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☆ As mortgage rates normalize it will help both supply and demand: Mortgage Bankers Association CEO
  + stars: | 2023-10-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAs mortgage rates normalize it will help both supply and demand: Mortgage Bankers Association CEORobert Broeksmit, Mortgage Bankers Association CEO, joins 'Closing Bell Overtime' to talk climbing mortgage rates and what they Federal Reserve can do to help.
Persons: Robert Broeksmit Organizations: Mortgage Bankers, Mortgage Bankers Association
☆ New fee structure on May 1 will make mortgages cheaper for some and pricier for others
  + stars: | 2023-04-26 | by ( Molly Grace | Laura Grace Tarpley | Mortgage Reporter | ) www.businessinsider.com   time to read: +6 min
The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.
☆ A court just ruled that CFPB's funding is unconstitutional, and that could be 'catastrophic' for mortgage markets
  + stars: | 2022-10-28 | by ( Stephanie Dhue | ) www.cnbc.com   time to read: +6 min
Mortgage rules at riskIf the agency's legal authority is undermined, it could have a profound affect on home lending markets — an industry that's prone to disruption when laws are murky, especially as interest rates rise. That extended the potential damages to the Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac. Appeal likelyIf the Fifth Circuit decision is upheld, it could call into question those long-standing mortgage rules. "The loss of the CFPB mortgage regulations and the effect on the market would catastrophic," said Andreano. "Potential changes in how the CFPB are funded aren't likely to have an immediate effect on the mortgage market."
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