News Topic: Refinance

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Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession. ... Read full article

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity. ... Read full article

Demand for home purchases and car loans would need to increase substantially to make up for what's expected to be a sharp drop in refinancing revenue. ... Read full article

Why PayPal just deposited $50 million in tiny Optus Bank; ex-Bank of America employees allege 'extreme pressure' to sell credit cards; the Citi snafu may bring fresh scrutiny to custodial banks; and more from this week's most-read stories. ... Read full article

The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic. ... Read full article

When customers contact Wells Fargo, its artificial intelligence system goes to work; what American Express is getting with it purchase of Kabbage; Fannie, Freddie refi fee will wipe out millions in mortgage profits; and more from this week's most-read ... Read full article

Lenders initally won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in. ... Read full article

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers. ... Read full article

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers. ... Read full article

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates. ... Read full article

The Federal Housing Finance Agency will extend the same GSE benchmarks of the past three years into 2021. ... Read full article

However, those who aren't current bank customers need to have $1 million in a qualifying account. ... Read full article