Bowing to requests by the Mortgage Bankers Association and other industry trade groups, the Consumer Financial Protection Bureau yesterday said it will provide an additional 60 days for public comment on its Request for Information on expanding access to credit through Regulation B, which implements the Equal Credit Opportunity Act.
Category: News and Trends
ATTOM: Refis Make Up 2/3 of 2nd Quarter Loans, Highest Level in 7 Years
ATTOM Data Solutions, Irvine, Calif., released its second-quarter U.S. Residential Property Mortgage Origination Report, showing 1.69 million refinance mortgages secured by residential properties (1 to 4 units) originated, up nearly 50 percent from the prior quarter and more than 100 percent from a year ago, to the highest level in seven years.
Late-Summer Home Activity ‘Unseasonably Hot;’ Luxury Home Prices Bounce Back
Redfin, Seattle, said median home prices for the four-week period ending Aug. 9 jumped by 10 percent from a year ago to a record-high $314,000 as the spring home-buying season extended well into late summer.
TransUnion: Consumer Credit Market Withstands Coronavirus Challenges
TransUnion, Chicago, reported the total percentage of accounts in “financial hardship” status dropped during July for mortgages, auto loans, credit cards and personal loans – marking the first such decrease since the start of the COVID-19 pandemic.
Dealmaker: Walker & Dunlop Arranges $52M Bridge Loan
Walker & Dunlop, Bethesda, Md., arranged $51.8 million in bridge financing for The Rise Central, a newly built 230-unit apartment property in downtown Beaverton, Ore.
People in the News Aug. 20, 2020
JLL Hotels & Hospitality Group, New York named Kevin Davis a Senior Managing Director of the firm’s Americas Hotels & Hospitality Group. He will head the debt capital markets efforts for the Americas business and collaboration between the firm’s Hotels & Hospitality business and JLL’s Capital Markets Group, specifically the loan sales and financing teams.
MISMO Issues Closing Instructions Development Workgroup Call for Participants
MISMO®, the mortgage industry standards organization, issued a call for industry experts to participate in a working group to enable the digitization of closing instructions.
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“As more accounts come out of financial hardship status, lenders will be actively monitoring payment behaviors to gauge whether consumers can withstand these economic pressures and do so without government assistance or lender support. How consumers are able to manage debt levels and access to credit will be a key indication of economic recovery in the coming months.”
-Matt Komos, vice president of research and consulting with TransUnion, Chicago.
Industry Briefs Aug. 20, 2020
Freedom Mortgage Corp., Mount Laurel, N.J., and RoundPoint Mortgage Servicing Corp., Charlotte, N.C. completed their previously announced merger. RoundPoint is now a wholly owned subsidiary of Freedom Mortgage, a full-service mortgage company and provider of VA and government-insured lending.
Mortgage Applications Drop in Latest MBA Weekly Survey
Mortgage interest rates jumped back over 3 percent last week, resulting in a decrease in mortgage refinance applications, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending August 14.