National Mortgage News, May 19, 2016–Passy, Jacob
The experience of updating systems and overhauling workflows that mortgage lenders gleaned from implementing the TILA-RESPA integrated disclosures could prove useful to portfolio lenders as they implement a similarly complex accounting rule for reporting credit losses.
Forbes, May 19, 2016–Woellert, Lorraine
Homebuyers shouldn’t fret. First of all, the Fed doesn’t directly control rates on long-term loans like mortgages. When the central bank dropped its benchmark rate to near zero in 2009, mortgages got cheaper, but not that much cheaper.
HousingWire, May 19, 2016–Lane, Ben
Guild Mortgage is the next on the DOJ’s hit list, after the government sued the San Diego-based lender, accusing it of violating the False Claims Act, which is the primary law the government uses to prosecute lenders it feels fraudulently represent themselves while doing business with the nation.
MarketWatch, May 19, 2016–Riquier, Andrea
Here’s another sign the housing market is healing: even the undead are fading away. Zombie foreclosures–properties in the foreclosure process that have been left vacant–are down 30% in as of mid-May.
Bloomberg, May 19, 2016–Orr, Emma; Chiglinsky, Katherine
Essent Group Ltd. may have an opportunity to buy Radian Group Inc., the rival mortgage insurer whose chief executive officer is stepping down, an analyst at BTIG LLC said.
Reuters, May 19, 2016–Mutikani, Lucia
The number of Americans filing for unemployment aid fell from a 14-month high last week, the latest sign the economy was picking up speed in the second quarter and likely would be healthy enough for the Federal Reserve to raise interest rates in June.
Reuters, May 19, 2016–Dunsmuir, Lindsay; Leong, Richard
The U.S. economy could be strong enough to warrant an interest rate increase in June or July, New York Federal Reserve President William Dudley said on Thursday, cementing Wall Street’s view that the Fed will tighten policy soon.
National Mortgage News, May 19. 2016
From the Common Security Platform and Freddie Mac loan sales to new accounting rules and what direction mortgage rates are headed, there was plenty to debate during this week’s MBA Secondary Conference in New York.
HousingWire, May 19, 2016–Ramirez, Kelsey
New listings fell nationwide in April by 1.1% annually, marking the first drop since August of 2014, according to real estate brokerage Redfin.
Wall Street Journal, May 20, 2016–Andriotis, Annamaria; Sidel, Robin
U.S. credit-card balances are on track to hit $1 trillion this year, as banks aggressively push their plastic and consumers grow more comfortable carrying debt.
