The Lede

Top National News

Mortgage Rates are Down Significantly Over the Past Three Weeks
Washington Post, Dec. 6, 2018--Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slid to a two-month low of 4.75 percent with an average 0.5 point. It was 4.81 percent a week ago and 3.94 percent a year ago.  (MBA mention)
Full Story
Mortgage Credit Availability Up as Lenders Expand Criteria: MBA
National Mortgage News, Dec. 6, 2018--Brad Finkelstein (subscription)Mortgage credit available to consumers increased in November by 1.1% from the previous month as lenders offered more conventional products with expanded underwriting criteria, the Mortgage Bankers Association said.
Full Story
High Prices Got You Down? The Home You’re Looking For Could Still Be Within Reach
Washington Post, Dec. 6, 2018--Michele Lerner"We're seeing an increasing number of people choose low down-payment loans and take advantage of down-payment assistance programs," said Michael Fratantoni, chief economist for Mortgage Bankers Association. "Lenders are trying to streamline the process for using gift funds for down payments, too, although they're still being very careful to document the source of the money."
Full Story
NFIP Extended to Dec. 21
National Mortgage Professional, Dec. 6, 2018--Phil HallThe National Flood Insurance Program was extended through Dec. 21 as part of Congress' two-week extension for the federal government's funding deadline.
Full Story
CFPB Fines Mortgage Lender Over Claims it Deceived Veterans
American Banker, Dec. 6, 2018--Kate Berry (subscription)The Consumer Financial Protection Bureau ordered Village Capital & Investment, a nonbank mortgage lender in Henderson, Nev., to issue refunds and pay a fine for allegedly misleading veterans about refinancing their mortgages.
Full Story
Mortgage Rates Drop: How Soon Until the Next Recession
Daily Bulletin (Calif.), Dec. 6, 2018--Jeff LazersonEconomic slowdown storm clouds are here...Look no further than U.S. Treasury rates for more ominous recession signals.
Full Story
Wells Fargo to Pay $17 Million to Illinois Pension Fund over Crisis-Era Mortgage Bonds
HousingWire, Dec. 6, 2018--Ben LaneWells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank's "misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse," Illinois Attorney General Lisa Madigan announced.
Full Story
U.S. Household Net Worth Rose by $2.070 Trillion in 3rd Quarter
Wall Street Journal, Dec. 6, 2018--Harriet Torry (subscription)The total net worth of U.S. households rose to $109 trillion during the third quarter of 2018, as higher property and stock prices boosted the wealth of Americans.
Full Story

Residential Finance News

Commercial/Multifamily News

MBA News

MBA Education School of Mortgage Servicing Mar. 4-14
MBA Education presents its School of Mortgage Servicing instructor-guided online course Mar. 4-14.
Full Story
Mortgage Action Alliance Steering Committee Elections through Dec. 11
The Mortgage Bankers Association's grassroots advocacy arm, the Mortgage Action Alliance, is holding online elections for three at-large seats on its 2019-2020 Steering Committee, through Dec. 11.
Full Story