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The Dodd-Frank Wall Street Reform and Consumer Protection Act crossed the finish line Wednesday morning when President Obama, surrounded by jubilant lawmakers, signed the 2,300-page bill into law.
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2Q Results: Originators Lend Less But Profit More on Mortgages
American Banker (07/26/10) P. 1; Berry, Kate
Although mortgage volume is down, lenders' profit margins have increased due to low interest rates and less competition. Mortgages are in high demand among investors, and loans with above-market rates are worth more on the secondary market. While the drop in interest rates has not boosted purchase volume, lenders have seen refinancing demand reach record heights.
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New Counseling Procedures Released for Reverse Mortgages
Senior Housing News (07/25/10)
After almost two years of research and revisions, HUD has published new procedures governing the process for senior citizens who are counseled for federally insured Home Equity Conversion Mortgages. The guidance provides more detailed information that must be provided prior to a counseling session and lists topics that the counselor can and cannot discuss with a prospective borrower. Counselors now will be required to ask 10 questions to ensure that a senior comprehends the basics of a reverse mortgage; and if the borrower fails to answer at least half of them, the counselor may withhold the counseling certificate.
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Monday Morning Cup of Coffee: The Treasury Department
Housing Wire (07/26/10) Prior, Jon
John Walsh, currently chief of staff and public affairs at the Office of the Comptroller of the Currency, will succeed John Dugan as acting head of the agency. Dugan plans to vacate the post of acting comptroller on August 14.
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Another Hit to the Housing Market
SmartMoney (07/26/10) Andriotis, AnnaMaria
Wall Street is bracing for the Commerce Department's new-home sales data for June, set for release on July 26, and a Case-Shiller index that tracks home prices in the 20 biggest U.S. metro areas, due out the following day. Economists polled by Briefing.com project a second consecutive monthly decline in sales from May, further proof that the expiration of a home buyer tax credit in late April is continuing to impact the housing market. For the rest of 2010, the rate of economic recovery -- unemployment levels, especially -- will likely be the biggest factor impacting home sales.
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Credit Scores Slip Across the U.S.
Detroit News (07/26/10) Connelly, Eileen AJ
FICO data show that more than a quarter of consumers have a credit score of 599 or below, making them a poor risk to lenders and likely unable to get mortgages under tougher bank criteria. The analysis also shows that 17.9 percent of consumers have a top score of 800 or above, up from the historical average of 13 percent; and that the ranks of those with moderate credit -- scores between 650 and 699 -- has fallen from the historical average of 15 percent to 11.9 percent.
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Survey: Industry Still 3-7 Years Away from Widespread eMortgage Use
A new survey from Xerox Corp. and Blitzdocs said more than eight in 10 respondents believe the mortgage industry is still three to seven years away from processing more than 50 percent of its loans as eMortgages.
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The Week Ahead
Congress gets ready to head home for its annual August recess; the House and Senate will spend the week wrapping up key issues before adjourning, and are not scheduled to return to Capitol Hill until after the Labor Day holiday.
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Call for Proposals for MBA CREF Convention/Expo; Deadline Today
The Mortgage Bankers Association is accepting panel and roundtable proposals for its Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2011. Proposal deadline is today, July 26.
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CampusMBA Webinar Series on Dodd-Frank Act Continues Tuesday
CampusMBA, the education division of the Mortgage Bankers Association, continues its series of webinars on the Dodd-Frank Act. Part II, this Tuesday, July 27, focuses on Title XIV, the Mortgage Reform and Anti-Predatory Lending Act.
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Upcoming CampusMBA Servicing Central Courses
CampusMBA, the education arm of the Mortgage Bankers Association, offers education on loss mitigation and residential servicing. Through both in-person classroom courses and self-paced online courses, CampusMBA?s Servicing Central has what your servicing staff needs.
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QuoteLink
"Given what we've estimated the exposure to be, we don't expect the oil spill in the Gulf to have an immediate credit impact on U.S. CMBS ratings. We may, however, see an increase in loan delinquencies and loan transfers to special servicers over the next few months."
--James Digney, credit analyst at Standard & Poor's, New York.
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