News

The latest CFPB Monthly Complaint Report shows older Americans face a unique set of financial difficulties compared to their younger counterparts. The group regularly cites reverse mortgage concerns—specifically servicing issues and difficult changing loan terms—when lodging complaints with the CFPB. Older Americans also cite financial scams, confusion around deferred- and zero-interest credit cards, and being charged unauthorized add-on products as frequent financial complaints.

Loan application defects are on the rise across the country, particularly in North Dakota, Montana, and Vermont. According to an expert economist, it’s riskier lending practices—both on purchases and refinances—that are to blame. McAllen, Texas, and Knoxville, Tennessee, came in the with highest frequency of defaults in terms of metro markets.

Nearly a decade after the housing crisis in 2008 and the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, the Consumer Financial Protection Bureau will soon be required by law to examine the Ability-to-Repay/Qualified Mortgage Rule and assess the rule’s effectiveness. With the housing market having bounced back since the crash, will some of the rule’s guidelines be amended? What could this mean for borrowers and mortgage professionals?

Semper Capital, a independent investment management firm, believes that the Credit Risk Transfer market continues to be a compelling investment vehicle. Following the mortgage crisis, the Federal Housing Finance Agency has mandated a number of changes affecting the government-sponsored enterprises (GSEs), reducing the risk of losses that the GSEs may pose to taxpayers. Semper believes that the CRT market remains well supported and the collateral and structural benefits are high.

According to HUD Secretary Ben Carson, with “the right mindset,” many of the low-income citizens using his department’s services could cease to need them. Carson said as much in a recent radio interview, when he talked poverty, housing, and the role the government should play in both. The interview comes on the back of President Trump’s recent 2018 budget blueprint, which includes more than $6 billion in cuts to the HUD budget.

The Federal Housing Finance Agency has conducted its monthly interest rate survey for 4,437 loans closed during the last five business days in April across 17 lenders, and has reported a decline by 14 to 15 basis points across all mortgage interest rates. The average loan amount has also seen a slight drop of $1,100 after experiencing a spike in March. And while average loan amounts fluctuate from one month to the next, interest rates have been dropping since February.

HouseCanary has integrated their appraisal software into a mobile application. HouseCanary Appraiser now allows appraisers to use the software without relying on web browsers. Appraisers can write reports from start-to-finish on site and cut down on time and costs.

One lawsuit has begat another in California. Ocwen Financial Corp. has alleged that the monitor appointed to review its business practices in the wake of a mortgage servicing settlement ran through an almost $45 million budget in half the time and with half the work. Ocwen alleges that Fidelity Information Services overbilled and charged for improper expenses, including associate trips to casinos and strip clubs.

According to new data, home prices have hit a new peak, now reaching $272,000. Eight states and 15 metros also hit new price peaks this year. Washington has seen the biggest jump in prices over the year.

The Maryland legislature has passed House Bill 26 (HB26) that amends the foreclosure notice provisions contained in Maryland Real Property Article 7-105.2. The legislature in Annapolis also passed House Bill 1048 (HB1048), which adds a new registration component to the Maryland foreclosure process. Once it becomes effective, the law will require the property to be registered with the states’ Department of Labor and Licensing Regulation within seven days of docketing the case.