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The Latest Trends in Lending Amidst Economic Shifts Explore the current trends in lending amidst economic shifts, focusing on interest rates, sustainability, and technological advancements in the mortgage industry.
Lending (1520)
CFPB Proposes New Rules for Debt Collecting
Today the Consumer Financial Protection Bureau (Bureau) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully… Read more...
Recent Drop In Rates Puts More Government Loans "In the Money" for Refinancing.
The Urban Institutes published its Monthly Chartbook for April. The data showed that a lot of loans are "in the money" when it comes to refinancing. This indicates that the increase in refinancing that that has been seen in the first quarter might be likely to continue. According to Urban Institute "Freddie Mac’s benchmark primary… Read more...
Short Takes From Around the Industry
New Day Financial: Rob Posner, founder and CEO of NewDay USA, the nation's 8th largest VA mortgage lender, announced the company has renewed its warehouse facility with BankUnited for $100 million. The company now has a total of $400 million in warehouse commitments, that also includes Texas Capital Bank and People's United Bank. Wolters Kluwer:… Read more...
Black Knight: Servicers Retained Just 18% of Customers Post-Refinance in Q1 2019, a 13-Year Low; Slight Rate Increase Reduces Refinanceable Population by 1 Million
The Data & Analytics division of Black Knight, Inc. (NYSE: BKI) just released its latest Mortgage Monitor Report, based upon the company's mortgage performance, housing and public records datasets. This month, by leveraging its McDash loan-level mortgage performance data in combination with public property records, Black Knight undertook an analysis of mortgage servicer retention… Read more...
Ellie Mae: Millennials Drove Close Times Down to Fastest Times Since Feb., 2015
With interest rates for 30-year mortgages declining, Millennials moved quickly to close their mortgages in March 2019. According to the latest Ellie Mae Millennial Tracker, the average 30-year note rate dipped to 4.75%, down from 4.85% in February, and the lowest percentage since April 2018. At the same time, average time to close for all… Read more...
Consumer Financial Protection Bureau Proposes Changes to HMDA Rules
The Consumer Financial Protection Bureau (Bureau) today issued a Notice of Proposed Rulemaking (NPRM), which proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act (HMDA) rules. The NPRM would provide relief to smaller lenders from HMDA’s data reporting… Read more...
Freddie Mac Offers New Program for Manufactured Housing
Yesterday Freddie Mac announced it's new CHOICEHomeSM program. This program is designed to bring conventional mortgage financing to factory-built homes to increase the availability of quality, affordable homes that borrowers want. It should increase borrower access to high-quality, affordable manufactured homes, while providing lenders with flexible financing options. CHOICEHome is available with Freddie Mac’s Home… Read more...
Intercontinental Exchange, Owner of MERS, Buying Simplifile for $335 Million
Intercontinental Exchange (ICE), the company that bought MERS last year and a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has entered into a definitive agreement to acquire Simplifile, LC. Simplifile operates one of the largest networks connecting the agents and jurisdictions that underpin… Read more...
Homestreet Earnings Report Reflects Costs of Exiting Single Family Mortgage Business
Homestreet Inc (Nasdaq:HMST) announced it's quarterly earnings. The company, who recently made a decision sell most of its residential mortgage business to Penny Mac, New Residential Mortgage and Homebridge Financial Services, had a net loss ( on both continued and discontinued operations) of $1.7M in Q1 2019 versus net income of $15.2M in Q4 2018.… Read more...
Redfin Survey: More Millennial Homebuyers Saving for a Down Payment the Old-Fashioned Way
Seventy-two percent of millennial homebuyers this year are saving for a down payment directly from their paychecks, up from 69 percent last year, according to a March survey of 2,000 U.S. homebuyers and sellers commissioned by Redfin, the tech-powered real estate brokerage. Over 500 respondents born between 1981 and 1996 responded to the survey. Redfin… Read more...
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