HousingWire, Feb. 26, 2018–Caroline BasileThe Mortgage Bankers Association is speaking up against a report from The Center for Investigative Reporting that claims to show a high level of discrimination against people of color in mortgage lending approvals.
Category: Top National News
Mortgage Rates Move Higher for the Seventh Week in a Row
Washington Post, Feb. 22, 2018–Kathy OrtonMortgage rates were slightly higher this week as investors waited to see what they could decipher from the minutes of January’s Federal Reserve meeting.
Many Lenders are Loosening Requirements for Prospective Home Buyers
Washington Post, Feb. 22, 2018–Michele LernerPushback against overly tight credit after the housing crisis, a shrunken proportion of first-time buyers and worry about affordability as home values rose led to some tweaks to guidelines that could ease financing pressures for home buyers this year.
Homeowners are Using Rental Income Earned through Airbnb to Refinance their Mortgages
CNBC, Feb. 22, 2018–Diana OlickIt’s another program from mortgage giant Fannie Mae designed to help more borrowers get better loans in today’s tight mortgage market. Airbnb already tracks the income data and will now provide documentation for a mortgage application.
More First-Time Buyers Using PMI as 3% Down Mortgages Make Gains
National Mortgage News, Feb. 22, 2018–Elina Tarkazikis (subscription)PMI carriers insured 157,000 loans for first-time homebuyers at the end of 2017, the best fourth quarter since 1994, due largely to more lenders and borrowers taking advantage of Fannie Mae and Freddie Mac’s 97% loan-to-value mortgage programs.
Mortgage Insurers Continue Taking Market Share from FHA
National Mortgage News, Feb. 22, 2018–Brad Finkelstein (subscription)Total insurance-in-force for mortgage insurers–which included the three companies no longer actively underwriting–grew 10.6% last year over 2016, according to a Keefe, Bruyette & Woods report. FHA grew by 4.7% year-over-year.
Some Credit Scores Rise After Changes to Reporting
Mortgage Daily, Feb. 22, 2018Changes to the reporting of public records on credit bureaus last year have begun to yield improvements to credit scores for some consumers.
CFPB Wants Firms to Sound Off, But Openness Carries Hidden Risks
National Mortgage News, Feb. 22, 2018–Kate Berry (subscription)Companies that have been investigated for wrongdoing by the Consumer Financial Protection Bureau are giving acting Director Mick Mulvaney an earful about how he should roll back enforcement practices. The big question is: Are they seizing on a golden opportunity to reshape the regulatory landscape, or are they shooting themselves in the foot?
U.S. Jobless Claims Near 45-Year Low as Economic Outlook Brightens
Reuters, Feb. 22, 2018–Lucia MutikaniInitial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 222,000 for the week ended Feb. 17, the Labor Department said Thursday. Claims fell to 216,000 in mid-January, the lowest level since January 1973.
Weekly Mortgage Applications Tank Even More, as Rising Rates Make Homes Less Affordable
CNBC, Feb. 21, 2018–Diana OlickMortgage interest rates jumped again last week, causing mortgage application volume to fall 6.6 percent on a seasonally adjusted basis from the previous week. Volume was just 3.5 percent higher than a year ago, according to the Mortgage Bankers Association.