MBA Newslinks Archive

“The consensus among economists is that the 30-year, fixed-rate mortgage will approach 5 percent by the end of this year. All else held equal, this will make housing more expensive. However, some perspective is important. The historical average for the 30-year, fixed-rate mortgage is about 8 percent so, even with the expected increase, mortgage rates will still be low by historical standards.”–First American Chief Economist Mark Fleming.

“Receipt of a CID can cause lasting reputational harm to the recipient and frequently requires significant resources to respond. For these reasons, the Bureau’s CIDs should be targeted and limited, with a clearly defined process to challenge them if necessary. Such a process will allow the Bureau to investigate specific allegations to their satisfaction without requiring CID recipients to answer broad and vague requests for information under very tight timelines.”–MBA President and CEO David H. Stevens, CMB, in a letter to the Consumer Financial Protection Bureau on its Civil Investigative Demands process.

“While demand is buttressed by healthy consumer fundamentals such as low unemployment and robust job growth, chronically low inventory and skyrocketing prices plagues the housing market.”–Cheryl Young, senior economist with Trulia, San Francisco.

“This year’s home-shopping season is shaping up to be even crazier than last, and sadly, the group that will have the hardest time is first-time and lower-income homebuyers. These buyers will be competing for the few entry level homes on the market, which are also the ones appreciating the fastest because of extremely high demand.”–Zillow Chief Economist Svenja Gudell.

“I recognize that tax reform was the initial priority of this Administration, but we have to be capable of walking and chewing gum at the same time. I’m hopeful that the Administration and the Treasury Department will engage with Congress and move forward with comprehensive housing finance reform.” –Rep. French Hill, R-Ark., speaking at the MBA National Advocacy Conference.

“Comprehensive housing reform remains my highest priority. While we have bipartisan cooperation on housing reform, we do not have a final solution, but we are working on it.”–Senate Banking Committee Chairman Mike Crapo, R-Idaho, speaking yesterday at the MBA National Advocacy Conference.

“Sellers are slow to list this year and we aren’t seeing enough new construction homes to fill the gap. If we don’t see the new listings number turn around next month or a pickup in new housing starts, inventory will be a persistent drag on sales for the remainder of the year.”–Redfin chief economist Nela Richardson.

“Two important trends signal that some modest relief for the housing supply shortage is on the way–the continued year-over-year growth in completions means more homes on the market in the short-term and the dramatic rise in construction employment this month indicates housing construction is likely to increase in the months ahead.”–First American Financial Corp. Chief Economist Mark Fleming.

“We have to get better; online is the play. We have members overseas that want to–and have to–obtain a complete mortgage online. We have to be able to accommodate them.”–Ben Sizemore, senior vice president of mortgage transformation with Pentagon Federal Credit Union, Arlington, Va.

“What we see is a lot of lack of preparation. What we also see are a lot of companies in a reactive mode, because they didn’t prepare for an attack they didn’t think was going to happen.”–Tom Clerici, cyber security practice director with Arraya Solutions, Plymouth Meeting, Pa.