American Banker, Oct. 5, 2018–Neil Haggerty (subscription)At a Senate Banking Committee hearing last week, Fed Vice Chairman of Supervision Randal Quarles, Federal Deposit Insurance Corp. Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting and National Credit Union Administration Chairman J. Mark McWatters discussed their progress in updating capital requirements, modernizing how they enforce the Community Reinvestment Act and continuing to deal with the continuing enforcement issues at Wells Fargo.
Category: Top National News
Mortgage Biz Surges as Gov Activity at 4-Mth High
Mortgage Daily, Oct. 5, 2018New mortgage business surged this past week as a four-month high was reached for government activity, according to the Mortgage Daily U.S. Mortgage Market Index for the week ending Oct. 5.
With Kavanaugh Confirmed, Will Supreme Court Take Aim at the CFPB?
HousingWire, Oct. 8, 2018–Ben LaneNewly sworn-in Supreme Court Justice Brett Kavanaugh believes the Consumer Financial Protection Bureau, as it is currently structured, is unconstitutional. And he’s written as much.
Bridge Loans Can Be an Attractive Financing Strategy for Value-Add Investments
National Real Estate Investor, Oct. 5, 2018–Shahin Yazdi Bridge loans may be the right financing strategy for value-add investors with a clear plan to increase property income.
Mortgage Rates Retreat But are Expected to Resume Rising
Washington Post, Oct. 4, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.71 percent with an average 0.4 point. It was 4.72 percent a week ago and 3.85 percent a year ago. (MBA mention)
MBA: Mortgage Credit Tightens in September
Scotsman Guide, Oct. 4, 2018–Victor WhitmanMortgage credit tightened in September as availability for government loans declined to the lowest level since July 2015, the Mortgage Bankers Association reported.
10 Years Later: How The Housing Market Has Changed Since The Crash
Washington Post, Oct. 4, 2018–Michele Lerner The crisis is still in the forefront of the minds of everyone in the lending industry and influences their decisions, says Michael Fratantoni, chief economist of the Mortgage Bankers Association in Washington. “Many of the products that started the crisis aren’t around and the practices that started it are severely constrained,” he said.
MBA and ACUMA in New Education Discount Deal
National Mortgage Professional, Oct. 4, 2018–Phil HallThe Mortgage Bankers Association teamed with the American Credit Union Mortgage Association on a new education and training arrangement.
This Year’s Movement Mortgage Layoffs Surpass 300
Mortgage Daily, Oct. 4, 2018A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.
Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond
Bloomberg, Oct. 4, 2018–Adam TempkinWells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing. The $441 million non-agency bond will include top portions, which will be rated AAA, sources said.