Mortgage Daily, July 20, 2017As quarterly earnings increased at MGIC Investment Corp., new business improved and the share of insured loans that were past due turned lower.
Category: Top National News
MBA’s Reform Plan Protects Small Lenders
Scotsman Guide, July 20, 2017–Victor WhitmanDavid Stevens, president and chief executive officer of the Mortgage Bankers Association, discusses how the MBA plan for GSE reform creates a level playing field for lenders regardless of size.
Fannie Boosts DTI Ratio in New Desktop Underwriter Update
National Mortgage News, July 20, 2017–Brian Collins (subscription)Fannie Mae is increasing the maximum debt-to-income ratio it will allow on purchased loans to 50% from 45% on single-family loans when it rolls out its latest version of Desktop Underwriter on July 29.
Carson Says HUD Will ‘Reinterpret’ Obama Fair Housing Rule after Republicans Ask for Repeal
HousingWire, July 20, 2017–Ben LaneThe rule in question is the “final rule” on Affirmatively Furthering Fair Housing, which requires that cities and towns that receive federal funding to examine their local housing patterns for racial bias and to design a plan to address any measurable bias.
U.S. Weekly Jobless Claims Fall to Near Five-Month Low
Reuters, July 20, 2017–Lucia MutikaniAmericans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting strong job gains that should continue to underpin economic growth.
New York Is One Of The Most Undervalued Housing Markets Of 2017–Yes, Really
Forbes, July 19, 2017–Samantha SharfLooking for a deal on a house? If you’re short on money but long on time, consider Detroit. Meanwhile, economic fundamentals suggest home prices in the New York area have room to grow–but affordable they are not.
Is Commercial Real Estate Still ‘A Man’s World?’
The Business Journal, July 19, 2017–Mike Sunnucks (subscription)New research shows the gender gap in the real estate industry.
Mortgage Applications Jump 6.3% as Borrowers Rush to Refinance
CNBC, July 19, 2017–Diana OlickTotal application volume rose 6.3 percent for the week from the previous week. The Mortgage Bankers Association’s seasonally adjusted index shows volume remains 31 percent lower than a year ago, when interest rates were lower.
Fannie-Freddie Reform Might Hinge on Keeping Small Lenders Happy
Bloomberg, July 20, 2017–Joe LightOn Thursday, a key Senate committee plans to hold a hearing on the nation’s system for funding home loans that will feature small lenders. On Wednesday, the Mortgage Bankers Association sent to lawmakers a letter signed by 110 small and midsize lenders supporting their plan, arguing that the bigger risk to small lenders without a law is that future regulators could reverse the protections they have now.
Fannie Mae Raises the DTI Limit–A Win for Expanding Access to Credit
Urban Institute, July 19, 2017–Edward Golding, Laurie Goodman, Jun ZhuThe brief estimates this change will allow around 95,000 new mortgages to be approved annually, a disproportionate percent of which should go to black and Latino families.