Headlines

The ability-to-repay and qualified mortgage (QM) rules that went into effect earlier this year are not having a significant impact on approvals of prime conforming residential mortgage loans, but they are impacting the jumbo and nontraditional loan markets, according to the July 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices conducted by the Federal Reserve.

Pro Teck Valuation Services announced the appointment of a new COO, with management veteran Todd Gerspach stepping into the role.

The Mortgage Bankers Association (MBA) reported a 0.5 percent increase in its Mortgage Credit Availability Index (MCAI) for the month of July, putting the index at 116.4. According to the group, the main force behind the increase was a rise in the number of jumbo adjustable-rate mortgage (ARM) programs. Also contributing to the pickup was an increase in availability of high-balance FHA and VA loan programs.

In response to recent bearish housing outlooks, Altos Research recently released its own decidedly more positive forecast. "It's scary to be a contrarian, particularly if you're contrarian and bullish. In retrospect, this position is the most fun—if you're right," said Michael Simonsen, co-founder and CEO of Altos.

The Texas Association of Realtors released Friday its 2014-Q2 Texas Quarterly Housing Report, revealing a 5.9 percent quarterly pickup in home inventory to a months' supply of 3.60—level with where supply figures were at the end of 2013. Despite the quarter-over-quarter increase—the first since 2011, the association reports—inventory remained down 12.2 percent compared to a year ago, holding back growth in home sales.

Stonegate Mortgage Corporation has a new VP of internal audit following the appointment of Jennifer Pressley to the role.

Based on data from Bloomberg, investment bank FBR Capital Markets estimates issuance of mortgage-backed securities (MBS) last month came to approximately $90 billion, marking a "significant improvement" from June and May. However, year-to-date originations are at approximately $633 billion, and with the historically stronger summer months done, FBR expects "the strong pace set in July could slow materially in August, September, and beyond."

In Tennessee, Churchill Mortgage announced a partnership to bring Mortgage Harmony's HarmonyLoan Rate Reset product to Churchill's borrowers.

According to data from finance site Bankrate.com, closing costs in 2014 are up 6 percent over last year, rising to an average $2,539 on a $200,000 loan (assuming a 20 percent down payment). "New mortgage regulations are the biggest reasons why closing costs went up over the past year," said Holden Lewis, senior mortgage analyst for Bankrate. "The good news is that some lenders have not increased fees."

Fannie Mae's book of business decreased at a compound annualized rate of 1.7 percent over the month of June, slower than the previous month's rate of 2.4 percent but continuing a streak of decreases that has persisted all year so far. Year-to-date, Fannie Mae's book of business has declined at a compound annualized rate of 2.2 percent.