Government

A panel of experts will discuss the reach of Section 1071 of the Dodd-Frank Act, a measure that requires financial institutions to collect and report data on small business loans, in the next chapter of the Five Star Institute Webinar Series.

Data culled from the 2020 Census Demographic Profile and Demographic and Housing Characteristics File has found that West Virginia and Maine reported the highest homeownership rates in 2020, while the District of Columbia reported the lowest homeownership rate nationwide.

Freddie Mac reports a week-over-week rise of 18-basis points in mortgage rates, further contributing to a sluggish and slow spring season for the national housing market.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.

The House Financial Services Committee hosted a panel featuring Edward J. DeMarco of the Housing Policy Council and NAR President Kenny Parcell discussing loan-level price adjustments used by Fannie Mae and Freddie Mac and their impact on the mortgage marketplace.

“We are thrilled to have Christina join our team and share her deep knowledge of the mortgage industry, the housing finance system, and the regulatory process to support our members as they enable access to affordable homeownership, while strengthening the safety and soundness of the housing finance system,” said Seth Appleton, President of USMI.

“There are select data available to support several alternative views of the path of the economy, though we maintain our view that a modest recession will begin in the second half of 2023,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.

Freddie Mac reports that, after retreating for two consecutive weeks, the 30-year fixed-rate mortgage edged back upward this week, nearing the 6.40%-mark, and forcing app volume downward.

The GSE names both national and local lending companies, as well as their loan originators, who have made a commitment to making responsible and sustainable homeownership a reality nationwide.

The U.S. Department of Housing and Urban Development has announced it has awarded $10 million in Rural Capacity Building grants, along with $12.5 million in grants through the Self-Help Homeownership Opportunity Program, to help expand affordable housing and homeownership nationwide.