14
JUL
2016
MCAI-mortgage-credit-availability-Index

Mortgage Credit Availability Drops Again

Fannie Mae’s Mortgage Credit Availability Index (MCAI) declined for the fourth straight month in June. The index, which measures the available credit offerings for home financing, fell 1.3%. Is this more bad news for the housing market? The drop is primarily due to decreased...
13
JUL
2016
June-unemployment-numbers-a-shot-of-good-news

June Employment Up; Housing Still Down

The economy got a little shot of good news with the June employment report. New jobs jumped by 287,000. Which is a far cry better than May’s adjusted 11,000. Overall more than 414,000 people were added to the workforce in June. Nice bump. Unfortunately, the average hourly wage...
12
JUL
2016
Bad-news-good-news

Home Purchase Sentiment is Down

With Brexit, mortgage rates have fallen to their lowest levels. Also feeding this decline is the lack of growth in the economy. This presents us with yet another good news; bad news scenario. Fannie’s latest Home Purchase Sentiment Index dropped 2.1% from last month. Overall,...
11
JUL
2016
Fed-standing-pat-on-col-economy

Fed is Standing Pat on a “Cool” Economy

It looks as though the Fed decided to play the cards they were dealt. For now, no announced raise in rates. This is mainly due to inflation running at less than 2%. Just in case you didn’t know, it’s at about 1.2%. Not so hot. (Cool Economy) I’m a little confused (I know, that’s...
08
JUL
2016
Boomerang-buyers-are-back-2008-mortgage-crash

They’re Back! Boomerang Buyers

It takes 7 years for a foreclosure to clear someone’s credit report. The housing crash hit in 2008 and as a result, many lost their homes in 2008 and 2009 through a foreclosure. That means that many of those foreclosures should be clearing off their credit reports. Get ready, the...
07
JUL
2016
Lower-costs-technology

Reducing the Costs of Compliance

A Stratmore Group study released in March of this year reported that as the direct result of new TRID rules compliance costs increased $210 per loan. The report also indicated the increase was mainly attributable to an increase in staff. So, why the need for more staff when an...
06
JUL
2016
CFPB-finds-flaws-lenders-CMS

CFPB Finds Flaws in Lenders’ CMS

CFPB’s recently released report of their supervisory action for the first 4 months of 2016 revealed that although most lenders are complying with mortgage-related laws, some are still having problems in some areas. CFPB’s Director, Richard Cordray, stated, “The bureau’s...
05
JUL
2016
are-there-any-affordable-houses-on-the-market

Good News on the Affordable Homefront

Those seeking their first home or affordable housing have had a difficult time recently finding housing that they can actually afford.  Millennials and those who lost their homes in the 2008 crash have driven up the cost of rental housing, while other existing homeowners took...
01
JUL
2016
CFPB-2018-HMDA-data-regulations

HMDA Creates Concerns for Lenders & Consumers

Beginning in 2019, lenders must report an additional 24 loan data elements under HMDA, collected for loans originated in 2018. This means lenders must be prepared by January 1, 2018, to capture these data elements. A complete list of the required data can be found at HMDA....
30
JUN
2016
Banxit-FHA-Mortgage-independent-mortgage-banker

Another “Exit” Provides Opportunity

While Britain’s exit from the European Union is all the talk, the exit of the big banks from FHA lending offers an increased opportunity for Independent Mortgage Lenders and smaller Community Banks. “Banxit” has left the FHA-insured mortgage financing mainly in the hands of the...