A California bill that would allow home loans for illegal immigrants faces strong opposition from state Republicans. Assembly Bill (AB) 1840, which passed in the Senate Appropriations Committee last week, faces a floor vote in the state Senate and potentially a signature by Gov. Gavin Newsom to become law. Assemblymember Joaquin Arambula (D) introduced the
After dropping significantly during the first two weeks of August, mortgage rates have plateaued ahead of a key economic announcement on Friday. That’s when Federal Reserve Chair Jerome Powell is set to speak at the annual Jackson Hole Economic Symposium in Wyoming. Powell is expected to deliver an update on U.S. monetary policy to central
An exciting development Wong explained that he and his colleagues at Waterfall were intrigued to see Ginnie Mae lay out new details for the proposed product. “I think, from our vantage point, this is one event that we were pretty excited to hear the news from, as are most industry participants,” he said. “I think,
Finance of America brand consolidation When Finance of America announced its intention to acquire then-industry leader American Advisors Group (AAG), the reverse mortgage industry initially reacted with cautious optimism. AAG had been a longtime leader not just in terms of the volume it was pulling in but also in the messaging of the industry through
On Tuesday morning, BofA reported production volume of $5.7 billion in first mortgages from April to June, up 66.3% from the $3.4 billion in the previous quarter but down 3.5% from the $5.9 billion figure in Q2 2023. The four largest depository mortgage originators combined to produce a quarterly volume of $26 billion in Q2
Inventory is slightly down There are currently 651,000 single-family homes unsold on the market around the country. That’s actually just a fraction of a percent fewer than a week ago. Inventory is 38.5% more than a year ago. Still, there are 32% fewer homes on the market now unsold than in 2019. Inventory is growing in
If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be 0.48% higher right now. While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year. 10-year yield and mortgage rates Last week, inflation data
Weekly housing inventory data While inventory growth this week slowed to 6,803 — well below my weekly target level of 11,000 -17,000 with elevated mortgage rates — the fact that we hit this target level five times this year versus zero last year is a big reason why 2024 has been a much better year for
Sarah Wheeler: Let’s talk about technology’s role in making these things easier for even smaller lenders. To that point, let’s talk about the new CFPB rule around AVMs. Rohit Chopra: I think appraisals are such a big issue. We want to make sure, and we saw this, you know, 15, 20 years ago — the
Are we seeing the start of a market shift in mortgage demand? Notably, mortgage rates have been gradually declining, and we’ve observed back-to-back positive weeks in purchase application data for the first time since mid-March. While I typically prefer to see a sustained growth of 12-14 weeks before concluding there’s been a sea change, the