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Mortgage Applications Fall in Mid-September Index

After rising on the back of a double-digit jump in refinances, mortgage applications experienced another dive last week, according to figures from the Mortgage Bankers Association (MBA). For the week ending September 19, the group reported a seasonally adjusted 4.1 percent decline in overall loan application volumes, a step backward after the previous week's 7.9 percent recovery.

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HMDA Data Shows Decline in Low-Income Lending

According to information released Monday by the Federal Financial Institutions Examination Council (FFIEC), the share of home purchase loans made to low- and moderate-income applicants declined to 26 percent in 2013 from 31 percent the year prior. The share of refinance loans going to those borrowers came up just slightly, rising to 20 percent from 19 percent in 2012.

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Ginnie Mae Announces Initiatives to Address Mortgage Challenges

Representatives from HUD and Ginnie Mae convened at the second annual Ginnie Mae Summit Monday to discuss initiatives and programs designed to create a healthy housing market. The company's plans indicate it is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities (MBS) program, reduce risk, and better manage resources.

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FHFA Price Index Up 0.1% in July

The Federal Housing Finance Agency's (FHFA) monthly House Price Index picked up 0.1 percent from June to July, coming down after a revised 0.3 percent increase in June. For the 12 months ending in July, FHFA reported house prices were up 4.4 percent. As of the latest index, the national HPI is now 6.4 percent below its peak in April 2007 and is roughly in line with its July 2005 level.

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Fannie Maintains Lukewarm Housing Forecast

An upward revision in GDP growth for the second quarter bolstered optimism at Fannie Mae for the rest of the year's economic track. The mortgage giant's Economic and Strategic Research Group put out its newest outlook on Tuesday, calling for accelerated growth following the most recent news of 4.2 percent annualized GDP growth in the year's second quarter. On the other hand, the housing market is still struggling to find any real traction.

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CFPB Official Discusses New Servicing Rules

A recurring theme during many of the six labs at the Five Star Conference last week was compliance and how it has changed the mortgage industry in the last few years. Laurie Maggiano, program manager for servicing and secondary markets at the Consumer Financial Protection Bureau (CFPB), was on hand to discuss the world of mortgage servicing statutes for the "CFPB's National Servicing Standards—Update Session" section of the conference's Compliance Lab.

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Millennial Optimism Boosts U.S. Housing Confidence

American consumers' enthusiasm for the housing market rose over the summer from the year's start, but expectations for future market performance have become more subdued, according to survey results released by Zillow. Among the thousands of Americans surveyed, confidence is higher among renters as purchase conditions continue to look favorable and rent prices climb.

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U.S., BofA Continue Fight in ‘Hustle’ Case

The ongoing legal battle between the U.S. government and Bank of America over the sale of soured loans to Fannie Mae and Freddie Mac before the financial meltdown continued last week as lawyers for the government argued against a motion to throw out a fraud verdict rendered against the bank.

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Florida Home Sales, Prices Keep Going Strong

Florida Realtors released Monday its data on the state's housing market in August, reporting a 4.2 percent year-over-year rise in single-family home sales to a total of 21,594. "For several months now, stability and consistency are key trends we're seeing in Florida's housing market, as the state’s jobs outlook remains steady and the economy continues to grow," said Florida Realtors' president, Sherri Meadows.

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