Wall Street Journal, May 26, 2016–Mitchell, Josh
The number of Americans applying for unemployment checks fell last week, suggesting employers continue to expand modestly and the labor market in the world’s largest economy remains strong.
Category: Top National News
Pending Home Sales Hit 10-Year Peak
National Mortgage Professional, May 26, 2016–Hall, Phil
Pending home sales are at their highest point in a decade, according to new data from the National Association of Realtors.
Why HUD’s Loan Sales Continue to Stoke Concerns
National Mortgage News, May 26, 2016–Collins, Brian
The Federal Housing Administration’s loan sales are drawing more attention after a recent critical report said it was resulting in vulnerable borrowers losing their homes.
TransUnion: Consumers Show Surprising Behavior Before Obtaining Mortgages
HousingWire, May 26, 2016–Ramirez, Kelsey
A recent study by TransUnion shows consumers with prime or better credit status, about 85 to 90% of homebuyers, are 2 to 3 times more likely to open a new auto loan or credit card account within 12 months of obtaining a new mortgage.
Higher Taxes Don’t Scare Millionaires Into Fleeing Their Homes After All
Bloomberg, May 26, 2016–Steverman, Ben
If you raise rates on the rich, will you lose them to other states? A study of 45 million IRS records suggests it doesn’t work that way.
HUD’s Premium Pricing for First-Time Buyers Still a Problem: Watchdog
National Mortgage News, May 26, 2016–Collins, Brian
The inspector general for HUD is not backing down on his concerns about premium pricing associated with Federal Housing Administration down payment assistance programs.
Bair: 3% Down Payment Mortgage Comes with Risk
CNBC, May 26, 2016–Fox, Michelle
Borrowers who only put 3 percent down on a new home could be taking a risk, former Federal Deposit Insurance Corp. Chair Sheila Bair said Thursday. Earlier in the day, Wells Fargo announced it is now offering fixed-rate conventional mortgages with a minimum 3 percent down payment.
USDA Cuts Upfront Mortgage Fee By 63%; Annual Fee Also Falling
The Mortgage Reports, May 26, 2016
The popular USDA home loan program is about to get a lot more affordable. In a surprise move, USDA announced lower upfront and monthly fees for its home loan program, starting October 1.
U.S. Fed Buys $8.2 Billion of Mortgage Bonds, Sells None
Reuters, May 26, 2016
The Federal Reserve bought $8.172 billion of agency mortgage-backed securities in the week from May 19 to May 25, compared with $7.546 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
LendingClub Talking With Citigroup About Loan Purchases
Wall Street Journal, May 26, 2016–Demos, Telis; Rudegeair, Peter
LendingClub Corp. is in talks with Citigroup Inc. about the New York bank buying or providing financing for future loans made by the online platform.