As it prepares to edit and release Home Mortgage Disclosure Act data by Sept. 1, the Federal Reserve Board says it hopes lenders will not be overly concerned about the result, but see it as an opportunity to identify new markets."One of the things that we hope will come out of this process is that institutions will use the [HMDA] data to identify market opportunities, and that way stimulate competition," Glenn Canner, a Fed senior adviser, told a panel at the Consumer Bankers Association conference in Washington, D.C. As to lenders' concerns, Mr. Canner noted that there is a reputation risk from facing unfavorable reports in the news media, as well as the possibility that "there is discrimination that underlies the data" and that financial and other penalties may be imposed. "What we are concerned about is that some of the institutions see the potential for bad press, for example, or other costs that may come from this, and it may deter them from participating in that higher-priced end of the market and weaken their position rather than stimulate it," Mr. Canner said.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
8h ago