Why is the mortgage industry up in arms against FHFA?

August 19, 2020

I exchange emails and texts with many of the key mortgage industry executives. So I thought why don't I pick up the key topics we discuss and make it into a newsletter. So here we go.

In this newsletter we talk about the recent directive from FHFA that has everyone on the mortgage industry up in arms. It is the season of protests and here is one more reason to protest.

The FHFA directive is important in the backdrop of the tremendous growth in refinance loans, brought by low interest rates. I posted about the rates going below 3% for the first time 3 weeks back and today they are touching 2%.

Finally, high loan volumes and covid situation means you need to move things online. Not surprisingly, eMortgages have really picked up. But there is a lot of confusion about what the heck they are. We talk about that too.

If you are in the market to refinance your mortgage like millions of others, then the cost to refinance just went up by 0.5%.

The 30 year fixed mortgage rate in the US dipped below 3% for the first time ever in history, to reach 2.98% for the week of July 16 2020.

There are two big challenges that people looking to buy a home are facing today How do you pick a home without actually visiting the home How do you close the mortgage without meeting the seller, notary, settlement agent etc. Realtors are finding innovative ways to help home buyers get a feel of the

Have a great week ahead.