The American dream of homeownership is not dead for Generation Z and Millennials, but they believe their path to get there will be challenging and may require some luck, reported Zillow, Seattle.
Category: News and Trends
MBA/Urban Institute Report Finds IMB Lending to Minority Neighborhoods/Borrowers Exceeds Banks
A report by the Urban Institute, commissioned by the Mortgage Bankers Association, found independent mortgage ban lending to low- and moderate-income neighborhoods, predominantly minority neighborhoods and LMI predominantly minority neighborhoods is much higher than bank lending in those neighborhoods.
FHFA Issues Notice of Proposed Rulemaking on Fair Lending Oversight
The Federal Housing Finance Agency seeks comment on a proposed rule that would formalize many existing practices regarding fair housing and fair lending oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Bob Caruso of ServiceMac LLC: Servicing Strategies in a Heightened Compliance Environment
Over the past two decades, regulatory and investor guidelines have become much more nuanced. In addition, maintaining on-going compliance to the rules and audit guidelines has been challenging given servicers’ day-to-day responsibilities. Servicers have had to become more agile and look for ways to update processes and implement changes quickly to reduce the risk of non-compliance.
ATTOM: 1Q Foreclosure Starts Up 29%; REO at 3-Year High
ATTOM, Irvine, Calif., said first quarter foreclosure filings rose by 6 percent from the fourth quarter and by 22 percent from a year ago.
MBA Secondary and Capital Markets Conference in NYC May 21-24
The Mortgage Bankers Association’s Secondary & Capital Markets Conference returns to the New York Marriott Marquis May 21-24.
Quote: Tuesday Apr. 25, 2023
“Our members have a substantial interest in this case because there is no existing legal authority to hold a lender liable for the acts of a third-party appraiser. In fact, the liability that does exist is for improperly interfering with an appraiser’s independent judgment. We disagree with the CFPB’s and DOJ’s statement that tries to extend liability to lenders for bias arising from the use of independent appraisers.”
–MBA President & CEO Robert Broeksmit, CMB.
MBA: Share of Mortgage Loans in Forbearance Decreases to 0.55%
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 5 basis points to 0.55% of servicers’ portfolio volume in March from 0.60% in February.
MISMO Seeks Members for New eHELOC Development Workgroup
MISMO®, the real estate finance industry standards organization, issued a call for participants to join a new development workgroup focused on creating standards for Electronic Home Equity Lines of Credit (eHELOC).
MBA: Share of Mortgage Loans in Forbearance Decreases to 0.55%
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 5 basis points to 0.55% of servicers’ portfolio volume in March from 0.60% in February.