Inside Mortgage Finance, Mar. 7, 2023–Paul MuoloCMG Mortgage, San Ramon, CA, Monday announced it had purchased the retail branch network of Homebridge Financial Services, Iselin, NJ, for an undisclosed sum. …
Category: Top National News
Ohio Bank Paying $9M To Settle Redlining Complaint
National Mortgage Professional, Mar. 7, 2023–Keith GriffinIn the settlement, the DOJ said PNB, headquartered in Newark, Ohio, relied on its branch network, mortgage lenders concentrated in majority-white neighborhoods, and internal …
NAHB: 49% Of U.S. Households Can’t Afford A $250K Home
National Mortgage Professional, Mar. 6, 2023–David KrechevskyOf the 132.5 million households nationwide, nearly 49% are unable to afford a house priced at $250,000.That’s according to the National Association of Home …
Older Mortgage Applicants are More Likely to be Rejected, Study Finds
Yahoo Finance, March 6, 2023–Gabriella Cruz-MartinezThe older you get, the weaker your chances are at getting approved for a mortgage or refinance, according to a new study from the Center …
How Private Mortgage Insurers Plan to Weather 2023 Downturn
National Mortgage News, Mar. 6, 2023–Brad Finkelstein (subscription)The active private mortgage insurers have sufficient capital on hand to meet the requirements to keep their counterparty status with Fannie Mae and …
February, a Tough Month for GSE Loan Sales
Inside Mortgage Finance, Mar. 6, 2023–Dennis HollierResidential lenders securitized $35.4 billion of product through Fannie Mae and Freddie Mac in February, a sequential decline of 26.4% and an ugly year-to-date …
Redfin: 53% Fewer Affordable Homes For Sale In 2022
National Mortgage Professional, Mar. 3, 2023–David KrechevskyRoughly one in five (21%) U.S. homes for sale in 2022 was affordable for the typical household, down from two in five (40%) and …
FHA May Loosen its Branch Registration Requirements
National Mortgage News, Mar. 3, 2023–Bonnie Sinnock (subscription)The Federal Housing Administration is proposing to scale back the office registration requirement for the mortgage companies making the loans it insures.https://www.nationalmortgagenews.com/news/fha-may-loosen-its-branch-registration-requirements
Fraud, Fraud, Everywhere Fraud
The Housing Scene (UExpress), Mar. 3, 2023–Lew SichelmanWhile late-night TV scams and robocall schemes are coming under increased scrutiny by state and federal officials, new real estate-related swindles continue to …
FHA Premium Change Will Help Home Buyers
Wall Street Journal, March 1, 2023–Bob Broeksmit (subscription) In this letter to the editor of the Wall Street Journal, Mortgage Bankers Association President and CEO Bob Broeksmit, CMB, said HUD’s …