Opinion: Community Home Lenders Of America To Influence Mortgage Policies In Washington

Editor’s Note: This article was written by a contributor and contains the individual’s views, opinions, or personal experiences. Last week, we announced the merger of the Community Mortgage Lenders of America and theCommunity Home Lenders Association under a renamed Community Home Lenders of America (CHLA). To date, both organizations have represented a similar profile of members and have historically taken similar policy positions. After extended discussion, we both concluded that combining CMLA and CHLA would mean more members, more financial resources, and more combined staff. This would enhance our ability to influence mortgage policies in Washington and explain the key role community lenders and in particular smaller independent mortgage banks (IMBs)—play in mortgage lending. Policy fights in Washington are not…

Cooldown Coming In Housing Market

By TYRONE TOWNSEND Rising mortgage rates may not have brought the housing market to a halt just yet, but experts are predicting a cooldown that will come in waves and hit different areas of the country at different times. As home prices begin to level off, the 30-year mortgage rate is moving between 5% and 6%. At the same time, consumer confidence is dwindling, and economic statistics indicate the housing industry is cooling after its frenzied surge during the Covid-19 pandemic. As a result, several Wall Street analysts are revising their outlooks for the homebuilding sector and downgrading some equities.  “The housing market faces both demand-side and supply-side challenges,” Robert Dietz, chief economist at the NAHB, said in a statement.…

Ishbia Beaten Out in Bronco’s Ownership Bid by Walmart Billionaire

Mat Ishbia’s bid to become part-owner of the Denver Broncos got sacked by the deep pockets of Rob Walton, an heir to the legendary Walmart fortune. But that doesn’t mean the hard-charging – and sometimes controversial – Chief Executive at United Wholesale Mortgage is out of the game. “I do love sports and … one day in the future would I want to own a sports team? I would say yes,” Ishbia told Crain’s Detroit Business last year.  Not a surprising stance for a CEO who’s built his brand around his status as a walk-on member of Michigan State University’s 2000 championship basketball team. But his big-dollar backing of men’s MSU athletics may actually hinder Ishbia’s hopes of entering the exclusive…

Opinion: Black Mortgage Denials Are Increasing. We Need Tech-Based Solutions To Reverse The Trend

By KEVIN B. KIMBLE Editor’s Note: This article was written by a contributor and contains the individual’s views, opinions, or personal experiences. The Biden administration recently unveiled an action plan to address racial bias in home appraisals and other areas of the American housing system.  As new research from Zillow shows, this couldn’t come at a better time. Zillow found that there is a widening mortgage approval gap along racial lines.  Specifically, Black applicants are denied a mortgage at a rate 84 percent higher than white applicants.  This figure has been worsening, representing an increase of 10 percentage points since 2019.  The approval disparity has contributed to declining Black homeownership, a crucial aspect of wealth building.  The negative trend in Black mortgage denials is…