Election uncertainty, FHA's new underwriting system, home prices hit 6-year highs and more of the week's news
November 6, 2020 5:41 PM
Jeenah Moon/Bloomberg
What Election 2020 uncertainty means for mortgage lending
As ballot counting in battleground states stretched past election night, the country awaits clarity on whether Donald Trump or Joe Biden will become the next president. The race's delay and indecision enters a complicated phase that could impact financial markets. (Read full story here .)
Andrew Harrer/Bloomberg
FHA launches an automated underwriting system for mortgage lenders
The new technology the Department of Housing and Urban Development rolled out provides lenders with immediate and expanded responses related to Federal Housing Administration insurance eligibility. The system through will go through the FHA's new Catalyst single-family origination module. (Read full story here .)
Forbearance rate hits seven-month low
The forbearance rate improved to the a level not seen since early April, but getting back to pre-COVID levels will require employment gains or additional government stimulus measures, according to the Mortgage Bankers Association. (Read full story here .)
Home prices surge to 6-year high, but declines are predicted for 2021
With a dearth of inventory and surging buyer demand, September generated the largest price growth in the housing market since May 2014. However, CoreLogic forecast a big dropoff for 2021. (Read full story here .)
Waterstone hires Jeff McGuiness to head the mortgage unit
Waterstone Financial brought on Jeff McGuiness as president and CEO of its mortgage banking subsidiary Waterstone Mortgage. He's the fourth person to hold the top position since the summer of 2018. (Read full story here .)
Annual mortgage origination volume to hit record-breaking $4 trillion
In an unprecedented year, mortgage originations could break the $4 trillion plateau and set a new annual record. Volume rose 25% from the second quarter into the third. Meanwhile, the delinquency rate spiked 89% from a year ago. (Read full story here .)
Fannie Mae and Freddie Mac exceeded most 2019 housing goals
Both Fannie Mae and Freddie Mac exceeded their affordable housing goals for both single-family and multifamily during 2019. However, the GSEs fell short of their targets for bulk loan purchases from financial institutions, according to the Federal Housing Finance Agency's annual report to Congress. (Read full story here .)
Munshi Ahmed/Bloomberg
Who would craft regulatory policy in a Biden administration?
A Democratic victory in the 2020 presidential election would likely produce new leaders at the CFPB and OCC who could take bank regulation in a sharply different direction. Here are some names potentially under consideration. (Read full story here .)
Mortgage rates hit record low as election roils market, forecasts vary
Amid volatility in broader markets, mortgage rates dropped again and hit another new low point in the history of Freddie Mac’s tracking. Meanwhile, sharp differences of opinion persist on whether that will make this a $4-trillion year or not. (Read full story here .)
Lenders 'layer up' with extra security measures in 2021
Getting ahead of the next wave of mortgage fraud calls for rock-solid systems with several protective tools deployed at once. But that only goes so far without the proper employee preparation. (Read full story here .)
