Low rates didn't hurt Golden West Financial Corp.'s adjustable-rate mortgage lending strategy in the third quarter, when 93% of the company's production consisted of ARMs.Russell Kettell, president of the Oakland, Calif.-based Golden West, told investors at a Friedman Billings Ramsey conference in New York that "ARMs are a better deal" for many borrowers because, historically, ARM borrowers have paid less over the long haul than consumers with a fixed-rate loan.
The bill, which passed with wide bipartisan support, will become law at midnight if President Donald Trump doesn't veto it.
Total application volume fell by over 13.000 units on a month-to-month basis, with declines in purchase and refinance activity, Keefe, Bruyette & Woods said.
The financial industry has largely welcomed moves like the removal of a previously proposed increase for a broad multiplier but questioned mortgage details.
The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. encouraged banks to heed Fincen guidance expanding the PATRIOT Act's safe harbor for voluntary information sharing between banks to combat fraud.
The Request for Information follows Pres. Trump's March 13 executive order, "Promoting Access to Mortgage Credit," the Bureau said.
Community lenders, mortgage bankers and homeowners associations want more time to gear up for certain changes but officials see reasons to stay on track.
