Industry leaders are rallying around a federal bill that would permit the nationwide use of remote online notarization.
The Securing and Enabling Commerce Using Remote and Electronic Notarization Act, H.R. 1509, establishes national standards for remote and electronic notarizations. The legislation requires the creation and retention of video and audio recordings, as well as the use of communication technologies such as video chats during remote notarizations. It passed the House on Feb. 27.
Leaders at the Mortgage Bankers Association support remote online notarization on the state and national level. They say the bill’s requirements are consistent with industry standards.
“The bill’s minimum standards for RON are consistent with both the MBA-ALTA model state RON bill and the Mortgage Industry Standards…
Mortgage purchase demand declined after seeing a boost last week, triggered by an increase in rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 7.7%, wiping out last week’s 7.4% increase.
The average interest rate for 30-year fixed loans rose to 6.39% from 6.28%. A year ago that rate was 4.05%.
Bad inflation news this week pushed rates higher. Inflation rose 0.5% in January, more than expected. Shelter costs accounted for roughly half of the month-over-month increase.
Retail sales also jumped in January, adding to the Fed’s big inflation headache as it tries to steer the economy to a 2% inflation rate.
“Mortgage rates increased…
As rates retreat and home price appreciation cools, homebuyers are getting more bang for their buck, analysts at Zillow report.
Rising mortgage rates in 2022 pushed many buyers’ dream homes out of reach. Those who opted to stay in the market found that the homes they could afford were smaller and more expensive.
More affordable metros were the most impacted, as buyers competed for homes in those markets. Hartford had the largest dip in home size for $3,000, down 1,200 square feet. Indianapolis and Cleveland also saw homebuyers lose over 1,000 feet.
More expensive markets like San Jose, Los Angeles, San Diego, and San Francisco saw a similar trend.
“Mortgage rates have a huge impact on the types of homes…
Both purchase applications and refis saw increases as rates fell for a fifth consecutive week.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 7.4%.
Adjusted purchase applications increased by 3%, while the unadjusted index was up 4% from the week before and was 37% lower YOY.
Refinances saw a big upswing, rising 18% from the week prior. But they remain 75% lower than the same time last year, comprising only 33.9% of total applications.
In the past decade, refis averaged 58% of total activity.
“Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of…
Mortgage loan application volume increased again last week, continuing a trend of rising demand as mortgage rates slip.
The Mortgage Bankers Association’s weekly survey showed the adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 7%.
The results included an adjustment for Martin Luther King, Jr. Day.
Refinances drove the increase, up 15% from the week prior as mortgage rates fell to 6.2%, their lowest level since September.
They remain 77% lower than the same time last year, however, comprising only 31.9% of total applications. In the past decade, refis averaged 58% of total activity.
Purchase demand saw a boost as well, though not as drastic. Applications increased at a seasonally adjusted rate of 3%, but…
By KIMBERLEY HAAS With the Federal Reserve raising interest rates seven times this year – and with more rate hikes on the way in 2023 – people are wondering if their policies to cool inflation are unfairly punishing those in the housing market. The Fed’s policy-setting committee raised its benchmark rate a half-point to 4.5% this week. The goal is to reach 2% inflation by controlling monetary policy. The chair of the Federal Reserve opened his press conference on Wednesday saying that he would like to underscore for the American people that they understand the hardship that high inflation is causing. Jerome Powell said the U.S. economy has slowed significantly from last year’s rapid pace. “Recent indicators point to modest…
By CHUCK GREEN Despite a plethora of obstacles, there are prospective buyers chomping at the bit to purchase a home, according to experts. On Wednesday, Zillow Home Loans Senior Economist Matthew Speakman released a statement on mortgage rates dropping after a report on inflation showed that price pressures may finally be easing. “The arrival of weaker-than-expected October Consumer Price Index data was just the sign investors had been waiting for, and markets viewed it as a signal that the Federal Reserve may finally take its foot off the brakes as it determines the path forward for monetary policy,” Speakman said. “Bond yields tumbled as a result and mortgage rates – which had spent the last few weeks oscillating at or…
Kristy Fercho has been named Well Fargo’s new head of Diverse Segments, Representation, and Inclusion, the bank announced in a press release. She is succeeding Kleber Santos, who is transitioning to CEO of the bank’s Consumer Lending Business. Fercho is being promoted from her position as head of Wells Fargo Home Lending. In her new position, she will integrate diversity, equity, and inclusion into the various aspects of Well Fargo’s business, and deliver marketplace and workplace outcomes. “Our work on diversity, equity, and inclusion is a long-term commitment, and we will continue to advance it under Kristy’s leadership,” said Wells Fargo CEO Charlie Scharf. “Her deep business experience, including her most recent role as head of our Home Lending business,…
Leaders at the Mortgage Bankers Association have announced a series of high-level promotions. Justin Wiseman has been promoted to Vice President, Managing Regulatory Counsel. Heather Messam has been promoted to Vice President and Controller. Finally, Joel Kan has been promoted to Vice President, Deputy Chief Economist. Wiseman first joined MBA in 2012 and has held positions including Associate Regulatory Counsel and Director of Loan Administration Policy. He was promoted to Associate VP, Managing Regulatory Counsel in 2017. “Justin has been a tremendous asset to MBA and an invaluable resource to our members, providing strategic direction and strong legal intellect on a plethora of regulatory compliance and policy issues during his decade-plus tenure,” said Pete Mills, MBA’s Senior Vice President of…
Mortgage loan application volume fell another 2% last week, according to the Mortgage Bankers Association’s weekly survey. Interest rates rose to 6.81%, their highest point since 2006. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 2%. The adjusted purchase index fell 2%, while the unadjusted purchase index decreased 2% and was 39% lower YOY. The refinance index dropped by 2% and was 86% lower than the same time last year. Refis made up 29% of total applications. The ARM share of activity dipped slightly from last week as the 5/1 interest rate jumped 20 basis points from 5.36% to 5.56%. “The ARM share of applications remained quite high at 11.7%– just below last week’s…
