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Category: News and Trends
Pending Home Sales Tick Upward
Pending home sales registered a modest increase of 0.3% in June–the first increase since February–the National Association of Realtors reported Thursday.
FundingShield Finds Wire, Title Fraud Big Risk in Q2
FundingShield, Newport Beach, Calif., reported wire and title fraud concerns persist at high levels so far this year, finding 50.2% of loans on a $68 billion portfolio in the second quarter had at least one risk issue.
LenderLogix CEO Patrick O’Brien: Driving Down the Cost to Originate Requires Smarter Investments in Tech
Imagine expecting your favorite college football team to win a national championship with a roster comprised of only 4% scholarship players and 96% walk-ons. The scholarship investment isn’t equal to the expected outcome. The same can be said for the mortgage industry’s attitude toward technology, especially when it comes to lowering the cost to originate.
Homeowner Equity Improves in Second Quarter
ATTOM, Irvine, Calif., reported nearly half–49%–of mortgaged residential properties in the United States were considered equity-rich in the second quarter, up from 47% in early 2023.
MBA: Home Equity Lending Volume Rose in 2022 as Home Renovations Drive Demand
Originations of open-ended Home Equity Lines of Credit and closed-end home equity loans increased 50% in 2022 compared to two years earlier. This is according to the Mortgage Bankers Association’s Home Equity Lending Study, released for the first time since 2020.
Banking Agencies Issue MBA-Opposed Proposed Changes to Bank Capital Requirements
The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency on Thursday issued interagency proposed changes to capital requirements for banks with assets of $100 billion or more. The so-called “end game” proposed rules complete U.S. regulators’ implementation of the Basel III standards and make changes in response to the recent large bank failures. MBA strongly opposes certain provisions of the proposal.
Fed Raises Key Interest Rate by 25 Basis Points
The Federal Reserve’s Federal Open Market Committee increased short-term rates at its July meeting, responding to high but moderating inflation and a job market that remains quite strong.
Mortgage Application Payments Flat in June
Homebuyer affordability was essentially flat in June, with the national median payment applied for by purchase applicants decreasing 0.1% to $2,162 from $2,165 in May, the Mortgage Bankers Association reported.
Quote: July 28, 2023
“Without significant revisions, this proposal will increase borrowing costs and reduce credit availability for the very consumers and borrowers this administration ostensibly seeks to assist. The large increases in capital standards will likely stunt macroeconomic growth and reduce banks’ participation as single-family and commercial/multifamily lenders, servicers, and providers of warehouse lines and mortgage servicing rights financing.”
–Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, commenting on the interagency proposed rule released Thursday for the final implementation of the Basel III international regulatory framework.