Mortgage Daily, Feb. 26, 2018Alfer Rodenburg was a mortgage broker in Houston. He arranged first and second mortgages between prospective borrowers and wholesale mortgage lenders.
Category: Top National News
Manhattan Landlords Cut Deals to Stave Off Vacant Storefronts
Bloomberg, Feb. 27, 2018–Sarah MulhollandJust four years ago, the new owner of 115 Mercer St., a low-slung building in the heart of Manhattan’s Soho shopping district, managed to swiftly replace its tenants and lure retailers willing to shell out record rents. Now, that same landlord has to fight to get one of them to stay.
Mortgage Refinance Share Jumps 5% Despite Rising Interest Rates
HousingWire, Feb. 23, 2018–Kelsey RamirezThe refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae.
Gloves Off in CFPB Tug of War Between Mulvaney, Warren
American Banker, Feb. 23, 2018–Kate Berry (subscription)The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency’s architect, is escalating.
Mortgage Payments Get Back on Track After Harvey and Irma
National Mortgage News, Feb. 23, 2018–Bonnie Sinnock (subscription)Hurricane-related delinquencies are subsiding somewhat, and pre-storm foreclosures that were put on hold are resuming, said Black Knight.
The Mortgage Market Is Moving Into the Shadows
Bloomberg, Feb. 23, 2018The last financial crisis occurred in part because unregulated lending in the mortgage market got out of hand. Believe it or not, it’s starting to happen again, and could ultimately precipitate another disaster unless regulators get their act together.
More First-Time Buyers Using PMI as 3% Down Mortgages Make Gains
National Mortgage News, Feb. 22, 2018–Elina Tarkazikis (subscription)PMI carriers insured 157,000 loans for first-time homebuyers at the end of 2017, the best fourth quarter since 1994, due largely to more lenders and borrowers taking advantage of Fannie Mae and Freddie Mac’s 97% loan-to-value mortgage programs.
Many Lenders are Loosening Requirements for Prospective Home Buyers
Washington Post, Feb. 22, 2018–Michele LernerPushback against overly tight credit after the housing crisis, a shrunken proportion of first-time buyers and worry about affordability as home values rose led to some tweaks to guidelines that could ease financing pressures for home buyers this year.
CFPB Wants Firms to Sound Off, But Openness Carries Hidden Risks
National Mortgage News, Feb. 22, 2018–Kate Berry (subscription)Companies that have been investigated for wrongdoing by the Consumer Financial Protection Bureau are giving acting Director Mick Mulvaney an earful about how he should roll back enforcement practices. The big question is: Are they seizing on a golden opportunity to reshape the regulatory landscape, or are they shooting themselves in the foot?
Mortgage Insurers Continue Taking Market Share from FHA
National Mortgage News, Feb. 22, 2018–Brad Finkelstein (subscription)Total insurance-in-force for mortgage insurers–which included the three companies no longer actively underwriting–grew 10.6% last year over 2016, according to a Keefe, Bruyette & Woods report. FHA grew by 4.7% year-over-year.