National Mortgage Professional, Oct. 15, 2015–Hall, Phil
There was one major nasty surprise, one big non-surprise and one nice mid-sized surprise awaiting mortgage professionals in today’s data reports.
Category: Top National News
Fed Faces This Checklist of Hurdles for a December Rate Hike
Bloomberg, Oct. 15, 2015–Jamrisko, Michelle
All but one of 55 economists surveyed by Bloomberg last week are convinced the Federal Reserve is too spooked to increase the benchmark interest rate at their Oct. 27-28 gathering. So what hurdles must the U.S. economy surmount over the next two months in order for policy makers to justify a rate hike at the following meeting in December?
U.S. Consumer Price Index Fell 0.2% in Sept. vs. 0.2% Drop Expected
Reuters, Oct. 15, 2015–Mutikani, Lucia
U.S. consumer prices recorded their biggest drop in eight months in September as the cost of gasoline fell, but a steady pick-up in underlying price pressures should allay fears that a disinflationary trend was reasserting itself.
Why the Federal Government Now Holds Nearly 50% of All Residential Mortgages
MarketWatch, Oct. 16, 2015–Goldstein, Daniel
Mortgage lending levels are beginning to recover from the real estate crash of the Great Recession, few outside the government want to buy it. “Many investors don’t believe there is enough protection to make it worthwhile to invest in mortgage-backed securities,” David Stevens, president and CEO of the Mortgage Bankers Association.
CFPB Finalizes HMDA Reporting Rule
National Mortgage Professional, Oct. 15, 2015–Hall, Phil
The Consumer Financial Protection Bureau finalized its rule to update Regulation C reporting requirements of the Home Mortgage Disclosure Act. MBA President and CEO David Stevens said the new data collection requirements must take into account consumer data security and privacy.
New Rules for Lenders Seem to be Raising Costs for Mortgage Customers
Washington Post, Oct. 14, 2015–Harney, Kenneth
It has been barely two weeks since the nationwide changeover in mortgage and settlement procedures took effect, but early results are trickling in: Lenders and brokers say just about everything is taking longer, and the costs to home buyers are moving up.
Wells Fargo Profit Rise, Boosted by GE Loan Book
Reuters, Oct. 14, 2015
Wells Fargo, the biggest U.S. residential mortgage lender, reported a rise in quarterly profit for the first time in three quarters on Wednesday, helped by its purchase of commercial loans from General Electric Co.
New Rules to Help Lower- and Moderate-Income Applicants Qualify for Mortgages
Pittsburgh Post-Gazette, Oct. 14, 2015–Grant, Tim
New rules adopted last month by Fannie Mae will allow mortgage applicants to qualify for a home loan by counting the salaries of other relatives who live in the house–although their names may not be listed on the mortgage.
MBA Issues Warning: CFPB is Coming for Marketing Services Agreements
Housing Wire, Oct. 14, 2015–Lane, Ben
Last week, the Consumer Financial Protection Bureau issued a compliance bulletin on marketing services agreements. The Mortgage Bankers Association warned its members to take the CFPB’s bulletin very seriously.
Top Fed Policymaker Doesn’t Expect Interest Rate Hike This Year
Los Angeles Times, Oct. 14, 2015–Puzzangera, Jim
This week Federal Reserve Gov. Daniel Tarullo said he didn’t anticipate a hike in the Federal Funds rate before the end of the year–signaling a shift by central bankers from just two weeks ago.