomberg, June 21, 2018–Oshrat Carmiel (subscription)If you’re a homebuyer in Manhattan, your life just got easier. For sellers, it’s another story.
U.S. Mortgage Applications Rise Most Since January: MBA
Reuters, June 20, 2018–Richard LeongU.S. mortgage applications increased the most last week in more than five months, as some 30-year home loan borrowing costs held steady or fell from the prior week, the Mortgage Bankers Association said on Wednesday.
It’s Easier to Get a Mortgage in 2018, According to a New Study
Washington Post, June 20, 2018–Michele LernerLooser mortgage qualifying guidelines by Fannie Mae and Freddie Mac over the past few years are beginning to have an impact on mortgage loan applications this year, said CoreLogic.
Bank Account Data Could Help Lenders Avoid IRS Transcript Delays
National Mortgage News, June 20, 2018–Bonnie Sinnock (subscription)The jury’s still out on whether bank account data is a viable alternative to the tedious process of contacting employers to verify a mortgage applicant’s job status. But there’s already hope that the same data could replace the even more nettlesome task of Internal Revenue Service income verifications.
New Low for Refi Share as Lending Tightens
Mortgage Daily, June 20, 2018As the share of conventional business has grown at the expense of government-insured business over the past year, lending risk tightened and refinance share fell to a new low, said Ellie Mae.
Massive GSE MSR Portfolio For Sale
Mortgage Daily, June 20, 2018Mortgage servicing rights are being offered on 39,253 Fannie Mae and Freddie Mac single-family loans with a collective unpaid principal balance of $10.349 billion as of May 31.
MBA, NMHC, Others Call on CFPB to Change Multifamily HMDA Rules
HousingWire, June 20, 2018–Ben LaneThe groups tell the CFPB that the multifamily housing industry experiences “unwarranted regulatory burdens and privacy issues” due to the “unnecessary application” of HMDA reporting requirements on multifamily lending.
First Mortgage Default Rate Down
National Mortgage Professional, June 20, 2018–Phil HalThe first mortgage default rate declined by two basis points from 0.68 percent in April to 0.66 percent in May, according to the latest data from S&P/Experian Consumer Credit Default Indices.