Mortgage Daily, Feb. 13, 2018The Association of Independent Mortgage Experts was founded by Anthony J. Casa, who serves as the group’s chairman. He also runs Garden State Home Loans Inc. as president.
Category: Top National News
Arch M.I.’s Annual Business More than Doubles
Mortgage Daily, Feb. 13, 2018Annual business more than doubled at Arch Mortgage Insurance Co. thanks to its acquisition of United Guaranty Corp.
Access and Affordability in the New Housing Finance System
Urban Institute, Feb. 13, 2018–Jim Parrott, Michael Stegman, Phillip L. Swagel, Mark M. ZandiIn this analysis, the authors assess how well the multi-guarantor system proposed in the draft bill under discussion in the Senate Banking Committee (as of February) would serve these households, concluding that they would do considerably better than they do under the system we have today.
Applications for New Home Purchases Up in January
National Mortgage Professional, Feb. 13, 2018–Phil HallMortgage applications for new home purchases in January increased 18.4 percent from one year earlier, according to the latest the Mortgage Bankers Association Builder Application Survey. Compared to December, applications increased by 34 percent.
Kept Out: How Banks Block People of Color from Homeownership
Associated Press, Feb. 13, 2018″While quite informative regarding the state of the lending market,” the records analyzed by Reveal do “not include sufficient data to make a determination regarding fair lending,” said the Mortgage Bankers Association’s chief economist, Mike Fratantoni.
U.S. Mortgage Debt Rises to $8.8 Trillion
Marketplace, Feb. 13, 2018–Sabri Ben-Achour, Jana KasperkevicAmericans owe $8.88 trillion in mortgages loans. That’s a good thing, according to Joelle Scally, the administrator of the Center for Microeconomic Data at the New York Fed. Household debt has been growing for five years but mortgage balance growth has been slow since it stopped declining in 2013. The recent jump in mortgage debt is a proof of recovery in the housing market.
Trump White House Proposes Even Deeper Cuts to HUD
The Real Deal, Feb. 12, 2018–Will ParkerThe White House Office of Management and the Budget released its 2019 federal budget proposal on Monday, calling for an 18.3 percent reduction in funding for the Department of Housing and Urban Development. The $8.8 billion proposed cut to HUD is even deeper than the roughly $7 billion the White House wanted to withhold from the department last year.
The 22 Agencies and Programs Trump’s Budget Would Eliminate
The Hill, Feb. 12, 2018–Brett SamuelsAmong the agencies slated for elimination: The Rural Business and Cooperative Service; The Economic Development Administration; and the HUD Neighborhood Reinvestment Corp.
Fannie and Freddie Mortgages Face Higher Fees Under Trump Budget
Bloomberg, Feb. 12, 2018–Joe LightIn its 2019 spending plan released Monday, the administration asked Congress to raise the fees Fannie and Freddie charge to back payments on mortgage-backed securities by 0.1 percentage point, a move it said would reduce the federal budget deficit by $25.7 billion over the next decade.
Here’s How a 5% Mortgage Rate Would Roil the Housing Market
CNBC, Feb. 12, 2018–Diana OlickMortgage rates are now at their highest level in four years and poised to move even higher. The timing couldn’t be worse, as the usually busy spring housing market kicked into gear early this year amid higher home prices and strong competition for a record low supply of homes for sale.