Financial Regulation News, Aug. 28, 2017–Douglas ClarkA Mortgage Bankers Association’s National Delinquency Survey maintains second quarter delinquencies and foreclosures declined.
Category: Top National News
Guess What? Home Prices Hit Another New High
National Mortgage Professional, Aug. 28, 2017–Phil HallAccording to a new Home Price Index report released by Black Knight Financial Services, home prices were up 0.9 percent in June from the previous month and up 6.2 percent from the previous year. The $281,000 level set by the index represents a new high for measuring home prices.
Replacing HARP Creates Wrinkle in Fannie, Freddie Risk-Sharing Deals
National Mortgage News, Aug. 28, 2017–Elina Tarkazikis (subscription)The high loan-to-value refinance programs replacing the Home Affordable Refinance Program will require a change to the structure of Fannie Mae and Freddie Mac’s credit-risk transfer deals.
Overworked and Underpaid: Here are the Challenges Facing Appraisers Next Year
HousingWire, Aug. 28, 2017–Frank DannaWhile most sectors of the industry managed the increased demand with few hiccups, the appraisal services segment of the industry did not fare as well. The uninterrupted appraisal demand throughout 2016 and into the first quarter of this year led to chronic fatigue that spread throughout the appraiser population.
U.S. Officials Say 450,000 in Texas Likely to Seek Disaster Aid
Reuters, Aug. 28, 2017U.S. emergency management officials said on Monday they were expediting federal resources to Texas to help with rescue efforts after Hurricane Harvey swamped coastal areas of the state and forced 30,000 people to seek refuge in temporary shelters.
Harvey Flooding Focuses Attention on Troubled Flood Insurance Program
Times-Picayune (New Orleans), Aug. 28, 2017–Drew BroachHurricane Harvey’s ghastly flooding in the Houston area is sure to focus political attention on the National Flood Insurance Program, a controversial government benefit that makes home ownership affordable to many in south Louisiana. It’s $24 billion in debt, and unless Congress acts in the next 34 days, it will expire.
Cherry Creek Mortgage Chairman Resigns
Mortgage Daily, Aug. 28, 2017Following a lawsuit filed by a former employee over the loss of health insurance coverage for her and her spouse, the chairman of a Colorado-based mortgage banker is out.
Senior, Mid-Level Execs Shuffled at Mortgage Firms
Mortgage Daily, Aug. 28, 2017–Sam GarciaPacific Union Financial LLC disclosed that its president and CEO, Rick Skogg, will retire at the end of this year.
Groups Push for FICO Score Alternative
Scotsman Guide, Aug. 28, 2017–Victor WhitmanConsumer groups have long said that the old FICO model disqualifies many first-time buyers with thinner profiles, who could be accurately modeled with later versions of the FICO model or new scoring formulas, which would also help boost the low levels of homeownership, particularly among minorities. (MBA mention)
How Harvey Could Speed Short-Term Flood Insurance Fix
National Mortgage News, Aug. 28, 2017–Ian McKendry (subscription)The massive flooding in Texas from Hurricane Harvey is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but observers say a short-term reauthorization of the program before a Sept. 30 deadline is still the most likely scenario.