One economist is blaming the increasing tendency among older homeowners to stay in their homes for longer as one of the key reasons for the housing inventory crunch.
Higher interest rates didn’t have much of an impact on home price appreciation in March; Freddie Mac launched new automated underwriting capabilities; Fitch shifts its outlook for ratings of Finance of America Companies to negative; MISMO remains busy.
As retail and correspondent loan sales to the agencies fell by 20%, lenders became visibly less discerning about credit quality, with credit scores dropping and DTI/LTV ratios rising. (Includes two data charts.)
If projections by the MBA are correct, interest rates for mortgages are levelling off, which should relieve some of the pressure lenders are facing on originations and profit margins.
Chairman Mat Ishbia suggests those calling for cost reductions and layoffs at United Wholesale Mortgage don’t understand the lender; impact of Biden administration’s housing plan expected to be “limited;” mortgage costs soaring.
Purchase-mortgage lending expected to increase; tips on remaining profitable amid rising interest rates; Texas Capital Bank slashes projections for warehouse lending; mixed trends for closing costs; Optimal Blue offers benchmark pricing tool for third-party originations; Comcast venture group invests in Neat Capital; MISMO’s e-Eligibility Exchange.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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