Reuters, July 18, 2017–Sweta SinghThe U.S. housing sector has seen prices, sales and financing applications soar lately as more buyers entered the market for the first time, but those trends were hard to see in big banks’ mortgage businesses during the second quarter. (MBA mention)
Category: Top National News
Mortgage Applications Drop 6% a Wealthy Buyers ‘Step Back’
CNBC, July 18, 2017–Diana OlickTotal application volume fell 6.2 percent last week, compared to the previous week. The Mortgage Bankers Association’s seasonally adjusted application index is now down 17 percent compared to the same week one year ago.
Bank of America Reports Drop in Mortgage Banking Income
HousingWire, July 18, 2017–Kelsey RamirezThe bank reported an increase of 10% in its net income to $5.3 billion during the first quarter. This is also up from last quarter’s $4.9 billion. However, mortgage banking income created a drag on noninterest income, which increased 6% to $11.8 billion in the second quarter.
Big Jump in Foreign Buying Adds to Home-Price Pressures
Wall Street Journal, July 18, 2017–Laura Kusisto (subscription)Foreign demand for U.S. homes is surging, helping push up prices in major U.S. markets.
Study Finds Gen X Homeowners Lacking in Equity
National Mortgage Professional, July 18, 2017–Phil HallWhile many people are ready to tuck the housing crash into the history books, its residue is still being felt by Gen X homeowners with minimal equity gains, said Zillow.
House Appropriators Target PACE Loans in HUD Budget Plan
National Mortgage News, July 18, 2017–Brian Collins (subscription)House appropriators are trying to put the brakes on the Property Assessed Clean Energy program, which finances energy upgrades on homes through Federal Housing Administration-backed loans.
Multifamily Assets in Smaller Markets Can Deliver Big Yields
National Real Estate Investor, July 18, 2017–Bendix AndersonIn rural towns and tertiary markets, investors can earn superior yields on apartment properties, according to some multifamily investment experts.
Ginnie MSRs For Sale on Over $600 Mil in Loans
Mortgage Daily, July 18, 2017More than $600 million in loans are behind an offering of Ginnie Mae mortgage servicing rights. Nearly half of the loans are secured by properties in Texas.
Fannie, Freddie Refis Diminish 6 Consecutive Months
Mortgage Daily, July 18, 2017Retail loan originators generated 116,882 refinances of single-family loans that are owned or backed by Fannie Mae and Freddie Mac during May. That was the lowest number of GSE refinances since May 2014.
Bipartisan Flood Insurance Bill Unveiled by Senate Banking Leaders
National Mortgage News, July 18, 2017–Brian Collins (subscription)Senate Banking Committee leaders introduced a bipartisan flood insurance bill this week to reauthorize the National Flood Insurance Program for six years, hoping to pass it quickly ahead of a looming deadline of Sept. 30 when the program expires.