The FDIC’s updated economic inclusion strategic plan includes a goal to increase mortgage lending by banks. The plan leans heavily on education and outreach, though CRA credit could also be an option.
The mortgage process met or exceeded the expectations of many homebuyers; interest rates look to be too high for potential homebuyers; the defect rate on mortgages declined again; tech vendor raises $19 million; Altisource Asset Management exits mortgage market.
Two large nonbank retail lenders took losses in the fourth quarter, with officials stressing that better days are ahead. Guild is growing through M&A while loanDepot is reducing its staffing.
The National Association of Hispanic Real Estate Professionals called for more public policy to support Hispanic lending, including through special purpose credit programs.
Lenders look to remote online notarization; Ocrolus offers rep-and-warrant coverage for income calculations; ICE offers tool to facilitate reconsiderations of appraisals; Planet Home launches products to help borrowers compete with cash offers; property insurance costs rise nearly 20%; Flagstar plans tech accelerator program; disconnect on homebuyers’ plans and saving for a downpayment.
In recent months, when interest rates have declined even slightly, loan applications have jumped, indicating that potential borrowers are keeping a close eye on interest rates. There could also be some relief on affordability as the inventory of homes for sale increased in February.
Lower-income households with mortgages have to make difficult budget choices to accommodate the resumption of student loan payments, new research showed. Overall, though, the payment restart is expected to have modest effects on mortgage performance.
RSS