By ERIN FLYNN JAY There has been an uptick in foreclosure activity this year but industry professionals say the impact on the national housing market will be manageable moving into 2025. Marina Walsh, vice president of industry analysis at the Mortgage Bankers Association, recently told The Mortgage Note that delinquencies increased across all product types….
By ERIN FLYNN JAY With buyers already taking a “wait-and-see” approach due to high interest rates, low inventory, and an upcoming Presidential election, economists say another factor – the unemployment rate – could affect the housing market moving forward. “Higher unemployment can make individuals and families feel less secure about their personal financial situations, which…
Mortgage applications slipped after a weeks-long upward rally as rates ticked up. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 5.7%, reversing last week’s gains. Adjusted purchase applications declined by 1%, while the unadjusted index was down 3% and…
By ERIN FLYNN JAY As the Biden administration’s war on “junk fees” continues, mortgage industry leaders are saying closing costs are not the source of home affordability challenges. In March, leaders at the Consumer Financial Protection Bureau asked for input in a blog post aimed at challenging these costs. “Families who manage to save up…
The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
Americans watching cable news might have been cheered when they saw the latest jobs report: the United States added 303,000 new nonfarm jobs in March and unemployment fell to 3.8%. Both numbers exceeded expectations. But viewers who are also shopping for a mortgage may have had a different reaction. Economics and housing experts say less…
By ERIN FLYNN JAY The concept of mortgage porting, or transferring the terms of an existing loan over to a new property, has gained popularity as Americans locked into low interest rates try to figure out ways to navigate the current housing market. It is estimated that trading up to a 25% more expensive home…
The Biden administration’s move to cap rent increases for affordable housing units has split support in the industry. Officials announced last week that the administration will impose a 10% cap on YOY rent increases for property owners who are part of the Low-Income Housing Tax Credit program. Currently, LIHTC allows increases of 5% or double…
Mortgage applications pulled back from a weeks-long stretch of declines, increasing last week across the board. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index—a measure of mortgage loan application volume—increased by 9.7%, reversing the week prior’s 5.6% dip. Adjusted purchase applications rose by 11%, while the unadjusted index was up…
Mortgage applications fell for another week as rates remained above 7% and high home prices kept buyers on the bench. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 5.6%, piling onto the week prior’s 10.6% dip. Adjusted purchase applications slipped…
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