Home-equity lending weakened in late 2018 but remained a relatively bright spot in the mortgage business, according to an exclusive Inside Mortgage Finance market analysis. [Includes three data charts.]
A new report from the Consumer Financial Protection Bureau shows a dramatic shift by servicemembers who are first-time homebuyers from conventional to government-backed loans, particularly VA loans, during and after the financial crisis.
As policymakers evaluate systemic risk in the housing-finance market and act to avert the next crisis, they should avoid taking measures that would force market share away from nonbanks, the Mortgage Bankers Association cautioned.
Market participants welcomed the new FHA guidance that allows the use of third-party vendors as an alternative method to verify a borrower’s employment, income and assets directly with the employer and financial institutions.
With Mark Calabria’s confirmation as director of the Federal Housing Finance Agency seemingly imminent and the prospect looming of some kind of administrative reform of the government-sponspored enterprises, industry groups are getting anxious.
Among the four main mortgage products, only originations of expanded-credit loans increased in 2018. Originations of expanded-credit mortgages rose 20.2% to $45.2 billion last year, according to estimates by Inside Mortgage Finance. Total first-lien production declined by 9.9% during the year.
Higher conforming loan limits for agency mortgage-backed securities programs didn’t do much to offset a sharp decline in total jumbo lending last year, according to a new Inside Mortgage Finance ranking and analysis. [Includes three data charts.]
Zillow Group, which has tentacles in the mortgage industry, in late February announced that Rich Barton, the firm’s co-founder and former CEO, is returning as chief executive. Spencer Rascoff, a co-founder who has served as Zillow’s chief since 2010, will step down but will stay on as a director.
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