The Lede

Despite increases in Millennial participation in the home-buying market, two reports suggest Millennials continue to face barriers that impede their entry into the market.

Black Knight, Jacksonville, Fla., said national delinquency rates fell in July as prepayment activity jumped to its highest level in nearly three years.

Demand for existing homes is strong, but one can't buy what's not for sale, said First American Financial Corp., Santa Ana, Calif.

HousingWire, Aug. 26, 2019--Kathleen HowleyThe average credit score of borrowers who refinanced mortgages in July with loans backed by Fannie Mae and Freddie Mac rose to a six-year high, according to an Ellie Mae report. The score was 750, up from 742 in June.

American Banker, Aug. 26, 2019--Neil Haggerty, Joe Adler (subscription)When lawmakers return from their late-summer break on Sept. 9, there are a host of unresolved financial services issues facing them, including efforts to let bankers serve the marijuana industry to reforms of anti-money-laundering requirements.

Wall Street Journal, Aug. 27, 2019--Andrew Ackerman (subscription)The Trump administration is close to releasing a blueprint for overhauling Fannie Mae and Freddie Mac, two companies that back half of the nation's $10 trillion mortgage market. The firms have been in government conservatorship since the 2008 financial crisis, and administration officials say it is time to return them to the private sector.

National Mortage News, Aug. 23, 2019--Elina Tarkazikis (subscription)Millennial mortgage debt is on pace to reach levels higher than any other generation, according to Experian.

American Banker, Aug. 25, 2019--Hannah Lang (subscription)Banks notched a clear victory this past week when regulators approved a significant rollback of the Volcker Rule. But the agencies aren't finished revamping the Dodd-Frank Act restrictions on bank trading.

CNBC, Aug. 26, 2019--Sarah O'BrienIf you've been considering a mortgage with an adjustable rate, your reasons for going that route might be disappearing.

Reuters, Aug. 22, 2019--Katanga Johnson, Michelle PriceU.S. mortgage firms are getting back into joint marketing and advertising arrangements, reviving a controversial practice that was effectively banned in the aftermath of the 2007-2008 subprime mortgage crisis.

NPR, Aug. 22, 2019--Brakkton BookerThe agreement, which amounts to a set of anti-robocall principles, is aimed at combating and preventing the phone-ringing annoyance. The tech giants will also provide other call blocking and call labeling for those customers who want more screening tools.

CNBC, Aug. 22, 2019--Diana OlickIt's very odd to suddenly see ARMs showing higher interest rates than the traditional 30-year fixed, which is what Bankrate.com is currently showing for average purchase mortgage rates. Refinance rates are still lower for ARMs.

National Mortgage News, Aug. 21, 2019--Brad Finkelstein (subscription)Trustees are concerned about obtaining proper consents from legacy residential mortgage-backed securities investors in a timely fashion in order to make the switch from Libor to another index, Fitch Ratings said.

National Mortgage Professional, Aug. 21, 2019--Phil HallThis year's hurricane season is now underway through November, and while there are no storms on the near-term horizon that should raise red flags, a new study by ValuePenguin.com found many homeowners in high-risk states expressed either ignorance or nonchalance regarding the property damage costs of hurricanes.

Yahoo! Finance, Aug. 21, 2019Citigroup C and Credit Suisse CS have re-entered the risky mortgage loans market or non-qualified mortgage, wherein they provide new home loans to borrowers with poor credit scores. However, per Mike Fratantoni, chief economist with the Mortgage Bankers Association, these non-QM loans are not like the Alt-A/subprime loans that were distributed prior to the housing crash.

Wall Street Journal, Aug. 21, 2019--Andrew Ackerman (subscription)The proposal comes more than a decade after the government seized the mortgage-finance firms to save them from collapse. It would likely seek to put the companies on a sounder financial footing and then release them from government control if Congress doesn't enact a more fundamental overhaul.

Urban Institute, Aug. 20, 2019--Michael NealThe household-owned value of the U.S. housing market is at an all-time high of $26.12 trillion--significantly higher than the pre-crisis peak of $22.68 trillion in 2006. Housing equity and non-HELOC (home equity line of credit) mortgage debt outstanding are also at historic highs. At the same time, the share of homeowners with a mortgage, at 62.9 percent, is at the lowest level since at least 2005.

Philadelphia Inquirer, Aug. 20, 2019--Joseph N. DiStefanoSantander Bank NA, the U.S. arm of Spain-based multinational lender Banco Santander, will lay off 66 staff at its Villanova mortgage offices this fall, the bank told the Pennsylvania Department of Labor in a federally required WARN Act notice.

The Real Deal, Aug. 20, 2019--Rich BockmannThree of the largest real estate investment trusts that buy up residential mortgages and package them into securities have cut their dividends so far this year. The cuts came after the yields on three-month and 10-year treasuries inverted in March for the first time in more than a decade.

American Banker, Aug. 20, 2019--Hannah Lang (subscription)The Federal Deposit Insurance Corp. board approved a final rule Tuesday that removes the so-called accounting prong. Last year, the agencies had proposed using fair value accounting as an alternative to the current standard, which financial services firms have also found burdensome.

National Mortgage News, Aug. 20, 2019--Bonnie Sinnock (subscription)Freddie Mac is replacing a manual form submission process used to correct post-settlement and real estate owned data with new technology.

National Mortgage Professional, Aug. 20, 2019--Phil HallA new study published by NDP Analytics has determined that increasing the funding fee on VA home loans could result in fewer servicemembers and veterans becoming homeowners.

Wall Street Journal, Aug. 21, 2019--Ben Eisen (subscription)More than a decade after home loans triggered the worst financial crisis in a generation, the strict lending requirements put in place during its aftermath are starting to erode. Home buyers with low credit scores or high debt levels as well as those lacking traditional employment are finding it easier to get credit.