Federal Reserve officials were becoming warier about the downturn in housing and the possible spillover effects on consumer spending as of mid-December, "especially if house prices were to decline significantly."The minutes of the Dec. 12 Federal Open Market Committee note that there is "considerable uncertainty regarding the ultimate extent of the housing market correction." House price appreciation slowed in the third quarter and "some price measures showed outright declines," according to the FOMC minutes. Meanwhile, the issuance of new housing permits is at a 10-year low and the FOMC members indicated that they expect the ongoing adjustment in the homebuilding industry to continue in the near term. "Even if home purchases had begun to level off, residential investment was likely to fall further in coming quarters as homebuilders reduce their backlogs of unsold homes," the minutes say. The Fed can be found online at http://www.federalreserve.gov.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
3h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
6h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24