The Business Journal, July 19, 2017–Mike Sunnucks (subscription)New research shows the gender gap in the real estate industry.
Category: Top National News
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.
A Primer on Subservicing Relationships
Mortgage Orb, July 19, 2017–Allen PriceAs lenders and banks continue to look for ways to reduce their leverage and risk by selling mortgage servicing rights, subservicers will play a larger role in the overall mortgage market.
U.S. Mortgage Industry Faces Stiff Competition as Demand for Home Loans Declines–Fannie Mae
GoRion, July 19, 2017–Sam BourgiRising competition and lower demand for home financing signal tough times ahead for the U.S. mortgage industry, according to Fannie Mae.
Democrats to Carson: Reinstate FHA Mortgage Insurance Premium Cut
HousingWire, July 19, 2017–Brena SwansonA group of Democratic congressmen sent a letter to HUD Secretary Ben Carson on Monday, urging him to reinstate the previously scheduled cut to Federal Housing Administration mortgage insurance premiums.
Former Ginnie Mae President Ted Tozer Joining PennyMac Financial Services Board
HousingWire, July 19, 2017–Ben LaneTed Tozer stepped down as president of Ginnie Mae in January after serving seven years, and while the agency has still not found a permanent replacement, Tozer has found a new position.
Stronger Margins, Trust Income Propel M&T
National Mortgage News, July 19, 2017–Laura Alix (subscription)The $120.9 billion-asset company’s net income in the second quarter rose 13% year over year to $381 million. Earnings per share were $2.35, beating analysts’ average estimate of $2.26, according to FactSet Research Systems.
Mortgage Help for the Military
Wall Street Journal, July 19, 2017–Robyn A. Friedman (subscription)A record number of veterans and members of the armed services are getting VA loans–mortgages guaranteed by the Department of Veterans Affairs that come with a number of benefits.