Mortgage companies dropped 10,500 full-time employees from their payrolls in April as the contraction in subprime lending is finally showing up in the government's employment reports.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banking/broker sector fell from 481,200 in March to 470,700 in April. Surprisingly, mortgage brokers seem to be staying on the job. The BLS report shows that 140,700 brokers were employed in April, down only 500 from the level of the previous month. So the jobs report appears to be picking up closings and layoffs at subprime companies. According to preliminary survey results compiled by National Mortgage News, subprime production fell 30% in the first quarter compared with that of the same quarter last year. Overall production was down by about 10%. The Bureau of Labor Statistics can be found online at http://stats.bls.gov.
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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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