The mortgage business faces a challenging -- not to mention lucrative -- future, according to Regina Lowrie, president of Gateway Funding and the new chair of the MBA.Of the 30 million new Americans expected over the next two decades, up to half will need a mortgage, Ms. Lowrie said at the group's rain-soaked annual convention in Orlando. The hard part will be accommodating them, for they will require $6-7 trillion in capital from the international markets. Ms. Lowrie called it "a huge challenge." In her inaugural address, she also took a swipe at President Bush's Advisory Panel on Federal Tax Reform, which has discussed the possibility of lowering the cap on the mortgage interest deduction from $1.1 million to $300,000-$350,000. "Enacting this proposal could turn a healthy housing market upside down," she told the convention. Such a change in policy would do nothing to increase the nation's homeownership rate or eliminate the ownership gaps between whites and nonwhites, she said. The tax reform panel's report is due on the president's desk no later than Nov. 1.
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The newest addition to the Panorama group of companies aims at offering opportunities to first-time home buyers through wholesale and correspondent channels.
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The government-sponsored enterprise has reportedly added a new vendor to a test in which it buys certain loans without title insurance or attorney opinion letters.
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Federal Reserve Gov. Christopher Waller said that criticisms of the Fed's balance sheet and calls to return to a scarce reserves system are misinformed, saying that much of the central bank's balance sheet is the result of activities outside the Fed's control.
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Several large banks are deploying agentic AI. There's a big difference between managing people and managing AI agents.
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The New Hampshire congresswoman promised new investigations into scam drivers, including AI and digital payment platforms.
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The 30-year fixed mortgage rate rose for the first time in six weeks, driven by Friday's strong jobs report and renewed uncertainty around tariffs.
July 10