National Mortgage News, July 28, 2017–Elina Tarkazikis (subscription)Savvy loan officers are joining an increasing number of real estate agents who post daily, short-term content on Snapchat and Instagram–so-called disappearing stories–to raise their profiles in their communities.
Category: Top National News
Americans Grow More Pessimistic About their Financial Future
HousingWire, July 28, 2017–Kelsey RamirezConsumers grew less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.
New Documents Give Hope to Fannie Shareholders Seeking Redress
Bloomberg, July 28, 2017–Joe LightShareholders of Fannie Mae and Freddie Mac say a trove of documents they have obtained bolsters their case that the government lied when it decided to take all of the mortgage companies’ profits.
Fed’s Balance Sheet Not Boosting Economy Much: Kashkari
Reuters, July 28, 2017–Ann SaphirThe Federal Reserve’s $4.5 trillion balance sheet is not doing a lot to boost the U.S. economy at this time and trimming it gradually is the right thing to do, Minneapolis Fed President Neel Kashkari said Friday.
Co-Borrowing Is On the Upswing
UExpress, July 28, 2017–Lew SichelmanThe main reason homebuyers need co-borrowers is because they can’t qualify to purchase the house they want, says ATTOM executive Daren Blomquist, who co-signed for his wife’s sister and her husband so they could afford to buy in pricey Southern California.
New Wells Scandal Harms Effort to Nix CFPB Arbitration Rule
American Banker, July 28, 2017–Kate Berry (subscription)Republican efforts to repeal the Consumer Financial Protection Bureau’s arbitration rule were dealt a significant blow Friday by Wells Fargo’s admission that it improperly forced borrowers to pay for unnecessary auto insurance policies.
California’s Housing Crisis is Spreading to Other States
San Francisco Chronicle, July 30, 2017–Joe MathewsCalifornia’s epidemic shortage of housing hasn’t just sickened the Golden State–driving up prices, forcing residents into rentals and putting a $140 billion annual drag on the economy. The disease is spreading to neighboring states, too. Today, nearly every major Western city–from Seattle to Denver to Boise–is experiencing a minor-league version of the California housing crisis.
Bay Area Housing: Sales Plunge for Homes Under $500,000
San Jose Mercury-News, July 30, 2017–Richard ScheininThe region’s sales of single-family homes in that price range fell 17 percent in June from the same time a year ago simply because there are so few to be had.
Ocwen Victory Good for All NJ Home Lenders
Mortgage Daily, July 28, 2017–Rachel G. Packer, Joy Harmon Sperling (Day Pitney LLP)A New Jersey appellate division found mortgages outlive life estate.
Mortgage Daily Q1 2017 Biggest Lender Ranking
Mortgage Daily, July 31, 2017Among home lenders, Wells Fargo maintained its standing as the biggest U.S. mortgage originator.