Drivers for ride-sharing companies and other participants in the so-called gig economy largely work the jobs to earn extra money. But even with the supplemental earnings, many in the gig economy don’t expect to purchase a home any time soon, according to a survey by Fannie Mae. The lack of demand for mortgages from workers in the gig economy is significant because 16 percent of adults in the U.S. work in the sector, including ride sharing, food delivery, handyman services ...
Mortgages with high home price-to-income ratios tend to perform worse than mortgages with lower PTI ratios, according to economists at the Federal Reserve. The analysts suggest that PTI ratios are a helpful tool for gauging mortgage risk by tracking housing affordability. “Banks that have greater exposure of mortgages to high PTI regions have higher mortgage delinquency and charge-off rates and significantly higher probabilities of failure, even after controlling for ...
When it comes to hiring, mortgage banking firms aren’t quite sure what to make of the coming year, though some shops aren’t shy about planning for growth. One firm that’s squarely in the optimism column is United Wholesale Mortgage, the nation’s largest table-funder. The privately held nonbank currently employs 2,300 and hopes to add 450 next year as it tries to move up in the ranks. Mat Ishbia, president and CEO of UWM, told Inside Mortgage Trends the company is hiring in ...
Mortgage origination volumes are expected to stay flat year-over-year in 2018 at $1.65 trillion, as modestly rising purchase-mortgage volume is partially offset by declining refinances. The one bright spot is the mortgage insurance sector, according to analysts’ outlook in 2018. Sluggish mortgage activity suggests modest revenue growth in the sector with one exception – mortgage insurance, according to a Keefe, Bruyette & Woods analysis. KBW expects its “outperform” ratings for ...
A coalition of industry groups has urged the Senate Committee on Finance to retain the current capital gain exclusion on the sale of a principal residence, warning that such a provision in the Republican tax reform plan would adversely affect young families and those relocating to new jobs. Specifically, the proposal in the House and Senate versions of the tax bill would retain the $500,000 capital gain exclusion ($250,000 for unmarried taxpayers) but lengthen ownership and use requirements ...
Banks servicing delinquent mortgages in 2009-2010 allegedly delayed foreclosure starts in the districts of then-members of the House Financial Services Committee in order to influence legislative action on the Dodd-Frank Act, according to a working paper published by the Ohio State University.
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