Mortgage Roundup (3/4/20) – Delinquencies, Climate Change & LIBOR

Biden leads Sanders in projected Super Tuesday primary results. The coronavirus spreads in Washington state as an Amazon employee tests positive. NASA is taking applications for people to travel to Mars and the moon.   And in mortgage news … The Mortgage Note rounds up reactions and analysis from the Federal Reserve’s emergency rate cut.  A USA Today editorial warns that the Fed’s rate cut leaves little room for a stimulus to address the next recession. The Mortgage Bankers Association announced that commercial and multifamily mortgage delinquencies remained at or near record-low delinquency rates. Insurance companies and lenders are responding to climate change by shifting risks to taxpayers.  Housing Wire provides an analysis of how the coronavirus will affect the housing market long term.  NerdWallet offers consumers advice on how to take advantage of…

Mortgage Roundup (3/3/20) – Super Tuesday, Refinancing & Phishing Scams

President Trump calls on the Federal Reserve to cut interest rates as coronavirus deaths increase. It’s Super Tuesday – the date 14 states that comprise a third of all delegates will help decide the Democratic presidential candidate nomination. A tornado tears through Nashville, killing two people and leaving widespread destruction.  And in mortgage news … Refinancing activity reached its highest levels since 2013, jumping 250 percent in the fourth quarter of 2019. Spending on residential construction in the United States increased 2.1 percent in January to $554.8 billion, helping drive overall construction levels to record levels, according to the U.S. Census Bureau.  The share of Americans who had credit scores above 700 increased to 59 percent, the highest on record. Realtor Magazine breaks down the demographics and regional differences.  …

Mortgage Roundup (3/2/20) – Co-buying, Single Homeowners & Application Defects

Coronavirus cases in the U.S. are up to 89 with a second confirmed death. Pete Buttigieg ends his presidential bid. McDonalds is giving away Egg McMuffins as Wendy’s launches a breakfast menu.  And in mortgage news … JPMorgan Chase & Co. is shifting half of its home-equity staff to mortgages to keep up with demand. Federal Housing Finance Agency Director Mark Calabria told members of the Credit Union National Association that he expects Fannie and Freddie public stock offerings to take place in 2021. Fannie and Freddie are two of the strangest creatures in finance. A Bloomberg story looks at the tricky job director of the U.S. Federal Housing Finance Agency, Mark Calabria faces. Mortgage application defects are at a new low with more refinancing activity in the pipeline.  The average rate on…

Mortgage Roundup (2/28/20) – Pending Sales, Fannie & Freddie

The first U.S. coronavirus with unknown origin is sparking calls for more rapid testing.  Barack Obama will not endorse Joe Biden ahead of Super Tuesday. The Federal Communications Commission is seeking hundreds of millions of dollars in fines from top carriers that it found failed to safeguard customers’ location data.  And in mortgage news … A good economy and low interest rates contributed to a big jump in pending home sales in January, according to the National Association of Realtors. The spike builds on a government report released a day earlier that showed new home sales were significantly higher in January. The Mortgage Note looks at where the sales occurred and what it bodes.  Fannie and Freddie to make record high contributions to housing trust funds that support state…

Mortgage Roundup (2/27/20) – Monthly Home Sales, Climate Change & iBuyers

The first person in the U.S. tests positive for coronavirus with no known link to foreign travel. Stocks fall sharply as fear around the coronavirus escalates. President Trump puts Vice President Mike Pence in charge of the nation’s coronavirus response. And in mortgage news … Mortgage applications to buy a home increased 1.5 percent last week. Mortgage rates are expected to get even more attractive as 10-year Treasury hits record low. Already lower mortgage rates could continue to slide giving the consumer an advantage 84 percent of Americans say buying a home is a priority for them this year.  January home sales make a jump to their highest level since 2007.  Climate change is seriously considered in one-third of housing decisions, according to a Redfin survey.  Reforms to FEMA’s…

Mortgage Roundup (2/26/20) – Virus Fears, Smaller Houses & Pet-Friendly Homes

Coronavirus fears continue to roil markets. CDC warns that spread in the U.S. is inevitable. South Carolina’s Democratic presidential debate was the most chaotic yet. Mortgage application data to be released today. And in other in mortgage news … New data shows that increased coronavirus cases caused mortgage rates to continue their downward slide. The Mortgage Report provides an analysis of how it will impact the housing market.  Joe Biden’s $640 billion housing plan relies heavily on taxes and fees on banks and other corporations. Lenders expect mortgage rates to hit a record low due to coronavirus fears.  Housing prices increased in all 50 states last quarter, led by the Mountain region. The National Association of Realtors reports that homeownership rates are significantly higher for white Americans. Ibuyer sales that bypass traditional realtors are…

Mortgage Roundup (2/25/20) – Markets Plunge, Biden Housing Plan & Single Buyers

Coronavirus cases top 80,000, while markets plunge. Moderna’s stocks surge, as the biotech company begins testing the first coronavirus vaccine. United Airlines gives $90,000 in travel vouchers after having to downgrade its best customers. Meanwhile in mortgage news … Coronavirus fears cause mortgage rates to plunge to 8-year lows.  Democratic presidential candidate Joe Biden calls for a national “Homeowner’s Bill of Rights,” as part of a $640 billion housing plan aimed at improving affordability, ending discrimination, protecting consumers and improving energy efficiency Low mortgage rates are pushing housing market potential to a two-year high. The growth is attributed to Millennials taking advantage of low financing costs and a strong economy. Competition among potential homebuyers heated up in January and home values are expected to increase, according to a survey of Redfin…

Mortgage Roundup (2/24/20) – Coronavirus Spreads, Mortgage Rates & Home Sales

Europe confronts coronavirus with eruption of cases in Italy. The G-20 warns of the coronavirus risk to economic growth, as global stocks fall. Meanwhile in mortgage news … U.S. mortgage rates inched up for the second week as the market prepares for an increase in inventory. While economic data is strong, concerns over the coronavirus are keeping rates in check.  Wells Fargo will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses and avoid criminal charges. One of the nation’s largest reverse mortgage lenders, One Reverse Mortgage, is “pausing” its operations,under the direction of its parent company Quicken Loans. Quicken is shifting all of the company’s employees over to Rocket Mortgage.  A Wall Street Journal editorial takes aim at a plan in…

Mortgage Roundup (2/21/20) – Housing Boss, Construction Numbers & Pocket Listings

Google is resisting demands from states to surrender documents for an investigation into possible anticompetitive practices. Justin Bieber and Twitter CEO Jack Dorsey are among 10.6 million affected by MGM Resorts cyber attack. Meanwhile in mortgage news … President Trump will nominate Dana Wade to Assistant Secretary for Housing, Federal Housing Commissioner. Wade was the Acting Federal Housing Administration Commissioner and Assistant Secretary for Housing. The Federal Housing Administration has a $1.3 trillion portfolio. Fannie Mae and Freddie Mac have published a Joint Credit Score Solicitation, which outlines the process for third-party credit score model developers to submit applications to the GSEs. Freddie Mac announced that a transfer of $9.1 billion of credit risk on $231 billion of single-family mortgagesfrom U.S. taxpayers to the private sector…

Mortgage Roundup (2/20/20) – Coronavirus, Sweet Freedom & Credit Card Debt

Last night’s debate among Democratic presidential candidates was full of attacks and animosity. White House economists predict growth won’t hit Trump’s 3 percent target unless big changes occur. Two passengers of the Diamond Princess cruise ship who contracted the coronavirus have died in Japan. Meanwhile in mortgage news … Federal Reserve officials dubbed coronavirus a “new risk” to the economy and indicate no major changes to rates are likely, according to minutes released Wednesday. Fannie Mae’s Economic and Strategic Research (ESR) Group suggest that low mortgage rates and strong demand will keep housing on a strong growth track.  The housing industry is calling for changes that would allow mortgage loan originators more freedom when it comes to changing their compensation. Mortgage loan originator compensation rules are strictly regulated by the…