MarketWatch, May 5, 2022–Jacob PassyMortgage rates are skyrocketing thanks to the Fed, but buyers who can tough out this difficult, changing market will be rewarded.https://www.marketwatch.com/story/the-pandemic-boom-in-home-sales-is-over-mortgage-rates-soar-to-highest-level-since-2009-as-the-fed-pressures-the-housing-market-11651760108
Category: Top National News
Fed, Biden Administration Float New Lending Rules for Lower-Income Areas
Wall Street Journal, May 5, 2022– (subscription)Top U.S. banking regulators are poised to overhaul how banks lend hundreds of billions of dollars annually in lower-income communities, after scrapping a Trump-era …
Mortgage Volumes Increase for First Time Since Early March
National Mortgage News, May 4, 2022–Spencer LeeThe recent slide in mortgage activity reversed course, as weekly volumes picked up for the first time since early March. Gains were reported in …
loanDepot Plans to Launch ‘Digital’ HELOC in Q3
HousingWire, May 3, 2022–Flávia Furlan NunesNonbank heavyweight loanDepot will unveil a home equity line of credit (HELOC) product in the third quarter of 2022, the first offering of its recently …
New Residential Outshines Mr. Cooper on MSR Markup: $845 Million
National Mortgage News, May 3, 2022–Paul Muolo (subscription)As most any mortgage banker knows, when rates rise — as they have this year (and rapidly) — servicing rights increase in value.https://www.insidemortgagefinance.com/articles/224484-new-residential-out-shines-mr-cooper-on-msr-markup-845-million?
Expanded-Credit MBS Issuance Hits Record in 1Q22
Inside Mortgage Finance, May 2, 2022–Brandon Ivey (subscription)Issuance of expanded-credit mortgage-backed securities sailed to a record $14.10 billion in the first quarter even as interest rates increased and spreads widened, …
MBA Networking Organization Galvanizes Women
Scotsman Guide, May 2, 2022–Hannah DardenAt a Mortgage Bankers Association conference in 2015, MBA Chief Operating Officer Marcia Davies decided to host a networking luncheon for women. She had seen …
Rising Mortgage Rates Starting to Affect Residential Housing
Washington Post, May 3, 2022–Michele LernerThe combination of the limited number of homes for sale, continued double-digit price increases and the sharp rise in mortgage rates is taking a toll …
Interfirst to Lay Off 140 Employees
HousingWire, May 2, 2022–Flávia Furlan NunesSix months ago Interfirst Mortgage Co. issued pink slips to over 350 non-commissioned loan officers, a workforce reduction that former workers claimed to represent more …
Servicers Raise Concerns Over GSE Eligibility Requirements
Inside Mortgage Finance, May 2, 2022–Dennis Hollier (subscription)The Mortgage Bankers Association criticized the FHFA plan to impose a 2% liquidity requirement on servicers’ hedging position in the TBA market.https://www.insidemortgagefinance.com/articles/224476-servicers-raise-concerns-over-gse-eligibility-requirements?