No reason for panic yet: Only two jumbo (MBS) borrowers are currently more than 60 days delinquent and the foreclosure process has yet to start for either.
Credit unions have been slowly expanding their share of new mortgage originations for the past decade, but in 2014 the industry crossed a symbolic threshold, according to a new Inside MortgageFinance analysis of call-report data. For the first time, the credit union industry owns a double-digit share of new originations. The industry originated $30.0 billion of home mortgages during the second quarter – or 10.2 percent of the $295.0 billion in total mortgage originations for the period. Back in 2004, credit unions accounted...[Includes one data chart]
The U.S. Supreme Court gets another crack at deciding whether plaintiffs can bring a disparate-impact lawsuit under the Fair Housing Act (and by extension, the Equal Credit Opportunity Act), a question that has divided courts, lenders and consumer advocacy groups for years. The court’s partial grant of the petition in the Texas case would be its third opportunity in two years to rule on the controversial question. Two prior cases raising that issue, Township of Mount Holly v. Mt. Holly Gardens Citizen Action, Inc. and Magner v. Gallagher, were both settled before oral argument could be presented before the court. SCOTUS has agreed...
Another refi boomlet? One Long Island-based mortgage executive told us this: “Locks doubled from the day before and are up 30 percent over the previous 10 days”…
More clarity on the matter is expected later this month when Ginnie is set to release new guidance at the annual convention of the Mortgage Bankers Association.
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