A recent ABA survey found that most mortgage lenders believe the new TRID rules will further restrict mortgage lending. Many say lending was already restricted resulting from last year’s ATR and QM rules. Now, TRID may continue such restrictions and possibly make it worse. The same survey revealed that banks reported the highest number of mortgages made to first-time homebuyers…
The hits just keep on coming. According to the latest Beracha, Hardin & Johnson “Buy vs. Rent Index” (bet you didn’t know this existed), the housing market is now trending more toward renting than buying (Rent vs. Buy). The American Dream of homeownership is shifting toward a dream to rent. What does this mean for mortgage lenders? Is America no…
Not according to a recent study done by the McArthur Foundation. According to their findings, many Americans believe we are still in the throes of a housing crisis (Crisis). This coupled with a recent study done by the Urban Institute indicating that homeownership rates will continue to decline into 2030 (Declines), doesn’t bode well for mortgage lenders. As my grandfather…
Have you heard the one about how the economy continues to improve yet you still can’t find a decent job? Well this is a little like that. Fannie Mae’s recent survey revealed that many homeowners believe now is a good time to sell (Seller’s Market). At the same time, the Wall Street Journal issued an article citing some information saying…
First Tennessee Bank will end up paying $212.5 million to settle allegations that they originated and delivered FHA insured loans that did not meet FHA eligibility (Fined). The settlement was brought about by an action by HUD and DOJ against First Tennessee under the False Claims Act. Interestingly, First Tennessee admitted that they had knowingly certified loans for the FHA…
With rents on the rise in many areas, are renters looking to make to move to homeownership? Not so, according to a study commissioned by Freddie Mac (Study). In the past, many consumers rented a home or apartment until they could save enough money, and have sufficient income, to afford to buy a home. That is the American Dream. Is…
