Category: Top National News

Wall Street Journal, Oct. 22, 2018–Peter Rudegeair, AnnaMaria Andriotis (subscription)Some of the biggest U.S. lenders, eager to bring in more borrowers and extend a yearslong expansion in consumer credit, are handing over the keys to their loan-approval process to personal-finance portal Credit Karma Inc.

Mortgage Daily, Oct. 22, 2018For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion.

National Mortgage News, Oct. 22, 2018–Bonnie Sinnock (subscription)In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an “UltraFICO” score that lets individuals share checking and savings account data and help lenders better assess risk.

HousingWire, Oct. 22, 2018–Ben LaneAiming to answer some of the lingering questions surrounding Opportunity Zones, the Department of the Treasury unveiled a number of new rules and regulations designed to provide clarity to investors on the tax implications of investing in the newly designated areas.

Mortgage Daily, Oct. 23, 2018As home-lending volume slowed at BB&T Corp., mortgage earnings tumbled. But the financial institution grew both its mortgage investments and servicing portfolio.

UPI, Oct. 22, 2018–Daniel UriaSpecifically, the groups are offering the loans to buyers with poor or rehabbing credit, which was one of the issues that contributed to the last meltdown — buyers who couldn’t afford the mortgages they had. Bank of America and NACA, though, say they have a vetting system in place to help prospective home buyers who shouldn’t be excluded by credit score alone.

HousingWire, Oct. 22, 2018–Jessica GuerinIn a mortgagee letter, FHA updated guidelines for servicers when submitting a HECM to HUD for assignment, which is done when the loan reaches a maximum claim amount of 98%.

American Banker, Oct. 22, 2018–Hannah Lang (subscription)The industry has eagerly awaited revisions to the Volcker Rule, but so far regulators’ proposal to simplify the compliance process is getting panned both by critics of the proprietary trading ban and by its most ardent supporters. (MBA mention)

National Mortgage Professional, Oct. 22, 2018–Phil HallIn the year since Hurricane Irma struck Florida, the Sunshine State’s housing market has bounced back with gusto, according to data from Florida Realtors.

Los Angeles Times, Oct. 19, 2018–Liam DillonRobert Shrum, co-director of USC’s Center for the Political Future and a longtime Democratic strategist, said the numbers don’t look good for the initiative. The election is less than three weeks away, and landlord-backed opponents of the measure are significantly outspending supporters.