The JPM CEO is “recovering well” as the bank’s two co-presidents assume control; the House finance chairwoman says the bank board members neglected their duty.
Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.
November's foreclosure starts hit their lowest level since Black Knight started tracking this data in 2000, while the foreclosure rate reached a 14-year low.
While many lenders lately managed their business expecting reduced volume, now they get to capitalize on extremely low mortgage rates. But today's benevolent conditions will not always be with the industry.
For the third time in five months, the San Francisco bank made a downward revision Monday to its guidance on net interest income. An executive cited the impact of lower interest rates.
Though advocates and industry are rarely aligned, they are starting to coalesce around a plan that would call for the elimination of the CFPB’s 43% debt-to-income limit as part of its qualified mortgage rule.
With long-term interest rates at historic lows, mortgage refinancing is coming on strong. But that additional revenue may not be enough to offset net interest margin pressures and lost servicing income.
The potential for negative long-term mortgage rates is surfacing around the world, and with global tensions building in the U.S. market, there's a small but growing chance it could happen here, too.
