Top National News Dec. 23, 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:
A Sea Change: FHA Clears the Way for Dual Roles on the Same Loan. RESPA?
Inside Mortgage Finance, Dec. 22, 2022–Monica Hogan
Mortgage brokers and lenders are questioning why FHA last week announced revisions to its dual-employment rules for real estate agents who also act as loan officers on the same mortgage transaction — and why the government’s mortgage insurer didn’t first seek public input.
https://www.insidemortgagefinance.com/articles/226586-a-sea-change-fha-clears-the-way-for-dual-roles-on-the-same-loan-respa?v=preview
What You Need to Earn to Buy a Home in the Largest U.S. Cities
New York Times, Dec. 22, 2022–Michael Kolomatsky
HSH found that the national median home price was $398,500, requiring a payment of $2,233 a month and a qualifying household income of $95,717 a year. The national median household income, about $70,000 a year, puts this out of reach for most households.
https://www.nytimes.com/2022/12/22/realestate/home-buying-income-interest-rates.html
Angel Oak Mortgage Sharpens Focus on Non-QM
Mortgage Professional America, Dec. 22, 2022–Candyd Mendoza
After suffering losses in the third quarter, non-QM lender Angel Oak Mortgage has “repositioned” its mark-to-market loan portfolio, a move that the company said will protect its capital from the tumultuous securitization market.
https://www.mpamag.com/us/specialty/non-prime/angel-oak-mortgage-sharpens-focus-on-non-qm/431440
Mortgage Rates Trend Down But Affordable Homeownership Remains Elusive
ValueWalk, Dec. 22, 2022–Phil Hall
Freddie Mac announced the 30-year fixed-rate mortgage averaged 6.27% as of Dec. 22, down from last week when it averaged 6.31%. The 15-year fixed-rate mortgage averaged 5.69%, up from last week when it averaged 5.54%. (MBA mention)
https://www.valuewalk.com/mortgage-rates-trend-down-but-affordable-homeownership-remains-elusive/
2023 Predictions: Southern California Median Home Price to Slide 10%
Orange County Register, Dec. 22, 2022–Jeff Lazerson
Mortgage rates will flatline from Q1-Q3, dropping substantially in Q4
The housing market in 2023 will soften, with prices sinking 10% off record highs seen in 2021 and 2022, according to a projection by mortgage broker and contributing columnist Jeff Lazerson. (MBA mention)
https://www.ocregister.com/2022/12/22/2023-predictions-southern-california-median-home-price-to-slide-10/
20 Mortgage Lenders with the Largest Total Volume in 2023
National Mortgage News, Dec. 23, 2022–Courtney Hoff (subscription)
The majority of the banks showed declining volumes compared to the quarter before.
https://www.nationalmortgagenews.com/list/20-bank-mortgage-lenders-with-the-largest-total-volume-in-q3?
Waters Letter Likely to Heighten Scrutiny of ICE-Black Knight Deal
National Mortgage News, Dec. 22, 2022–Brad Finkelstein
While many people have spoken out against the deal, the a letter sent on Wednesday could actually move the needle in getting regulators to take an in-depth look at the transaction, said David Stevens, a former Obama Administration official and Mortgage Bankers Association chief executive who is now CEO of Mountain Lake Consulting.
https://www.nationalmortgagenews.com/news/waters-letter-likely-to-heighten-scrutiny-of-ice-black-knight-deal
Stewart Fined Millions by NY AG for No-Poaching Agreements
HousingWire, Dec. 22, 2022–Brooklee Han
An investigation by Letitia James’s office found that Stewart has entered into illegal no-poaching agreements with several of its competitors, thwarting labor competition.
https://www.housingwire.com/articles/stewart-fined-millions-by-ny-ag-for-no-poaching-agreements/
10 Biggest Financial Data Breaches of 2022
American Banker, Dec. 22, 2022–Carter Page (subscription)
Cybersecurity firm Flashpoint said in recently released data that the financial sector experienced the second highest number of data breaches in 2022, globally, behind government. U.S. banks were hit hardest, followed by institutions in Argentina, Brazil, and China.
https://www.americanbanker.com/list/10-biggest-financial-data-breaches-of-2022
Odd Lots: Suits, Slow, Stats
The Housing Scene (UExpress), Dec. 23, 2022–Lew Sichelman
Buyer’s remorse is likely to take on a more sinister turn in the coming months, as people who purchased their houses at the top of the market take out their frustrations on their real estate agents.
https://www.uexpress.com/home/housing-scene/2022/12/23
