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Navigating the Future of Mortgage Lending in an Unpredictable Market Discover how mortgage lenders are adapting to market volatility, embracing digital transformation, and preparing for future trends in the mortgage lending industry.
Lending (1539)
Brown Criticizes Kraninger (One Day Too Late)
The ranking minority member of the Senate Committee on Banking, Housing, and Urban Affairs, Sen. Sherrod Brown, D-OH, has criticized the Consumer Financial Protection Bureau’s failure to monitor financial services institutions for violations of the Military Lending Act. The MLA was passed in 2006 with broad bipartisan support and prevents predatory lenders from taking advantage… Read more...
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Black Knight: Delinquencies Hit Lowest Level Since 2000
Despite rising seasonally in recent months, only 3.9 percent of mortgages were delinquent as of December month-end, the lowest year-end total since Black Knight began reporting the figure in 2000. The national foreclosure rate, while also edging seasonally upward in December, posted the lowest year-end figure since 2005, with just 0.52 percent of mortgages in… Read more...
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NAR: Existing Home Sales Declined in December
Existing-home sales declined in the month of December, after two consecutive months of increases. None of the four major U.S. regions saw a gain in sales activity last month. Total existing-home sales, or completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99… Read more...
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Ex-Fannie CEO, Mayopoulos, Joins Blend as President
Blend has hired Tim Mayopoulos, former CEO of Fannie Mae, as president of the company. Mayopoulos will lead Blend's go to market and corporate support functions, take a seat on the board and report to Nima Ghamsari, CEO of Blend. "I've collaborated closely with Tim for over four years, and he believes strongly in technology's… Read more...
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Ellie Mae: Lack of Inventory Forced Millennials to Buy Larger FHA Loans
Millennial homebuyers took out larger FHA-backed mortgage loans in November, compared with the same period one year ago. Twenty-six percent of closed loans to Millennials in November were for FHA loans, with an average loan size of $186,454, up from $178,862 in November 2017, and $170,167 in November 2016, according to the Ellie Mae Millennial… Read more...
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First American: Stock Market Volatility Benefits Home Buyers
Although mortgage rates are expected to continue to rise this year, last month’s stock market volatility stopped the increases. That’s because when the economy is doing well, investors prefer stocks over bonds, but economic weakness brings an appetite for the safety bonds offer investors. “In December, the opposite happened. A steep sell-off in U.S. stocks… Read more...
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Key Bank Acquisition Provides Access to Wealthy Consumers
Key Bank National Association acquired Laurel Road, the digital lending arm of Laurel Road Bank, because of its wealthy, well-educated client base. Although well established in the student loan market, Laurel has expanded into the mortgage business, personal and secured loans over the past year, so it could develop relationships and cross-sell financial products to… Read more...
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Rates Hold Steady: Freddie Mac
Interest rates remained flat after dropping for six consecutive weeks, according to the Primary Market Survey from Freddie Mac. “Weaker manufacturing data and a more dovish tone from the Federal Reserve left mortgage rates unchanged relative to last week,” said Sam Khater, chief economist at Freddie Mac. “However, interest rate-sensitive sectors of the economy--such as… Read more...
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Natural Disaster Activity Was Above Average Last Year, Notes Corelogic
Last year was an above-average year for hurricanes, flooding, wildfires and severe winds, according to the Natural Hazard Report from Corelogic. “In 2018, the U.S. continued to experience damaging weather and natural catastrophes in high exposure areas, and in some instances, in regions that had been impacted in less than a year prior,” said Howard… Read more...
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PNC Earns $5.3B in 2018
PNC Financial Services Group Inc. reported earnings of $5.3 billion in 2018, and earnings per share of $10.71. In the fourth quarter, the bank earned net income of $1.4 billion and $2.75 earnings per share. [caption id="attachment_9139" align="alignleft" width="211"] Bill Demchak[/caption] "2018 was a successful year for PNC. Earnings per share increased, and our returns… Read more...
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