The Lede
Top National News
Wells Fargo Launches 3% Down Payment Mortgage
CNBC, May 26, 2016--Olick, Diana
The nation's largest lender, Wells Fargo, says it is opening the credit box with a new low down payment loan--a loan it claims is low-risk to the bank.
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Average 30-year US Mortgage Rate Rises to 3.64 Percent
Associated Press, May 26, 2016
Long-term U.S. mortgage rates rose this week but remained at low levels that could entice purchasers amid the current home buying season.
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Good for Wealthy Homeowners, Bad for Education
U.S. News & World Report, May 26, 2016--Mead, Sara
The author asserts that the mortgage interest deduction benefits a small portion of homeowners while reducing tax monies needed to support public education programs.
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U.S. Durable-Goods Orders Jump 3.4%, But Soft Demand Continues
Wall Street Journal, May 26, 2016--Morath, Eric
Orders for long-lasting goods improved in April due to a surge in the volatile civilian-aircraft category, but underlying data shows businesses remain hesitant to invest.
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U.S. Jobless Claims Fall for Second Straight Week
Wall Street Journal, May 26, 2016--Mitchell, Josh
The number of Americans applying for unemployment checks fell last week, suggesting employers continue to expand modestly and the labor market in the world's largest economy remains strong.
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Pending Home Sales Hit 10-Year Peak
National Mortgage Professional, May 26, 2016--Hall, Phil
Pending home sales are at their highest point in a decade, according to new data from the National Association of Realtors.
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Why HUD’s Loan Sales Continue to Stoke Concerns
National Mortgage News, May 26, 2016--Collins, Brian
The Federal Housing Administration's loan sales are drawing more attention after a recent critical report said it was resulting in vulnerable borrowers losing their homes.
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TransUnion: Consumers Show Surprising Behavior Before Obtaining Mortgages
HousingWire, May 26, 2016--Ramirez, Kelsey
A recent study by TransUnion shows consumers with prime or better credit status, about 85 to 90% of homebuyers, are 2 to 3 times more likely to open a new auto loan or credit card account within 12 months of obtaining a new mortgage.
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Higher Taxes Don’t Scare Millionaires Into Fleeing Their Homes After All
Bloomberg, May 26, 2016--Steverman, Ben
If you raise rates on the rich, will you lose them to other states? A study of 45 million IRS records suggests it doesn't work that way.
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HUD’s Premium Pricing for First-Time Buyers Still a Problem: Watchdog
National Mortgage News, May 26, 2016--Collins, Brian
The inspector general for HUD is not backing down on his concerns about premium pricing associated with Federal Housing Administration down payment assistance programs.
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Bair: 3% Down Payment Mortgage Comes with Risk
CNBC, May 26, 2016--Fox, Michelle
Borrowers who only put 3 percent down on a new home could be taking a risk, former Federal Deposit Insurance Corp. Chair Sheila Bair said Thursday. Earlier in the day, Wells Fargo announced it is now offering fixed-rate conventional mortgages with a minimum 3 percent down payment.
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USDA Cuts Upfront Mortgage Fee By 63%; Annual Fee Also Falling
The Mortgage Reports, May 26, 2016
The popular USDA home loan program is about to get a lot more affordable. In a surprise move, USDA announced lower upfront and monthly fees for its home loan program, starting October 1.
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U.S. Fed Buys $8.2 Billion of Mortgage Bonds, Sells None
Reuters, May 26, 2016
The Federal Reserve bought $8.172 billion of agency mortgage-backed securities in the week from May 19 to May 25, compared with $7.546 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
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LendingClub Talking With Citigroup About Loan Purchases
Wall Street Journal, May 26, 2016--Demos, Telis; Rudegeair, Peter
LendingClub Corp. is in talks with Citigroup Inc. about the New York bank buying or providing financing for future loans made by the online platform.
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‘CFPB Bullied Me’ into $85K Settlement: Former Wells Fargo Officer
National Mortgage News, May 26, 2016--McKendry, Ian
The Consumer Financial Protection Bureau reached an $85,000 settlement Wednesday with a former Wells Fargo mortgage loan officer. But David Eghbali denied any wrong doing and said he signed the consent order only because of the high cost of litigating the case.
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Chase Quietly Launches its Own 3% Down Mortgage Lending Program
HousingWire, May 26, 2016--Lane, Ben
Prospective homebuyers, especially first-time homebuyers who are struggling to save up for a down payment, have a new, and significant, outlet that they can now turn to when seeking a low down payment mortgage--JPMorgan Chase.
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Residential Finance News
Commercial/Multifamily News
MBA News
MBA Recognizes Select Members
The Mortgage Bankers Association recognizes its Select Members.
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