Enjoy complimentary access to top ideas and insights — selected by our editors. Federal Reserve Board chairman Jerome Powell’s apparent pivot, widely seen as telegraphing a short-term rate cut in September, helped drive mortgage rates. However, the decline on the 30-year fixed rate mortgage was a mere 2 basis points, to 6.56% as of Aug. […]
Mortgage rates hit 10-month low as Powell hints at Fed cut Read More »
TransUnion publicly disclosed on Thursday that a cyber incident last month impacted more than 4.4 million people in the U.S. The breach, discovered on July 30, stemmed from unauthorized access to a third-party application that occurred on July 28, TransUnion said in a filing with the Maine attorney general. The company said the unauthorized access
TransUnion data breach affects 4.4 million Read More »
The softening housing market is starting to show up in slightly smaller mortgage payments. Home buyers paid up to $45 less on mortgage applications in July compared to June, according to the Mortgage Bankers Association. While some home loans are still more expensive than the same time last year, the trade group said buying power
How did monthly mortgage payments shrink this summer? Read More »
US pending sales of existing homes fell for a second month in July as potential buyers balked at still-elevated prices and borrowing costs, consistent with a sluggish housing market. An index of contract signings slipped 0.4% last month to 71.7, around where it’s lingered for much of the year, according to National Association of Realtors
US pending home sales fall again on affordability constraints Read More »
The U.S. Mortgage Insurers repeated its commitment for members to work with the Federal Housing Finance Agency to implement VantageScore 4.0. In an Aug. 27 blog post, the group said it welcomed FHFA Director Bill Pulte’s announcement permitting Fannie Mae and Freddie Mac to accept loans using the VantageScore 4.0 algorithm and its members will
Mortgage insurers commit to using VantageScore 4.0 Read More »
You may have seen talk online that new home inventory is at its highest level since the crash. And if you lived through the crash back in 2008, seeing new construction is up again may feel a little scary. But here’s what you need to remember: a lot of what you see online is designed
What Everyone’s Getting Wrong About the Rise in New Home Inventory Read More »
The old playbook of financing mainly single-family, site-built homes is getting a radical makeover, and we’re pleased to note that, looking at the numbers, down payment assistance (DPA) programs are leading this charge, allowing buyers to use funds to purchase manufactured homes, multi-family properties and newly constructed homes. Lenders can use DPA to reduce a
How DPA is rewriting the lending playbook Read More »
With real estate fraud becoming more sophisticated, the title insurance industry has taken a transformative step to protect consumers and redefine what it means to protect a home in today’s environment. This month, the American Land Title Association (ALTA) will introduce two new policy endorsements that offer forward-looking coverages that directly guard against seller impersonation
Title insurance industry innovates to protect consumers from fraud Read More »
Mortgage originations increased in the second quarter led by a boost in refinances, but the numbers show signs of the challenges the housing market still presents to lenders, according to new findings from Attom. Total origination volume between April and July clocked in at 1.76 million transactions, jumping 19.4% from the first quarter’s 1.47 million,
Refinances drive originations growth in Q2 Read More »
Adjustable-rate mortgages (ARMs) often get more attention when rates climb, but don’t fool yourself: their actual footprint in the U.S. housing market remains modest. Since a Zero Hedge tweet saying that ARM loans now make up 41% of mortgages held by U.S. banks went viral on Sunday night, the mortgage community has been abuzz with
ARMs remain a small share of mortgage loans despite viral 41% claim Read More »