This week’s top legislative and policy news from the Mortgage Bankers Association.
Category: News and Trends
MBA Responds to CFPB Request for Information on Mortgage Closing Costs
MBA submitted a comment letter to the CFPB on Friday in response to the bureau’s request for information on mortgage closing costs.
MBA Chart of the Week: Monthly Payroll Growth and Unemployment Rate
The job market definitively slowed in July. Nonfarm payroll growth at 114,000 was well below the 12-month average of 215,000, while the unemployment rate moved up to its highest level since October 2021 at 4.3%, as shown in this week’s chart.
Industry Briefs, Aug. 6, 2024
News in brief from Optimal Blue, Candor Technology, CMG Mortgage, Williston Financial Group, Informative Research, Cornerstone Servicing, Atlantic Coast Mortgage and CRMNow.
Unemployment Rises to 4.3% in July
Total nonfarm payroll increased by 114,000 in July, per the U.S. Bureau of Labor Statistics. However, the unemployment rate rose to 4.3%.
MBA Opens Doors Foundation Receives Over $240,000 from Lennar Mortgage, CMG Financial Fundraising Campaigns
The MBA Opens Doors Foundation announced it has received a total of $240,957 from Lennar Mortgage’s 11th Annual Derby, and CMG Financials’ ‘Give Back Competition’ fundraising campaign.
Quote: Aug. 5, 2024
“In sum, the body of law and regulation shows a strong preference for early disclosures and consumer shopping over rate setting or lender-based settlement service negotiations.”
–MBA President and CEO Robert Broeksmit, CMB, in a letter to the CFPB regarding fees imposed in residential mortgage transactions.
Equifax: How a Three-Bureau Environment Benefits Consumers and Provides Greater Access to Home Ownership (Sponsored Content)
A tri-merge environment provides more actionable data resulting in positive impacts for both lenders and borrowers.
ATTOM: Share of Equity-Rich Homes Increases
ATTOM, Irvine, Calif., released its second-quarter 2024 U.S. Home Equity & Underwater Report, revealing that 49.2% of mortgaged residential properties in the U.S. were considered equity-rich.
The Importance of Investing in Dog Houses
Adding dog houses to your mortgage products could be a paw-fect addition for 2025.