With home prices climbing and mortgage rates keeping owners locked in place, Americans are sitting on a record $34.5 trillion in home equity and lenders are eager to cash in. The $34.5T in equity marks a $600 billion increase from last year. The total equity Americans have in their homes is up $4.7 trillion from […]
Home equity surges and lenders smell opportunity Read More »
Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump
Frank Cassidy nominated as Federal Housing Commissioner Read More »
The Senate passed the Homebuyers Privacy Protection Act on Saturday, a move that will bring to an end most types of trigger leads. The legislation passed by unanimous consent, a move where a bill can be approved without a roll call vote. The bill now heads to President Donald Trump’s desk where he is expected
Senate passes trigger lead ban Read More »
Overall employment numbers fell below what the market anticipated, with 73,000 July job additions compared to estimates for 104,000, making it more likely that a mortgage rate drop is nigh and that industry hiring may escalate. Bond market reaction to the Bureau of Labor Statistics data could lower long-term mortgage rates near term, according to
Weak jobs data boosts odds of mortgage rate drop Read More »
Rocket Cos. returned to profitability in the second quarter even with a Spring home sales market which started off poorly, but has been gaining momentum month-by-month that should continue beyond September, company management said. During the quarter, the company reported net income of $34 million. This compared with a first quarter loss of $212 million.
Rocket profitable in Q2 in spite of weak spring market Read More »
Intercontinental Exchange touted Encompass wins in the second quarter and revealed coming technology upgrades that it expects to enhance mortgage bond trading in its latest earnings call. The company’s mortgage technology unit reported growth on both a quarterly and annual basis, with operating income coming in at $11 million in the second quarter. Operating margin
ICE plans upgrades to improve mortgage securities trading Read More »
The real estate industry is watching the brewing legal battle between two major real estate players over the way homes are listed and sold. Leading brokerage Compass filed an antitrust lawsuit last month against listing giant Zillow in a fight over exclusive property listings. It’s the latest tussle in the real estate agent space, a
What lenders need to know about Zillow v. Compass Read More »
Anniemac Home Mortgage is buying a small Florida-based shop, in a move that will grow its presence in the Sunshine State. Anniemac will acquire certain assets of Florida Funding, a firm based in Orlando. Since its founding in 2017, the Florida-based company has originated more than $600 million in loans, a press release claims. Details
Anniemac expands into Florida with purchase of lender Read More »
In a week marked by another Federal Reserve meeting, mortgage rates largely flatlined with the central bank’s decision surprising few. The average 30-year fixed rate edged down to 6.72% as of July 31, according to Freddie Mac’s weekly Primary Mortgage Market survey. The average dropped 2 basis points from 6.74% a week earlier, and was
Why mortgage rates are trapped in a narrow range Read More »
Homebuyers got some relief last month as they found themselves with slightly lower mortgage payments. The Mortgage Bankers Association’s Purchase Applications Payment Index fell 1.8% month-to-month, an indication that borrowers are finding their mortgages more affordable. The index measures borrower affordability by looking at new monthly mortgage payments relative to income; a decline signifies that
Average mortgage payment dips, easing buyer strain Read More »