Washington Post, Mar. 22, 2018–Michele LernerA recent “Retirement and Mortgages” survey by American Financing, a national mortgage banker, found 44 percent of Americans age 60 to 70 have a mortgage when they retire, with as many as 17 percent saying they may never pay it off.
Category: Top National News
Freddie Lifts Refi Forecast, Cuts Purchase Outlook
Mortgage Daily, Mar. 22, 2018Economists at Freddie Mac raised the outlook for refinances and lowered expected purchase financing for this year, dragging down the overall forecast.
$3.18T in Commercial/Multifamily Mortgage Debt Outstanding in 2017
National Mortgage Professional, Mar. 20, 2018–Phil HallCommercial/multifamily mortgage debt outstanding reached $3.18 trillion at the end of 2017, a 6.7 percent increase from the $200.3 billion level reached one year earlier, according to the Mortgage Bankers Association.
Senate to House: Don’t Risk Upending Deal on Dodd-Frank Rollback
Wall Street Journal, Mar. 20, 2018–Andrew Ackerman (subscription)Senators are pressing House lawmakers not to jeopardize what they see as their best opportunity to ease postcrisis financial regulations, urging them to quickly pass bipartisan Senate legislation without making changes.
A CFPB Commission Will Never Fly
National Mortgage News, Mar. 20, 2018–Kate Berry (subscription)Critics of the Consumer Financial Protection Bureau have long pinned their hopes on converting the Consumer Financial Protection Bureau’s leadership structure from a single director to a five-member commission. But with the recently passed Senate regulatory relief bill excluding such a measure, and that bill’s fate resting in the hands of moderate Democrats opposed to changes in the CFPB’s structure, such a measure is now dead on arrival.
5 HMDA Traps for Mortgage Lenders to Avoid in 2018
National Mortgage News, Mar. 20, 2018–Bonnie Sinnock (subscription)The new Home Mortgage Disclosure Act reporting requirements have been in place since the beginning of the year, but lenders are still adjusting to how they work in practice.
FHA Biz and Delinquency Improve, HECM Biz Spikes
Mortgage Daily, Mar. 20, 2018Monthly residential production picked up at the Federal Housing Administration, with reverse mortgage endorsements spiking. Single-family delinquency was down, and commercial mortgage endorsements jumped.
Reverse Mortgages Surge at Ginnie Mae
National Mortgage News, Mar. 20, 2018–Bonnie Sinnock (subscription)Ginnie Mae mortgage-backed securities backed by Home Equity Conversion Mortgages totaled $1.47 billion during February, up from $869 million the previous month and up from $713 million a year ago.
UBS to Pay $230M for Risky Mortgage-Backed Securities
Associated Press, Mar. 21, 2018Financial services firm UBS has agreed to pay $230 million to New York state in a legal settlement stemming from the firm’s handling of mortgage-based securities in the lead up to the 2008 financial crisis.
Critics of FHLB Membership Rule Aren’t Thrilled with Prospect of Repeal
National Mortgage News, Mar. 21, 2018–Brian Collins (subscription)The bill, sponsored by Sen. Tammy Duckworth, D-Ill., would reverse a 2016 rule by the Federal Housing Finance Agency that had expelled captive insurance companies from FHLB membership.