CNBC, Aug. 2, 2017–Diana OlickTotal mortgage application volume fell 2.8 percent on a seasonally adjusted basis last week compared with the previous week, according to the Mortgage Bankers Association.
Category: Top National News
Struggling Americans Once Sought Greener Pastures-Now They’re Stuck
Wall Street Journal, Aug. 2, 2017–Janet Adamy, Paul Overberg (subscription)The country is the least mobile since after World War II, even in economically depressed rural locales.
FHFA’s Watt: No Change in GSE Credit Scoring Models until 2019
National Mortgage News, Aug. 2, 2017–Ian McKendry (subscription)Any change to the credit scoring models that Fannie Mae and Freddie Mac use will have to wait until 2019, Federal Housing Finance Agency Director Mel Watt said late Tuesday.
Lower-than-Expected Claim Rates Help Genworth’s 2Q Income
National Mortgage News, Aug. 2, 2017–Brad Finkelstein (subscription)Genworth Financial’s U.S. private mortgage insurance business had an almost 50% increase in adjusted operating income, benefiting from lower-than-expected claim rates.
Ocwen Stays in the Red Thanks to Legal, Regulatory Expenses
HousingWire, Aug. 2, 2017–Ben LaneOcwen reported its second quarter earnings on Wednesday morning, disclosing that it posted a loss of $44.4 million in the second quarter, compared to a loss of $32.6 million in the first quarter, and a loss of $87.2 million in the second quarter of last year.
ADP Data on Company Hiring in Sync With Moderate U.S. Job Growth
Bloomberg, Aug. 2, 2017–Sho ChandraThe gain in hiring at companies in July, along with upward revisions to the prior month, is consistent with moderate growth in U.S. employment, according to data released Wednesday from the ADP Research Institute.
Fed’s Bullard Opposes More Rate Hikes
Reuters, Aug. 2, 2017–Richard Leong, Jonathan SpicerSt. Louis Federal Reserve James Bullard is opposed to further U.S. interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed’s 2-percent goal.
Former Fannie Exec to Lead Flagstar Mortgage Unit
Mortgage Daily, Aug. 2, 2017On Wednesday, Flagstar announced Kristy Fercho has been hired to lead its mortgage business as president. Fercho comes to Flagstar from Fannie Mae, where she spent 15 years.
Fewest FHA HECM Endorsements Since 2016
Mortgage Daily, Aug. 2, 2017Last month’s government-insured reverse mortgage production was the slowest it has been since last year. But there was a year-over-year improvement.
Lenders Pan Language-Question Query
Scotsman Guide, Aug. 2, 2017–Victor WhitmanMortgage banking groups [including the Mortgage Bankers Association] this past week came out strongly against a resurrected proposal to include a language-preference question in the standard form used to apply for the most popular home loans.