Business Insider, Jan. 21, 2016–Ro, Sam
The Fed raised short-term interest rates in December. Interestingly, long-term interest rates have come down since then.
Category: Top National News
Military Buyers Spur VA Loan Program to Record Year
Realtor.com, Jan. 21, 2016–Birk, Chris
The VA backed a record 631,151 loans in fiscal year 2015, eclipsing the previous high-water mark set just two years prior. VA loans have had the lowest foreclosure rate of all loan types for 25 of the past 28 quarters, according to the Mortgage Bankers Association.
BankUnited Execs: Our Struggle with Mortgage Originations
HousingWire, Jan. 21, 2016–Swanson, Brena
The bank recently announced it would no longer offer retail residential mortgage loans to consumers since new residential mortgages weren’t generating enough business.
New York Gov. Andrew Cuomo Chooses Maria Vullow to Lead NYDFS
HousingWire, Jan. 21, 2016–Lane, Ben
New York Gov. Andrew Cuomo (D) announced Thursday that his office is nominating Maria Vullo to serve as the superintendent of the New York Department of Financial Services, ending a tumultuous period that saw rumors of tension between the governor’s office and the NYDFS surrounding the departure of the Anthony Albanese as acting superintendent of New York’s top financial regulator.
Ocwen Settles With SEC for Misstated Financial Results
24/7 Wall Street, Jan. 21, 2016–Lange, Chris
The Securities and Exchange Commission announced that Ocwen Financial Corp. agreed to settle charges that it misstated financial results by using a flawed, undisclosed methodology to value its complex mortgage assets.
The Philly Fed’s Outlook for Manufacturing Just Fell to a 3-Year Low
Business Insider, Jan. 21, 2016–Udland, Myles
Manufacturing activity contracted less than expected in January according to the latest survey from the Philadelphia Federal Reserve.
U.S. Jobless Claims Edge Up, But Remain Near Historic Lows
Wall Street Journal, Jan. 21, 2016–Morath, Eric
The number of U.S. workers filing applications for jobless benefits has edged up early this year, suggesting a slightly increased number of layoffs even though the overall level remains consistent with steady job creation.
Rising Home Equity, Outstanding Mortgage Debt Indicate a Healthy Housing Market
DS News, Jan. 21, 2016–Honea, Brian
The number of homeowners in the United States with negative equity, or are “underwater,” is about one-third of what it was during its peak reached in 2010, and single-family mortgage debt outstanding is on the rise.
Inflation Lows Vex Central Bankers
Wall Street Journal, Jan. 21, 2016–Fairless, Tom; Hilsenrath, Jon
Amid tumbling oil prices, unstable stock markets and slow growth in developing economies, central banks face pressure to keep interest rates low or even expand easy-money policies.
MBA: Mortgage Apps Jump Again, Rise 9%
HousingWire, Jan. 20, 2016–Swanson, Brena
Mortgage applications managed to post another increase as more people choose to refinance their homes. Applications grew 9% from one week earlier, according the Mortgage Bankers Association.