Brena Swanson is the Digital Reporter for HousingWire.com, providing expert coverage on Millennials, lending and housing. Brena joined the HousingWire news team in February 2013, also serving in the roles of Reporter and Content Specialist. Brena graduated from Evangel University in Springfield, Missouri. Follow Brena on twitter at @BrenaSwanson.
Keeping up with the rest of the year, the Office of the Comptroller of the Currency’s latest quarterly report on mortgages showed that borrowers are getting better at paying their mortgage loans. The report falls in line with previous reports that showed the overall performance of mortgages improving from the previous year.
The Consumer Financial Protection Bureau announced it is reassessing the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information. The new proposal looks to clarify, through rulemaking, the parts of Regulation B that seem to conflict with Regulation C requirements on collecting this information.
January 2018 marks five years since the Consumer Financial Protection Bureau finalized the qualified mortgage rule. The five-year anniversary means more than a landmark date of a major regulation though, as it also means the bureau is required to reassess its major mortgage rules. Will the CFPB use this process to change the mortgage market again?
Student debt, housing affordability and income are commonly tossed out as the culprits behind Millennials needing to move back in with their parents. The details, however, are a little more complicated than that. These four charts break down what Millennials living at home looks like (and we're not talking about their bedrooms).
Housing inventory shortages and affordability concerns dampened California’s strong start to the new year. But regardless of the dip, California Realtors are still positive about the upcoming spring home-buying season and expect improved market conditions in the near term.
The industry shouldn’t hold its breath for Fannie Mae and Freddie Mac reform this year. But that doesn’t mean the Trump administration isn’t talking about it. Here’s where it looks like President Donald Trump is focusing his efforts first.
Younger home shoppers are set to become the No. 1 homebuying cohort throughout the coming years, but they’re not opting to buy a home just anywhere. Realtor.com took advantage of its website user data to create a list of the top 10 markets where Millennials are looking for a home. While a chunk of the cities on the list are affordable, it’s not true for all of them.
HousingWire Tech100 winner Tavant Technologies announced it opened its second U.S. development and innovation center in Dallas. The news also comes with plans to hire hundreds of new employees across the U.S.
Mortgage applications reversed course and dipped slightly from the previous week due to a drop in both purchase and refinance applications. Meanwhile, the 30-year fixed-rate mortgage with a conforming loan balance managed to stay the same.
Well, this is awkward. Four witnesses on the constitutionality of the Consumer Financial Protection Bureau sat before a House subcommittee on Tuesday morning, lending their expert knowledge to help sort through the current state of confusion around the bureau. The only problem is that they could barely get a word in edgewise. House Republicans profusely thanked them for coming as House Democrats condemned the hearing entirely.
The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate. The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.
Ironically, the monkey on the mortgage industry’s back for the past 10 years — increasing regulation — is the very thing that forced companies to find efficiencies in every part of the process, which serves them well as they look to engage tech-savvy consumers. Even as the enforcement of some of those regulations is now in question, the long-lasting benefits of investing in automation will stand.
Mortgage banks have traditionally been slow to embrace new technologies, and while the technology that has improved efficiency, security and customer experience in a multitude of other industries (transportation, education and retail, to name a few) is finding its way into the loan production process, a lot of opportunity still exists in other stages of the mortgage life cycle.