October saw contracts to purchase existing homes fall for the fifth straight month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) lost another 4.6 percent during the month, declining from […]
Last week the Wall Street Journal published a story by Andrew Ackerman stating that the Biden administration wants to target nonbanks for tougher oversight and additional regulation. The story states, “the Biden administration is laying […]
In mid-November, the Federal Bureau of Investigations released its 2022 Congressional report on business email compromise (BEC) and real estate wire fraud. According to the report, in 2021, the Internet Crime Complaint Center (IC3) received […]
Many lenders are not getting a sense of déjà vu with the current mortgage industry downturn, according to mortgage advisory firm Stratmor Group. “This one feels different,” a recent Stratmor report states, citing executives in […]
Pure wholesale lender Homepoint will provide a $500 credit on appraisal costs for borrowers buying primary homes that are designated as Fannie Mae HomePath properties, the company announced on Monday. This is the second initiative […]
JPMorgan Chase will soon be issuing its first non-prime MBS secured exclusively by investor loans that are underwritten based on rental income. JPMorgan Mortgage Trust 2022-DSC1 is secured by 980 debt service coverage ratio (DSCR) […]
Economic reports over the Thanksgiving holiday paint a complicated picture of what’s happening, and where we are on recession watch. The big economic surprise was the strength of Black Friday sales, where consumers spent a […]
Mortgage application volume increased for the second consecutive week as interest rates continued to decline. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was 2.2 percent higher during […]
Homebuilders must be feeling some whiplash, as new single-family home sales continued to yo-yo in October. After rebounding in August from a drop in July only to fall again in September, new home sales were […]
The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. “While it is true that many nonbanks entered this […]
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