The typical homeowner spends nearly $24,000 per year on non-mortgage housing expenses, which adds up to roughly $710,580 over a 30-year mortgage, according to a new report from Clever Real Estate, St. Louis.
Category: News and Trends
AI Is Already Influencing Your Loan Decisions. Is Your Governance Keeping Up?
AI is already a part of your lending operations. It’s screening applications, flagging risk, and powering the platforms your team relies on every day. In many cases, it’s also inside your vendors’ systems, running quietly in the background of decisions your organization is ultimately responsible for.
MCT Finds Refinance Slowdown as Geopolitical Uncertainty Persists
Mortgage Capital Trading, San Diego, said April lock volume reflects a market defined by rate-driven constraints and unresolved geopolitical uncertainty.
Chart of the Week: Monthly Payroll Growth and Unemployment Rates
Based on April’s employment report from the Bureau of Labor Statistics, there was some positive news on the job market for April, with the unemployment rate steady at 4.3%, employment growth at a solid 115,000, and wage growth picking up to 3.6% at an annual rate.
115,000 Jobs Added in April; Industry Economists Share Thoughts
The Bureau of Labor Statistics May 8 released employment data for April, reporting 115,000 jobs were added and the unemployment rate was unchanged at 4.3%.
MBA’s Laura Hopkins on the New mPower Visionary Award Program
mPower, MBA Promoting Opportunities for Women to Extend their Reach, has launched a new award program. Nominations are now officially open for the mPower Visionary Award program, and Mortgage Bankers Association Senior Vice President of Membership, Meetings and mPower Laura Hopkins sat down with MBA NewsLink to share some insights on the new recognition.
MBA Recognizes Select Members
MBA is proud to recognize its Select Associate Members and to thank them for their continued support of MBA and the real estate finance industry.
Foreclosure Auction Volume Hits Six-Year High, Auction.com Finds
Auction.com, Irvine, Calif., released its Q1 Auction Market Dispatch, finding that completed foreclosure auctions reached 66% of their Q1 2020 level, and were up 10% from Q4 and up 33% year-over-year. That’s also a six-year high.
Federal Reserve Holds Rate Steady; MBA Economist Mike Fratantoni Comments
The Federal Reserve on April 29 held interest rates steady, maintaining the federal funds rate in its current range of 3.5% to 3.75%.
MBA’s Bob Broeksmit Testifies at House Hearing on Beneficial Basel III Re-proposal Recommendations for Real Estate Finance
MBA President and CEO Bob Broeksmit, CMB, testified at a legislative hearing titled, “Prioritizing Main Street: Evaluating the Impact of Capital Proposals on Economic Growth and American Communities,” before the House Financial Services Committee.