Orange County Register, July 7, 2022–Jeff LazersonFor years, many renters have struggled to qualify for a loan, simply because their credit files are too thin to generate a credit score. …
Category: Top National News
Adjustable-Rate Mortgages Have Risks But Can Save You money–and Demand for Them has Tripled Since January
CNBC, July 7, 2022–Mike WintersThe share of adjustible-rate mortgage applications has more than tripled to 10.1% since January, according to June data provided by the Mortgage Bankers Association.https://www.cnbc.com/2022/07/07/adjustable-rate-mortgages-have-risks-but-can-save-you-money.html
Title Insurers are Prepared for Impending Downturn: Fitch
National Mortgage News, July 6, 2022–Brad Finkelstein (subscription)Title insurance underwriters are well-prepared to survive the economic pressures roiling the U.S., as their statutory capital levels should remain strong, a Fitch …
Lenders’ Use of Rent Data in Loan Decisions Helps Homebuyers, But Dangers Lurk
National Mortgage News, July 5, 2022–Penny Crosman (subscription)The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But …
FHFA LLPA Changes Hit High-Balance, Second-Home Deliveries
Inside Mortgage Finance, July 5, 2022–John BancroftLenders quickly pulled back on their sales of high-balance mortgages and second-home loans to Fannie Mae and Freddie Mac as soon as new pricing …
FHFA Implements Fee But May Revisit Capital Framework That Includes It
National Mortgage News, July 1, 2022–Bonnie Sinnock (subscription)The Federal Housing Finance Agency is moving ahead with a controversial new charge for now, but it’s simultaneously exploring alternatives that may include …
FICO Score Simulator Paves Approval Path for Borderline Homebuyers
Orange County Register, June 30, 2022–Jeff LazersonThe tools used to help borrowers to reach their targeted middle FICO scores are called “what if” simulators and “way-finder” and are provided by …
New York’s Biggest Mall Buys More Time to Pay Back Mortgage Debt
Mortgage Professional America, June 24, 2022–Candyd MendozaDestiny USA, the largest mall in New York, has dodged a default bullet after securing a five-year extension from lenders to pay back $430 …
Student-Loan Forgiveness for Public-Service Workers Totals $8.1 Billion Since October
Wall Street Journal, June 24, 2022–Gabriel T. RubinThe Biden administration’s overhaul of a largely moribund student debt forgiveness program for public-service employees has led to $8.1 billion in approved relief …
Lender To Pay Over $1M To Resolve Mortgage Fraud Allegations
National Mortgage Professional, June 24, 2022–Keith GriffinAmerican Financial Network Inc., a mortgage lender based in Brea, Calif., has agreed to pay $1,037,145 to resolve allegations that it improperly and fraudulently …