Last year, the title company First American Corp. began surveying title agents each quarter to gauge optimism in the mortgage market. In the fourth quarter of 2015, the agents grew more pessimistic overall, concerned about rising rates and home affordability. First American Chief Economist Mark Fleming spoke with Scotsman Guide News about the survey’s recent findings and offered his thoughts on where the market is headed. Broadly speaking, have title agents been optimistic about the mortgage...

The Federal Housing Administration’s (FHA) reverse mortgage program, known as a Home Equity Conversion Mortgage (HECM), has seen many changes over the past two years. In May, the U.S. Department of Housing and Urban Development (HUD) rolled out another round of proposed rules for HECMs. Peter Bell, president and chief executive officer of the National Reverse Mortgage Lenders Association, spoke with Scotsman Guide News about the potential impact of the new regulations and why he believes the...

With rising home prices, more Americans have been using their homes as piggy banks. The volume of cash-out refinances and home equity lines of credit (HELOCs) has been climbing as interest rates have stayed down and homeowners continue to take advantage of the rising value of their houses. “Certainly the share is rising,” Fannie Mae’s Chief Economist Doug Duncan told Scotsman Guide News this week. Data from Fannie Mae and Freddie Mac both point to an uptick in cash-out refinances. Cash-out...

Several progressive groups have now joined the banking industry in raising red flags about clean-energy (PACE) loans that are repaid via property-tax billing. In a letter this week to the U.S. Department of Energy (DOE), the National Consumer Law Center (NCLC), on behalf of 15 other legal and consumer-facing organizations, said PACE loans should not be marketed to lower-income borrowers. The letter also advocated for tougher underwriting that would screen out people who can't afford the...

Government-sponsored enterprise Fannie Mae posted a profit in the first quarter and will pay the U.S. Treasury a dividend of $919 million — but Fannie's chief executive officer called the government-mandated wind down of its reserves an unsustainable model. "It is clear to us that operating with essential zero capital is not sustainable," Fannie CEO Tim Mayopoulos said Thursday after the government-sponsored enterprise (GSE) reported a net income of $1.1 billion and comprehensive income $936...