Today’s Top National News Dec. 16 2022
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
Mortgage Rates Down, Mortgage Applications Up, Home Flipping Cools
ValueWalk, Dec. 15, 2022–Phil Hall
The Mortgage Bankers Association reported its Market Composite Index, a measure of mortgage loan application volume, increased 3.2% on a seasonally adjusted basis from one week earlier.
https://www.valuewalk.com/mortgage-rates-down-mortgage-applications-up-home-flipping-cools/
A Milestone of Sorts: Servicing Balances Crack the $13T Mark
Inside Mortgage Finance, Dec. 15, 2022–John Bancroft
The U.S. home-mortgage market topped $13 trillion at the end of the third quarter, fueled by growth in the whole-loan portfolios at depository institutions, according to a new Inside Mortgage Finance analysis.
https://www.insidemortgagefinance.com/articles/226511-a-milestone-of-sorts-servicing-balances-crack-the-13b-mark?v=preview
Mortgage Rates Drop for Fifth Week in a Row
CNN, Dec. 15, 2022–Anna Bahney
The 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.12%. (MBA mention)
https://www.cnn.com/2022/12/15/homes/mortgage-rates-december-15/index.html
New York Appeals Court Sides With Fannie Mae
National Mortgage Professional, Dec. 15, 2022–Steve Goode
The court’s six-judge unanimous decision agreed with Fannie Mae’s contention that the New York appellate court erred in concluding that the GSE was time-barred from restarting a foreclosure procedure because it was beyond the state’s six-year statute of limitations.
https://nationalmortgageprofessional.com/news/new-york-appeals-court-sides-fannie-mae
Small Lenders Face Onslaught on Agency Loans Returned to Sender
HousingWire, Dec. 15, 2022
For already struggling small lenders, it’s another slice in what one market observer calls ‘death by a thousand cuts.’
https://www.housingwire.com/articles/small-lenders-face-onslaught-of-agency-loans-returned-to-sender/
US Economy Shows Signs of Cooling Even as the Labor Market Holds Strong
Bloomberg, Dec. 15, 2022–Molly Smith
Retail sales fell in November by the most in nearly a year in a broad-based decline reflecting the strain of inflation and a shift toward spending on services. Several factory gauges showed contraction in data out Thursday, burdened by higher borrowing costs and weaker demand.
https://www.bloomberg.com/news/articles/2022-12-15/us-economy-shows-signs-of-cooling-even-as-labor-holds-strong?srnd=premium
In Parting Swipe at the CFPB, Toomey Proposes Appropriations Process for Agency’s Funding
American Banker, Dec. 15, 2022–Claire Williams (subscription)
The legislation, proposed alongside Sen. Bill Hagerty, R-Tenn., would also put the CFPB under the leadership of a bipartisan board, similar to the structure at the Federal Deposit Insurance Corp.
https://www.americanbanker.com/news/in-parting-swipe-at-the-cfpb-toomey-proposes-appropriations-process-for-agencys-funding
Academy Mortgage Settles False Claims Act Case for $38.5M
National Mortgage News, Dec. 15, 2022–Brad Finkelstein (subscription)
In a False Claims Act whistleblower case that Trump Administration officials attempted to dismiss, Academy Mortgage agreed to pay $38.5 million to resolve allegations of improper origination and underwriting practices for Federal Housing Administration loans.
https://www.nationalmortgagenews.com/news/academy-mortgage-settles-false-claims-act-case-for-38-5m?
Buyer Beware: Hefty Broker Referral Expenses May Limit Home, Mortgage Choices
Orange County Register, Dec. 15, 2022–Jeff Lazerson
Under pressure to be more transparent about agent compensation, the California Association of Realtors is debuting new forms that distinguish who pays what. Will buyers ultimately see their closing costs rise? (MBA mention)
https://www.ocregister.com/2022/12/13/buyer-beware-hefty-broker-referral-expenses-may-limit-home-mortgage-choices/
Can the Supreme Court Distinguish the CFPB’s Funding from Other Agencies?
American Banker, Dec. 15, 2022–Kate Berry (subscription)
Some experts think the CFPB’s funding through the Federal Reserve — and not directly through annual congressional appropriations — could be the chink in the armor of the Dodd-Frank Act that created the CFPB in 2010. The Supreme Court is widely expected to take the case because several justices, notably Justice Brett Kavanaugh, have voiced strong opposition to the CFPB and to the deference courts give to regulatory agencies.
https://www.americanbanker.com/news/can-scotus-distinguish-the-cfpbs-funding-from-other-agencies
