The Consumer Financial Protection Bureau last week issued a rule that finalizes certain aspects of its May Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act.
Category: News and Trends
Fannie Mae: Without Data Standards (and MISMO), Mortgage Industry Doesn’t Go Digital
In a new white paper, Fannie Mae, Washington, D.C., has a simple message for mortgage lenders: go digital–or go out of business.
Black Knight: Lower Interest Rates Boost Home Affordability to Three-Year High
Black Knight, Jacksonville, Fla., said low interest rates reduced the national median income to make monthly principal and interest payments on the average-priced home in September to the most affordable level in three years.
Dispose Distress Early to Minimize Loss Severity
A new study of distressed property dispositions between 2003 and 2017 by Fannie Mae and academic researchers finds loss severity on nonperforming loans is lower when properties are disposed of early, before a lender takes ownership.
Millennials Moving More Frequently Than Previous Generations
Millennials are moving more often and living in their homes for a shorter period than previous generations, said Zillow Inc., Seattle.
Ellie Mae: Millennial Refis in August Amid Rate Drops
Ellie Mae, Pleasanton, Calif., said interest rates hovering at or below 4 percent spurred a “surge” in millennial refinances in August.
First American: August Loan Defects Down by 4%
First American Financial Corp., Santa Ana, Calif., said its monthly Loan Application Defect Index fell by 3.9 percent in August from July and by 5.2 percent from a year ago.
Redfin: People Who Bought Homes in 2012 Have Earned $203 Billion in Equity
Redfin, Seattle, said people who bought a home at the bottom of the market in 2012 have earned a median $141,000, or 261%, in home equity since then.
Fitch: High Loan-to-Values to Drive US RMBS Losses With ‘QM Patch’ End
Fitch Ratings, New York, said high debt-to-income loans no longer eligible for purchase by Fannie Mae and Freddie Mac are likely to have higher loss levels if the loans also have high loan-to-values.
BofA Survey: Americans Prefer Mortgage over Rent
Most Americans prefer a mortgage payment to paying rent monthly, said Bank of America, Charlotte, N.C., in its yearly Homebuyer Insights Report.