The House Appropriations Committee this week approved a FY 2018 spending bill for the Department of Housing and Urban Development with a $135 million allocation for information technology upgrades in lieu of a proposed lender fee. The set-aside also covers quality control and risk management improvements as well as other administrative costs. The recommended funding is $5 million more than the FY 2017 enacted level for administrative contract expenses and $25 million below the budget request. Approved by a vote of 31 to 20, the bill provides HUD with $38.3 billion in discretionary spending for FY 2018, down $487 million from the current level. The House bill authorizes $400 billion for loan guarantees under the FHA Mutual Mortgage Insurance Fund, including the Home Equity Conversion Mortgage program, and $500 billion for Ginnie Mae. Ginnie will also receive $25.4 million for agency staffing, which is ...
Affordability and job availability are driving millennials to seek homes in more affordable markets, particularly in the upper Midwest, according to Ellie Mae data for the month of May. Ellie Mae’s Millennial Tracker, which monitors millennial mortgage applications during specific times, found that the higher percentages of loans made to millennial borrowers are in Hutchinson and Austin, MN, and Wahpeton and Williston, ND. Anniston-Oxford-Jacksonville, AL, rounded out the top-five markets. Ellie Mae defines millennials as applicants born between 1980 and 1999. Data showed that 48 percent of millennial borrowers who closed loans in May were single. In Hutchinson, for example, the majority of borrowers were single men. “This suggests millennials may be embracing homeownership in these areas for reasons other than what we have historically seen, which was family formation,” explained ...
The nation’s megabanks have started reporting second-quarter results, revealing a mixed bag when it comes to residential originations, according to a new analysis from Inside Mortgage Finance. The nation’s largest home lender, Wells Fargo, so far, has turned in the strongest performance of the group, funding $56.0 billion of product, a handsome 27.3 percent improvement from the first quarter of the year. Bank of America held its own with a 15.8 percent sequential improvement and U.S. Bank hiked its production game by a more modest 10.2 percent. And then there are...[Includes one data table]
The House Appropriations Committee this week approved a fiscal year 2018 funding bill for the Department of Housing and Urban Development with a $135 million allocation for systems enhancements, quality control and risk management improvements in lieu of a proposed lender fee. Approved by a vote of 31 to 20, the bill provides HUD with $38.3 billion in discretionary funding for FY 2018, down $487 million from the current level. The House measure authorizes...
Mortgage firms of all types continued to add to their payrolls late this spring, with many firms reporting they’re searching for technology workers. Overall, nonbank lender/servicers added 1,400 full-time positions in May, bringing total sector employment to 242,900 positions, the best reading since December 2007, according to figures compiled by the Bureau of Labor Statistics. Separately, loan brokerage companies also added 1,400 jobs during the month, bringing their employment ...
Scams aimed at stealing homebuyers’ closing funds persist, according to a warning last week from the Consumer Financial Protection Bureau. The warning follows similar notices in recent years from the Federal Trade Commission. “The scammers attempt to steal the homebuyer’s closing funds – for example, their downpayment and closing costs – by sending the homebuyer an email posing as the homebuyer’s real estate agent or settlement agent (title company, escrow officer or attorney),” according to Davida Farrar, counsel in the CFPB’s consumer education and engagement division. In a post on the CFPB’s website, Farrar said...
There's a race on to see who will be the first to deliver a best-in-class lending automation product that the consumer trusts, said consultant Paul Hindman...
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