News

Movement Mortgage opens new operations center in Virginia

Will add 750 financial services jobs in area
Movement Mortgage may be less than 10 years old, but its imprint on the housing finance market continues to grow. In its latest venture, the billion-dollar mortgage lender announced it officially opened its new job operations center at Military Circle in Norfolk, Virginia.
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Ellie Mae: Closing time on a mortgage keeps getting faster

Drops for third consecutive month
Time to close slipped for the third consecutive month, continuing to drop as the housing market moves away from refinance and toward purchase originations. Ellie Mae’s CEO credits the efficiencies companies are realizing as they embrace technology to improve the home-buying experience.
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New York unveils $20 billion plan to fight homelessness, boost affordable housing

First phase includes $2.5 billion for new construction, development
New York is taking homelessness and the state’s lack of affordable housing head-on with an ambitious new program announced Thursday by the state’s governor, Andrew Cuomo. According to Cuomo’s office, the state is launching a $20 billion, five-year plan to combat homelessness and advance the construction of affordable housing throughout the state.
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Genworth: First-time homebuyers just don’t understand down payments

Top factors blocking first-time homebuyers
A new survey of mortgage industry executives conducted by Genworth Mortgage Insurance breaks down what the industry believes is blocking new buyers from the housing market. To no surprise, the seemingly unattainable 20% down payment for first-time homebuyers continues to be one of the biggest barriers into homeownership. Here’s what else the survey found.
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Americans fall deeper into debt than ever before [Charts]

Debt now surpasses previous 2008 peak
Americans are taking on more debt than ever before, as the level of consumer debt just surpassed its 2008 peak. After nine years, debt levels recovered from the recession. And over the past century, household debt growth is even more substantial. These charts explain the growth patterns.
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NAR: Existing home sales will see best year since 2006

Sales to increase 3.5% this year
As prices go up, existing home sales are on track to hit the highest sales pace since 2006, a new forecast from the National Association of Realtors shows. However, the housing market will still face various headwinds, including lack of economic growth, which could hold back the sales pace.
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FHFA's Watt reiterates that housing finance reform must come from Congress

Tells bankers' conference that reform effort goes beyond GSEs
On Thursday, while Department of the Treasury Secretary Steven Mnuchin told members of the Senate about the Trump administration’s plans for housing finance reform, Federal Housing Finance Agency Director Mel Watt said that the heavy lifting on housing finance reform needs to come from Congress.
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Mortgage data isn't secure: Here's why and how to fix it

The risk of a major attack is growing
The mortgage market suffers from a security dichotomy — haves vs. have-nots. The biggest players boast well-advanced security and large, dedicated security teams, while the smaller companies struggle. This means that the risk of a major attack is growing.
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