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The old joke, “Why don’t the Phillies have a website? Because they can’t string three W’s together!” is no longer true. The Phillies are doing just fine, and the MBA Annual is underway. Talk in the hallways includes the Community Home Lenders of America, National Association of Realtors, and Independent Community Bankers of America sending a letter calling on the administration to reduce the historically high, long-term mortgage rates relative to long-term Treasury bonds, and the supposed UMortgage financials (showing loans held for sale, typically the sign of a mortgage banker not a broker, but really, financials on Reddit?). For many IMBs, their goals by going to the MBA Annual here in Philadelphia include searching for the reason for the wide bid/ask spreads in MBS trading, the reason for the increased Agency buybacks (increased inspection rates and not taking chances on seller servicers not being around in the future, are usually mentioned as the ....
“My dog is really worried about the rising price of groceries, with a can of dog food now costing $3. That’s $21 in dog money.” As I travel and speak with originators, besides the regulatory environment being a concern (the latest example being the CFPB suing Freedom Mortgage yesterday), the cost to produce a loan is still a problem, and for some it is about to worsen. The last MBA’s study calculated that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) were $11k per loan in the second quarter. Talk of another round of credit cost changes swirl, good and bad, similar to the end of last year, prompted by Fair Issac and rippling through the bureaus and CRAs. (Any questions should be addressed to your credit provider.) (Today’s podcast can be found here. This week’s is sponsored by NotaryCam, your partner for The Perfect Close! Ease of use, additional closing ....
John F. Kennedy has been gone nearly 60 years, and Jackie Kennedy (Onassis) nearly 30, but the couple still resonates with people. The first home that they owned as a married couple is for sale in Washington DC. If you’re ever in a guessing game about the most expensive places to live in the United States, stick with the safe bets: New York and anything California. Seems the press has latched on to declining home sales, but declining due to high prices, lack of inventory, or lack of buyer’s interest? Other stories indicated increasing home sales, but in certain price ranges, more builder inventory, or continued Millennial first-time home buyer interest? Take your pick. Meanwhile, lenders and originators have their continued regulatory speedbumps. Orrick reports that, “The Conference of State Bank Supervisors (CSBS), on behalf of the NMLS Policy Committee, issued a request for public comments on proposed uniform state licensing standards for mortgage companies. The ....
The MBA’s servicing conference is taking place, and it is an important subject, along with the impact of the 30bp cut in MIP for FHA borrowers. Owning servicing rights certainly helped the bottom lines for many lenders last year, some would say it “saved their bacon.” There are always those warning us of impending doom and gloom scenarios regarding the trillions of mortgages outstanding. But really, come on. We may see an uptick in delinquencies and foreclosures, possibly because the numbers are so low now there’s nowhere to go but up. Borrowers have outstanding credit quality, and huge amounts of equity. And investors and the government offer many loss mitigation options. The industry has other things to worry about. Meanwhile, owners of mortgage servicing rights continue to sell packages, large and small, for various reasons, not the least of which is to raise cash. For the uninitiated who’d like to know exactly what a “servicing package ....