Bank Statement Program News Today

Here in Southern California for the California MBA’s Legal Issues and Regulatory Compliance Conference, the topics include RESPA, marketing services agreements and Section 8(a), and compliant low income and affordable housing lending. Speaking of which, Here’s a lousy headline to wake up to: “KeyBank Promised to Increase Low-Income Lending, Then Did the Opposite.” In other news lenders are watching, I don’t care if you don’t believe in climate change. An...

The release yesterday of FHFA’s report on Agency Guarantee Fees prompted some of the discussion here in Kansas City among mortgage folks about how challenging things have become, especially with rates and pricing. Sure, there are opportunities, but things are tough. Do you think your job is tough? How about this reporter’s? Do you think you’re good at your job, finding borrowers, processing loans, drawing docs, selling the loans, whatever? Really good? This video speaks volu...

With the Fed set to end its MBS purchases tomorrow, removing free money from the MBS market, where do you think home affordability will go from here? Mortgage rates are already at their highest levels since 2008 and in theory, a large buyer exiting the space should push MBS prices down and thus mortgage rates up. As one California mortgage executive wrote to me, “Home prices ran up 20 to 30 percent for two years, as Fed Chair Powell could not figure how to get his foot off the accelerator...

Christmas Eve: Bus. Dev., MLO, AE Jobs; Verification Tool; Disaster News; What is "Build for Rent"? Dec 24 2020, 8:12AM New Homes Sales tumbled over 11 percent in November. Does that mean no one wants new homes, they’re over-priced, or there aren’t any to buy? One has to look at statistics critically. Housing stats tell us that bigger isn’t always better. Per the Census Bureau, the average square footage of new homes sold in the U.S. dropped from 2,724 in 2015 t...