The Lede

Detroit Free Press, May 31, 2018--JC Reindl"Every time we start to get a big head, I remind our people, 'You know that 19 out of 20 people who wake up this morning and get a home loan aren't coming here?' " Dan Gilbert, 56, Quicken's founder and chairman, said in the firm's bright downtown headquarters with windows facing the Renaissance Center and the Detroit River. "We've got a long ways to go."

Scotsman Guide, May 31, 2018--Victor WhitmanThe Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, directs the Consumer Financial Protection Bureau to establish rules on private PACE financiers that ensure that borrowers can repay the costs of the improvements. The largest mortgage trade group, the Mortgage Bankers Association, has been lobbying for tough rules on PACE loans, saying that consumers have been left unprotected.

Washington Post, May 31, 2018--Kathy OrtonFreddie Mac said the 30-year fixed-rate average tumbled to 4.56 percent with an average 0.4 point. It was 4.66 percent a week ago and 3.94 percent a year ago.

Wall Street Journal, May 31, 2018--Jenny Strasburg, Ryan Tracy (subscription)The Federal Reserve has designated Deutsche Bank AG's sprawling U.S. business in "troubled condition," a rare censure for a major financial institution that contributed to constraints on its operations.

Wall Street Journal, May 31, 2018--Theo Francis (subscription)The highest-paid banking and finance chief executive in the S&P 500 is no surprise. It is James Dimon ($28.3 million), head of JPMorgan Chase & Co., the biggest U.S. bank by assets and market capitalization.

National Mortgage Professional, May 31, 2018--Phil HallThe Mortgage Bankers Association called on the Consumer Financial Protection Bureau to create an advisory council focused on the mortgage industry that would receive input from all stakeholders in the mortgage market.

NPR, May 31, 2018--Bill ChappelSears Holdings Corp., which controls Sears and Kmart, says it has "identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future," in the latest sign of the retailer's struggles to stay afloat.

Mortgage Daily, May 31, 2018Acquisition of Franklin American Mortgage Co. by Citizens Financial Group will create a mortgage banking firm that ranks among the nation's 15 largest.

Mortgage Daily, May 18, 2018Fannie Mae ended April with a total book of business of $3.2355 trillion, including an $0.2220 trillion investment portfolio and $3.0135 trillion in outstanding mortgage-backed securities and other guarantees. Its book declined from March.

HousingWire, May 31, 2018--Kelsey RamirezMovement Mortgage announced it plans to lay off 100 of its employees across four locations as of June 1.

Bloomberg, May 31, 2018--Hannah Levitt (subscription)Margins will continue to narrow as banks and new competitors fight over a smaller pie, Wells Fargo & Co. Chief Executive Officer Tim Sloan said Thursday at an investor conference.

Reuters, May 31, 2018--Lucia MutikaniU.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.

MISMO®, the mortgage industry's standards organization, seeks industry participation in a new forum to promote best practices in the areas of data governance and data management.