Enjoy complimentary access to top ideas and insights — selected by our editors.Want unlimited access to top ideas and insights? Subscribe Now Third quarter earnings are in for the residential mortgage industry and the results show both challenges and opportunities in a volatile interest rate market. The rally in the Treasury market has made selling […]
Mortgage firms split on MSR hedging strategies Read More »
A 50-year mortgage on a median-priced US home could reduce borrower’s monthly repayment, but also double the amount of interest the owner pays over the life of the loan, according to UBS Group AG analysts. The longer mortgage could lower the monthly payment by about $119, or increase an average consumer’s purchasing power by almost
A 50-year mortgage to double interest paid over tenor, UBS says Read More »
As the government shutdown comes to an end, two congressmen introduced legislation to retroactively restore the National Flood Insurance Program. Reps. Troy Carter, D-La., and Mike Ezell, R-Miss., introduced the Retroactive Renewal and Reauthorization Act to the House Monday, with hopes to backdate the reauthorization of the insurance program to Sept. 30, the day before
Flood insurance retroactive restoration bill introduced Read More »
Refinancing slowed down in October after consecutive months of dramatic spikes, pushing down rate-lock activity. Rate locks fell 4.2% to 122 from September to October, but were still up 18% on a year-over-year basis, according to Optimal Blue’s latest Market Advantage mortgage data report. Purchase locks decreased 1.5% last month, following seasonal trends, while rate-and-term
Refi spike tapers off despite falling rates Read More »
Key Insight: The CFPB has enough money to operate through Dec. 31st, but the Justice Department filed a motion about a “potential lapse in appropriations.” Supporting Data: The government is relying on claims by the Office of Legal Counsel that the central bank lacks “combined earnings” to fund the CFPB, as required by the Dodd-Frank
DOJ: CFPB cannot request new funding from the Fed Read More »
In a year marked by consolidation, the mortgage industry saw another two merger agreements over the past week, both leading to unions between Mid Atlantic lenders. On Monday, Northern Virginia-based Atlantic Coast Mortgage reported it had reached a deal to acquire a fellow in-state retail lender. Located in Fairfax and currently licensed in 40 states,
Mortgage M&A streak continues with new deals Read More »
New insurance written at the nation’s six active private mortgage insurers continued to run ahead of last year’s pace during the third quarter, with the market share gap widening between the top and bottom. For the quarter, the MIs wrote $84.3 billion of new policies, compared with $81.2 billion three months prior and $82.5 billion
Mortgage insurers have strong 3Q for new policies written Read More »
Fannie Mae and Freddie Mac, two influential mortgage buyers the United States holds in conservatorship, are looking into doing more with loans transferred between buyers and sellers, according to Federal Housing Finance Agency Director Bill Pulte. “At Fannie and Freddie, we are evaluating how to do assumable or portable mortgages in a safe and sound
Fannie, Freddie eyeing assumable or portable loans: Pulte Read More »
President Donald Trump downplayed criticism of the potential creation of a 50-year mortgage product, saying it would help more Americans afford monthly payments on homes. “It’s not even a big deal,” Trump said in an interview with Fox News that aired on Monday. “All it means is you pay less per month. You pay it
Trump defends 50-year mortgage plan, calling it ‘not a big deal’ Read More »
A big year for mergers and acquisitions in the mortgage space has even profitable companies weighing moves as buyers are ponying up premiums. Stratmor Group Senior Partner Garth Graham said the strategic advisory firm is in the process of transactions with profitable companies who in past cycles would’ve stood pat, but are now mulling whether
Why even profitable lenders are thinking about selling Read More »