Mortgage Professional America, June 22, 2022–Mika PangilinanThe Mortgage Bankers Association and National Fair Housing Alliance have launched a new online toolkit for mortgage lenders looking to develop Special Purpose Credit …
Category: Top National News
Notarize Cuts 25% Of Staff, Citing Need To ‘Evolve’
National Mortgage Professional, June 22, 2022–David KrechevskyIn a Twitter thread posted June 15, Co-Founder & CEO Pat Kinsel wrote that Notarize “let go of approximately 25% of our team today.” …
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession
Wall Street Journal, June 22, 2022–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said the central bank’s battle against inflation could lead it to raise interest rates high enough to cause …
JPMorgan Starts to Cut Mortgage Jobs
Bloomberg, June 22, 2022JPMorgan Chase is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand.https://www.bloomberg.com/news/videos/2022-06-22/jpmorgan-starts-to-cut-mortgage-jobs-video
May Numbers Show 425,000 Homeowners in Forbearance Plans, MBA Reports
MortgageOrb, June 22, 2022–Arian FineThe Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey shows that the total number of loans now in forbearance decreased by 9 basis points from 0.94% …
Mortgage Brokers Take it on the (Conventional-Conforming) Chin in 1Q22
Inside Mortgage Finance, June 22, 2022–Brandon IveyOriginations of conventional-conforming mortgages declined across all three production channels in the first quarter of 2022, with the biggest reduction coming from loan brokers …
Demand for Adjustable-Rate Mortgages Surge, As Interest Rates Make Biggest Jump in 13 Years
CNBC, June 22, 2022–Diana OlickMortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the …
‘Shock to the System’: Higher Mortgage Rates Slam the Brakes on the Housing Market
Realtor.com, June 22, 2022–Clare TrapassoSurging mortgage interest rates are slamming the brakes on the housing market. (MBA mention)https://www.realtor.com/news/trends/mortgage-rates-slam-brakes-on-housing-market/
Housing Market Slowdown Takes Hold as Mortgage Rates Dig In
Washington Post, June 23, 2022–Michele LernerReduced competition, fewer sales and even some price drops by sellers are all indications that buyers and homeowners are reacting to higher mortgage rates, high …
FDIC to Reinstate Analysis of Underbanked Households in Survey
American Banker, June 21, 2022–Claire Williams (subscription)The Federal Deposit Insurance Corp. is reinstating the “underbanked” analysis to the agency’s biannual unbanked survey, according to three sources familiar with the matter.https://www.americanbanker.com/news/fdic-to-reinstate-analysis-of-underbanked-households-in-survey