CNN Money, Apr. 14, 2017–Kathryn VaselHome mortgage rates tend to move more in line with the 10-year Treasury note, issued by the U.S. government and viewed as one of the safest investments in the world.
Category: Top National News
Wells Fargo Board Faces High-Stakes Vote
Wall Street Journal, Apr. 16, 2017–Emily Glazer; Joann S. Lublin (subscription)Wells Fargo & Co. faces something few other big banks have dealt with since the financial crisis: a serious effort to vote out most of its directors.
Mortgage Banking Profits Increased in 2016
Mortgage News Daily, Apr. 13, 2017–Jann SwansonDespite a terrible fourth quarter, independent mortgage banks and mortgage subsidiaries of chartered banks managed to have a slightly more profitable year in 2016 than they did in 2015, the Mortgage Bankers Association said.
New Home Applications Soar as Mortgage Rates Plummet
National Mortgage Professional, Apr. 13, 2017–Phil HallMortgage applications for new home purchases in March were up by 23 percent from February and increased 6.7 percent compared to March 2016, according to the latest Mortgage Bankers Association Builder Application Survey.
Mortgage Rates Fall to Their Lowest Level of Year
Washington Post, Apr. 13, 2017–Kathy Orton”Mortgage rates dropped over the course of last week as global tensions increased surrounding events in the Middle East and the Korean peninsula,” said Michael Fratantoni, chief economist at the Mortgage Bankers Association.
Trade Groups in Effort to Clarify Bank Lending Rules
Multi-Housing News, Apr. 13, 2017–Paul FiorillaCall reports from 1Q 2015 showed some banks classified as much as 90 percent of their existing acquisition, development and construction loans as high-volatility commercial real estate, while others classified less than 10 percent, said Ashley Gunn, associate director of commercial/multifamily at the Mortgage Bankers Association.
Wells Fargo’s Profit Flat as Costs, Mortgages Weigh
Reuters, Apr. 13, 2017–Nikhil Subba, Dan FreedWells Fargo & Co posted flat quarterly earnings on Thursday and warned its costs would remain elevated as the fallout from a sales practices scandal continues to impact the third-largest U.S. bank.
Despite Beating Revenue Expectations, JPMorgan Chase Mortgage Banking Struggles in 1Q17
HousingWire, Apr. 13, 2017–Brena SwansonJPMorgan Chase beat revenue and earnings per share expectations for the first quarter 2017. But despite performing well overall, the bank’s mortgage department struggled, continuing a recent downward trend in mortgage net revenue.
Consumer Bureau Proposes New Mortgage Disclosure Rule
The Hill, Apr. 13, 2017–Tim DevaneyThe Consumer Financial Protection Bureau proposed Thursday to “clarify” what sort of information lenders must collect from borrowers as well as from people who apply for a home loan but are rejected.
Manhattan Rental Market Warms Up After a Long Winter
Wall Street Journal, Apr. 13, 2017–Josh Barbanel (subscription)Manhattan rents rose modestly in March across all apartment sizes after months of weak performance, according to market reports released on Thursday.