HousingWire, Jan. 2, 2018–Ben LaneU.S. Bancorp, the parent company of U.S. Bank announced Tuesday that it is handing out a $1,000 bonus to nearly 60,000 employees. The bank also plans to increase its minimum wage for all hourly employees to $15 per hour.
Category: Top National News
Record Low for Weekly Mortgage Business
Mortgage Daily, Jan. 2, 2018Mortgage business went out with a whimper in 2017, with new activity during the final week–which included Christmas–plunging to the lowest level since tracking began.
Wholesale Lenders Promote Non-QM, Alt-A Programs
Mortgage Daily, Jan. 2, 2018–Sam GarciaSeveral wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.
U.S. Office Market Softened in 2017
Wall Street Journal, Jan. 2, 2018–Peter Grant (subscription)The U.S. office market in 2017 experienced a slowdown in tenant expansions while supply growth stayed at about the same level as in 2016, according to a new report.
The Tax Law Hits Manhattan Home Sales
Bloomberg, Jan. 3, 2018–Oshrat CarmielManhattan home resales fell in the fourth quarter as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay.
Peak Commercial Real Estate Prices Force Investors to Get Creative
Wall Street Journal, Jan. 2, 2018–Peter Grant; Shefali Anand (subscription)As 2017 ended, the good news for commercial real estate investors was that values were near peak levels in many markets. The bad news: values in many markets are near peak levels, which will make buying property this year particularly tricky.
FHA Faces Uphill Struggle to Win Lenders Back
National Mortgage News, Dec. 26, 2017–Brian Collins (subscription)”There are lots of fixes that need to be made at HUD,” said David Stevens, president and chief executive at the Mortgage Bankers Association “A lot of lenders have left the FHA program due to enforcement risk and the huge cost of servicing defaulted [FHA] mortgages.”
Dan Gilbert’s Quicken Takes On Big Tech After Beating the Banks
Bloomberg, Dec. 27, 2017–Laura J. KellerBillionaire Dan Gilbert’s Quicken Loans Inc. outgrew almost every U.S. mortgage provider by unfurling technology like its online Rocket Mortgage platform faster than big banks. Now closing in on the industry’s leader, Wells Fargo & Co., he’s picking more fights: Luring top tech talent to Detroit from Silicon Valley giants like Facebook Inc. and Google.
Tax Law Could Further Slow Down a Bank Favorite: Jumbo Mortgages
Wall Street Journal, Dec. 26, 2017–Christina Rexrode (subscription)The jumbo-mortgage market has been a bright spot for the banking industry in recent years. The tax law could take some of the shine off it.
The Disruption of the Housing Industry Has Begun
HousingWire, Dec. 27, 2017–Mike DetwilerThe author, with Accenture, says disruption is occurring as the customer realizes that traditional lenders aren’t the only–or even the best–option for financing their next home.