National Mortgage News, Aug. 8, 2019–Bonnie Sinnock (subscription)More applications for non-QM loans might close if lenders and originators beefed up efforts to address missing or outdated information, according to a new Computershare study.
Category: Top National News
CFPB Study Shows Alternative Credit Models Lead to More Loans, Cheaper Loans
HousingWIre, Aug. 8, 2019–Ben LaneAccording to the Consumer Financial Protection Bureau, Upstart Network’s credit underwriting model uses traditional underwriting data like borrowers’ income and assets, along with various categories of alternative data, including information related to borrowers’ education and employment history.
Can the American Dream Mega-Mall Succeed in a Changing Retail World?
National Real Estate Investor, Aug. 8, 2019–Liz WolfThe $5 billion American Dream mall project in New Jersey is betting big on entertainment components. Can it succeed?
Falling Yields Rock U.S. Mortgage Bond Market
Reuters, Aug. 7, 2019–Richard LeongSome $8.4 trillion in mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae have been rocked by the swift decline in bond yields on worries that a wave of mortgage refinancing would erode the value of these bonds. (MBA mention)
Former Freddie CEO: Trump’s Treasury Sees GSE Reform as ‘Mostly Happened’
HousingWire, Aug. 7, 2019–Kathleen HowleyIn a 17-page paper published on Monday, “GSE Reform: None or Mostly Done?”, Former Freddie Mac CEO Donald Layton reveals a conversation he had a few months ago in a meeting with an unnamed senior official in the U.S. Treasury who told him: “GSE reform has already mostly happened.”
Could There Ever Be Negative Long-Term Mortgage Rates in the U.S.?
National Mortgage News, Aug. 7, 2019–Bonnie Sinnock (subscription)Falling rates: The phrase is music to a mortgage originator’s ears. But is it possible, even when it comes to the volume stimulating effects that a favorable rate environment brings, for there to eventually be too much of a good thing?
Mall Landlords Weigh Becoming Lenders to Blunt Retail Apocalypse
Bloomberg, Aug. 7, 2019–Laruen Coleman-Lochner, Eliza Ronalds-HannonMall landlords accustomed to offering rent reductions to ailing retailers are mulling a new strategy to forestall the industry’s collapse: positioning themselves as lenders to tenants struggling to stay afloat.
Ocwen: Profitability May Still Be a Year Away
National Mortgage News, Aug. 6, 2019–Bonnie Sinnock (subscription)Steeper rate declines contributed to a deeper quarterly net loss at Ocwen Financial, forcing it to extend its timeline for returning to profitability.
Moody’s Predicts Rise in Lender Profits
HousingWire, Aug. 6, 2019–Jessica GuerinA recent report from Moody’s revealed that banks reported a 0% net change in residential mortgage underwriting standards in the second quarter of 2019. And, with interest rates falling, it expects standards to “remain stable and possibly to tighten modestly.”
For the First Time Ever, Mortgage Bonds Are Being Sold at a Negative Rate
Bloomberg, Aug. 5, 2019–Frances SchwartzkopffIn the world’s biggest covered-bond market, a Danish bank says it’s now ready to sell 10-year mortgage-backed notes at a negative coupon for the first time.