“The new-home market is very rate-sensitive and builders will respond to the decline in affordability and cooling demand by building less. While there remains a structural and long-term shortage of housing, the pullback in demand and ongoing supply-side headwinds has builders spooked.”
–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.
Mortgage applications fell yet again last week, reaching their lowest level in 25 years, while mortgage interest rates hit their highest level since 1997, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending October 14.
MISMO®, the real estate finance industry standards organization, released its API (Application Programming Interface) Toolkit 1.1 for a 60-day member comment period. Comments will be accepted through December 17.
In his first year as Director of the CFPB, Rohit Chopra has taken an aggressive approach to consumer protection through market monitoring inquiries, interpretive rules, circulars, advisory notices, and enforcement actions.
The Mortgage Bankers Association announced the Affordable Housing Alliance of Central Ohio will serve as the local host organization for CONVERGENCE Columbus, MBA’s initiative to help close the Black homeownership gap and promote affordable housing through community partnerships in Columbus, Ohio.
IMB23, the Mortgage Bankers Association’s Independent Mortgage Bankers Conference, takes place Jan. 23-26 at the Hotel del Coronado in Coronado, Calif.
Kindled by rising interest rates, the U.S. mortgage market is eventually reaching a vital juncture, leaving lenders to make a string of complicated decisions about the future of their organization.
Since April , more than 20,000 mortgage banking and brokerage positions have been cut, primarily at lenders. While such workforce reductions are designed to reduce costs, they can also leave mortgage companies exposed to significant liability if they violate federal and state laws regarding layoffs.
Let WFG Lender Services arm you with the tools to capture your share of the rapidly growing home equity market.
As the Federal Housing Finance Agency considers whether to update the credit scoring models used by Fannie Mae and Freddie Mac, a new paper from Dr. Clifford Rossi explores the risks of introducing multiple credit scores to the mortgage lending system.
