National Mortgage News

22/12/2024

Most nonbanks saw personnel expenses increase in the third quarter, a reflection of companies preparing for purchase and refi activity that was expected, but barely came to fruition.

Nonbanks with servicing portfolios saw earnings dip, while expenses for most shot up in anticipation of more origination volume.

22/12/2024

National Mortgage News takes a look at a sextet of legal cases that spanned 2024, which will still be affecting the mortgage industry in 2025.

These are just a few of the legal actions that will have implications for mortgage firms going forward.

21/12/2024

Manchester-Nashua, New Hampshire has homes on the market for a median of 23 days and an average home price of $550,000. Read more about the 20 metros where homes sell the fastest. https://bit.ly/4eFriVL

The region of Manchester-Nashua, New Hampshire, has homes on the market for a median of 23 days and an average home price of $550,000.

21/12/2024

"In spite of the recent dip in purchase and refinance activity, we see the year-over-year improvements in purchase volume, cash-out and rate-and-term refinances as a bright spot," said Brennan O'Connell of Optimal Blue.

But the Federal Housing Administration program was the only mortgage loan type to gain market share month-to-month as measured by rate lock percentage.

20/12/2024

"We don't get our pricing from FICO. We do not pay FICO. We pay the repositories," National Consumer Reporting Association President Heather Russell-Schroeder said.

The three credit repositories are just as responsible as FICO for the third price increase in three years, the group representing credit report resellers argues.

20/12/2024

Should the shutdown go on long enough, it's possible that the Federal Emergency Management Agency would eventually run out of money to cover losses due to floods.

Flood insurance could hold up some home sales and lending, while major bank regulatory agencies will remain funded even if the government is unable to pass a funding bill before funding runs out Sept. 30.

20/12/2024

The driver for a relocation is to be close to friends and family, as homebuyers in 2024 want to be in areas where their support system is around them, said the National Association of Realtors' Jessica Lautz.

While what they get for their money is important, it was not the leading reason why home buyers decided to relocate, the National Association of Realtors said.

20/12/2024

“Short-sale mortgage fraud not only harms lending intuitions, it also depresses real estate values throughout our neighborhoods and prevents community members from gaining fair access to housing,” said Breon Peace, United States Attorney for the Eastern District of New York.

The perpetrators conspired to manipulate the short-sale process following the Great Financial Crisis, allowing them to renovate and flip homes for well above the original selling price and leading to millions in losses for lenders and government insurers.

20/12/2024

By adding a municipal CUSIP to its ML program CMBS issuances, Freddie Mac is looking to increase liquidity for these securitizations across both of those markets.

Freddie Mac is offering a municipal bond option for investors in its ML multifamily securitization offerings starting with its December issuance.

20/12/2024

The unusual nature of a recent lawsuit from the Department of Justice has put a multi-billion-dollar industry in the position of deciding either to violate federal law or run afoul of the DOJ, writes the former chief legal officer of Research In Motion Ltd.

The unusual nature of a recent lawsuit from the Department of Justice has put a multi-billion-dollar industry in the position of deciding either to violate federal law or run afoul of the DOJ, writes the former Chief Legal Officer of Research In Motion Ltd.

20/12/2024

President-elect Trump’s November win improves the chances that the Fannie Mae and Freddie Mac conservatorships will end. Read more about how Trump’s victory will impact the industry, as well as other post-election updates. https://bit.ly/3BjdD9q

President-elect Trump's victory comes with the support of a Republican Congress. Also in November, many states voted on local property tax matters.

19/12/2024

“Investors are finding a balance after several years of whiplash,” Redfin’s economist said.

Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.

19/12/2024

"To stay competitive, major lenders build their own proprietary scorecards to evaluate applications, and many would like to abandon standardized scores if they could, if not for that liquidity premium they get from it," Chopra said.

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

19/12/2024

“Major parts of the coastal housing market that US taxpayers shore up through the NFIP will soon be lost to flood waters,” wrote researchers at the University of Connecticut and London School of Economics.

Homeowners in areas affected by Hurricane Sandy have already seen growth in their property values lag behind the national median.

19/12/2024

"Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity," Freddie Mac Chief Economist Sam Khater said.

Over the past two weeks, the 10-year Treasury yield, priced on market expectations, increased over 40 basis points and that is finally being seen in the Freddie Mac survey.

19/12/2024

“This court…cannot offer plaintiff the relief requested without overhauling how HUD issues MIP refunds. This is impermissible,” a decision by a Florida federal judge read.

A federal court ruled the plaintiff wants "sweeping reforms the court is powerless to give."

19/12/2024

"If anything, organizations should increase their security persistence on holidays and weekends, knowing that threat actors aren't taking time off," said Chris Inglis, strategic advisor at Semperis.

While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.

19/12/2024

The share of banks with non-satisfactory marks in the Fed's large financial institution, or LFI, rating system continued to trend up in the report.