More than 14 million U.S. properties were “equity rich”–meaning loans secured by the property were 50 percent or less of market value–in the second quarter, reported ATTOM Data Solutions, Irvine, Calif.
Category: News and Trends
Fannie Mae: Upside Offsets Downside, Keeps Economic Growth on Pace
Looming geopolitical tensions and the growing potential for a U.S. government shutdown as well as a technical default pose risks to the economy but are not expected to derail full-year growth of 2.0 percent, according to the Fannie Mae Economic & Strategic Research Group’s August Economic and Housing Outlook.
CMBS Supply/Demand Fundamentals Stable
Commercial property market supply and demand fundamentals remained stable in the first quarter, reported Moody’s Investors Service, New York.
CMBS Delinquency Rate Drops, Issuance Increases
The commercial mortgage-backed securities delinquency rate dropped significantly in July after climbing in June and issuance volume remained healthy, reported Trepp and Kroll Bond Rating Agency, New York.
Trulia: Homeownership Gap Between Affluent and Low-Income Americans Shrinks Slightly
The Great Recession caused a dramatic increase in the homeownership gap between high-income and low-income households, but housing and economic growth during the recovery years helped to narrow this gap, said Trulia, Seattle.
Mortgage Delinquency Rate Lowest in Nearly a Decade
Economic ‘tailwinds’ are contributing to healthy mortgage performance, reported CoreLogic, Irvine, Calif., as the delinquency rate fell to its lowest point in nearly a decade.
Black Knight: 10% Down Payment Volume at 7-Year High
Black Knight Financial Services, Jacksonville, Fla., said more than 1.5 million borrowers have purchased homes with 10 percent down payments over the past 12 months, the highest such volume in seven years.
MBA Offers CFPB Recommendations on Proposed HMDA Rule Amendments
The Mortgage Bankers Association, in a letter to the Consumer Financial Protection Bureau, offered recommendations regarding proposed amendments to the Home Mortgage Disclosure Act.
MBA Letter Addresses CFPB Ability-to-Repay/QM Rule Assessment
The Mortgage Bankers Association sent a letter this week to the Consumer Financial Protection Bureau, addressing the Bureau’s Ability-to-Repay/Qualified Mortgage Rule and offering a set of recommendations to improve the rule.
MBA Leads Effort to Redirect Limited English Proficiency Question on Uniform Residential Loan Application
Following a Federal Housing Finance Agency request for input on issues faced by borrowers with limited English proficiency, the Mortgage Bankers Association and other associations raised serious concerns about proposals to add a “Language Preference” question to the Uniform Residential Loan Application.