(Reuters) – U.S. Treasury Secretary Janet Yellen on Friday called for Congress to give regulators more power to oversee the growing nonbank mortgage industry, which she said presented unique risks to financial stability. Yellen spoke during a meeting of the Financial Stability Oversight Council, a regulatory body she chairs and which was created after the
In a slight respite for prospective homebuyers amidst the backdrop of escalating housing prices and a scarcity of available homes, borrowing costs for both 30-year and 15-year mortgages have taken a downturn this week. The average rate for a 30-year mortgage witnessed its first dip in four weeks, easing from the previous 7.22% to 7.09%,
A mortgage note between John F. Kennedy and his father, Joseph P. Kennedy, for the former president’s “Summer White House” on Cape Cod, is up for auction, according to Boston-based RR Auction. “I promise to pay Joseph P. Kennedy of North Ocean Boulevard, Palm Beach, Florida, or order, the principal sum of Fifty Thousand ($50,000.00)
Atria Wealth Solutions Inc. purchased a new position in Federal Agricultural Mortgage Co. (NYSE:AGM – Free Report) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 1,175 shares of the credit services provider’s stock, valued at approximately $225,000. A number of other large investors have also bought and sold shares of AGM. Quantbot
Photo: Dawn Morgan and Melena Miller This Mother’s Day, mother-daughter lending teams across the country will be celebrating their teamwork, business success, and love for each other. We spoke with two mother-daughter lending teams who said their unique platform gives them an advantage in a competitive market. Senior Loan Originator Dawn Morgan started working with
GenWay Home Mortgage Inc., a GNMA Issuer headquartered in Richardson Texas, has joined the NHAP, a cloud-based technology solution seamlessly connecting key stakeholders in the residential mortgage banking industry on a unified, single-sign-on platform. Through the HomePrep module within the NHAP, HUD-approved counseling agencies (HCAs), connect to other NHAP participants like state housing finance agencies,
The average mortgage interest rate for a standard 30-year fixed mortgage last week was 7.25%, a decrease of 0.11 percentage points from the previous week’s 7.36%. Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a
The refi market continues to be anemic as higher rates are persisting, with refi volume dropping 3.4% compared to the prior month. Seven of the top nine lenders recorded gains in April, with Plaza Home Mortgage, Liberty Reverse Mortgage/PHH and Guild Mortgage standing out for their gains between 36% and 48%. When asked about whether
Commercial and multifamily mortgage loan originations were essentially unchanged in the first quarter of 2024 compared to a year ago, and decreased 23% from Q4 2023, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. However, the volume by lender type varied substantially compared to Q1 2023. “Borrowing and lending
Banks are increasing mortgage rates at the same time as reducing savings offers, regardless of the central bank’s interest rate freeze, which has persisted for several months. Many lenders have increased their mortgage interest rates over the past week, including Virgin, HSBC, Leeds Building Society, Skipton Building Society and other lenders. As a result, the