The Federal Reserve announced a 50-basis-point reduction in the federal funds rate this week. Interest rates on mortgages have come down by more than that in recent weeks in anticipation of the Fed’s move.
More than a week after a Fed official outlined a planned re-proposal to adjust capital requirements for large banks, industry participants are still waiting for the formal document.
Borrower demand for home equity loans is expected to continue even as interest rates decline. Meanwhile, nonbank lenders are working to compete with depository institutions for the production.
The CFPB has 30 days to amend its complaint against Loan Originator Services as part of a fair lending lawsuit filed against a Texas-based developer and lender, Colony Ridge.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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