The Supreme Court agreed to take a case this week involving liability under the Fair Credit Reporting Act for a mortgage from the U.S. Department of Agriculture’s Rural Housing Service.
For the third consecutive month, mortgage credit availability declined, with some products reaching their lowest levels in a decade. It’s only expected to get worse as lenders worry about the economy.
CFPB Director Rohit Chopra said the mortgage market would see severe disruption if the Supreme Court finds the bureau’s funding structure unconstitutional.
Concerns are growing that a credit crunch of sorts might be on the way for nonbanks as federally insured warehouse lenders begin to pull back. At least one veteran player, Comerica, has exited the space.
What’s a mortgage CEO worth these days? If it’s a public company, that’s a decision for shareholders and the board. Most senior managers had their pay reduced last year, but not all. (Includes data chart.)
Despite their support for a standardized approach for evaluating the validity of an ROV, trade groups disagree that lenders should face fair-lending liability for the valuations made by independent appraisers.
Expanded use of bid-tape AOT transactions and mandatory mortgage deliveries increase lender efficiencies and boost profits, according to hedge consultancy Mortgage Capital Trading.
Both the non-agency jumbo market and high-balance agency production saw sharp declines during the first quarter of 2023. In a cooler housing market, buyers are looking for affordability. (Includes three data charts.)
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