Legislation is needed to establish a digital registry system for mortgages and titles, according to two industry analysts, who recently released the Simplified Mortgage and Recorded Title Act, a proposed bill they claim will help prompt the return of a robust private secondary market for mortgages. The proposed legislation was drafted by William Fry, the sole proprietor of Greenwich Capital, and Robert Hockett, a professor at Cornell Law School. Prospects for the SMART Act look ...
Self-employed households have been slower to recover from the financial crisis even though they make more money than salaried households, according to a new study from The Urban Institute. The study attributes the situation partly to the fact that incomes for self-employed households are still below pre-crisis levels while incomes for salaried households have largely recovered. Also, mortgage use and the homeownership rate have largely declined more for self-employed ...
Commercial banks and savings institutions reported a total of $71.41 billion in home loan originations through their retail mortgage banking platforms during the third quarter of 2018, according to an Inside Mortgage Trends analysis of call report data. Retail mortgage production was down 5.1 percent from the second quarter and left year-to-date originations 13.6 percent below the amount reported during the first nine months of last year. The figures ... [Includes one data chart]
Lenders are pessimistic about the outlook on profit margins and demand for purchase mortgages and refinances, according to a survey of 212 lenders by Fannie Mae.
One advisor said he knows of three bulk transactions that are stalled: one sized at $7.0 billion, another at $16.0 billion, and one more at $24.5 billion.
Loans with DTI ratios exceeding 50 percent accounted for 29.60 percent of FHA business in Ginnie MBS during the first two months of the fourth quarter…
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