Adobe Stock Mortgages no longer sit atop the payment hierarchy, as distressed consumers are 19% more likely to pay their auto loans first, according to FICO’s inaugural Score Credit Insights report released Tuesday. Mortgages had previously held the top spot from 2020-22. For consumers with open auto loans and mortgages, the 90-plus-day delinquency rate from […]
Auto loans pass mortgages on payment hierarchy Read More »
Union Home Mortgage reached an agreement to acquire the assets of Sierra Pacific Mortgage, National Mortgage News has confirmed. Terms of the transaction were not available. The Strongsville, Ohio company headed by past Mortgage Bankers Association Chairman Bill Cosgrove has completed a number of acquisitions in recent years. “We are excited to work with such
Union Home Mortgage to acquire Sierra Pacific assets Read More »
Home lenders were already pricing in a 25 basis-point Federal Open Market Committee cut as a key monetary meeting got underway Tuesday, suggesting that it’ll take an outcome beyond that for them to move lower. “If they cut 25 basis points and the narrative is neutral, and reasonable people can disagree or debate what neutral
Why mortgage lenders haven’t waited for the Fed to cut rates Read More »
A federal judge in Colorado ruled against a motion to dismiss from Rocket and Solidifi over allegations of appraisal bias that the U.S. government has pursued. The homeowner involved, Francesca Cheroutes, is part of the complaint as an intervening plaintiff. The motions sought to dismiss the allegations raised by both the government and Cheroutes. The
Judge rejects Rocket’s motion to dismiss discrimination suit Read More »
The Federal Reserve may be poised to resume interest-rate cuts this week, but it could do more to ease US mortgage costs and stimulate housing by using different tools involving its balance sheet, says Pacific Investment Management Co. Even as traders fully expect the Fed to cut their short-term target by a quarter-point toward 4%
Fed ‘Operation Mortgage Twist’ would boost housing: Pimco Read More »
Angus Mordant/Bloomberg Mortgage applications for new-home purchases remain up on a yearly basis, but August marked a notable fall from the summer’s first two months, new industry data showed. New-home purchase activity rose 1% compared with last year, but applications decreased by 6% from July, according to the Mortgage Bankers Association’s Builder Application Survey. August’s
New-home mortgage applications slow after two-month surge Read More »
Key Insight: Democratic Lawmakers say the 2023 CRA made important updates to a decades old framework, accounting for online banking and reducing CRA “grade inflation.” Supporting Data: The 2023 rule was backed by bipartisan members of the Federal Reserve Board, including Governor Waller and Chair Powell. Forward Look: Lawmakers are pressing regulators to defend the
Senate Democrats urge regulators to rethink CRA reversal Read More »
Sentiment among U.S. homebuilders remained at one of its lowest levels in years this month, underscoring the deep freeze in the housing market despite a recent drop in mortgage rates. An index of market conditions from the National Association of Home Builders and Wells Fargo was unchanged at 32 in September, similar to economists’ estimates
Homebuilder sentiment stays low despite mortgage-rate drop Read More »
Long-time industry executive Brian Vieaux will be the newest president of the Mortgage Industry Standards Maintenance Organization starting on Oct. 1. Vieaux is currently president and chief operating officer of Finlocker, where he has been with the company since July 2019. Previous roles in the lending side of the business include stints at Flagstar Bank,
Brian Vieaux to become new president at MISMO Read More »
The National Association of Realtors’ (NAR) Multiple Listing Options for Sellers (MLOS) Policy is slated to go into effect on September 30, and MLSs across the country are gearing up for the implementation of the policy. The policy, which was announced in early March, outlines the creation of delayed marketing exempt listings. According to the
MLSs gear up for the implementation of NAR’s delayed marketing Read More »