National Mortgage Professional, July 26, 2017–Phil HallThe Mortgage Bankers Association is calling on industry professionals to voice their concern over a proposal by the Federal Housing Finance Agency to accommodate borrowers with limited English proficiency by putting the borrower’s “preferred language” on the Universal Residential Loan Application.
Category: Top National News
Homebuilder D.R. Horton Starts Building More Homes after Strong Third Quarter
HousingWire, July 26, 2017–Brena SwansonAccording to the homebuilder’s earnings report, it’s well positioned for the fourth quarter and to help bring more housing inventory to the market.
Fed Says Balance-Sheet Unwind to Start ‘Relatively Soon’
Bloomberg, July 26, 2017–Craig TorresFederal Reserve officials said they would begin running off their $4.5 trillion balance sheet “relatively soon” and left their benchmark policy rate unchanged as they assess progress toward their inflation goal.
U.S. Treasury’s Mnuchin Urges Congress to Lift Debt Limit Before Recess
Reuters, July 26, 2017–David LawderTreasury Secretary Steven Mnuchin on Wednesday urged Congress to raise the federal debt limit before lawmakers leave Washington for their August recess to avoid higher interest costs to taxpayers and market uncertainty about a potential default.
Mortgage Results Drive HomeStreet Layoffs
Mortgage Daily, July 26, 2017With home-lending business coming in more slowly than expected, HomeStreet Inc. has begun reducing its mortgage workforce. Further downsizing could be ahead.
M.I. Premiums Improve at MGIC
Mortgage Daily, July 26, 2017Changes being made to mortgage insurance premiums at MGIC will result in lower costs for some borrowers and greater choices for others.
Passive Migration: Denver Wins Big as Financial Firms Relocate to Cut Costs
Wall Street Journal, July 26, 2017–Asjylyn Loder (subscription)High real estate costs in coastal hubs and a soft investment market are driving workers to more affordable cities inland.
GSEs Transfer $5.5B of Credit Risk in 1Q: FHFA
National Mortgage News, July 26, 2017–Brad Finkelstein (subscription)The government-sponsored enterprises transferred $5.5 billion of credit risk on $174 billion of mortgages in their portfolios during the first quarter, according to a Federal Housing Finance Agency report.
Month-to-Month Prepayments Keep Inching Up
National Mortgage News, July 25, 2017–Bonnie Sinnock (subscription)Prepayments for the second month in a row got a little higher but remain below the levels they were at a year ago, said Black Knight Financial Services.
2Q17 Earnings Prove Recent Flagstar Acquisitions Paid Off Big Time
HousingWire, July 25, 2017–Brena SwansonThe earnings report is out for how Flagstar Bancorp’s two major acquisitions earlier this year fared for the bank, revealing a roadmap on how it hopes to position itself for success in today’s competitive market.