U.S. News & World Report, Feb. 3, 2016–Mayotte, Betsy
It’s pretty clear that your student loan payments are going to affect how much and how quickly you’re able to save a down payment for your first home, as well as the affordability of your mortgage payments. But they can also affect your eligibility for the mortgage in the first place.
Wall Street Journal, Feb. 3, 2016–Beilfuss, Lisa
Private-sector hiring was better-than-expected in January, the latest indication that the U.S. labor market remains solid even as some pockets of the economy show signs of cooling.
Dow Jones Business News, Feb. 3, 2016–Light, Joe
Flint, Mich., residents have a new concern on top of lead in their drinking water: Some mortgage lenders say home buyers must prove there is no contamination at a property or they won’t make a loan for its purchase. “This isn’t a question of the lenders arbitrarily choosing not to do loans in Flint,” said David Stevens, president of the Mortgage Bankers Association. “It’s a question of whether lenders are allowed to originate those loans based on government requirements.”
Reuters, Feb. 3, 2016–Stempel, Jonathan
Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing $3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages, a federal judge ruled on Wednesday.
Commercial Observer, Feb. 3, 2016–Balbi, Danielle
Whether or not life companies will eat up more of the lending pie this year remains to be seen, but it seems like there will be more room at the table soon enough.
HousingWire, Feb. 3, 2016–Swanson, Brena
Home Depot announced it will hire 80,000 seasonal workers, further cementing that the spring homebuying season is almost here.
Barron’s, Feb. 3, 2016–Stone, Amey
Mortgage real estate investment trusts have had a tough couple of years. But companies aren’t standing still. Earnings season kicked off Monday with a report from American Capital Agency that is creating some optimism.
HousingWire, Feb. 2, 2016–Swanson, Brena; Lane, Ben
The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework. David Stevens, president and CEO of the Mortgage Bankers Association, said that these new rules will help “broaden access to credit for borrowers” by providing lenders with more clarity about how Fannie and Freddie will handle repurchase requests.
REBusiness Online, Feb. 2, 2016–Nelson, John
The Mortgage Bankers Association projects originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007.
American Banker, Feb. 2, 2016–Parson, Richard J.
Kudos to John Kanas and BankUnited for throwing in the towel and ceasing to originate retail mortgages. The savvy decision recognizes the dilemma retail mortgage lending creates for most bank CEOs: originating and holding these loans pumps up earnings but not shareholder value.
