The MReport Webcast: Friday 3/13/2015

Mortgage industry professionals are optimistic about their current business conditions and six-month outlook, according to data from the Collingwood Group and the Five Star Institute. Of the respondents surveyed 46 percent believed business conditions are “a little better” than this time last year, up 14 percent from just five months ago. Respondents cited low interest rates, a strong refinance business, and higher consumer confidence as reasons for the increase in optimism.

Approximately 84 percent of survey respondents said business conditions will be between a little better and much better in the next six months, with 52 percent selecting a little better. Respondents indicated that given the current economic conditions and seasonal lull, they expect to see a small increase in origination volume in the next six months. Improved consumer confidence should outweigh the impact of higher interest rates. Furthermore, if lenders begin to loosen credit standards and make more non QM loan options available, there could be a higher increase in volume.

The Federal Housing Finance Agency Office of the Inspector General said the process Fannie Mae’s Audit Committee used to select a senior official was haphazard at best. According to the Office of the Inspector General, the Chief Audit Executive of Fannie Mae was hired through a flawed process and had conflicts of interest that would affect his position. The report did not mention any problems resulting from the selection or say what prompted the evaluation, which was released more than a year after the chief audit executive, John Forlines, started the job.