Wall Street Journal, Apr. 4, 2018–Robyn A. Friedman (subscription)A recent uptick in mortgage interest rates is increasing costs for buyers already grappling with rising prices.
Category: Top National News
MBA Calls for Competitive Credit Score Requirements
HousingWire, Apr. 3, 2018–Kelsey Ramirez”While credit scores play only a limited role in the underwriting process for loans acquired by the Enterprises, their impact on borrower eligibility and loan pricing warrants periodic review,” MBA President and CEO David Stevens wrote.
Freddie Mac to Offer Faster, Cheaper Financing on Affordable Rentals
HousingWire, Apr. 3, 2018–Kelsey RamirezFreddie Mac announced its program, Targeted Affordable Housing Express, a new offering designed to provide faster, simpler and cheaper financing for the preservation of smaller, affordable rental properties.
Hey Mortgage Lenders! Do You Know Why We Have an FHA Commissioner?
HousingWire, Apr. 3, 2018–Nate ShultzThe author, with independent mortgage bank TMS, says without an FHA commissioner in place, it will be unlikely lenders will see changes to FHA policy or processes.
Manufactured Housing Giant Endorses HUD’s Call for Regulatory Relief
National Mortgage News, Apr. 3, 2018–Brian Collins (subscription)The dominant player in manufactured housing, Clayton Homes, is supporting HUD’s review of construction and safety standards on manufactured homes.
Carrington to Start Offering Subprime Mortgages
National Mortgage News, Apr. 3, 2018–Brad Finkelstein (subscription)Carrington Mortgage Services’ decision to offer subprime mortgage loans was a natural progression from its decision four years ago to concentrate on borrowers with credit scores under 640.
Trump’s Consumer Watchdog Proposes to Trim Agency’s Power
Reuters, Apr. 2, 2018–Patrick RuckerMick Mulvaney, the head of the Consumer Financial Protection Bureau, said the agency has the kind of power that should only rest with Congress. “The Bureau is far too powerful, with precious little oversight of its activities,” Mulvaney told Congress in a routine report.
Time’s Up: GSE Reform Ain’t Happening This Year
National Mortgage News, Apr. 2, 2018–Victoria Finkle (subscription)When draft Senate legislation–based on talks between Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va.–leaked back in January, observers had warned the effort would need to quickly pick up steam in order to have a prayer of enactment ahead of the midterm elections this November. Instead, momentum has been moving in the wrong direction.
Adjustable-Rate Mortgage Applications Have Lower Fraud Risk
National Mortgage News, Apr. 2, 2018–Brad Finkelstein (subscription)There is now less fraud risk associated with adjustable-rate mortgage applications and this will offset some of the higher hazard associated with a purchase market, said First American Financial Corp.
This Booming Sector Puts Mortgage Industy at Risk Say Academics
Mortgage Professional America, Apr. 3, 2018–Steve RandallThe paper, “Liquidity Crises in the Mortgage Market,” highlights that many nonbank lenders failed during the housing bust but the sector has been growing since as the result of banks and others pulling back their exposure and tightening underwriting conditions.