November sales of new single‐family houses rose by 1.3 percent from October and by nearly 17 percent from a year ago, HUD and the Census Bureau reported yesterday.
Category: News and Trends
MBA Chart of the Week: Homeowner Equity in Real Estate
In the third quarter, homeowners’ equity in real estate reached $18.7 trillion–continuing a run of consecutive quarterly increases dating back to 2012.
MBA Advocacy Update
On Thursday, the Senate passed the fiscal year 2020 domestic “minibus” appropriations bill (H.R. 1865), which now awaits the president’s signature. Significant provisions supported by MBA – such as another $20 million tranche for Federal Housing Administration single-family technology upgrades, specific real-estate-related tax extenders, and a status quo extension of the National Flood Insurance Program through September 30, 2020 – were included in the package.
MBA, Trade Groups Urge HUD Implementation of New Loan-Level Certification Rules
The Mortgage Bankers Association and other industry trade groups last week commended HUD for making recommended changes to FHA-insured mortgages and urged the department to move forward to implementation.
The Week Ahead
Things get quieter for the next few weeks in Washington (we think) with the holidays upon us.
Executive Outlook 2020: Fintech and Data Analytics in Origination, Servicing and the Secondary Market
MBA NewsLink looks at 2020 with perspectives on mortgage technology from several industry executives: Pat Stone of Williston Financial Group; Mike Seminari and Seth Sprague, CMB, of STRATMOR Group; Raymond Eshaghian of Greenbox Loans; and Jane Mason of Clarifire.
House, Senate Pass 2020 Appropriations Bill with Key MBA Priorities
The Senate yesterday afternoon passed a $1.4 trillion spending package that will fund the federal government through fiscal year 2020 and avoid another government shutdown.
IRS Issues Clarification on Taxpayer Consent, Disclosure Requirements
The Internal Revenue Service yesterday posted a clarification on the effective date of new taxpayer consent and disclosure requirements needed to obtain and share IRS tax transcript information with investors, servicers and due diligence firms.
Home Prices, Values Up; Inventories Down; Credit Scores Improve
Zillow, Seattle, said despite slowing home price growth, home buyers are still feeling the pinch because of low housing inventories and rising rents. In a separate report, Redfin, Seattle, said home price value continued to accelerate, reaching their highest levels since July 2018.
Dan Sogorka of Cloudvirga on Mobile Technology and the Digital Mortgage
Daniel Sogorka is CEO of Cloudvirga, Irvine, Calif., He has more than 20 years of experience leveraging technology to remove inefficiency and lower costs in the mortgage space.