UExpress, Mar. 9, 2018–Lew SichelmanThe Federal Housing Finance Agency has made it easier for struggling borrowers to complete an application for mortgage help all by themselves: no outside–and expensive–assistance necessary.
Category: Top National News
Texas Mortgage Servicing Layoffs at Wells Fargo
Mortgage Daily, Mar. 9, 2018Dozens of positions in the Lone Star State have been eliminated by Wells Fargo & Co. The affected employees work in mortgage servicing.
Claire’s Bankruptcy Would Accompany a Shift Away From Malls
Bloomberg, Mar. 9, 2018–Lauren Coleman-Lochner, Eliza Ronalds-HannonClaire’s Stores Inc., which is said to be preparing a bankruptcy to ease its crushing debt load, is simultaneously working on a second problem: its deep reliance on malls.
Mortgage Rates Continue their Upward March
Washington Post, Mar. 8, 2018–Kathy OrtonAccording to the latest data, released Thursday by Freddie Mac, the 30-year fixed-rate average rose to its highest level since January 2014, climbing to 4.46 percent with an average 0.5 point.
Mortgage Credit Availability Down as an Investor Changes Programs
National Mortgage News, Mar. 8, 2018–Brad Finkelstein (subscription)February’s Mortgage Credit Availability Index was 180.7, compared with 182.9 in January and 177.8 for February 2017, according to the Mortgage Bankers Association. January’s value was the third-highest since the MCAI was introduced in June 2013.
Mortgage Lender Guaranteed Rate Lays Off About 180 Employees, 30 in Chicago
Chicago Tribune, Mar. 8, 2018–Ally MarottiBefore the layoffs, the company employed about 3,600 workers nationally, about 1,1,00 of them in Chicago, spokeswoman Valerie Dolenga said. The employees were notified last week and early this week, and the terminations were immediate.
Mortgage Brokers are Making a Comeback, But Big Banks are Staying Clear
National Mortgage News, Mar. 8, 2018–Brad Finkelstein (subscription)For small and midsize lenders–depositories and independent mortgage bankers alike–wholesale lending has again become an attractive option to expand residential real estate lending.
U.S. Household Net Worth Rises on Higher Stock, Home Values
Wall Street Journal, Mar. 8, 2018–Harriet Torry (subscription)The total net worth of U.S. households rose to nearly $100 trillion during the final quarter of 2017, as buoyant stock markets and rising property prices boosted Americans’ wealth.
CFPB Giving Servicers ‘More Latitude’ in Dealing with Borrowers in Bankruptcy
HousingWire, Mar. 8, 2018–Ben LaneMortgage servicers are about to have “more latitude” when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday.
Home Lenders More Restrictive Last Month
Mortgage Daily, Mar. 8, 2018The ability for prospective borrowers to qualify for a single-family loan was more elusive last month, and jumbo credit tightening led the contraction, the Mortgage Bankers Association reported.