Home-equity originations rose sharply in the second quarter as robust housing value growth and soaring interest rates formed a perfect environment for tapping equity by way of second-lien mortgages. (Includes three data charts.)
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The Mortgage Bankers Association barely turned a “profit” last year even though originators had a banner year. If you’re guessing the reason for the performance is COVID, move to the head of the class.
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Among the corrections currently sweeping the industry is the salary demands of loan underwriters. Executives say some can be had for half of what they earned during the boom.
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Hearings in Congress with the CEOs of seven megabanks stretched for more than nine hours across two days. The executives touted mortgage programs for minorities and listed their regulatory concerns.
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Appraisal professionals accused the GSE of using unsigned, boilerplate complaints when referring appraisers to state boards for disciplinary action.
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The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
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Jonathan Kolodziej, an attorney at Bradley, believes the RFI is a significant opportunity for the mortgage industry to have a say in any future regulatory framework related to refinances and loss mitigation.
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