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Mortgage Industry Adapts to Rising Interest Rates The U.S. mortgage industry is adapting to rising interest rates, transforming lending strategies, and borrower behaviors. This article explores the implications for lenders and borrowers, offering insights into new trends and strategies.
Lending (1549)
Goldman Pays Down $1.8B Settlement
Goldman Sachs has forgiven principal on 746 loans as part of two mortgage-related settlement agreements with the Department of Justice and three states, Eric Green noted in his ninth report as independent monitor of the consumer-relief portions of the agreements. Goldman has been working to satisfy a $1.8-billion consumer-relief obligation under the agreements from April… Read more...
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Wells Names JP Morgan Vet To Lead Tech Team
Wells Fargo and Co. has named Courtney Smith Goodrich chief operating officer for the Enterprise Information Technology team. She joins from JP Morgan Chase and Co., where she was chief technology strategy and programs officer Smith Goodrich will report to Scott Dillon, chief technology officer. In her role, she will have oversight responsibility for enterprise… Read more...
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Fannie Reports 75% of Net Interest Income Earned from G-Fees
Fannie Mae reported net interest income of $5.4 billion in the third-quarter derived primarily from guaranty fees on its $3.3 trillion portfolio. In fact, more than 75 percent of Fannie Mae’s net interest income in the third quarter of 2018 was derived from the loans underlying Fannie Mae mortgage backed securities in consolidated trusts, which… Read more...
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Rates Dipped This Week
Rates dropped slightly in the wake of last week’s increases, according to its Primary Mortgage Market Survey from Freddie Mac. “While higher mortgage rates have led to a decline in home sales this year, the weakness has been concentrated in expensive segments versus entry-level and first-time buyer which remains firm throughout most of the rest… Read more...
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Home Affordability in California Improves
More Californians could afford to purchase a home in the third quarter as flat home prices and stable interest rates combined to improve California housing affordability. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2018 edged up to 27 percent, from 26 percent in… Read more...
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Fed Outlines Plan to Tie Bank Reg Scrutiny to Risk
The Federal Reserve has proposed a framework that ties the degree of regulatory scrutiny to amount of risk exposure of a bank. The proposal would reduce compliance rules for firms with less risk but would increase for firms with greater risk. "The proposal would prescribe materially less stringent requirements on firms with less risk, while… Read more...
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Radian Q3 Reports New Written Insurance Dips, Earnings up 13%
Radian Group Inc. reported that new written mortgage insurance dropped 4% to $15.8 billion in the third quarter, from $16.4 billion in the second quarter of 2018. That’s an increase year over year of 4 percent ($15.1 billion). Of the $15.8 billion, borrower-paid originations accounted for 91 percent of total compared to 89 percent in… Read more...
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Black Knight's Software Solutions Revenue Up 7% in Q3
Black Knight Inc. reported that adjusted revenues from its software solutions increased 7% in the third quarter to $243.9 million, from $227.2 million in the same period a year earlier. The origination business rose 8%, while the servicing software business rose 7%. Black Knight delivers software, data and analytics to mortgage, real estate and capital… Read more...
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Ginnie Mae-NAFCU Discuss Housing Finance Reform
Senior officials of the National Association of Federally-Insured Credit Union and Ginnie Mae met this week to discuss housing finance challenges and credit union participation in Ginnie Mae programs—in anticipation of housing reform. The meeting between Dan Berger, president and CEO of NAFCU, and Michael Bright, acting president of Ginnie Mae, also covered the Association's … Read more...
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Stewart’s Title Income Unchanged, Head Count Down 8%
On the strength of a rise in per-file fee income for residential and commercial files, Stewart Information Services Corp. saw its title operating income hold steady. [caption id="attachment_7239" align="alignleft" width="150"] An increase in file fees helped Stewart's financial performance.[/caption] The domestic residential fee per file increased 10% to around $2,200, a result of the shift… Read more...
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