National Mortgage Professional, Feb. 23, 2022–David KrechevskyThe homeownership rate for Black Americans (43.4%) is lower than in 2010 (44.2%) and nearly 30 percentage points less than white Americans (72.1%).https://nationalmortgageprofessional.com/news/us-homeownership-rate-posts-largest-increase-ever-2020
Category: Top National News
Loan Quality Stable as Volume Rises
Yardi Matrix blog, Feb. 23, 2022–Paul FiorillaMeasures of commercial mortgage quality, which have remained relatively conservative despite the growth in loan volume and capital flows into the industry, will be …
The Price of Worsening Sea Level Rise for CRE
Commercial Property Executive, Feb. 22, 2022–Barbra MurrayThe commercial real estate industry is pricing in and planning for sea level rise, “and elevation is the name of the game,” said Emily …
Ocwen Agrees to Pay $1.5M to Settle Class Action
HousingWire, Feb. 22, 2022–Flavia Furlan NunesNonbank mortgage servicer Ocwen agreed to pay $1.5 million to settle a class action lawsuit regarding alleged phone conversations recorded without clients’ consent.https://www.housingwire.com/articles/ocwen-agrees-to-pay-1-5m-to-settle-class-action/
Wells Fargo Sued for Discrimination Against Black Borrowers
National Mortgage News, Feb. 22, 2022–Andrew Martinez (subscription)A homebuyer has filed a class action suit against Wells Fargo, claiming the bank discriminated against African American borrowers through its mortgage origination …
Mortgage Businesses Seen Laying Off Thousands as Volume Drops
Bloomberg, Feb. 22, 2022–Carmen ArroyoU.S. home mortgage lenders have spent much of the last two years hiring. Now they might have to spend the coming months laying workers off. (MBA …
Warehouse Commitments Drop, Usage Rates Begin to Crumble
Inside Mortgage Finance, Feb. 18, 2022–Paul MuoloWarehouse financiers ended 2021 with $144.0 billion of commitments on their books, a sequential decline of 2.0%, capping off a record year for residential …
Secondary Market Deliveries Earn a Reprieve in January
Inside Mortgage Finance, Feb. 16, 2022–Dennis HollierThere was a slight increase in mortgage deliveries to Fannie Mae and Freddie Mac in January, despite rising interest rates and a low inventory …
Fannie Mae Doubles Net Worth But Remains Very Undercapitalized
National Mortgage News, Feb. 15, 2022–Brad Finkelstein (subscription)Even as Fannie Mae’s net worth almost doubled in the fourth quarter compared with 12 months prior, the government-sponsored enterprise remains significantly undercapitalized, …
Late Payments Decline but Serious Delinquencies are Elevated
Inside Mortgage Finance, Feb. 15, 2022–Brandon IveyThe reading for total delinquencies as of the end of 2021 suggests that late payments tied to the pandemic are in the past, according …