The Mortgage Leader, Feb 27, 2019Ocwen Financial Corp. reported a net loss of $70.8 million, or $0.53 per share, for the full year 2018 compared to a net loss of $128 million, or $1.01 per share, for the full year of 2017, a $57.2 million improvement.
Category: Top National News
Servicers Not Providing Enough ‘Wow Factor’ to Keep Borrowers Loyal
National Mortgage News, Feb. 27, 2019–Elina Tarkazikis (subscription)Mortgage servicers are not doing enough to keep borrowers loyal when it comes to the next loan. Only 17% of borrowers will use their same servicer to originate or refinance a mortgage loan, according to the Mortgage Bankers Association.
Powell Says Fed Is Close to Agreement on Plan to End Portfolio Runoff
Wall Street Journal, Feb. 27, 2019–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said Wednesday the central bank is close to announcing plans for ending the runoff of its $4 trillion portfolio of bonds and other assets this year.
How Chairman Crapo’s Outline for Housing Finance Reform Can Work
Urban Institute, Feb 27, 2019–Jim Parrott, Dave Stevens, Mark M. ZandiThe authors (including former MBA President and CEO) analyze Senate Banking Committee Chairman Mike Crapo, R-Idaho’s outline for housing finance reform.
Industry Evolution with MBA’s Chris George at IMB
Mortgage Media, Feb. 25, 2019″I think we’re really at a place right now to take another step in sort of the evolution of the mortgage industry,” said chairman Chris George during a discussion with Mortgage Media’s SA Ibrahim during the recent Independent Mortgage Bankers Conference.
Zillow as Mortgage Lender: Real Estate Giant Going ‘Further Down the Funnel’ of Buying a House
GeekWire, Feb. 26, 2019–Nat LevySeattle-based online real estate giant Zillow is preparing to go deeper into the business of mortgage origination, making loans to help people buy the same homes they come across in the Zillow app.
Overuse of GSE Tools in the Private-Label Market Adds Risk: Moody’s
National Mortgage News, Feb. 26, 2019–Brad Finkelstein (subscription)Being too dependent on the automated underwriting tools created by the government-sponsored enterprises to originate loans underlying private-label mortgage-backed securitizations could negatively affect their credit quality, Moody’s said.
MBA Servicing: What Does the Future of Mortgage Servicing Look Like?
HousingWire, Feb. 26, 2019–Sarah WheelerSo what does that future look like? More M&A, more tech investment and, if you’ve got a really long lens, more standardization.
Accountant Pleads Guilty for Role in Mortgage Fraud Scheme
Associated Press, Feb. 26, 2019The U.S. Attorney’s office says 53-year-old David Plunkett, of Lynn, entered his plea Monday to a charge of bank fraud and aiding in the submission of false tax returns. Prosecutors say Plunkett prepared fake tax returns for borrowers that were submitted to lenders in support of fraudulent loan applications.
Nearly Half of Homebuyers Paying Above Asking Price
National Mortgage Professional, Feb. 26, 2019–Phil HallForty-five percent of homebuyers who purchased a residential property in the past five years wound up paying more than the asking price before having their offer accepted, according to the 2019 NerdWallet Home Buyer Report.