Mortgage Industry Updates: Monthly RoundUp – November 2021

Last month involved several regulatory compliance updates and hot topics in the Mortgage industry. We’ve rounded up some key updates and how they will affect you and your financial institution going forward.

New-Home Sales Surge, Median Price Hits All-Time High

According to the U.S. Census Bureau and the Department of Housing and Urban Development, New-home sales rose 14% in September from the previous month reaching the highest rate of purchase since March 2021. The Northeast and South regions accounted for the most activity. Compared to August sales, the Northeast saw a jump of 32% and sales in the South rose 17.8%

“Limited existing inventory and low interest rates are keeping demand strong, and more potential buyers may be coming off the fence as they expect interest rates to rise in the future,” said Chuck Fowke, chairman of the National Association of Home Builders (NAHB).

Why Is This Important to Me and My Financial Institution?

New-home buying activity from borrowers could be on the upswing with purchase rates projected to trend upward.

Regulatory compliance roundup - September 2020

Wall Street Mortgage Bankers Worried About Climate Change

An unexpected constituency is sounding the alarm on climate change: US mortgage bankers.

According to a new report by the Research Institute for Housing America (RIHA), as climate change worsens and natural disasters wreak havoc on America’s housing stock, homeowners increasingly default on their mortgages. The ballooning financial losses force lenders to ratchet up interest rates. Fannie Mae and Freddie Mac, the massive government-backed companies charged with supporting affordable housing, continue issuing loans in risky areas, subsidizing homes in harm’s way. Private sector investors in the housing market back away from communities facing severe climate risks, like rising sea levels, repeated flooding, and more severe wildfires. The economic losses, which could easily number in the billions of dollars, are shouldered by the federal government — and ultimately taxpayers.

Per the report, climate change is likely to stress the current housing finance system’s ability to share and manage risk. Climate change and global warming will have impacts on weather – with heavier precipitation predicted in more land regions, rising sea levels, and a shifting of geographic ranges and migrations of many land and water species.

Why Is This Important to Me and My Financial Institution?

There are climate-related risks to stakeholders in housing. Even with flood insurance, some borrowers affected by future climate-change-related natural disasters will have challenges paying their mortgages, which could boost mortgage defaults.

Mortgage Industry Trends and Observations from MBA Annual Convention 2021

Indecomm Global Services, a leading provider of digital solutions and services for the mortgage lending industry, was a Bronze sponsor of this year’s MBA Annual Convention, held October 17-20. Indemm has reflected on the experience and shared key findings from the event.

– Mortgage industry leaders return to the industry’s premier event to network and connect at MBA Annual 2021.

– The economic landscape had changed significantly since the last MBA Annual Convention in 2019, held in Austin, TX. Dwindling home inventories coupled with a forecasted drop in refi volumes are presenting a double whammy for lenders in the year to come.

– Work from home is now the dominant mode of work for employees across all industries, including the mortgage industry.

– The “Great Resignation” has further exacerbated the demand for talent in the mortgage industry, further pushing lenders to find innovative ways to be productive and profitable.

Why Is This Important to Me and My Financial Institution?

The MBA Annual Convention is a key event for discovering observations and trends in the mortgage industry.

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By |2021-11-16T11:24:34-06:00November 15th, 2021|Financial Services, Mortgage|0 Comments

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