A tight inventory of existing homes for sale seems to be spurring an uptick in new home purchases. According to MBA stats, mortgage applications for new homes jumped in July by about 5% over last year. Although, Applications decreased by 12% from the prior month. Overall applications for new construction are on the rise as fewer existing homes are for…
Up until now, the elimination of the mortgage interest deduction has been considered off limits when discussing tax reforms. The third rail, don’t touch it, but that has changed. Elimination is a real possibility now on the table. In fact, according to Gary Cohn, National Economic Council Director, almost everything, including the mortgage interest deduction, is in play when it…
Let’s take a look at some recent headlines in the mortgage industry news: Bipartisan Senate Bill would force Fannie & Freddie to think outside FICO FHFA’s Watt: No Change in GSE credit scoring model until 2019 Freddie expects to double low down payment mortgage volume in ‘17 If you take the time to read these articles, you will find…
Over the last month or so, aside from Russia, all we read and heard about in the news is the repeal and replacement of Obamacare and the epic fail by the Republicans in their attempts to do so. This is a passionate concern of many Americans, regardless of their political persuasion. People care deeply about the issue and those who…
The Mortgage Bankers Association, along with several of the mortgage industry’s largest trade groups, continue on their quest to make things better for consumers and mortgage lenders. MBA, along with the others, are seeking a meeting with the new Attorney General, Jeff Sessions, to discuss issues related to enforcement actions against lenders under the False Claims Act. These discussions would…
Hope you all had a happy July 4th holiday. It’s great to see the country come together to celebrate our freedoms and honor those who sacrificed to preserve them. Even if it was only for one day! Another thing to celebrate is the improving economy. But, with continued low mortgage rates, great mortgage products, and increasing home values and equity,…
