The Lede

Top National News

You May Now Be Able to Get a Mortgage Even if Your FICO Score Isn’t Great
Washington Post--Harney, Kenneth R.   If you've got a low FICO credit score but believe you can handle monthly mortgage payments instead of rent, the government is willing to give you a better shot at obtaining a low-down-payment home loan from the Federal Housing Administration. David Stevens, president and chief executive of the Mortgage Bankers Association and a former head of FHA, says the revised policy should help some borrowers whose FICO scores in the low 600s and upper 500s have barred them from obtaining any type of mortgage.
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Mortgage Applications Up 0.2%, Steady Before Market Storm
CNBC--Olick, Diana Mortgage applications barely moved last week, as interest rates fell very slightly, and expectations for the Federal Reserve to raise rates in September seemed on track. Total volume increased 0.2 percent on a seasonally adjusted basis for the week ending August 21 vs. the week earlier, according to the Mortgage Bankers Association.
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Any Benefit of Weekly Home Mortgage Payments?
Wall Street Journal--Martin, Anya Typical borrowers make their mortgage payments monthly. Some, however, make bi-weekly payments to reduce the term of their loans. Could weekly mortgage payments speed the payoff even further? The answer in some cases is yes-but usually not much more than with bi-weekly plans.
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HOPE NOW: Mortgage Industry Achieves 24M Solutions and 6M Loan Mods
HousingWire--Garrison, Trey In the second quarter 411,000 homeowners received non-foreclosure actions from mortgage servicers, according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
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Fed’s Dudley: Case for September Rate Increase Now ‘Less Compelling’
Wall Street Journal--Derby, Michael S. New York Fed President William Dudley said prospects of a U.S. central-bank rate rise next month have dimmed amid rising overseas concerns.
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The Homeownership Picture: Dull Today, Brighter Tomorrow?
National Mortgage Professional--Hall, Phil New data on current mortgage applications point to a state of stagnation, and a new study attempts to forecast where tomorrow's potential homebuyers will be looking to make property purchases.
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Trulia: Is Housing Shifting to a Homebuyer’s Market?
HousingWire--Swanson, Brena Online real estate listings service Trulia calculated how long homes are staying on the market by measuring the share of homes for sale on its site over a two-month period.
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U.S. Housing Market Seen Strong Enough to Handle Rate Hikes
Reuters--Cassella, Megan The U.S. housing market is probably strong enough to stand up against an interest rate hike by the Federal Reserve this year, with stabilizing home prices supporting sales, a Reuters poll of top economists showed on Wednesday.
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U.S. Durable Goods Orders Advance 2 Percent in July; Investment Demand up Sharply
Associated Press--Crutsinger, Martin The Commerce Department said Wednesday orders for durable goods--items expected to last at least three years, such as refrigerators and cars--increased 2 percent in July after a 4.1 percent gain in June.
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MBA News

MBA Risk Management/Quality Assurance & Fraud Conference Sept. 9-11
The Mortgage Bankers Association's Risk Management, Quality Assurance & Fraud Prevention Forum takes place Sept. 9-11 at the Omni Hotel in Dallas.
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MBA Opens Doors Foundation Partners with Amazon Smile
The Mortgage Bankers Association's Opens Doors Foundation is now registered with Amazon Smile.
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Steps to Professional Excellence through MISMO
MISMO's comprehensive curriculum is designed for business and technology professionals who are currently (or who may soon be) involved in consideration, planning and/or development of a MISMO-based project, and are interested in becoming subject matter experts.
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