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Posts Tagged ‘home mortgage disclosure act’

Native Americans Rack up $1.7 Billion in Mortgages as of Aug. 11

August 22nd, 2016 Comments off

mortgage app   texaslendingtoday credit postedDailyBusinessNewsMHProNewsAccording to indiancountrytodaymedianetwork, the 2015 Home Mortgage Disclosure Act reveals Quicken Loans of Michigan has replaced Wells Fargo Bank as the top lender to Native Americans with $283 million in lending. San Francisco-based Wells slipped to second place with $276 million in lending, while Mid America Mortgage of Addison, Texas at $152 million came in third. In 2014, Wells was first, followed by Quicken, then Mid America.

For 2015, Mid America approved 68 percent of applications, 826 out of 1,209, while Quicken granted 1,514 out of 2,308 applications. Wells approved 41 percent of applications, 1,350 out of 3,216.

As of Aug. 11, 44 percent of the 19,000 Native American applications had been approved, while 31 percent had been rejected, 11 percent withdrawn, six percent purchased and six percent incomplete. Similarly, in 2014, 46 percent of the applications were approved while five percent were purchased.

Over half of the 8,388 originated mortgages as of Aug. 11 were non-governmental, while FHA and the Department of Veterans Affairs accounted for 45 percent.

The mortgage investor market purchased 80 percent of the Native American mortgages, while the other 20 percent were kept in lender portfolios. For 2015, Ginnie Mae was the biggest investor of mortgages made to American Indians with 34 percent, followed by Fannie Mae with 20 percent, and Freddie Mac accounted for 12 percent.

With dollar volume reaching $1.7 billion through Aug. 11, first mortgages accounted for over 99 percent of the volume with an average of $209,000, while second mortgages averaged $34,000.

MHProNews understands two percent of mortgage dollars through Aug. 11 was for manufactured homes, with the rest primarily going for single-family homes. ##

(Image credit:texaslendingtoday)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

CFPB Seeks Feedback on the Home Mortgage Disclosure Act

January 8th, 2016 Comments off

consumer_financial_protection_bureausteve rhode slas get oug of debt org__kicks_aRegarding the finalized rule recently updated by the Consumer Financial Protection Bureau (CFPB) dealing with the reporting requirements of the Home Mortgage Disclosure Act, the agency now wants public feedback on the resubmission of mortgage lending data reported under the new regulation,” according to housingwire.

MHProNews understands the goal of the rule is to increase transparency on borrower’s access to mortgage credit, as the bureau works with other federal agencies to streamline the reporting guidelines for lenders.

Here is the “fine print,” according to housingwire: Specifically, the bureau’s notice published today asks for public comment on the Bureau’s use of resubmission error thresholds and how they should be calculated. The notice also invites comments on whether the thresholds should vary with the size of the submission or kind of data, as well as the consequences for exceeding a threshold. Other topics addressed in the notice include how the bureau conducts its mortgage lending data integrity reviews and any technological or other changes that might be made to the data editing and collection process to help reduce errors.”

Said CFPB Director Richard Cordray“With today’s request for information we are seeking feedback from stakeholders on how best to ensure the accuracy and reliability of mortgage lending information.” ##

(Image credit: getoutofdebt.org/Steve Rhodes)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Manufactured Homes Generate Wampum on Tribal Lands

November 30th, 2015 Comments off

netnewsledger__christopher_kat_creditMHProNews has learned from indiancountrytodaymedianetwork that in five counties within the boundaries of American Indian reservations in South Dakota, where the Indian population comprises a large majority of residents, a higher percent of mortgage lending went to white people in 2014. A total of $3.3 million was loaned or invested.

Corson County had four mortgages, Dewey County had eleven, Todd County saw nine mortgages, and Ziebach had five. The population of these four counties is 20,000.

Oglala Lakota County, with a population of 13,000, received $475,000 for 29 loans, 18 percent of which was for manufactured homes (MH). Forty percent of the amount was for home improvement loans, but the average financing was $15,500.

Date collected under the Home Mortgage Disclosure Act (HMDA) reveals Ziebach County, where 40 percent of the financing was for MH, saw $556,000 in mortgage finance originations and $194,000 through the secondary market. Nearly half the borrowers were white, although almost three quarters of the residents are Indian who received just over 25 percent of the loans.

Todd County saw the highest amount of loans, $990,000–80 percent was private lending, of which about one-third was for MH. Native Americans comprise 85 percent of the population, received just over half of the loans.

Corson County’s four mortgages in 2014 totaled $326,000, $168,000 of which was non-government lending. Half of the lending was for MH. One third of he lending went to white people, comparable to their make-up of the county.

In Dewey County, $795,000 was loaned with 73.3 percent going to whites who comprise 25 percent of the population. ##

(Photo credit: netnewsledger/Christopher Kat–manufactured home being delivered in the north country)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Data Confirms Dodd-Frank Regulations Impede Manufactured Home Loans

September 28th, 2015 Comments off

MH two story for sale   greg vote getty images creditThe Manufactured Housing Institute (MHI) informs MHProNews that data regarding lending at 7,000 financial institutions and covering nearly 10 million mortgage applications and six million loan originations reveals manufactured home lenders are not making HOEPA (Home Ownership and Equity Protection Act) loans because of the increased liability and burdensome rules of smaller loans, like many MH loans.

Opponents of the Preserving Access to Manufactured Housing Act have been arguing that consumers will lose the HOEPA high cost protection if the legislation passes, when in fact lenders simply are not making loans and are leaving the market and consumers are the ones hurt the most since Dodd-Frank took effect.

A report from the Federal Reserve 2014 Home Mortgage Disclosure Act (HMDA) data describes the decrease in MH loans, saying it is “a precipitous drop in the number of loans originated in 2014 at the HOEPA price threshold, whereas, for 2013 – before the new threshold rules took effect – no such discontinuity was evident. This pattern suggests that HOEPA discouraged lending above the price thresholds.

Many retirees, veterans and working families are unable to obtain financing to purchase manufactured homes; and those who may want to sell their MH see their home values decline because potential buyers cannot find appropriate financing as lenders no longer offer suitable loan products, resulting in home owners selling for cash at a substantially reduced price.

These federal government policies are destroying family net worth and harming the ability of credit-worthy families to achieve the American dream of homeownership,” says MHI.

The Preserving Access to Manufactured Housing Act (H. R. 650), which has already passed the House of Representatives, will restore financing options for MH buyers and provide core consumer protections against predatory lending.

In the Senate, the measure (S. 682) is included in a larger financial regulatory relief package that was passed by the Senate Banking Committee (S. 1484) and the Senate Appropriations Committee.

The MHI urges you to contact your members of Congress and remind them of the importance to their constituents of the Preserving Access to Manufactured Housing Act. Click here to send them an email. ##

(Photo credit: Getty Images/Greg Vote–manufactured home for sale)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Rural Home Purchase Loans Still over 50 Percent Below Pre-Recession

October 15th, 2014 Comments off

home_mortgage_disclosure_act_dataWhile refinance lending in rural and small town communities fell by 23 percent in 2013 compared to 2012, purchase lending in the same areas rose 2.3 percent for the similar period, after hitting a ten-year low in 2011, according to what daily.yonder tells MHProNews.

Just as rising interest rates and tighter lending criteria have affected the nation overall, the number of home loans fell 14.1 percent between 2012 and 2013 in rural areas, according to data obtained from the Home Mortgage Disclosure Act (HMDA).

Although showing some improvement, home purchase loans in rural and smaller communities remain 52 percent below pre-2006 levels.

Following the housing crisis, the government’s role in rural home lending increased through the Federal Housing Administration’s (FHA) mortgage insurance program, the Veterans Affairs (VA) lending programs and the Department of Agriculture’s loan guarantee programs.

Prior to the recession, 90 percent of first-lien home purchase loans were conventional loans, but that number fell to just above 50 percent by 2009. Although the level of conventional lending is 41 percent of what it was in 2004, during the last three years, conventional home purchase originations rose by 14 percent while government assisted loans dropped 17 percent.

Roughly 11 percent of rural home purchase loans were classified as “high-cost” versus seven percent of urban/suburban mortgages, due in part to the higher incidence of manufactured homes in rural areas financed with personal property loans, which often have higher interest rates. Interest rates of 1.5 percentage points higher than the annual percentage rate (APR) on prime mortgage loans are classified as “high-cost.” Due to so-called ‘unintended consequences’ of the Dodd-Frank Act, half of rural manufactured home purchase loans as reported through the HMDA were considered “high-cost.” ##

(Graphic credit: DailyYonder/Housing Assitance Council)

matthew-silver-daily-business-news-mhpronews-com

(Story submitted by Matthew Silver to Daily Business News – MHProNews)

Rural Mortgage Borrowers Hit Harder than Urban Brethren

October 28th, 2013 Comments off

While mortgage lending in rural areas expanded last year as did as did overall lending, rural applicants are more likely to be denied and to pay higher interest rates than urban borrowers. While 21 percent of rural applicants were denied a loan last year–some 500,000– the overall rate for the U. S. was 18 percent. Forty percent of the rejections were for poor credit, according to dailyyonder.com, and six percent of rural mortgage originations were for high-cost loans as opposed to three percent at the national level. This is attributable in part to the prevalence of manufactured homes in rural areas which are financed with personal property, or chattel, loans, which have shorter terms and higher rates. Approximately 37 percent of rural manufactured home loans were classified through the Home Mortgage Disclosure Act (HDMA) as high-cost loans, MHProNews has learned.

(Image cedit: texaslendingtoday)

Policymakers should Deal Gingerly with FHA

May 13th, 2013 Comments off

While many call for the Federal Housing Authority (FHA) to reduce its presence in the mortgage market, it would not be a wise move with purchase loans as low as they are. MHProNews has learned from nationalmortgagenews, even though much of the housing market news is encouraging, only 2.3 million purchase loans were originated in 2011, according to data from the Home Mortgage Disclosure Act, and figures from 2012 show little improvement. Federal Reserve Governor Elizabeth Duke says, “The purchase market is at the lowest levels since the 1990s.” Activity in the purchase mortgage market is nearly 50 percent below that of 2000, and 23 percent below 2008 levels. Currently the government backs around 90 percent of the mortgage market. In particular, lower income and younger homebuyers are the hardest hit. Gov. Duke says, “From late 2009 to 2011, the fraction of individuals under 40 years of age getting a mortgage for the first time was half of what it was in the early 2000s.” Now 13% lower than even the pre-bubble level of 2000, FHA purchase activity has declined 34% since fiscal 2010. Returning the FHA share of the market to 10-15 percent would cut FHA purchase activity to less than 50 percent of the current volume, and restrict home-buying to the wealthier who can qualify for a mortgage. Such a move would increasingly shut the door on creditworthy families’ ability to buy a home, and likely turn the economy back on its head.

(Image credit: bankrate)