The majority of homeowners have mortgage rates below 6%

Over 85% of U.S. homeowners have interest rates below 6%, 76.1% have rates below 5%, and just over 50% have rates below 4%, according to Redfin. For homeowners contemplating a move, it's unclear whether many will opt to exchange their low-rate mortgages for potentially higher ones. But data provided by the real estate brokerage does show that some are doing so. The Federal Reserve has signaled that it plans to cut rates in September, though this is unlikely to cause a substantial decrease in mortgage interest rates. Mortgage industry analysts forecast only a moderate reduction.?

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CoreLogic's Pat Dodd on the company's transformation

Approximately 10 months after CoreLogic went through a bruising hostile takeover battle that ended with it going private through an acquisition by Stone Point Capital and Insight Partners, then-CEO Frank Martell stepped down. The company's board then promoted Patrick Dodd, first on an interim basis and then permanently in June 2022 as president and CEO. Dodd joined the company in late 2020 as its chief operating and growth officer. While CoreLogic's end markets in insurance, real estate and mortgage are quite different from Nielson, where Dodd worked previously, he noted that he has worked around data, technology and analytics for three decades. National Mortgage News spoke with Dodd regarding what has been happening at CoreLogic since the company went private.

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Bank of America escrow case plaintiffs claim NY law is no 'impediment'

A dual banking case related to escrow rules is progressing for the first time since the Supreme Court remanded it to the U.S. Court of Appeals for the 2nd Circuit in May. The plaintiffs in the lawsuit, Cantero v. Bank of America, have resumed with claims that the institution has so far failed to show that New York's requirement to pay 2% interest on mortgage escrow accounts is a "significant practical impediment to exercising banking power."? Bank of America has not responded in the court record or to a request for comment at deadline.

New ways the White House, FHA aim to support affordable housing

Leading officials with the White House recently rolled out several initiatives to provide homeowners with new avenues of support. These include $100 million of funding through the Department of Housing and Urban Development's Pathways to Removing Obstacles to Housing program and streamlining the Department of Transportation's DOT loan program. The first round of grant funding, roughly $85 million, was allocated this year to the first round of PRO Housing recipients. Other initiatives involve expanding the categories of housing that can be built under HUD's Manufactured Home Construction and Safety Standards, allowing duplexes, triplexes and fourplexes to be constructed within compliance.

PAVE task force winds down, but the work has just begun

Hearings were held, reports were written, an investigation was opened and closed, regulatory guidance was issued and new tools were rolled out. Much has happened since the White House put real estate appraisals under the federal government's microscope in June 2021. Its Property Appraisal and Valuation Equity task force — known as PAVE — has led to policy changes from more than half a dozen agencies, including major banking and financial regulators in Washington. Recent developments suggest the task force is entering the closing phase of its coordinated activities.?

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