Second quarter earnings at the nation's largest title underwriters, while mostly positive, were still affected by the rather weak purchase season this year.
The top five lenders averaged more than $20 billion in mortgage originations through May.
As of April 19, the state program has distributed close to $100 million in mortgage and utility money to 19,123 applicants.
Didine Erskine, a certified financial planner (CFP), is the founder of The Erskine Group and an independent financial planner with LPL Financial.
She also serves as a visiting lecturer at Texas A&M University, where she teaches courses in financial planning and practice management.
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
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A critical U.S. cybersecurity law sunsets Sept. 30, and banks say losing it would weaken defenses against hackers.
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The Consumer Financial Protection Bureau has released a packed agenda centered on rewriting rules ranging from small business lending to open banking while rescinding several rules finalized under the Biden Administration last year.
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The Homeowners Privacy Protection Act will go into effect next March 5, after a years' long effort by the mortgage industry to bar the marketing tactic.
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Mortgage delinquency rates increased versus the second quarter of 2024, with certain markets, especially in the South, reporting higher levels of difficulty.
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More borrowers who locked their loans with higher financing costs could refinance and buyers may come in at the margin, former Fannie Mae economist said.
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The Bureau of Labor Statistics reported that the economy added 22,000 jobs in August, raising the unemployment rate to 4.3% and providing additional cover for the Federal Reserve to lower interest rates in September.
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Originators need to have quality and consistency in their marketing and public relations.
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Consumers who supposedly can't be credit scored are being evaluated using antiquated methods, so they can't qualify for a mortgage loan.
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In a speech last May, Edward DeMarco declared these truths to be self-evident: "Restoring Fannie Mae and Freddie Mac is not the solution. They failed and their business model failed. Going backwards to an obviously failed model cannot be dressed up with some promise of higher capital or explicit rather than implicit guarantees."
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ON-DEMAND VIDEOMonetary policy remains the key to the markets. The Federal Open Market Committee predicts one rate cut in 2026, but the panel will get a lot of data before
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ON-DEMAND VIDEOWith the government reopened and data flowing, the FOMC may cut rates again in Dec. Steve Skancke, Chief Economic Advisor at Keel Point, will break down the mee
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ON-DEMAND VIDEOWill the Federal Reserve cut rates in October? BNP Paribas Chief U.S. Economist James Egelhof discusses the meeting and Chair Jerome Powell's press conference.
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