Today’s Top National News Dec. 15 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:

Ginnie Issuance Off Again in November, Freedom’s Activity Plunges 59%
Inside Mortgage Finance, Dec. 14, 2022–Monica Hogan, Paul Muolo
Mortgage bankers issued $33.5 billion of Ginnie Mae MBS in November, a 5.6% sequential decline and the lowest reading of the year, according to a new analysis from Inside FHA/VA Lending.
https://www.insidemortgagefinance.com/articles/226492-ginnie-issuance-off-again-in-november-freedoms-activity-plunges-59?v=preview

Mortgage Demand Inches Higher as Interest Rates Move Lower
CNBC, Dec. 14, 2022–Diana Olick
After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates. Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
https://www.cnbc.com/2022/12/14/mortgage-demand-inches-higher-as-interest-rates-move-lower-.html

What to Watch for in the Housing Market in 2023
The Hill, Dec. 14, 2022–Julia Mueller
Though mortgage rates are up over the last year, they have been falling in recent weeks, and the Mortgage Bankers Association predicts 30-year mortgage rates will drop to around 5.2 percent by the end of 2023. Other forecasters like Redfin and Realtor.com are also predicting that mortgage rates will likely fall slightly.
https://thehill.com/finance/finance-finance_the-year-ahead-in-finance/3773372-what-to-watch-for-in-the-housing-market-in-2023/

Fueling Growth in Mortgage Subservicing
DS News, Dec. 14, 2022–Eric Peck
Mortgage servicing and subservicing are critical components of the mortgage lifecycle, perhaps even more so as the housing market decelerates.
https://dsnews.com/news/12-14-2022/growth-mortgage-subservicing

Mortgage Lender Reputation is No. 1 Factor in Consumer Choice: Survey
National Mortgage News, Dec. 14, 2022–Brad Finkelstein (subscription)
Key to a consumer’s choice of originator in 2020 was its reputation, the National Survey of Mortgage Originations found. A 76% share of purchase applicants and 71% of refinancers responded said this was the primary factor for choosing a lender.
https://www.nationalmortgagenews.com/news/mortgage-lender-reputation-is-no-1-factor-in-consumer-choice-survey

Reverse Mortgage Giant Lays Off 119 on Long Island
The Real Deal, Dec. 14, 2022 (subscription)
A mortgage firm is laying off scores of Long Island employees in the wake of a Chapter 11 bankruptcy filing. Reverse Mortgage Funding is laying off 119 people from its Melville office, Newsday reported. The New Jersey-based lender informed the state Department of Labor about the layoffs the day before the Nov. 30 bankruptcy filing.
https://therealdeal.com/tristate/2022/12/14/reverse-mortgage-giant-lays-off-119-on-long-island/

Title Insurance Volume Dropped by Over 20% in Q3 2022
HousingWire, Dec. 14, 2022–Brooklee Han
Slower housing market conditions, mortgage rate volatility and rising affordability challenges took their toll on the title insurance industry during the third quarter of 2022. During the quarter, the title insurance industry generated $5.4 billion in title insurance premiums, down 20.6% year over year, according to the American Land Title Association’s Market Share Analysis released Tuesday.
https://www.housingwire.com/articles/title-insurance-volume-dropped-by-over-20-in-q3-2022/

Republicans Preview Harsh Oversight of CFPB’s Chopra in Next Congress
American Banker, Dec. 14, 2022–Claire Williams (subscription)
Republicans repeatedly categorized press releases, public guidance and other content on the CFPB’s website as de facto rulemakings, leading to multiple heated exchanges with Chopra. The accusations echo previous complaints about former CFPB Director Richard Cordray, who Republicans said attempted to regulate by unofficial channels rather than going through the public notice-and-comment periods.
https://www.americanbanker.com/news/republicans-preview-harsh-oversight-of-cfpbs-chopra-in-next-congress