Washington Post, May 4, 2017–Kathy OrtonMortgage rates held steady this week as mixed economic news kept them in check. Freddie Mac reported the 30-year fixed-rate average slipped to 4.02 percent with an average 0.5 point.
Category: Top National News
Commercial and Multifamily Mortgage Originations Up Nine Percent
National Mortgage Professional, May 4, 2017–Phil HallOriginations of commercial and multifamily mortgages were up by nine percent on a year-over-year basis during the first quarter, according to new data from the Mortgage Bankers Association’s However, the first quarter’s origination levels were 27 percent lower than the fourth quarter.
After Another Last-Minute Extension, Legislators Focus on EB-5 Reform
National Real Estate Investor, May 4, 2017–Diana BellCongress extended the EB-5 investor visa program through September 30, but after two years of re-enacting the program as-is, there are now genuine efforts to reform it including minimum investment amounts, stricter oversight and reclassification of targeted employment areas.
Stonegate Mortgage Sees 555% Increase in Revenues from First Quarter
HousingWire, May 4, 2017–Kelsey RamirezThe company said the increase in revenues was predominantly the result of a lower negative change in the fair value of the company’s mortgage servicing rights for the first quarter, compared to the first quarter of 2016, partially offset by a decrease in gains on mortgage loans held for sale.
House Panel Approves Dodd-Frank Rewrite
The Hill, May 4, 2017–Sylvan LaneThe House Financial Services Committee approved a bill Thursday to repeal and roll back significant pieces of the Dodd-Frank Act. The panel voted to send Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act to the House floor, 34-26, along party lines.
Senate Passes Spending Bill to Avert Government Shutdown
Wall Street Journal, May 4, 2017–Natalie Andrews (subscription)The Senate passed a $1.1 trillion bill to fund the government through Sept. 30, sending on Thursday the bill to the president’s desk and taking a major step to avoid a partial government shutdown this weekend.
Less Credit Available as Lenders Cut Conforming Offerings
National Mortgage News, May 4, 2017–Brad Finkelstein (subscription)Mortgage credit availability declined in April as lenders cut back on the number of conforming products they offered, the Mortgage Banker Association reported.
Loan Officers’ Online Presence is Often Flawed, Study Finds
National Mortgage News, May 4, 2017–Bonnie Sinnock (subscription)Many loan officers don’t have an online presence, and a lot of those who do have neglected to correct errors and inaccuracies in key information, technology vendor Yext said.
U.S. Productivity Falls by Most in a Year; Labor Costs Climb
Bloomberg, May 4, 2017–Sho ChandraU.S. worker productivity declined in the first quarter by the most in a year as growth in the world’s largest economy weakened, a Labor Department report showed Thursday.
Risk of Default Rises on New Originations
Mortgage Daily, May 4, 2017As quarterly home lending activity slowed late last year, the risk that the newly made loans would default moved higher, said Vantage Score LLC.