What mortgage rate will budge consumers?
National Mortgage News
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Nearly two-thirds of consumers are "encouraged" that mortgage rates will be dropping soon and the market is moving closer to the level that will get many to act, a Mphasis Digital Risk survey said. The survey found that 64% of the 1,818 respondents to the survey taken late July believe rates will be trending down in the near future. The Mortgage Bankers Association's Weekly Application Survey today put the conforming 30-year fixed at 6.54%, down from 7.03% for the week ended June 28. That’s still higher than what Mphasis Digital Risk pegged as the "magic number" to bring those consumers into the home purchase market.
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Canada's Bank of Nova Scotia is set to grow its presence in U.S. mortgage warehouse lending, as it brings on a veteran JPMorgan Chase executive. Thanh Roettele, who most recently held the role of managing director, is heading to Scotiabank to lead warehouse funding operations serving nonbank mortgage businesses. The addition of Roettele is one of the latest moves from Scotiabank as it attempts to further expand in the United States. Earlier this week, the Toronto-based bank announced it would invest $2.8 billion in Keybank.?
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UBS Group has found a buyer for the Select Portfolio Servicing unit it inherited when it purchased the troubled Credit Suisse last year, an executive told analysts during an earnings call. "We agreed to sell Credit Suisse's U.S. mortgage servicing business," Chief Financial Officer Todd Tuckner said Wednesday, noting that the transaction would reduce risk weighted assets at UBS by roughly $1.3 billion. UBS did not specify other terms for the transaction or a specific buyer, but Reuters said that CEO Sergio Ermotti revealed on a subsequent call that a "consortium" is involved in the purchase.
The Federal Housing Administration on Wednesday released what could be the final draft of modernized rules for interacting with borrowers who have distressed mortgages. The draft replacement for in-person meeting requirements is largely unchanged from an earlier one. Only "minor, substantive revisions" have been made, according to the Department of Housing and Urban Development. If finalized, the modernized rules could end a temporary, partial exemption from the original mandate. That exemption was put in place due to the need for remote contact during the pandemic.
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