Wall Street Journal, Jan. 13, 2023–Gina Heeb (subscription)Rising rates are generally good for banks, which earn interest on the loans they make. That’s not the case with the mortgage business …
Category: Top National News
Keller Mortgage Sheds More Personnel
National Mortgage News, Jan. 13, 2023–Maria Volkova (subscription)Keller Mortgage, the lending arm of real estate franchise Keller Williams, had another round of layoffs Thursday, which the company dubbed as a …
Consider These Financing Alternatives
The Housing Scene (UExpress), Jan. 13, 2023–Lew SichelmanWith the inventory of unsold houses rising on a daily basis, it’s time for sellers to consider taking a page out of the …
Yellen Says U.S. is Projected to Hit Debt Ceiling on Jan. 19
The Hill, Jan. 13, 2023–Aris FolleyTreasury Secretary Janet Yellen shared the estimate in a letter to Speaker Kevin McCarthy on Friday. She also warned the department would soon have to …
Rocket CEO Says Housing Isn’t a Buyer’s or a Seller’s Market. Now it’s Even.
CNN Business, Jan. 13, 2023–Matt EganCOVID-19 set off an epic housing boom that left first-time homebuyers feeling desperate amid relentless bidding wars and all-cash offers. Jay Farner, who presides over …
U.S. Mortgage-Bond Trading Plunges as Higher Rates Cut Into Sales
Bloomberg, Jan. 12, 2023–Scott Carpenter (subscription)U.S. mortgage bond trading activity plunged in 2022 as new mortgage lending volume dropped and banks cut back on buying, a trend that’s likely to …
Why No Costco-Like Discounts for Real Estate Services? It’s Illegal
Orange County Register, Jan. 12, 2023–Jeff LazersonFederal law prohibits any bundling because the discounts could tilt the advantage to certain service providers. (MBA mention)https://www.ocregister.com/2023/01/12/who-no-bundled-and-discounted-real-estate-services-its-illegal/
City National Bank Settles DOJ Redlining Allegations for $31 Million
American Banker, Jan. 12, 2023–Kate Berry (subscription)The Justice Department said in a complaint filed Thursday that City National avoided offering home loans in Black and Hispanic neighborhoods in Los Angeles …
NASB Financial Exits Consumer Direct Lending, Citing ‘Challenging Market Conditions’
Mortgage Professional America, Jan. 12, 2023–Candyd MendozaNASB Financial, the unitary thrift holding company for mortgage lender North American Savings Bank, has announced shutting down its consumer direct lending business that …
Lenders Apprehensive about Implementing Tech for Closings
National Mortgage News, Jan. 12, 2023–Maria Volkova (subscription)Some mortgage lenders are still lukewarm about embracing fully digital solutions for closing a loan, even after all of the gains made during …