Analyst Barry Habib of MBS Highway told us last week that once the yield breaks above 3.00 percent it’s only a matter of time before it hits 3.80. Just think of what that might do to the mortgage business…
New lending in the conventional-conforming market stayed on an even keel in the fourth quarter of 2017, likely buoyed by a surge in refinance business.
Thanks to rising interest rates in the second half of 2017, sales of mortgage servicing rights boomed last year and, the way things stand today, 2018 could bring more of the same.
The Department of Veterans Affairs is directing lenders to provide early disclosures to help borrowers seeking an Interest Rate Reduction Refinance Loan determine whether they would actually benefit from the transaction and not end up victimized by a refinancing scam.
The U.S. Court of Appeals for the District of Columbia Circuit last week saved PHH Mortgage and its parent more than $100 million when it sent the lender’s dispute with the Consumer Financial Protection Bureau over issues related to the Real Estate Settlement Procedures Act back to the bureau, basically starting over.