Home affordability varies geographically and over time due to unique economic drivers, such as home prices, income and wealth, according to a staff working paper published by the Federal Housing Finance Agency.
Norcom Mortgage has completed its end-to-end electronic mortgage platform with the adoption of vendor e-closing technology, making it the first mortgage lender in Connecticut to offer fully digitized closings.
California ranked as the top state for primary mortgage insurance business in the third quarter of 2018, but not by as big a margin as its high housing costs might suggest. [Includes one data chart.]
The Mortgage Industry Standards Maintenance Organization is launching an effort to standardize the loan-grading systems used by due diligence firms in the non-agency MBS market.
JPM and Wells do not use loan brokers, avoiding the wholesale channel. Both have large warehouse lending programs and acquire mortgages from the nonbanks they also finance.
Artificial intelligence and machine learning technology are currently being used by 26 percent of lenders surveyed by Fannie Mae. The government-sponsored enterprise also found that the share of lenders using such technology could hit 60 percent within two years.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
The 10-year Treasury rate is declining and the possibility of a recession is growing.
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