The Lede
Top National News
Mortgage Applications Fall 1.6%, But Average Loan Size Hits Record High
CNBC, Apr. 5, 2017--Diana OlickThe steep drop in refinance activity since interest rates spiked following the presidential election continues to keep overall volume in the negative from a year ago, the Mortgage Bankers Association said.
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Fed Minutes: Most Officials Saw Reduced Balance Sheet ‘Later This Year’
Wall Street Journal, Apr. 5, 2017--Nick Timiraos (subscription)Federal Reserve officials agreed at their March policy meeting that they would likely begin shrinking a $4.5 trillion portfolio of Treasury and mortgage securities later this year, though they remained undecided on some important tactical questions, such as how quickly to reduce the holdings and to what level.
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Why the Refinancing Slowdown Matters for the Fed
Wall Street Journal, Apr. 5, 2017--Ben Eisen; Min Zeng (subscription)The Federal Reserve has been buying up fewer mortgage bonds in recent months thanks to a flameout of the American refinancing boom, one factor that economists say is likely to help shape Fed officials' thinking as they consider shrinking their giant bond portfolio.
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Hensarling to CFPB’s Cordray: You Deserve to Be Fired Immediately
HousingWire, Apr. 5, 2017--Ben LaneOn Wednesday, Richard Cordray, the director of the Consumer Financial Protection Bureau, appeared before the House Financial Services Committee for his twice-a-year Molotov cocktail of compliments and insults from the committee's Democrats and Republicans.
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ADP Predicts Yet Another Month of Substantial Job Increases
HousingWire, Apr. 5, 2017--Kelsey RamirezPrivate sector employment increased a seasonally-adjusted 263,000 in March, the report showed. This is down slightly from February's predicted increase of 298,000.
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Empty Seats at Regulators Hold Back Trump Bid to Undo Dodd-Frank
Bloomberg, Apr. 5, 2017--Benjamin Bain; Robert SchmidtPresident Donald Trump's push to roll back Wall Street regulations is being held up by his inability to fill open seats at the two main agencies charged with overseeing the financial industry.
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White House: More Obama Regulation Rollbacks Coming
Reuters, Apr. 5, 2017--Eric WalshU.S. President Donald Trump hopes to sign "several more" measures into law before the end of April to roll back Obama-era regulations under the time-limited Congressional Review Act, a White House official said on Wednesday.
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ISM U.S. Services Activity Index Falls to Lowest Since October
Reuters, Apr. 5, 2017--Richard LeongThe U.S. economy's service sector expanded in March but at its slowest pace since October, the Institute for Supply Management reported.
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America is ‘Over-Stored’ and Payless ShoeSource is the Latest Victim
Washington Post, Apr. 5, 2017--Travis AndrewsPayless ShoeSource became the latest major retailer to declare financial distress when, on Tuesday, the company filed for Chapter 11 bankruptcy and announced a restructuring plan that includes the immediate closure of 400 stores in the United States and Puerto Rico.
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HECM Endorsements Jump to 19-Month High
Mortgage Daily, Apr. 5, 2017Federally insured reverse mortgage production jumped to the highest level since the summer of 2015 despite a drop in the number of originators.
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Why Mortgages, Other Interest Rates Could Go Up Faster than You Think
CNBC, Apr. 5, 2017--Patti DommThe Federal Reserve, in the minutes from its last meeting, announced that it would begin to shrink its balance sheet, ending some of the extreme measures it took to save the economy during the financial crisis.
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Castle & Cook Mortgage Launches Consumer Direct Lending Channel
HousingWire, Apr. 5, 2017--Ben LaneCastle & Cooke Mortgage, an independent mortgage lender, is expanding into consumer direct lending with the launch of a consumer direct team.
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Green-Energy PACE Home Loans Catch Congress’s Ire
Wall Street Journal, Apr. 5, 2017--Kirsten Grind (subscription)Sen. Tom Cotton, R-Ark., introduced legislation Wednesday that would require private lenders in a loan program known as Property Assessed Clean Energy, or PACE, to be regulated much like traditional mortgage lenders.
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