The Nationwide Multistate Licensing System and Registry has released its Mortgage Industry Report for the first quarter of 2016.
The report includes information concerning companies, branches and mortgage loan originators who are licensed or registered through the NMLS to conduct mortgage activities. The report covers the period from Jan. 1-March 31.
According to the report, forward loan originations reported by state-licensed companies decreased by 11.8% compared with the same quarter last year. However, home volume purchase was up by 13.9%.
The number of active MLOs decreased by 0.4% during the first quarter of 2016 compared to same quarter a year ago, but the number increased by 14.5% for the top 10 state-licensed companies year over year.
To read more about the report, visit http://mortgage.nationwidelicensingsystem.org/about/Reports/2016Q1-Mortgage-Report.pdf.
NMLS ombudsman to host open meeting on Aug. 2
The NMLS ombudsman will be available to receive comments during an open meeting from 9 a.m.-noon EST on Aug. 2 at the Hilton Tampa Downtown in Tampa, Fla.
The meeting will be held in conjunction with the 2016 American Association of Residential Mortgage Regulators Conference. Registration is not required to attend the meeting.
Those persons submitting discussion items must attend the meeting to present their issues. Suggested agenda items on issues related to the NMLS, state licensing and federal registration will be accepted until July 18. Agenda items can be submitted by emailing ombudsman@stateregulatoryregistry.org.
Individuals wishing to discuss an issue should present relevant information on their company’s letterhead. The meeting will be in-person only, and no dial-in will be available.
For more information about the AARMR conference, visit http://aarmr.org/annual-conference.
Mortgage rates drop to lowest levels of 2016
Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates for the week ending June 30 dropping to new 2016 lows in the aftermath of the Brexit vote.
The 30-year fixed-rate mortgage averaged 3.48%, which is only 17 basis points above the all-time record low of 3.31% recorded in November 2012, according to the survey. At this time a year ago, the 30-year fixed-rate mortgage averaged 4.08%.
A 15-year fixed-rate mortgage averaged 2.78% last week, compared with 3.24% for the same time a year ago, according to the survey.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” Sean Becketti, chief economist for Freddie Mac, said in a news release. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48%. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”
Additional information is available at FreddieMac.com.
CFPB announces adjustments to Truth-in-Lending thresholds
The Consumer Financial Protection Bureau announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (Regulation Z) that will apply to certain consumer credit transactions in 2017.
The adjustments are based on the percentage change in the Consumer Price Index. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty fees under the Credit Card Accountability Responsibility and Disclosure Act, the total loan amount and points and fees dollar trigger for high-cost mortgages under the Home Ownership and Equity Protection Act, and the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The notice also revises one of the 2016 safe harbor penalty fee amounts due to a decline in the 2015 Consumer Price Index that was not fully accounted for, and such revision is effective upon publication in the Federal Register.
The final rule is available at: http://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/truth-lending-regulation-z-annual-threshold-adjustments-card-act-hoepa-and-atrqm/.
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