National Mortgage News, July 23, 2019–Brad Finkelstein (subscription)MGIC Investment Corp.’s second-quarter earnings coming in higher than expected can be seen as a positive for the other private mortgage insurers.
Category: Top National News
Equifax Hasn’t Heard the Last from Congress about Data Breach
National Mortgage News, July 22, 2019–Neil Haggerty (subscription)Despite having to cough up over half a billion dollars in a settlement with federal and state authorities, Equifax is likely not done answering to Congress for its 2017 data breach.
ARM, HELOC Mortgage Borrowers Could Get a Break if Fed Lowers Rates
Bankrate.com, July 22, 2019–Natalie CampisiSome borrowers might see lower monthly payments come the end of July if the Federal Reserve lowers interest rates.
Homeowners Refuse to Tap into Massive Equity. Is that a Mistake?
The Mortgage Reports, July 19, 2019–Erik J. MartinA strong housing market and rising home prices have contributed to higher rates of home equity. And home equity can be tapped via a home equity loan, home equity line of credit, or cash-out refi. But new research shows that, while owners are flush with equity, they aren’t tapping it as often as they did in the past. Most are choosing to continue building wealth and not borrow against what they’ve earned.
Bank of America Claims Ditech’s Sale of RMS ‘Threatens to Abandon’ Elderly Reverse Mortgage Borrowers
HousingWire, July 19, 2019–Jessica GuerinBank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it “threatens to abandon the thousands of elderly borrowers” whose reverse mortgages are being serviced by RMS.
FHFA’s Calabria: No Trump GSE Plan Until August or September
National Mortgage News, July 18, 2019–Hannah Lang (subscription)Federal Housing Finance Agency Director Mark Calabria now expects the report that will lay out the administration’s goals for releasing Fannie Mae and Freddie Mac from conservatorship to be published in August or September, he said.
Here’s Why FHA’s Recent Moves to Cut Insurance Premiums Won’t Boost Its Market Share
HousingWire, July 18, 2019–Jessica GuerinWhile the push for greater financial literacy is a worthy cause, it’s unlikely to boost FHA’s share of the mortgage market, Capital Economics said in a recent report, calling the premium cuts “too small to halt the downward trend in the FHA market share.”
Almost 40% of U.S. Homes Are ‘Free and Clear’ of a Mortgage
Bloomberg, July 17, 2019–Shelly HaganMore Americans are living mortgage free. About 37% of U.S. households are “free and clear,” meaning they no longer have a home mortgage to pay, according to a Zillow data analysis.
Federal Court Blocks HUD Guidance on Down Payment Assistance
National Mortgage News, July 17, 2019–Hannah Lang (subscription)A federal judge has dealt a blow to efforts by HUD to restrict nonprofit housing funds from offering down payment assistance.
Emboldened by CECL Delay, Industry Seeks Repeal
American Banker, July 17, 2019–John Reosti (subscription)Opponents of a new standard for recording loan losses are pressing the Financial Accounting Standards Board to go beyond its decision to delay implementation for most lenders.