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MPA Week in Review

A look back at the stories that shaped your week.

Video transcript below:

Ryan Smith:  Happy Friday everyone.  I’m Ryan Smith and this is MPA’s weekend review.

Janet Yellen was sworn in Monday as the new Chair of the Federal Reserve.  The first woman to lead the agency, Yellen replaces departing Fed Chairman, Ben Bernanke who’s already landed the job at the Brookings Institution.  Yellen’s appointment received wide support in the mortgage industry as she is expected to continue the easy money policies that led to historically low rates during Bernanke’s tenure.  

Well if you didn’t think the refi boom was over, it’s pretty hard to deny it now.  Refinancings currently accounts for about 62% of all mortgage activity, but Freddy Mac is projecting that the refinance share will be just 38% of all originations in 2014.  The good news, the emerging purchase market is expected to pick up a lot of that slack.  About that purchase market, Freddy Mac Chief Economist, Frank Nothaft predicted this week that purchase originations would be coming back in a big way this year.  Nothaft predicts that 2014 will be the first year since 2000 that purchase originations will dominate the market.  He also predicts mortgage rates will creep up to about 5% in 2014, but that most markets will remain affordable.  

In other news, CFPB Director Richard Cordray appeared on Jeopardy Wednesday.  Cordray finished second, with $5200 although he won’t be keeping that money due to his position with the government.  It wasn’t the Director’s first rodeo, Cordray won more than $45,000 on the game back in  1987.  CFPB didn’t even exist back then.  On the other hand mortgage rates were 11% and Police Academy 4 was one of the top movies of the year, so it wasn’t all  wine and roses.  

Mortgage rates were down again this week, the 30 year fixed rate mortgage averaged 4.23%, down from last week’s 4.32%.  The 5 year adjustable rate mortgage stands at 3.08% from last week’s average of 3.40, while the 1-year arm dropped to 2.51% from last week’s average of 2.55.  This has been your weekend review for MPA, I’m Ryan Smith.
  • Tony Guidicessi on Citadel and the changes to non prime lending Tony Guidicessi on Citadel and the changes to non prime lending

    While it’s still a relatively small fraction of the mortgage market, non-prime is coming back in a big way. At the forefront of this resurgence is Citadel Servicing Corporation. MPA recently chatted with Citadel’s Tony Guidicessi about what sets Citadel apart from the pack – and how non-prime has changed since the pre-crisis days.

  • Aaron Nemec on giving originators tools to succeed Aaron Nemec on giving originators tools to succeed

    With a changing regulatory environment and another Fed rate hike expected by the end of the year, the mortgage industry is in a state of flux. So how can originators keep their business booming? MPA recently sat down with Academy Mortgage Corporation’s Aaron Nemec to find out how Academy gives its originators the tools for success.

  • Shant Banosian on building your business Shant Banosian on building your business

    The only thing certain about the mortgage industry is that the landscape is ever-changing. So how can loan officers keep their business strong through market fluctuations and regulatory uncertainty? MPA recently sat down with one of the country’s top originators, Guaranteed Rate’s Shant Banosian, to chat about how he keeps his business booming through thick and thin.

  • Ray Bartreau on the state of the mortgage industry Ray Bartreau on the state of the mortgage industry

    The last few years have seen a lot of change in the mortgage industry. And now, continued home-price gains, regulatory uncertainty and a new administration mean even more change on the way. MPA recently chatted with Raymond Bartreau of Best Rate Referrals about the current state of the industry.

  • Busting the myths around VA loans Busting the myths around VA loans

    Many originators shy away from VA loans, thinking they'll be too complicated. Coming off of a record-breaking year for VA loans, the product can be more viable now than ever. MPA sits down with Carrington's Ray Brousseau to get his take

  • CFPB oversight bill passes House CFPB oversight bill passes House

    House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy’s bill passed with an overwhelmingly bipartisan vote of 401 to 2 this week. The bill would bring greater transparency and accountability to the Consumer Financial Protection Bureau.

  • RealtyTrac: Zombie foreclosures are a consistent problem RealtyTrac: Zombie foreclosures are a consistent problem

    The share of zombie homes has increased, despite the decline in total foreclosures, according to the latest data from RealtyTrac.

  • NAMB: CFPB's rate checker tool problems NAMB: CFPB's rate checker tool problems

    The CFPB released its rate checker tool in an attempt to better prepare consumers for buying a home. While their intentions may have been good, the result was not, according to NAMB.

  • LendingTree translates real estate buzzwords LendingTree translates real estate buzzwords

    This video is worth a good laugh. LendingTree breaks down those tough real estate terms for your clients.

Poll

Should CFPB have more supervision over credit agencies?