Wall Street Journal, Sept. 6, 2017–Robyn A. Friedman (subscription)Fewer borrowers are late making their house payments, according to CoreLogic, which credits strong employment numbers and tougher lending standards for the decline in delinquencies.
Category: Top National News
As Irma Approaches, Mortgage Industry Doubles Down on Disaster Prep
National Mortgage News, Sept. 6, 2017–Bonnie Sinnock, Elina Tarkazikis (free article)Mortgage companies in Florida are channeling Harvey relief programs to prepare for the possible storm, with some taking extra steps as Irma promises potentially greater damage.
Ellie Mae: Closing Times Jump Significantly from West to East Coast
HousingWire, Sept. 6, 2017–Kelsey RamirezHousing inventory continues to slide across the U.S., increasing competition among first-time homebuyers, Ellie Mae said.
U.S. Services Sector Growth Accelerates, Trade Deficit Edges Up
Reuters, Sept. 6, 2017–Lucia MutikaniU.S. services sector activity accelerated in August amid strong gains in new orders and employment, suggesting that a slowdown in job growth last month was probably temporary.
Massive Coalition of Housing Groups Push Senate to Confirm Pam Patenaude as HUD Deputy Secretary
HousingWire, Sept. 5, 2017–Ben LaneLast week, Mortgage Bankers Association President and CEO David Stevens sent a letter to Senate leadership, calling for approval of Pam Patenaude as deputy secretary of HUD. As it turns out, Stevens’ call to confirm Patenaude has more than a little support from within the housing industry.
Wells Fargo Faces Another Consumer Lawsuit over Mortgage Fees
USA Today, Sept. 5, 2017–Kevin McCoySeeking class-action status on behalf of other Wells Fargo mortgage customers, the lawsuit ultimately could trigger damages that rival the financial fallout from the scandal over unauthorized accounts that has rocked the nation’s third-largest bank by assets since the issue sparked national attention nearly a year ago.
Harvey Makes Trump Rethink Draining Swamp at HUD
National Mortgage News, Sept. 5, 2017 (subscription)The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency’s budget cut by billions of dollars.
Rising Prices Keep Potential Buyers Out of the Market
National Mortgage News, Sept. 5, 2017–Brad Finkelstein (subscription)Rising prices are starting to keep potential purchasers from looking for homes and making an offer although interest remains near record levels, according to the Redfin Housing Demand Index.
MBA Requests Mortgage Industry Input on Unified MISMO Closing Instructions
HousingWire, Sept. 5, 2017–Kelsey RamirezThe Mortgage Bankers Association announced MISMO, the mortgage industry standards maintenance organization, is requesting feedback from the mortgage industry on its new closing instruction industry standards.
Kashkari Says Fed May Have Harmed U.S. Economy With Rate Hikes
Bloomberg, Sept. 5, 2017–Matthew BoeslerFederal Reserve interest-rate increases may be “doing real harm” to the U.S. economy, which would help explain why inflation is low and job growth has slowed, said Minneapolis Fed President Neel Kashkari, one of the central bank’s most dovish policy makers.