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Fannie updates AML rules, Freddie adds a buydown option

Fannie Mae, Freddie Mac, Originations, Secondary markets, Underwriting /

The larger of two influential government-related mortgage buyers has made clear that even non depository mortgage companies not governed by the Bank Secrecy Act still have certain anti-money laundering responsibilities. “If a seller/servicer is not subject to the BSA’s AML provisions, it must establish a suspicious activity identification program,” Fannie Mae said in a bulletin, […]

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Mortgage rates drop again but chance of Fed cut also falls

Economy, MARKETING TO BORROWERS, Mortgage Rates, Originations /

For the first time since mid-April mortgage rates fell below 6.7%, but the data doesn’t take into account the diminished likelihood the Federal Open Market Committee will reduce short-term rates at this month’s meeting. It is a result of this morning’s jobs report coming in hotter than expected, with observers now postulating the Fed is

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Mortgage jobs, others inch up, as rate cut tensions grow

Capital markets, Economic indicators, Industry News, Mortgage Rates, Originations /

Mortgage bankers and brokers have been engaging in cautious hiring and they might want to remain careful about it given the complications the latest job numbers add to the rate outlook. At 266,700, nondepositories in the industry added an estimated 1,300 positions during the May homebuying season when compared to revised April numbers as total

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Former First American Title co-president joins TRG as CEO

CAREER & COMPENSATION, Career moves, Originations, Underwriting /

Kevin Wall, who abruptly departed First American as co-president of its title underwriter one week ago, has a new job: CEO of Title Resources Group. Current CEO J. Scott McCall is becoming the privately held company’s vice chairman. The changes become effective July 28. Kevin Wall is the new CEO of Title Resources Group. Last

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Refi applications soar as homeowners seize on lower rates

Mortgage applications, Mortgage Rates, Originations, Refinance /

Homeowners who were locked into high interest rates have been eager for them to dip so they can refinance. Last week, many saw their chance and took it. Mortgage applications rose 2.7% for the week ending June 27, according to the Mortgage Bankers Association’s Weekly Applications Survey, driven mostly by refinancing. Refinance applications were up

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Condo prices drop year over year, led by Florida declines

Condos and HOAs, Originations, Politics and policy /

It’s a tough time to be a condo owner, particularly in Florida, and most especially if you’re trying to sell. That’s the upshot of a new report from Redfin. Condo prices dropped 2.2% year-over-year in May. That’s the second-sharpest decline since the brokerage began tracking condo data in 2012. While the broader housing market has

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Dark Matter offers Empower integration with appraisal portal

Appraisals, Data integration, Mortgage technology, Originations, Servicing, Underwriting /

Dark Matter Technologies, which operates the Empower loan origination system, has created an integration with the Uniform Collateral Data Portal maintained by the government-sponsored enterprises. This makes the company “an early adopter” in supporting the Uniform Appraisal Dataset 3.6 and the Forms Redesign initiative, a press release said. On June 10, the Mortgage Industry Standards

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HUD rescinds 12 FHA policies: What home lenders need to know

HUD, LOAN PRODUCTS, Originations, Politics and policy, Regulation and compliance, Underwriting /

Mortgage lenders welcomed the rescissions the Department of Housing and Urban Development made to 12 Federal Housing Administration policies, noting they would make the program more attractive for participants. They could even be a starting point for bringing banks back as originators in this government-insured program. These revisions might affect other segments of the housing

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Buyers need up to $250K more in income in some cities

Housing affordability, Housing markets, MARKETING TO BORROWERS, Originations /

Even as some factors causing current affordability challenges show signs of easing, a new study points to how high a barrier many aspiring buyers still have to get over to achieve homeownership.  To afford a typical U.S. home currently priced at $367,969, households earning today’s median salary would need an additional $17,670 in annual income

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