Daily Dose

As of now, Fannie Mae and Freddie Mac only consider the FICO credit scoring model when making mortgage purchase decisions.

Although credit standards are easing, job markets are improving, and consumers continue to show the desire to own a home, actual homeownership remains at a low level across the nation.

A survey of 95 national banks and federal savings associations revealed overall on average, those institutions have eased their underwriting standards for the third consecutive year, according to a report from the Office of the Comptroller of the Currency.

Just as servicers were adjusting to the lowest ever standard mortgage modification interest rate established in November by Fannie Mae and Freddie Mac, the GSEs opted to raise it back up.

Since the TILA-RESPA Integrated Disclosures (TRID) rule went into effect on October 3, 2015, the mortgage industry has been mostly quiet about its effects—that is until now.

Although the housing market is expected to see slower growth in 2016, the industry is expected to continue on the path to recovery as the market expands and more households are formed.

Housing in some metros over the last four years has recovered more quickly driven by substantial economic growth, while housing has been slow to recover in some metros based on sluggish economic growth.

Homeowners and appraisers are inching closer to seeing eye to eye in terms of home value opinions. Quicken Loans’ national Home Price Perception Index found that the average appraisal in November was 1.87 percent lower than the value the homeowner expected.

The Federal Housing Administration (FHA) revealed its loan limits for 2016, according to an announcement Wednesday. The FHA said that loan limits will increase in 188 counties from the 2015 limits, but all other counties will remain at their current level.

The housing industry has become so accustomed to believing that renting is a popular trend and option among the millennial generation. However, research shows that picture is distorted and younger consumers are not as big on renting as we believe they are.