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Industry News

The latest news on issues impacting the mortgage market is provided below:


HousingWire

This feed provides ALL content published on HousingWire.com -- from feature news, to magazine articles, to blog posts, to Ticker news items, and more. It's the complete HousingWire.com feed.
Updated: 35 min 26 sec ago

This is why you can't blame Millennials for low homeownership rates

2 hours 14 min ago
Here are some fast stats about Millennial homebuyers that show that they are not only buying homes, but also what trends they're following as they do. And, yes, they still need real estate agents to help them out.

Capital Economics: Looser credit conditions will support mortgage recovery

2 hours 42 min ago
Capital Economics says that their reading of the market suggests that credit conditions are loosening, albeit very gradually, and that a loosening of credit conditions will help the sluggish recovery.

Congressman known as mortgage relief pioneer indicted on federal corruption charges

2 hours 44 min ago
A U.S. Congressman who was once at the forefront of the government’s post-crisis mortgage relief efforts is now facing federal corruption charges for allegedly misappropriating hundreds of thousands of dollars of federal, charitable and campaign funds.

Housing Policy Council: G-fee is a tax on homebuyers, refinancers

3 hours 12 min ago
A growing number of voices in the housing industry want Congress to drop the plan to redirect Fannie Mae and Freddie Mac g-fees to pay for highway repairs.

Demand growing for rent-to-own homes

3 hours 37 min ago
Rent-to-own programs are once again increasing in popularity after losing steam back in the 1990s. One perk of the program that’s appealing to consumers is that they aren’t forced to purchase the home.

Stifel: FOMC will not raise interest rates in September

4 hours 56 min ago
Despite majority opinion, Lindsey Piegza, chief economist with Stifel, said she expects the July FOMC statement to be relatively unexciting. So when does she think rates will rise? Hint: It’s not this year.

Pending home sales drop for the first time in 2015

5 hours 34 min ago
After five consecutive months of increases, pending home sales slipped in June, according to the National Association of Realtors. It's the biggest drop since December 2013. Worried yet?

Mortgage applications tick up slightly

8 hours 59 min ago
Mortgage applications increased 0.8% from one week earlier, with refinancings giving a boost to the flatline that was purchase applications. Where's the sizzle?

Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum

Tue, 07/28/2015 - 17:08

A bill that would eliminate the proposed $3 million pay raises for the CEOs of Fannie Mae and Freddie Mac is now one step closer to becoming law, as the bill advanced past the markup stage and is now set for a full vote of the House Financial Services Committee with bipartisan support in tow.

Dimont announces sweeping senior management changes

Tue, 07/28/2015 - 16:19
Dimont, which divested itself last year from the now-bankrupt Wingspan Portfolio Advisors, announced a series of significant changes to its senior management. Dimont provides insurance-related services and hazard claims insurance processing services to the residential and commercial mortgage industries.

Quicken Loans adding 1,100 more employees in downtown Detroit

Tue, 07/28/2015 - 15:30
As part of its ongoing efforts to aid in the revitalization of downtown Detroit, Quicken Loans is set to add 1,100 new employees and expand into the former Detroit News building.

Dodd-Frank dragging down economic recovery, House Committee says

Tue, 07/28/2015 - 15:21
The majority at the House Financial Services Committee says that Dodd-Frank undermines the economy, hurts homeownership, and contributes to the slowest recovery in recent history.

First look: Architect Magazine showcases Fannie Mae’s new corporate digs

Tue, 07/28/2015 - 15:09
Architect Magazine has the renderings of the proposed new Fannie Mae headquarters, and while it looks pretty, it also looks pretty right for the GSE budget-wise, which is facing Congressional criticism over the issue of CEO compensation.

Donald Trump sells Manhattan home for $21 million

Tue, 07/28/2015 - 14:37
Donald Trump took a step away from the presidential election and dabbled in another world that he excels in: real estate.

This is why loan fraud is running rampant

Tue, 07/28/2015 - 14:00
Loan fraud is rampant and is on the rise. According to the LexisNexis 2014 Mortgage Fraud report, 74% of loans reported in 2013 involved some kind of fraud or misrepresentation versus 69% in 2012. Here are several tips to help combat the issue.

CFPB orders Paymap to repay $33.4 million for deceiving customers

Tue, 07/28/2015 - 12:18
The Consumer Financial Protection Bureau announced Tuesday that it is ordering Paymap, a Colorado-based payment processing company, to return $33.4 million to consumers for falsely promising mortgage savings to borrowers who used their biweekly mortgage payment program.

Fannie Mae: Mortgage lenders unnecessarily restrict credit

Tue, 07/28/2015 - 11:25
Despite pushes from the Federal Housing Finance Agency and the Federal Housing Administration, lenders are still applying additional credit overlays to loans delivered to Fannie Mae and Freddie Mac, a new survey of lenders showed. Here are all the details.

Homeownership rate drops to 48-year low

Tue, 07/28/2015 - 08:51
The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967. Should we be worried?

Key housing, mortgage finance bills facing markup in House

Tue, 07/28/2015 - 08:08
A number of bills critical to the housing and mortgage finance industry are under the spotlight today in the House, including limits on regulators, a TRID grace period and a cap on the salaries for the CEOs at Fannie and Freddie.

Case-Shiller: Home prices continue rising in May but stall on monthly basis

Tue, 07/28/2015 - 07:19
Home prices continued their rise across the country over the last 12 months, according to the S&P/Case-Shiller Home Price Indices for May 2015. But first-time buyers still aren’t going all in, and May's monthly drop was the biggest since July 2014. What’s the problem?