Mortgage Daily, Apr. 27, 2018In addition to increasing the size of its loan servicing portfolio, Guild Mortgage Co. grew its payroll thanks to an acquisition.
Category: Top National News
Rise in Purchases More than Offset by Refi Plunge
Mortgage Daily, Apr. 27, 2018At 123 for the seven-day period that ended on April 27, the U.S. Mortgage Market Index from Mortgage Daily was down by 15 percent from last week.
Growth Cooled in First Quarter as Consumers Reined In Spending
Wall Street Journal, Apr. 27, 2018–Harriet Torry, Theo Francis (subscription)U.S. economic growth slowed in the first quarter, as consumers reined in spending even after tax cuts fattened the wallets of many households.
Mortgage Rates Haven’t Been this High since 2013
Washington Post, Apr. 26, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.58 percent with an average 0.5 point. It was 4.47 percent a week ago and 4.03 percent a year ago. The 30-year fixed rate hasn’t been this high since August 2013.
Origination Slump has Mixed Impact on Mortgage Vendor Earnings
National Mortgage News, Apr. 26, 2018–Bonnie Sinnock (subscription)Among the companies that generated a year-to-year quarterly net-income gain despite the slump in mortgage origination volume was First American Financial Corp. which earned more than $76 million in net income, up from more than $58 million.
Here are Q1 2018’s Homeownership Drivers
HousingWire, Apr. 26, 2018–Kelsey RamirezThe homeownership rate increased just slightly to 64.2% in the first quarter, up from 63.6% in the first quarter of 2017 and unchanged from the fourth quarter, the Census Bureau reported.
Dodd-Frank Rollback Hinges on Democrats’ Reply, Hensarling Says
Bloomberg, Apr. 26, 2018–Elizabeth DexheimerIt’s your move, Senate Democrats. That’s the word from House Financial Service Committee Chairman Jeb Hensarling on a standoff over a sweeping rollback of bank regulations put in place after the 2008 credit crisis.
The Cost of Donald Trump’s Deserted Government
Politico, Apr. 27, 2018–Lorraine WoellertJob vacancies are fast becoming a singular threat to President Donald Trump’s administration. Even Democrats are frustrated. David Stevens, head of the Mortgage Bankers Association and a former Obama official, has been working to get Senate approval for Brian Montgomery, Trump’s pick to lead FHA. In a rare show of unity, affordable housing advocates and Wall Street trade groups have aligned behind Montgomery, who cleared the Senate Banking Committee on an 18-5 vote in November.
Sears’ Remaining Stores May Not Garner Much Demand, as Retailer Faces New Struggles
National Real Estate Investor, Apr. 26, 2018–Donna MitchellFrom a real estate perspective, executives are unsure of how much value hedge fund ESL Investments, or anyone else, can ultimately extract from Sears’ assets.
Freddie Offering New 3% Down Program
Mortgage Daily, Apr. 27, 2018Freddie Mac revealed a new 3 percent down payment option for qualified first-time homebuyers. Dubbed HomeOne, the new program doesn’t have any geographic or income restrictions.