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Here in Southern California for the California MBA’s Legal Issues and Regulatory Compliance Conference, the topics include RESPA, marketing services agreements and Section 8(a), and compliant low income and affordable housing lending. Speaking of which, Here’s a lousy headline to wake up to: “KeyBank Promised to Increase Low-Income Lending, Then Did the Opposite.” In other news lenders are watching, I don’t care if you don’t believe in climate change. And you don’t care whether or not I do. The point is, insurance companies, pension funds, private MI companies, and investors in mortgage-backed securities do, and the pricing and availability of mortgages, and insurance, in those areas is changing as well. Yet people are flocking to areas plagued by fire, hurricanes, and bed lice. (I threw that last one in to see if you were reading.) (Today’s podcast has an interview with Evergreen’s Robert Lipston on why now is the time for ....
The release yesterday of FHFA’s report on Agency Guarantee Fees prompted some of the discussion here in Kansas City among mortgage folks about how challenging things have become, especially with rates and pricing. Sure, there are opportunities, but things are tough. Do you think your job is tough? How about this reporter’s? Do you think you’re good at your job, finding borrowers, processing loans, drawing docs, selling the loans, whatever? Really good? This video speaks volumes about someone who is really, really good at their job. Despite millions of millennials still needing affordable housing, many builders think things are tough. The NAHB Housing Market Index hit 33 in November. What does that mean? Builder confidence in the market for newly built single-family homes posted its 11th straight monthly decline in November, dropping five points to 33, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released yeste ....
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With the Fed set to end its MBS purchases tomorrow, removing free money from the MBS market, where do you think home affordability will go from here? Mortgage rates are already at their highest levels since 2008 and in theory, a large buyer exiting the space should push MBS prices down and thus mortgage rates up. As one California mortgage executive wrote to me, “Home prices ran up 20 to 30 percent for two years, as Fed Chair Powell could not figure how to get his foot off the accelerator. There are good borrowers and good LTVs out there, but most have been priced out of the market with home values rising 20 percent per year. Take the free money away, and none of this is sustainable.” There is debate about if the Fed’s actions have created some sort of housing bubble. It remains to be seen whether home prices work their way lower, we see no price increases for a couple of years, or the pace of appreciation merely moderates. Helping affordability, more lenders are r ....