While New England's economic growth has tended to lag behind the nation's, the area's job data, population growth, and mortgage activity indicate it is not doing badly, according to Nicholas Perna, chief economist of Perna Associates and economic adviser to Webster Financial Corp."There might not be as many mortgages being written here as in Nevada, but the size of the loans in the area are a heck of a lot better," Mr. Perna said at the closing session of the 17th Annual New England Mortgage Banking Conference in Providence, R.I. "Based on job data, Connecticut rebounded, [and] Massachusetts was going through the roof but fell apart. Now, in Boston, mortgages have extended at a moderate rate, even though job growth has flattened out. We're still in much better shape than the banking system of years ago." With so many programs available, there is a way to get everyone into a home these days, but in a rising rate environment borrowers might not fully understand the risk they are taking by getting loans with variable-rate features, Mr. Perna said. "They have more risk than they might really know," he said. "No one benefits if people who qualify for loans can't pay them."
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
7h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27