By KIMBERLEY HAAS
As officials at the Federal Trade Commission continue to review the proposed acquisition of Black Knight by Intercontinental Exchange, the top Democrat on the House Financial Services Committee is reiterating her concerns about the merger.
U.S. Rep. Maxine Waters (D-CA) has said the two companies play a dominant role in the technology and data underlying the country’s mortgage markets and “such a monopoly would harm our nation’s consumers and our housing market.”
This week, Waters sent a letter to FTC Chair Lina Khan offering recommendations for a negotiated settlement agreement, saying there are anti-trust, financial stability, and consumer protection safeguard issues to be considered.
“In addition to potentially creating a housing finance conglomerate that would dwarf all…
By KIMBERLEY HAAS
The co-founder and president of a relationship management automation provider for mortgage professionals says taking a more personal approach to messaging makes a difference.
Jason Perkins says at Bonzo they were intentional about the features and assets they built into their system.
“We really wanted something that was going to move the needle for our business and create more conversations,” Perkins said in a recent interview with The Mortgage Note.
Perkins said they looked at the work loan officers were performing and figured out how to scale their voices with a few clicks of a button. A user can do everything from converting leads to nurturing past clients, he said.
“We have a broadcast feature, and you…
By KIMBERLEY HAAS
Addressing affordability issues by allowing for creative living solutions may be the key to getting more Millennials into homeownership.
According to the 2023 Home Buyers and Sellers Generational Trends Report published by the National Association of Realtors, the share of Millennial buyers has declined. Millennials between 24 and 42 years old made up 28% of all buyers surveyed.
The share of Millennial buyers dropped because Baby Boomers between 58 and 76 years old were on the move in the last half of 2021 and the first half of 2022. They made up 39% of buyers and were the largest share of homebuyers, taking the top spot from Millennials, who had held the position for eight years.
Overall,…
By KIMBERLEY HAAS
Federal housing officials have pledged to support people affected by the wildfires on the Hawaiian island of Maui as the state’s governor warns developers to stay away.
Officials from Ginnie Mae, the Federal Housing Administration, the Federal Housing Finance Agency, the United States Department of Agriculture, and the United States Department of Veterans Affairs issued a joint statement on Friday saying they are “committed to providing homeowners flexibilities and assistance so they feel the security of knowing they will have the option to return and rebuild when it is safe to do so.”
FHA-approved lenders doing business in Maui are encouraged to familiarize loan officers and operational teams with FHA’s 203(h) Disaster Mortgage, which provides up to…
By KIMBERLEY HAAS
Potential buyers patiently waiting for a surge in inventory before jumping into the housing market may be out of luck this fall.
Mike Simonsen, founder and president of Altos Research, said during a webinar on Thursday that there are no signs of such a thing happening anytime soon.
“There is no sign anywhere in the data of any surge in inventory,” Simonsen said. “So if you’ve got a buyer that’s like ‘I’m waiting for the big crash to come,’ the question is how long are you going to wait? Because it could come, maybe in 2025, but there’s no sign in the data right now of any of that coming.”
Simonsen has said that he expects 2023…
By KIMBERLEY HAAS
It is being estimated that the average teacher can afford 12% of homes for sale within commuting distance of their school and just 27% of available rentals in the same area.
These numbers come from a Redfin analysis which looked at 2022 median teacher salaries in the 50 most populous U.S. metro areas. Commuting distance was defined as 20 minutes or less during rush hour and affordability was defined as no more than 30% of the metro’s median teacher income. For house sales, a 10% down payment was assumed.
In 2019, before the pandemic boom drove up prices, the average teacher could afford 30% of homes for sale within commuting distance of their school. A lack of…
By KIMBERLEY HAAS
Officials at the Federal Housing Finance Agency say racial and ethnic valuation gaps in home appraisals are being reduced in a majority of states.
According to a blog published Tuesday, “Although an appraisal valuation gap continues to exist between white and minority population tracts, data indicate a reduced gap following actions by stakeholders and federal, state, and local agencies, including the release of the PAVE Action Plan.”
The federal Interagency Task Force on Property Appraisal and Valuation Equity was created in June of 2021 to tackle the problem of racial and ethnic bias in home valuations. It is comprised of 13 federal agencies and offices and is co-led by officials at the U.S. Department of Housing and…
By KIMBERLEY HAAS
Fannie Mae and Freddie Mac were affected this week after Fitch Ratings downgraded the country’s credit rating.
On Tuesday, leaders at Fitch issued a press release saying they had downgraded the United States of America’s Long-Term Foreign-Currency Issuer Default Rating from AAA to AA+.
Fitch is one of three nationally recognized statistical ratings organizations. The other two are Moody’s Investors Service and S&P Global Ratings.
Expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance were cited as reasons for the downgrade.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management. In addition, the government lacks a medium-term fiscal framework, unlike…
By KIMBERLEY HAAS
The woman who led Guild Mortgage as it grew into a national company with operations in 49 states says the key to success is to have confidence and ask questions.
Mary Ann McGarry retired as the CEO of Guild at the end of June after nearly 39 years with the company.
“I would just remind everyone to have confidence in what they can do and their abilities. They don’t have to know everything 100%, especially in this business, and it changes every day, so you have to be able to learn,” McGarry said in a recent interview with The Mortgage Note. “Learn everything and then you’ll earn it. Just keep voicing ideas and asking questions. Don’t be…
By KIMBERLEY HAAS
Building credit is important for people who want to move into homeownership but some industry leaders are working to show lenders that there are alternatives to the traditional FICO score.
A recent survey conducted on behalf of the technology company FormFree shows that of the respondents, 40% said that insufficient credit scores are one of the biggest barriers to homeownership. FICO scores are used by a majority of top lenders for their credit risk assessment needs.
While 49% of respondents said their credit score should be considered during the home loan process, 53% would prefer that their ability to pay bills on time be factored in.
FormFree released its alternative to the traditional credit score model in…
