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
Category: Top National News
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/
Fannie Mae Warns Lenders: There is a Growing List of Fake Employers Showing Up on Mortgages
HousingWire, Jan. 29, 2020–Ben LaneBack in 2018, Fannie Mae issued a warning to lenders after identifying more than 30 apparently fake companies that were appearing on borrowers’ mortgage documentation as …
Powell Offers Thoughts on Balance Sheet Expansion, Level
Bond Buyer, Jan. 29, 2020–Gary Siegel“The market anticipates that the Fed is unlikely to move rates this year, and today’s communication is consistent with this expectation,” said Mike Fratantoni, Mortgage …
OCC’s Otting, House Democrats Spar over CRA Reform
American Banker, Jan. 29, 2020–Brendan Pedersen (subscription)Most stakeholders agree that the Community Reinvestment Act needs to be reformed, but a congressional hearing featuring the regulator leading the reform effort showed …
Mr. Cooper Shuttering Oregon Office, Laying Off 301 Employees
HousingWire, Jan. 2, 2020–Ben LaneMr. Cooper (the company formerly known as Nationstar) is shutting down a Beaverton, Oregon office location that was part of the Seterus acquisition and eliminating all …
Food Trucks and Dunk Tanks: How Pulte ‘Ignites the Spark’
National Mortgage News, Jan. 29, 2020–Paul Centopani (subscription)https://www.nationalmortgagenews.com/news/food-trucks-and-dunk-tanks-how-pulte-mortgage-ignites-the-spark
U.S. Goods Trade Deficit Widens; Pending Home Sales Slump
Reuters, Jan. 29, 2020–Lucia MutikaniThe U.S. goods trade deficit increased sharply in December as imports rebounded, and businesses turned more cautious on accumulating inventory, prompting some economists to lower their …
Five Facts about Our Housing Supply Explain High Rents and Home Prices
Urban Institute, Jan. 29, 2020The report notes since 2009, housing demand has outstripped supply in the United States—quite significantly in some areas. In 2018, the latest full year for comprehensive …