The issue of appraisal bias has been front and center in recent months as several key players in the financial industry take steps to address the issue.
Category: News and Trends
Industry Briefs, Aug. 27, 2024
Industry news from Argyle, CMG Financial, LERETA and Calque.
MBA Advocacy Update: FHFA Proposes GSE Housing Goals; MBA Calls on CFPB to Delay Enforcement Order Database; Calif. AI News
This week’s top legislative and policy news from the Mortgage Bankers Association.
Quote: Aug. 27, 2024
“The overall market remains sluggish, but we are beginning to see first-time homebuyers come off the sidelines, buoyed by falling mortgage rates and an increased number of homes hitting the market.”
–Redfin Senior Economist Sheharyar Bokhari
MBA Chart of the Week: Pre-Tax Net Production Income and Production Volume
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net profit of 17 basis points, or $693 on each loan they originated in the second quarter. according to MBA’s Quarterly Mortgage Bankers Performance Report.
New Home Sales Rise in July
New single-family home sales were at a seasonally adjusted annual rate of 739,000, per estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development.
MBA Economist Mike Fratantoni on Jerome Powell’s Remarks Indicating Cuts
Federal Reserve Chair Jerome Powell spoke Aug. 23 at an economic symposium sponsored by the Federal Reserve Bank of Kansas City, in Jackson Hole, Wyo. His remarks implied the likelihood of near-term rate cuts.
Industry Briefs, Aug. 26, 2024
Industry news from Argyle, CMG Financial, LERETA and Calque.
Asurity’s Diane Jenkins: Mortgage Industry Targets Appraisal Bias with Borrower Education
The issue of appraisal bias has been front and center in recent months as several key players in the financial industry take steps to address the issue.
Existing-Home Sales Pick Up in July
The National Association of Realtors, Chicago, found existing-home sales grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million. That follows a four-month sales decline.