The mortgage business faces a challenging -- not to mention lucrative -- future, according to Regina Lowrie, president of Gateway Funding and the new chair of the MBA.Of the 30 million new Americans expected over the next two decades, up to half will need a mortgage, Ms. Lowrie said at the group's rain-soaked annual convention in Orlando. The hard part will be accommodating them, for they will require $6-7 trillion in capital from the international markets. Ms. Lowrie called it "a huge challenge." In her inaugural address, she also took a swipe at President Bush's Advisory Panel on Federal Tax Reform, which has discussed the possibility of lowering the cap on the mortgage interest deduction from $1.1 million to $300,000-$350,000. "Enacting this proposal could turn a healthy housing market upside down," she told the convention. Such a change in policy would do nothing to increase the nation's homeownership rate or eliminate the ownership gaps between whites and nonwhites, she said. The tax reform panel's report is due on the president's desk no later than Nov. 1.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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