HousingWire, Jan. 14, 2019–Ben LanePlaid announced it acquired Quovo, reportedly for $200 million, a company that also connects applications to customers’ accounts, although Quovo’s business is focused more on investment and brokerage accounts.
Category: Top National News
Citigroup Sees $2 Billion More Revenue from Lending in 2019, Shares Rise
Reuters, Jan. 14, 2019–Imani Moise, Siddharth CavaleCitigroup Inc said it would earn $2 billion more in revenue from its lending activities this year than in 2018 as it reported better than expected fourth-quarter earnings.
Basel Committee Releases New Capital Standard for Market Risk
American Banker, Jan. 14, 2019–John Heltman (subscription)The Basel Committee on Banking Supervision unveiled a revised capital standard Monday for what banks should set aside for market risk. The market risk recommendations are among the most important aspects of the Basel III capital accords that remain unfinished.
Real Estate Investors See Riches in a Tax Break Meant to Help the Poor
Bloomberg, Jan. 15, 2019–Noah Buhayar, Caleb Melby”Opportunity Zone” fever spreads as debate over tax break deepens.
JPMorgan Profit Rises 67 Percent from a Year Earlier
Reuters, Jan. 14, 2019–Siddarth CavaleJPMorgan Chase & Co on Tuesday reported a 67 percent rise in fourth-quarter profit from a year ago, when it took a $2.4 billion charge due to an overhaul of the U.S. tax code.
Automated Appraisal Platform Secures $3M in Seed Funding
The Mortgage Leader, Jan. 14, 2019Reggora, an appraisal platform for appraisers and lenders, has secured $3 million in seed funding to help it expand across the U.S. and enhance its platform. The funding round was led by Spark Capital with participation from Boston Seed Capital, an early investor in the company.
The Shutdown’s Impact on Financial Services
National Mortgage News, Jan. 13, 2019–Rob Blackwell, Hannah Lang, Andy Peters (free article)The government shutdown is now the longest in American history, officially hitting that mark over the weekend. Though only a partial shutdown, it is having an outsize impact on banks, credit unions and mortgage lenders across the country.
Borrowers Could Face Rising Interest Rates in 2019
BizWomen, Jan. 11, 2019–Anne StychAnalysts believe mortgage rates will pass 5.25 percent before eventually dipping to an average rate for 30-year fixed mortgages of 4.35 percent. However, Mike Fratantoni, chief economist with the Mortgage Bankers Association, said rate increases should be low over the next two quarters.
Waters: A Million-Plus Could Lose Homes Because of HUD Shutdown
National Mortgage News, Jan. 11, 2019–Hannah Lang (subscription)House Financial Services Committee Chairwoman Maxine Waters, D-Calif., called for an end to the government shutdown, claiming that over a million households have been negatively affected by the partial closure of HUD.
Democrats Move to Prevent Foreclosures, Evictions on Unpaid Federal Workers
HousingWire, Jan. 11, 2019–Ben LaneA group of 22 Democrats introduced legislation in both the Senate and the House of Representatives that would protect federal workers and their families from foreclosures, evictions, and loan defaults during a government shutdown.