Mortgage Daily, July 31, 2017New mortgage activity was driven higher by home purchase financing this past week. Also significantly improving was government business, which has expanded by nearly a fifth from a year ago.
Category: Top National News
Mortgage Rates Slide Lower as Fed Considers Unwinding Its Balance Sheet
Washington Post, July 27, 2017–Kathy OrtonMichael Fratantoni, Mortgage Bankers Association chief economist, expects the Fed to announce in September that it will begin unwinding its balance sheet in October. He also predicts another rate increase later this year.
Mortgage Industry Under Fire Again…from Younger Buyers
CNBC, July 27, 2017–Diana OlickMortgage company customers reported “significant declines” in satisfaction this year after several years of steady improvement, according to a new survey from J.D. Power.
Old Republic Mortgage Insurance Business Continues to Unwind as Title Insurance Grows
HousingWire, July 27, 2017–Brena SwansonWhile Chicago-based Old Republic International Corp. long pulled away from the mortgage insurance business, it’s finding success in its title insurance business, according to the company’s latest earnings release.
Average Price Gains on Home Sales Hit 10-Year High
National Mortgage Professional, July 27, 2017–Phil HallHomeowners who sold their residences in the second quarter realized an average price gain of $51,000 since purchase-the highest average price gain for home sellers since the $57,000 level set in the second quarter of 2007, according to new statistics released by ATTOM Data Solutions.
Arch’s MI Unit Reports $184M of 2Q Underwriting Income
National Mortgage News, July 27, 2017–Brad Finkelstein (subscription)Arch Capital Group Ltd.’s mortgage insurance business had second-quarter underwriting income of $184 million, up 343% from the $41.4 million for the same period last year.
Single-Family Landlords are Sinking Cash into Rust Belt Rentals
National Mortgage News, July 27, 2017 (subscription)Detroit isn’t the only old industrial city attracting rental landlords at a record clip. Last year, investors accounted for 75% of sales in Flint, Mich., 68% in Gary, Ind., and 51% in Memphis, Tenn.
Millennials Drive Up Homeownership Rate in Q2
HousingWire, July 27, 2017–Kelsey RamirezThe Census Bureau report also showed that national vacancy rates for rental housing increased in the second quarter to 7.3%. This is up 0.6 percentage points from 6.7% last year and up 0.3 percentage points from last quarter’s 7%.
Black Executives Are Losing Ground at Some Big Banks
Bloomberg, July 27, 2017–Max Abelson, Jordyn HolmanWall Street’s top bosses have pledged for years to boost diversity in their ranks. But the number of black people at some of the biggest U.S. banks is going in reverse.
Federal Reserve Nominee Quarles Pledges More Transparency on Bank Stress Tests
Reuters, July 27, 2017–Pete Schroeder, Lindsay DunsmuirRandal Quarles, President Donald Trump’s pick for banking oversight at the Federal Reserve, told lawmakers on Thursday he would ensure more transparency around how the central bank scrutinizes major lenders’ preparedness for crisis in its annual stress tests.