MND: Mortgage rates could drop below 5% next year

Plus: Fannie Mae expands use of AOLs as title insurance alternatives

December 18, 2023

🌆 Happy Monday dear reader! Today's newsletter is 508 words, a 2.5-minute read.

Disclaimer: Average mortgage rates as of Dec 15, 2023. © MND's Daily Rate Index.

1. Fannie Mae expands use of AOLs as title insurance alternatives

Fannie Mae recently updated its selling guide to expand the use of Attorney Opinion Letters (AOLs) as an alternative to title insurance.

Previously, AOLs were not eligible for use in transactions involving loans secured by various property types, including units in condo projects, co-op share loans, leasehold estates, manufactured homes, and more.

Under the new selling guidelines, Fannie Mae is now permitting the use of AOLs for "loans secured by a unit in a condo project" and "loans secured by a property subject to restrictive agreements or restrictive covenants."

2. MND: Mortgage rates could drop below 5% next year

Mortgage rates could drop below 5% next year if inflation continues on its current path, according to Mortgage News Daily’s chief operating officer, Matthew Graham.

“The rate momentum is as good as the trajectory of economic data,” he told CNBC anchor Kelly Evans. “If the data continues to do what it has been doing, there’s no reason rates couldn’t go down into the fives, possibly even high-fours.”

3. Catch up quick

⏳ Despite record home prices, housing is about to drag inflation down. (WSJ)

⚠️ Now, robocalls are only allowed if the actual seller, not just the leadgen company, has gotten written consent from the specific consumer. (TIME)

👋 Opendoor co-founder Eric Wu to resign from company Jan. 1. (PYMNTS)

⚖️ Movement Mortgage sues Summit CEO for corporate espionage. (NMN)

4. FHA launches training for new HECM Handbook

Recently, the FHA announced new training modules specifically for the Home Equity Conversion Mortgage (HECM) program.

These modules are designed to cover the extensive updates and new content in the HECM section of the FHA's Single Family Housing 4000.1 Handbook.

“The second self-paced training module — the Home Equity Conversion Mortgages (HECM) Origination and Servicing Overview — focuses solely on the newest and final Handbook 4000.1 section that was released on October 31, 2023,” FHA said.

Interested stakeholders are directed to this page where they provide their registration information, which allows them to watch the full 27-minute recording.

5. Mr. Cooper confirms personal data was compromised in cyberattack

On October 31st, Mr. Cooper Group disclosed a cybersecurity breach involving unauthorized access to parts of its technology systems and customer data.

A subsequent audit revealed that the personal information of nearly all its current and former customers was compromised. Mr. Cooper had 4.3 million customers by the end of Sept. 30.

As a remedy, Mr. Cooper is offering two years of free identity protection services, including credit monitoring, to all affected current and former customers. The company is currently contacting customers with details on how to access these services and address any concerns. Source, page 2.

👋 See you on Wednesday!

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