The discounts that Fannie Mae and Freddie Mac used to offer large originators for selling them bulk bundles of mortgages continue to haunt small lenders, who worry a new housing finance system could revive the practice.
House Financial Services Committee leaders and two top real estate trade groups have cut a deal on a bill to reform the National Flood Insurance Program.
When market prices rise faster than comparable home sales values it is imperative for lenders to ensure property valuations are accurate, support the sales price and completed in a timely fashion to keep deals from falling through. (Part four in a four-part series on the mortgage industry's response to the housing inventory shortage.)
Borrowers with variable-rate debt affected by Federal Reserve rate hikes showed they could handle December's 25-basis-point increase, but that could be changing as short-term rates continue to rise.
Increased dealings in direct consumer lending and guaranteed student loans offset a decline in mortgage-related income. A lower loan-loss provision also helped the bottom line.
The California lender, which specializes in trade finance, reported strong growth in commercial and other lending categories last quarter, and it urged the Trump administration to seek fair trade deals with China.
The Pittsburgh company, pleased with employee and client retention from its March purchase of Yadkin Financial, is looking to hire lenders from other institutions.
Fannie Mae is increasing the maximum debt-to-income ratio it will allow on purchased loans to 50% from 45% on single-family loans when it rolls out its latest version of Desktop Underwriter on July 29.
U.S. Bank has begun using Einstein, Salesforce’s AI software, to give front-line staff insights into customer activity and recommendations. Other banks are likely to add similar tools.
From the largest banks to the smallest independents, policymakers want to hear the mortgage industry speak with one voice in the critical efforts to reform the government-sponsored enterprises.
A key question for the future of housing finance is whether large and small lenders will both be able to compete, or will a new system favor Wall Street giants?
The Financial Choice Act contains many positive reforms for community banks, but a provision affording benefits for holding loans on balance sheet poses risk for small lenders.
As long as Fannie Mae and Freddie Mac exist, they must have adequate capital so taxpayers will never again be compelled to help them meet their financial obligations.
From automated applications that borrowers can complete on their own, to data-mapping that speeds up the underwriting process, here's a look at strategies that can help lenders close loans faster.
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