MarketWatch, Feb. 16, 2017–Steve GoldsteinFreddie Mac Chief Economist Sean Becketti said something unusual is going on: the 30-year mortgage is not moving in line with the yield on the benchmark 10-year Treasury, as it has for the past 46 years.
Category: Top National News
‘Rocket Mod:’ The Future of Mortgage Default Servicing?
HousingWire, Feb. 15, 2017–Ben LaneOver the last few years, technological advancements took mortgage originations from the fax machine to the smartphone and from months of waiting to approval in minutes. Could the same thing be coming for mortgage modifications?
Mortgage Payments Eat Up More Median Household Income
National Mortgage Professional, Feb. 16, 2017–Phil HallWhat is the true cost of homeownership? According a new data analysis from Zillow, today’s typical monthly mortgage payment requires more of the average household income than it has anytime in the previous six years.
Mortgage Lenders Urged to Simplify Loan Mods
National Mortgage News, Feb. 16, 2017–Brad Finkelstein (subscription)Developers of new loan-modification programs need to streamline application processes and stop making borrowers chase down useless documents.
U.S. Household Debts Climbed in 2016 by Most in a Decade
Wall Street Journal, Feb. 16, 2017–Josh Zumbrun (subscription)The total amount of debt held by American households climbed in 2016 by the most in a decade, driven by broad and steady increases in credit card debt, auto and student loans, and a fourth-quarter surge to the highest amount of mortgage originations since before the financial crisis.
U.S. Housing Starts Slide in January
Wall Street Journal, Feb. 16, 2017–Laura Kusisto (subscription)U.S. housing starts slid in the first month of 2017, an indication that softness in apartment construction could offset a continued recovery in the single-family construction market this year.
Freddie Earnings Jump Thanks to Interest Rate Increases
National Mortgage News, Feb. 16, 2017–Brian Collins (subscription)Freddie Mac’s net income increased to $4.8 billion in the fourth quarter, more than double what it earned a quarter earlier, the government-sponsored enterprise announced Thursday.
CFPB Looking to Alternative Data to Help Unbanked
National Mortgage News, Feb. 16, 2017–Kate Berry (subscription)The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers.
Court of Appeals Agrees to Rehear CFPB Case, Agency to Fight ‘Unconstitutional’ Ruling
HousingWire, Feb. 16, 2017–Ben LaneIf President Donald Trump wants to fire Consumer Financial Protection Bureau Director Richard Cordray, he’s going to have to wait a little longer to do it, as the U.S. Court of Appeals for the District of Columbia Circuit ruled Thursday in favor of the CFPB. The ruling allows the embattled agency to defend the constitutionality of its leadership structure.
MBA Predicts 2017 Will Bring Steady, Modest Economic Growth
HousingWire, Feb. 16, 2017–Kelsey RamirezThe Mortgage Bankers Association said the economy will see steady, modest growth as the Federal Reserve begins to see some of its economic targets hit. Lynn Fisher, MBA vice president of research and economics explains these targets being reached could lead to a change in economic policy.