Investors who focus on fixing homes and then selling them were less reliant on financing in the third quarter, according to Attom Data Solutions. A decline in the share of fix-and-flip financing has occurred at the same time that overall flipping activity is slowing. “Home flipping acts as a canary in the coal mine for a cooling housing market because the high velocity of transactions provides home flippers with some of the best and most real-time data on how the market is trending,” said Daren Blomquist ...
Legislation is needed to establish a digital registry system for mortgages and titles, according to two industry analysts, who recently released the Simplified Mortgage and Recorded Title Act, a proposed bill they claim will help prompt the return of a robust private secondary market for mortgages. The proposed legislation was drafted by William Fry, the sole proprietor of Greenwich Capital, and Robert Hockett, a professor at Cornell Law School. Prospects for the SMART Act look ...
Self-employed households have been slower to recover from the financial crisis even though they make more money than salaried households, according to a new study from The Urban Institute. The study attributes the situation partly to the fact that incomes for self-employed households are still below pre-crisis levels while incomes for salaried households have largely recovered. Also, mortgage use and the homeownership rate have largely declined more for self-employed ...
A dozen mortgage industry groups have asked the CFPB to update its integrated mortgage-disclosure rules in order to facilitate accurate disclosure of title insurance premiums and any potential available discounts to homeowners.
Commercial banks and savings institutions reported a total of $71.41 billion in home loan originations through their retail mortgage banking platforms during the third quarter of 2018, according to an Inside Mortgage Trends analysis of call report data. Retail mortgage production was down 5.1 percent from the second quarter and left year-to-date originations 13.6 percent below the amount reported during the first nine months of last year. The figures ... [Includes one data chart]
Repurchases of GSE loans by Fannie Mae and Freddie Mac sellers continued to decline in the third quarter, though the pipeline of unresolved buyback demands ticked higher. [Includes one data chart.]
With financial institutions set to report mortgage disclosure data collected in 2018 to the Consumer Financial Protection Bureau, attorneys are concerned that it may lead to an increase in fair lending investigations and enforcement actions by government agencies.
After several years of deliberations on how Fannie Mae and Freddie Mac use credit scores, the Federal Housing Finance Agency last week proposed a new rule on how the government-sponsored enterprises would consider new scoring methods.
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