Rural home purchase lending rose for the fifth straight year in 2016 although volume remains below pre-recession levels, according to new research by the Housing Assistance Council based on Home Mortgage Disclosure Act data. HAC, a nonprofit organization that supports and tracks affordable housing efforts in rural areas, estimated that 55 percent of the 1.05 million rural home loans originated last year were first-lien purchase mortgages. The increase was substantial compared to 2012 and 2013, when two-thirds of rural originations involved refinance, the group noted. The U.S. Department of Agriculture guaranteed 9 to 12 percent of all rural home purchase loans originated in each of the last three years, the study found. Of the 16.3 million HMDA submissions by covered institutions, an estimated 2.0 million involved funding for homes in rural or small-town communities, researchers found. While mortgage activity ...
Attorney Alan Kaplinsky said the new filing “may be an indicator of the enforcement philosophy of Mick Mulvaney… and how that philosophy may impact future CFPB enforcement activity.”
Acting Ginnie Mae President Michael Bright also issued a warning that expulsion from the program for “lenders who produce pools with inexplicably fast prepayment speeds” was a distinct possibility.
2017 has been the strongest purchase-mortgage market in years and momentum didn’t slow much in the third quarter, but the first-time buyer surge may be weakening.
It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...
Guaranteed Rate is accusing a former top executive of raiding talent at the Chicago-based firm by planning a mass exodus of key employees for a newly launched competitor across town. But Joseph Caltabiano, the company’s former senior vice president of mortgage lending, denies the allegations.
RSS