Reuters, Aug. 30, 2017–Lucia MutikaniGross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.
Category: Top National News
ADP: Businesses Add Robust 237,000 Jobs in August
USA Today, Aug. 30, 2017–Paul DavidsonPayroll processor ADP said the private sector added a robust 237,000 jobs in August. That would appear to possibly signal a third straight month of strong hiring in the Labor Department’s closely watched employment report Friday.
Jump in Default Risk on New Mortgage Originations
Mortgage Daily, Aug. 30, 2017VantageScore reported risk of default on new quarterly mortgage originations turned significantly higher as production plunged, though seasonal factors played a role.
CMBS Delinquency Down 2nd Consecutive Month
Mortgage Daily, Aug. 30, 2017For the second month in a row, the performance of securitized commercial real estate loans improved. Industrial loans led the decline in late payments, said Trepp LLC.
Direct Homebuyer Opendoor Getting into Mortgage Business
HousingWire, Aug. 30, 2017–Ben LaneThe company is currently piloting a mortgage program in Phoenix, touting its ability to save homebuyers when they buy one of Opendoor’s properties.
States Preparing to Pick up Slack if CFPB Backs Down
National Mortgage News, Aug. 30, 2017–Lalita Clozel (subscription)As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.
Hey Lenders, Are You Ready for 5.2M More Homeowners?
HousingWire, Aug. 30, 2017–Brena SwansonWith an influx of Millennials, low down mortgages, the rise of nonbank lenders and the necessity of digital mortgages, the future of lending looks positive.
Proposal Creates Stability in Secondary Mortgage Market
Sentinel & Enterprise (Fitchburg, Mass.), Aug. 29, 2017–Philip DeFronzoThe author, founder and CEO of Norcom Mortgage, expresses support for MBA plan on GSE reform.
Sen. Chuck Schumer Wants Feds to Renew Flood Insurance Program
Newsday (N.Y.), Aug. 29, 2017–Zachary R. DowdySen. Chuck Schumer, D-N.Y., will call on his fellow lawmakers in Congress on Tuesday to renew the National Flood Insurance Program as torrential rains and flooding from Tropical Storm Harvey pummel southern Texas.
Vultures Begin to Circle Commercial Real Estate
Wall Street Journal, Aug. 29, 2017–Peter Grant (subscription)Investors are raising funds to take advantage of busted condominium projects and other distressed property as a correction shows signs of spreading in parts of the commercial real estate industry.