Wall Street Journal, Jan. 11, 2020–Rachel Louise Ensign (subscription)The bank has struggled to update old systems, making it harder to satisfy regulators and hampering key businesses.https://www.wsj.com/articles/we-need-to-be-a-technology-company-wells-fargo-struggles-with-aging-systems-11578738600?mod=lead_feature_below_a_pos1
Category: Top National News
New York Governor Vetoes Reverse Mortgage Co-op Bill
Reverse Mortgage Daily, Jan. 12, 2020–Matt H. WadeNew York State Senate Bill S03686, which was drafted in February of 2019 and which passed both the Senate and State Assembly in …
Deciding to Downsize
Forbes, Jan. 11, 2020 Baby Boomers (Americans born between 1946 and 1964) are sitting on over $6 trillion of home equity, according to the Mortgage Bankers Association.https://www.forbes.com/sites/chasehomelending/2020/01/10/deciding-to-downsize/#514cb92d31dc
The Listing Site You’ve Never Heard of
UExpress, Jan. 10, 2020–Lew SichelmanYou may never have heard of Homesnap, but it is now the No. 1-rated agent mobile app and desktop site, with traffic up 40 percent in …
Can California’s Mini-CFPB Pick Up Slack Left by Federal Agency?
American Banker, Jan. 10, 2020–Kate Berry (subscription)An effort by California to create a powerful state consumer protection bureau could have a significant impact on banks, debt collectors and other financial …
Nonbank Mortgage Employment Falters as Seasonal Slowdown Sets In
National Mortgage News, Jan. 10, 2020–Bonnie Sinnock (subscription)The estimated number of mortgage professionals employed by nondepository institutions inched down in November 2019 following a surge in the previous month.https://www.nationalmortgagenews.com/news/nonbank-mortgage-employment-falters-as-seasonal-slowdown-sets-in
CFPB Issues No-Action Letter to Bank of America for Housing Counseling Services
National Mortgage Professional, Jan. 10, 2020–Phil HallThe Consumer Financial Protection Bureau issued a no-action letter to Bank of America regarding the Charlotte, N.C.-based financial institution’s funding arrangements with housing counseling …
As Jobs Cap 10 Years of Gains, Women Are Workforce Majority
Wall Street Journal, Jan. 10, 2020–Eric Morath, Amara Omeokwe (subscription)Women overtook men to hold the majority of U.S. jobs for the first time in a decade, while employers added positions …
The Biggest Mortgage Industry Trends of 2019 that Will Carry into 2020
HousingWire, Jan. 10, 2020–Brena NathThe last 365 days proved that as much as the industry tries to predict the real estate market, nothing beats proactively preparing for any type of …
Mortgage Rates Plunge to 3-Month Lows Amid Iran Drama
Yahoo! Finance, Jan. 10, 2020–Doug WhitemanIf you’ve been holding out for better mortgage rates, that wait is over. (MBA mention)https://finance.yahoo.com/news/mortgage-rates-plunge-3-month-163121262.html