Lending

Dueling polls on Fed's next move suggest the safe bet is a July rate cut

Only 2 out of 46 economists in WSJ poll say the FOMC will act at next week's meeting
Traders in futures markets are signaling a 22.5% probability of a Fed rate cut next week and an 86% chance of a cut at or before its July 30-31 meeting, according to CME Group. Economists polled by The Wall Street Journal gave a different picture: About 0.5% said they expect a move next week and 40% pegged it to the July gathering. That makes July the safe bet, with perhaps language added to the FOMC’s June statement aimed at reassuring markets.
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A data-driven approach to neighborhood stabilization

Disposition strategies that return distressed properties to owner-occupants faster
There’s an opportunity to give data that opinion-shaping power when it comes to answering a specific question regarding neighborhood stabilization: is it better for a distressed foreclosure property to revert back to the foreclosing lender or be sold to a real estate investor at the foreclosure auction, if the primary goal is to most effectively stabilize the surrounding neighborhood?
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House committee passes bill to make FHA loans less expensive

Aims to limit mortgage insurance premiums for FHA borrowers
The House Financial Services Committee passed a bill Wednesday that would limit mortgage insurance payments on loans backed by the Federal Housing Administration. The bill would repeal FHA's policy that requires borrowers to pay mortgage insurance for the life of the loan – something housing industry participants have lobbied for for years.
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HUD declares FHA is no longer backing DACA mortgages

"DACA recipients remain ineligible for FHA loans"
After months and months of uncertainty about whether the FHA is backing mortgages for Deferred Action for Childhood Arrivals recipients or not, HUD has finally given an official answer. And that answer is no.
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Calabria to Congress: Fannie, Freddie reform is urgent, critical and overdue

FHFA director's report to Congress makes pleading case to end GSE conservatorship
FHFA Director Mark Calabria stressed the need to remove the GSEs from conservatorship to lawmakers, outlining the reforms he views as necessary in his first annual Report to Congress since taking the helm at the agency. Here’s what he wants Congress to do to "support sustainable homeownership."
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Mortgage rates stabilize at two-year low after the U.S. avoids a trade war with Mexico

The 30-year fixed-rate mortgage holds steady at 3.82%
This week, mortgage rates held at a two-year low after the U.S. government avoided a trade war with its neighbors to the south, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said easing trade tensions with Mexico have helped stabilize the nation's markets.
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BB&T, SunTrust to rebrand as Truist

Announce name change as the two banks finalize "merger of equals"
When BB&T announced its pending "merger of equals" with SunTrust Banks in February, the companies said they would emerge together under a new name. On Wednesday, that name was revealed, as the two banks said they would be operating together as Truist – a moniker they said reflects their separate heritages and "shared belief in building a better future."
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Citizens Bank unveils digital home buying and mortgage experience

Customers can search for homes online, apply for a mortgage digitally, and more
Citizens Bank, which became one of the country’s largest mortgage companies when it acquired Franklin American Mortgage last year, is now diving headfirst into digital mortgages. This week, Citizens unveiled a new digital mortgage experience that will enable borrowers to both apply for and manage their mortgages online. But that’s not the only part of the home buying journey that Citizens is digitizing. The bank is also now offering to help borrowers find their next house as well.
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BB&T, SunTrust announce new Charlotte headquarters

Merged companies will transition employees to new city
BB&T announced in February its pending merger with SunTrust Banks in a $66 billion deal that marked the largest big bank merger since the financial crisis. Now, the companies have revealed the location of their new headquarters – a 550,000-square-foot office located in a tower in Charlotte, North Carolina, set to house 2,000 employees from both banks.
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