News

Friday’s employment report for April from the Bureau of Labor Statistics showed strong growth overall, but the same could not be said for the mortgage industry. Industry professionals called the report's mortgage job data "disappointing," but the jump in growth in all jobs could mean further rate hikes from the Fed.

Fannie Mae’s first quarter net income was down sharply from that in Q4. Gains in risk management derivatives were overshadowed by smaller increases in interest rates and less income from fees. Lower refinancing activity also contributed to the smaller bottom line.

Regions Bank, one of the top 20 U.S. banks, renewed its agreement to use LoanSphere MSP on its first mortgage loans and will also be converting home equity loans and lines over to LoanSphere MSP.

The Consumer Financial Protection Bureau (CFPB) is planning to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the rule, and will issue a report of their assessment by January 2019.

Americans by and large are confident in the housing market. But a new survey by ValueInsured shows some fissures in the foundation. Slowly and quietly, more Americans are having their doubts about buying a home this year.

New data shows that August is the best time for homebuyers. According to recent analysis, housing inventory is up significantly by the end of summer, causing many sellers to reduce their listing price. In fact, buyers who wait until late summer may actually pay less than if they’d bought during other times of the year.

Mortgage rates remained fairly steady this week, even as the Financial Open Market Committee met to discuss potential hikes in the federal funds rate. These low rates may not stay for long, however. Reports found that the rate for a 30-year fixed-rate mortgage has stayed flat, but experts noted that the Fed's "half-full" economic outlook may mean rates will rise again at some point this year.

Following a contentious hearing earlier this week, the Financial Services Committee voted to move forward with the Financial CHOICE Act to a full House vote. The Financial CHOICE Act "ends taxpayer-funded bank bailouts, and unleashes America’s economic potential," said FInanical Services Committee Chairman Jeb Hensarling.

Alitsource Portfolio Solutions, a mortgage and real estate technology provider, announced today that its Vendorly platform, which manages vendor oversight for financial institutions, is now available to all across the market. Previously, Vendorly was only available to members of the Lenders One Cooperative, a national alliance of independent mortgage professionals.

Factual Data, a Loveland, Colorado-based company providing mortgage credit and verification services to mortgage lenders, announced this week 4506-T IRS tax transcript verification services through Fannie Mae’s Desktop Underwriter, part of the GSE’s Day 1 Certainty program.