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
Category: Top National News
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/
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 …