Mortgage Roundup (2/19/20) – Bloomberg’s Plan, Mortgage Applications & Low Rates

The Democrats are set to debate in Las Vegas tonight ahead of the Nevada caucuses. Meanwhile, in mortgage news … Mike Bloomberg’s financial reform policy plan has sweeping implications for the housing industry. Mortgage Bankers Association CEO David Stern urges everyone to give the plan a close read.  As Bloomberg prepares to join in his first Democratic presidential debate tonight, his new financial industry reform plan gives him an answer to 2020 contenders who say he’s too close to Wall Street. Other sectors of the banking industry are also on alert after Bloomberg surprised many with a comprehensive financial policy plan to rein in Wall Street. American Banker rounds up reactions from financial industry observers.  Weekly mortgage applications take a hit as mortgage rates rise, according to the Mortgage…

Mortgage Roundup (2/18/20) – Millennials, Affordable Markets & Coronavirus

As coronavirus fears spread, the more common flu has already hit 22 million people in the United States, health officials said. Meanwhile in mortgage news … The New York Times details how a millennial generation of aggressive savers could leave central bankers with less room to cut interest rates, which they have long done to boost growth in times of economic trouble. Millennials don’t trust lenders or the housing industry, leaving realtors and lenders struggling to connect with a huge demographic. A Housing Wire columnist outlines an approach to building trust. Less than 12 percent of homes sold in the fourth quarter were affordable to households earning the area’s median income, according to the National Association of Home Builders and…

Mortgage Roundup (2/13/20) – Surging Prices, Values & Private Mortgage Insurers

As Corona virus cases increase, China shakes up leadership. Barclays CEO is under investigation for links to Jeffrey Epstein. President Trump sets the stage to pardon Roger Stone, while one member of Congress floats new impeachment proceedings. Meanwhile in mortgage news … As low mortgage rates attract buyers, U.S. home prices surge. The median price of an existing single-family home increased 6.6 percent in the fourth quarter, hitting $274,900, according to the National Association of Realtors. Housing Wire’s Q&A with former FHFA director Ed DeMarco shows he is still on a mission to reform the GSEs and create a level playing field for private capital. Low mortgage rates are offsetting home affordability issues, according to the National Association of Realtor’s…

Mortgage Roundup (2/12/20) – Big Q4, Low Delinquencies & Historic Low Rates

Bernie Sanders wins in New Hampshire. President Trump pulls former US attorney Jessie Liu’s nomination for Treasury role. Meanwhile in mortgage news … Mortgage lending just had its biggest quarter in 14 years with originations climbing to their highest level since 2005, according to fourth quarter lending data from the Federal Reserve Bank of New York. The President’s budget for FY2021 calls for the elimination of block grant programs and a reduction of the Department of Housing and Urban Development’s budget by 15 percent. As employment remains strong, so does mortgage loan performance. Mortgage delinquencies dropped to a 40-year low in the fourth quarter as strong employment bolstered borrowers’ ability to make timely payments, the Mortgage Bankers Association said. With…

Mortgage Roundup (2/10/20) – January Jobs, No Broker Fees & Waiting To Buy

President Trump will propose a $4.8 trillion budget, with big cuts to foreign aid and safety net programs. The Iowa Democratic party released updated numbers that show Mayor Buttigieg the winner and Bernie Sanders second in Iowa caucuses. Meanwhile in mortgage news … The January jobs report bodes well for the housing market. The US Department of Labor announced that 225,000 jobs were created in January, while the unemployment rate was 3.6%, slightly higher than December as more people entered the work force. The labor force participation rate increased to its highest point since 2013. Home mortgage giants Fannie Mae and Freddie Mac announced they will stop purchasing adjustable-rate mortgages tied to the London Interbank Offered Rate (LIBOR) after 2020.…