MPA TV

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The future of the taper, Prospect Mortgage settlement and inflatable space houses

A major lender gets dinged for interest-rate violations, a Fed honcho prognosticates on the taper, and inflatable space houses are apparently a thing now. Check out MPA's review of the stories that shape our industry.

Video transcript below:
 
Happy Friday everyone, I'm Ryan Smith and this is MPA's weekend review.  One of the nation's biggest independent lenders will have to fork out more than three million dollars for violating California lending regulations.  Prospect Mortgage have reached a settlement with the California Department of Business Oversight in which the lender will issue refunds to more than 12,000 customers for overcharging them in violation of the State's per diem interest rules and pay $1.8 million in administrative fees.  This isn't the first time Prospect has been under the legal microscope.  In October New

York State fined the lender three million dollars for misleading customers about interest rates.  
The Federal Reserve will probably end its bond-buying program by the fourth quarter.  That's according to Atlanta Fed President Dennis Lockhart, who said he expects the taper to continue borrowing a serious economic reversal.  The Fed started tapering its bond buys in December, it’s next opportunity to reduce bond purchases is at its meeting March 18 and 19 so save the date. 

January saw a big jump in the annual rate of new single-family home sales according to data released by the Mortgage Bankers Association.  New home sales were running at a seasonally adjusted rate of 543,000 units in January, up 35% from December's piece of 402,000 units.  Mortgage applications for New York homes were also up, rising 27 percent in January from the previous month.  

And in other housing news Hotel mogul Robert Bigelow is designing inflatable housing for use in space.  Bigelow suggests that a company could rent out one-third of an inflatable space house at a price of $25 million dollars for 60 days.  A small Bigelow habitat will be tested at the International Space Station next year, while two larger inflatable housing units will be ready to launch in 2016.  So make sure to check back for our follow up story in 2016 over inflated space house explodes.  

Mortgage rates picked up again this week for the second week in a row.  The 30 year fixed rate mortgage (FRM) averaged 4.33% this week up from last week's 4.28 percent.  Five-year adjustable rate mortgage (ARM) averaged 3.08 up from last week’s 3.05% and the 1-year ARM averaged 2.57% up from last week's 2.55 percent.  

For MPA I'm Ryan Smith. 
  • 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.

  • Buyer confidence keeps pending home sales growing Buyer confidence keeps pending home sales growing

    Pending home sales slightly improved in November and are above year-over-year levels for the third straight month, something Lawrence Yun, chief economist at the National Association of Realtors, says is due to buyers' confidence in the economy.

  • Obama talks housing, lower FHA rates Obama talks housing, lower FHA rates

    In his recent speech on housing in Arizona, the President addressed new housing initiatives, including lowering FHA rates, winding down Fannie and Freddie and continuing to crack down on shoddy lending practices.

  • AAG head Reza Jahangiri on the advantages of reverse mortgages AAG head Reza Jahangiri on the advantages of reverse mortgages

    MPA talks with Reza Jahangiri, CEO of American Advisors Group, about the advantages of reverse mortgages

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