Mortgages

While the hot market’s actual and forecast home price gains were key drivers of Fannie’s results, they also present a challenge to the affordable housing mission that it’s working to address.

President Joe Biden and top White House officials sought Monday to stave off a wave of evictions after the expiration of a federal moratorium, pressing federal, state and local government agencies to act quickly to stop tenants from losing their homes.

The number of people exiting pandemic-related payment suspensions starting in September will be daunting to process, according to a Black Knight report published Monday.

The bank saw a modest increase in net income from the first quarter, as lawsuit settlements tied to the company’s discontinued home lending business and fees regarding an anti-money laundering and securities class action suit continue to limit growth.

Offered through the company’s 11 chartered units in 12 states, the five-year fixed-rate installment loan is secured by the home and is available between $5,001 and $14,999.

The industry had tightened up last year in the face of COVID-19. But as the economic outlook improves, banks are now easing criteria amid heightened competition, according to the Federal Reserve’s survey of loan officers.

While the numbers were higher than they were a year earlier, the decline comes at a time of year that usually produces some of the best returns for sellers.

The proposal should be withdrawn or reworked around the needs of small players they impose a disproportionate burden on, the Community Home Lenders Association said.

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However, 8% fewer borrowers are still in a plan compared with a month ago, Black Knight said.

Concerns about foreclosure and a crowded market led to an increase in listings at lower price points in the second quarter.

The Federal Housing Administration, the agency that oversees government-sponsored enterprises Fannie Mae and Freddie Mac, and the VA extended additional relief to those living in single-family rental, real-estate owned properties.

A renter making minimum wage would have to work 77 hours a week — nearly two full-time jobs — to afford a two-bedroom apartment in Michigan.

The REIT also reveals plans to expand in the single-family rental market with a new brand and target of $5 billion in acquisitions over five years.

The company’s results included some transitory revenue sources, including early buyouts of loans in forbearance from securitized pools, but executives plan to maintain growth over time through economies of scale.

New customer growth and increased adoption of a digital workflow by mortgage lenders resulted in better than expected results for the Intercontinental Exchange unit.

Borrowers reacted positively to the increased interaction and engagement resulting forbearances and payoff requests, J.D. Power found.

The government-sponsored enterprise's single-family credit reserve release caused earnings to spike.

A hike in guarantee fees charged to lenders for the companies’ backing of loans was due to expire this year, but lawmakers now want to extend it to raise $21 billion for the bipartisan package.

The National Association of Realtors’ index of pending home sales declined 1.9% from May, according to data released Thursday.