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Navigating the Unchartered Waters: Rising Interest Rates in Mortgage Lending Explore how rising interest rates are affecting mortgage lending and homebuyer affordability in the current market.
Lending (1495)
CFPB Report: Some Servicers’ Late Fees Run Amok of Regs
The Consumer Financial Protection Bureau examinations determined that mortgage servicers charged borrowers late fees greater than the amount permitted by their mortgage notes. To be sure, examiners identified several types of affected mortgage notes. For example, certain Federal Housing Authority mortgage notes permit servicers to collect late fees in the amount of 4 percent of… Read more...
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Gap Between Appraiser Opinions, Homeowner Perception of Value Widens: Quicken
February marks the fourth consecutive month the gap between owner estimates and appraiser opinions of home value has widened, though the difference remains small at a national level. Appraisal values in February were an average of 0.5 percent lower than what homeowners expected, according to the National Quicken Loans Home Price Perception Index. Home-value perception… Read more...
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First United Reports Net Income of $10.7M for 2018
First United Corp. reported consolidated net income available was $10.7 million for the year ended Dec. 31, 2018, compared to $4.1 million for 2017. First United is a holding company and the parent company of First United Bank & Trust. Basic and diluted net income per common share for the year ended Dec. 31, 2018 … Read more...
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CoreLogic Integrates OnSite with Encompass Platform
CoreLogic has integrated its OnSite property condition reports with the Ellie Mae Encompass platform. OnSite is a property condition report coupled along with a local market conditions and patent-pending features that are specifically designed to help institutions meet the Federal requirements when an automated valuation model is used for mortgage lending purposes. “Organizations are always… Read more...
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Trade Groups Urge FASB to Delay CECL
Nine financial services trade organizations are urging in a joint letter to the Financial Accounting Standards Board to delay implementation of its current expected credit loss standard to ensure there are no unintended consequences. Among the nine groups are CUNA and the Mortgage Bankers Association. In response to a proposed change in implementation of CECL,… Read more...
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Fannie's HPSI Holds Steady in February, Borrowers Less Bullish on Home Prices
The Fannie Mae Home Purchase Sentiment Index decreased 0.4 points in February to 84.3, reversing some of the increase seen in January. The HPSI is down 1.5 points compared with the same time last year. The largest change among the HPSI components this month was a 9-percentage point drop in the net share of Americans… Read more...
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Rates Rise, Reports Freddie Mac
Freddie Mac reported that mortgage rates rose after weeks of moderating, according to its “Primary Mortgage Market Survey.” [caption id="attachment_9187" align="alignleft" width="241"] Sam Khater[/caption] “While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” said Sam Khater, chief economist for Freddie Mac.… Read more...
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Mortgage Credit Availability Index Increases in February
The Mortgage Credit Availability Index rose 0.6 percent to 180.1 in February, according to a report from the Mortgage Bankers Association that analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The… Read more...
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LoanBeam Integrates with Freddie Mac’s Automated Underwriting System
LoanBeam, a provider of automated income calculations from digital tax return data, that their technology was integrated with Freddie Mac's automated underwriting system. Loan Product Advisor's asset and income modeler for self-employed borrowers, along with LoanBeam's platform, can speed the loan-origination process for them. "In today's competitive housing market, lenders rely on technology to help… Read more...
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CoreLogic Offers Automated Valuation Solutions
CoreLogic has unveiled its Total Home Value for Marketing solution. This is the latest addition to the CoreLogic Total Home Value suite, or Automated Valuation Models, that incorporate new technologies to help deliver more accurate home values. This step is part of the company’s plan to enhance its appraisal management company services, attain a 30… Read more...
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