HMDA help is here. MISMO, the Mortgage Industry Standards Maintenance Organization, issued their new HMDA Implementation Toolkit (I’ve dubbed the HIT List) to help lenders prepare for, and report on, the new HMDA requirements (HIT List). These guidelines will make it much easier for a lender to comply with CFPB’s new HMDA requirements. However, if you’re not a MISMO member,…
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 credit offerings for conventional high balance loans. This was mainly due to the discontinuance of 7-year,…
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 rose by only 2 cents up to $25.61, following a 6-cent hike in…
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, this index is now down 1.5% since last June.( Sentiment ) This means that people have…
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 normal). We are told the economy…
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 “Boomerang Buyers” are ready to come back into the home…
