HousingWire, Jan. 2, 2019–Jessica GuerinCelink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. The Michigan-based servicer agreed to shell out $4.25 million to resolve the matter.
Category: Top National News
Fannie Mae Releases New Policies for Originations During Government Shutdown
HousingWire, Jan. 2, 2019–Kelsey RamirezFannie Mae said the government shutdown does not mean borrowers employed by the government are ineligible for mortgages during the shutdown.
Manhattan Home Prices Fall Under $1 Million for the First Time Since 2015
Bloomberg, Jan. 3, 2019–Justina VasquezManhattan home prices fell in the fourth quarter, with the median slipping to less than $1 million for the first time in three years, as ample inventory continued to allow buyers to demand sweeter deals.
FEMA Reverses Course, Reinstates NFIP ‘Without Interruption’
Mortgage Orb, Dec. 28, 2018–Patrick BarnardFaced with fierce criticism for its decision, including from the Mortgage Bankers Association, FEMA on Friday reversed course, saying in a statement that “all NFIP insurers have been directed to resume normal operations immediately and advised that the program will be considered operational since December 21, 2018 without interruption.”
Decline in Fixed Mortgage Rates Continued Unabated Through the Holidays
Washington Post, Dec. 27, 2018–Kathy OrtonThis holiday season has brought good news for anyone looking to buy a house or refinance a mortgage.
New Fed to Acquire Commonwealth Mortgage
The Mortgage Leader, Jan. 1, 2018New Fed Mortgage, a retail lender licensed to do business in all New England states except Vermont, will acquire Commonwealth Mortgage LLC early in 2019. Commonwealth Mortgage is a direct to consumer or internet lender.
Housing Finance Issues to Watch in 2019
Urban Institute, Dec. 27, 2018–Sheryl PardoKey issues being monitored by Urban Institute include affordable housing, government regulation under the Trump Administration, the new Congress and alternative credit scoring methodologies.
2019 Outlook
National Mortgage News, Dec. 28, 2018Reporters and analysts look at key issues shaping the real estate finance industry in 2019.
Equifax Is Back in Washington’s Crosshairs
Wall Street Journal, Jan. 1, 2019–Yuka Hayashi (subscription)The credit-reporting industry has largely escaped new oversight from Washington following the 2017 hack of Equifax Inc. that exposed the personal information of millions of Americans. That could change in 2019 when Democrats take over the House.
Wells Fargo Agrees to $575M Settlement With States
National Mortgage Professional, Dec. 31, 2018–Phil HallWells Fargo reached an agreement with the attorneys general of all 50 states and the District of Columbia to pay $575 million in settling charges of violating state consumer protection laws.