CNBC, Jan. 31, 2020–Diana OlickAbout 9.4 million borrowers could save an average $272 per month if they were to refinance to a lower rate, according to calculations by Black Knight.https://www.cnbc.com/2020/01/31/more-than-9-million-homeowners-could-save-big-money-on-a-refinance.html
Category: Top National News
CFPB’s Hiring of Former DOJ Official Could Raise Ire of Capitol Hill
National Mortgage News, Jan. 30, 2020–Kate Berry (subscription)The Consumer Financial Protection Bureau on Thursday hired Thomas Ward as enforcement chief, an appointment likely to draw attention from House Democrats, who …
FHFA Realigns Management Structure
National Mortgage Professional, Jan. 30, 2020–Phil HallThe Federal Housing Finance Agency announced a realignment of its structure, with the creation of new units and executive personnel changes designed to prepare …
Head of JPMorgan’s Mortgage Banking Business Leaves Firm
Bloomberg, Jan. 30, 2020–Michelle DavisJPMorgan Chase & Co.’s Mike Weinbach, CEO of its home lending business, is departing after 16 years.https://www.bloomberg.com/news/articles/2020-01-30/jpmorgan-s-mortgage-banking-chief-mike-weinbach-leaves-firm
Fed Issues Final Rule Clarifying Standards for Bank Investors
American Banker, Jan. 30, 2020–Hannah Lang (subscription)The Federal Reserve voted Thursday to finalize a new bank control framework for determining the circumstances in which one company controls another.https://www.americanbanker.com/news/fed-issues-final-rule-clarifying-standards-for-bank-investors
Homeownership Rate Rises to 6-Year High
HousingWire, Jan. 30, 2020–Kathleen HowleyThe U.S. homeownership rate rose in the fourth quarter to the highest level in six years as low mortgage financing costs helped more people to buy …
California Housing Crisis Bill Fails, But it Still Has a Slim Chance
Tribune News Service, Jan. 30, 2020–A high-profile proposal to address California’s housing crisis by compelling cities to build more homes failed to pass the Senate on Wednesday, but lawmakers left …
House Passes Credit Reporting Upgrade Bill
National Mortgage Professional, Jan. 30, 2020–Phil HallProposed legislation designed to upgrade the credit reporting system passed the House of Representatives by a 221-189 vote.https://nationalmortgageprofessional.com/news/73668/house-passes-credit-reporting-upgrade-bill
New FICO Scoring Model Focuses on 24-Month Look-Back
Orange County Register, Jan. 30, 2020–Jeff LazersonWith mortgages in mind, your past 24 months of credit behavior, called trended data, will be front and center with the new FICO 10 …
Mortgage Rates Sink to Their Second-Lowest Levels in Three Years
Washington Post, Jan. 30, 2020–Kathy OrtonMortgage rates continue their slide over concerns about how the worsening coronavirus outbreak will affect the global economy. (MBA mention)https://www.washingtonpost.com/business/2020/01/30/mortgage-rates-sink-their-second-lowest-levels-three-years/