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Tuesday, July 30, 2013
U.S. Regulators Moving Cautiously on Mortgage Reforms
U.S. bank regulators are carefully crafting various rules to put a stop to reckless underwriting and other mortgage market abuses, claiming they are cognizant of arguments from an alliance of both banks and consumer groups that excessively strict regulations could hinder credit availability. Lenders and consumer groups said the Consumer Financial Protection Bureau (CFPB) struck a balance with its first major mortgage regulations, including a mandate that lenders confirm that borrowers could repay loans; since then, bank lobbyists say CFPB officials remain sensitive to their concerns about rule compliance, and in some cases the bureau has responded to banks' comments by revisiting final rules and changing technical aspects. Lobbyists now are worried that the bureau's modifications could complicate compliance with all of the new rules by the January 2014 effective deadline.
From "U.S. Regulators Moving Cautiously on Mortgage Reforms"
Reuters (07/29/13) Stephenson, Emily
Friday, July 26, 2013
Friday Rate Update
Mortgage Rates Continue Easing Slightly
The average rate for a 30-year fixed-rate mortgage edged down slightly to 4.31 percent from last week’s rate of 4.37 percent, Freddie Mac said yesterday. At this time in 2012, the 30-year FRM rate averaged 3.49 percent
The average rate for a 30-year fixed-rate mortgage edged down slightly to 4.31 percent from last week’s rate of 4.37 percent, Freddie Mac said yesterday. At this time in 2012, the 30-year FRM rate averaged 3.49 percent
Thursday, July 25, 2013
Wednesday, July 24, 2013
Home Sales
Existing Home Sales Slip in June
Existing home sales fell by 1.2 percent in June to a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors said yesterday. The decline was due in part to rising interest rates and rising home prices, analysts said. Overall existing home sales are 15.2 percent higher than a year ago and the median price, which rose to $214,200, is 13.5 percent higher than a year ago.
--ABA Daily Newsbytes
Existing home sales fell by 1.2 percent in June to a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors said yesterday. The decline was due in part to rising interest rates and rising home prices, analysts said. Overall existing home sales are 15.2 percent higher than a year ago and the median price, which rose to $214,200, is 13.5 percent higher than a year ago.
--ABA Daily Newsbytes
Friday, July 19, 2013
Friday Rate Update
Mortgage Rates Hold Steady
The average rate for a 30-year fixed-rate mortgage fell slightly to 4.37 percent from last week’s rate of 4.51 percent, holding steady after rising for two weeks. Freddie Mac said yesterday. At this time in 2012, the 30-year FRM rate averaged 3.53 percent
The average rate for a 30-year fixed-rate mortgage fell slightly to 4.37 percent from last week’s rate of 4.51 percent, holding steady after rising for two weeks. Freddie Mac said yesterday. At this time in 2012, the 30-year FRM rate averaged 3.53 percent
Wednesday, July 17, 2013
CFPB news
Senate Confirms Cordray Nomination
The U.S. Senate confirmed Richard Cordray to lead the Consumer Financial Protection Bureau as Republicans and Democrats avoided a rule fight that risked gridlock in the chamber. Senators voted 66-34 Tuesday to confirm Cordray more than two years after President Barack Obama nominated him to lead the agency.
From "Senate Confirms Cordray Nomination"
Bloomberg (07/16/13) Hunter, Kathleen ; Litvan, Laura
The U.S. Senate confirmed Richard Cordray to lead the Consumer Financial Protection Bureau as Republicans and Democrats avoided a rule fight that risked gridlock in the chamber. Senators voted 66-34 Tuesday to confirm Cordray more than two years after President Barack Obama nominated him to lead the agency.
From "Senate Confirms Cordray Nomination"
Bloomberg (07/16/13) Hunter, Kathleen ; Litvan, Laura
Friday, July 12, 2013
Community Banks and the New "rules"
ABA, State Associations Urge CFPB to Delay Mortgage Rules
The Consumer Financial Protection Bureau should delay the January 2014 effective dates of several pending mortgage rules, ABA and bankers associations in every state said in a letter yesterday to CFPB Director Richard Cordray.
The rules’ sweeping changes require extra time for lenders to “confidently come into compliance,” the groups wrote. They pointed out that banks have less than six months to comply, and many have only until November, when they lock down their IT systems to deal with year-end regulatory reporting requirements.
The many revisions that the CFPB continues to make “add further burden for lenders trying to come into compliance, in that they require further evaluation, changes to efforts already underway, and additional costs associated with those efforts,” they said.
The groups added that if banks feel rushed in their compliance efforts or otherwise unable to comply, they may withdraw completely from mortgage lending, which “will deprive the communities they serve of local, high-quality mortgage lending and will harm consumers.”
The Consumer Financial Protection Bureau should delay the January 2014 effective dates of several pending mortgage rules, ABA and bankers associations in every state said in a letter yesterday to CFPB Director Richard Cordray.
The rules’ sweeping changes require extra time for lenders to “confidently come into compliance,” the groups wrote. They pointed out that banks have less than six months to comply, and many have only until November, when they lock down their IT systems to deal with year-end regulatory reporting requirements.
The many revisions that the CFPB continues to make “add further burden for lenders trying to come into compliance, in that they require further evaluation, changes to efforts already underway, and additional costs associated with those efforts,” they said.
The groups added that if banks feel rushed in their compliance efforts or otherwise unable to comply, they may withdraw completely from mortgage lending, which “will deprive the communities they serve of local, high-quality mortgage lending and will harm consumers.”
Monday, July 8, 2013
Rate Update
Mortgages Rates Tick Down Slightly
The average rate for a 30-year fixed-rate mortgage fell to 4.29 percent from last week’s two-year high of 4.46 percent, Freddie Mac said Wednesday. At this time in 2012, the 30-year FRM rate averaged 3.62 percent.
The average rate for a 30-year fixed-rate mortgage fell to 4.29 percent from last week’s two-year high of 4.46 percent, Freddie Mac said Wednesday. At this time in 2012, the 30-year FRM rate averaged 3.62 percent.
Thursday, July 4, 2013
Monday, July 1, 2013
Update
Mortgage Performance Improves, Foreclosures Drop in First Quarter
Home mortgage performance improved in the first quarter of 2013, the Office of the Comptroller of the Currency said yesterday, with 90.2 percent of mortgages current and performing and seriously delinquent mortgages falling to 4 percent -- 10.4 percent less than a year earlier.
Loans in the foreclosure process at the end of the quarter fell by 28.6 percent year-on-year, the OCC said, and foreclosures initiated during the quarter fell 37.8 percent year-on-year. Foreclosures completed during the quarter fell by 30.9 percent.
The report also covers mortgage modifications, trends for which also indicate returning health in the housing market, analysts said
Home mortgage performance improved in the first quarter of 2013, the Office of the Comptroller of the Currency said yesterday, with 90.2 percent of mortgages current and performing and seriously delinquent mortgages falling to 4 percent -- 10.4 percent less than a year earlier.
Loans in the foreclosure process at the end of the quarter fell by 28.6 percent year-on-year, the OCC said, and foreclosures initiated during the quarter fell 37.8 percent year-on-year. Foreclosures completed during the quarter fell by 30.9 percent.
The report also covers mortgage modifications, trends for which also indicate returning health in the housing market, analysts said
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