Wall Street Journal, Oct. 3, 2018–Esther Fung (subscription)Rising shopping-mall vacancies across the U.S. are driving down rents, signaling that many retail centers continue to struggle despite the country’s strong economic growth and buoyant consumer confidence.
Category: Top National News
Lenders Could Benefit From Coaching Consumers on Home Purchase Costs
National Mortgage News, Oct. 2, 2018–Elina Tarkazikis (subscription)Lenders should better prepare mortgage borrowers on all costs and fees associated with a home purchase, particularly as affordability remains a top issue for buyers, said Zillow.
It’s Been One Year Since HUD Shook Up the Reverse Mortgage Industry
HousingWire, Oct. 2, 2018–Jessica GuerinTuesday marks exactly one year since HUD implemented HECM program changes in a move that took lenders by surprise and drastically impacted the reverse mortgage business.
California Ballot Initiative Would Harm Affordable Housing
National Mortgage News, Oct. 2, 2018–Paul Centopani (subscription)If Proposition 10 passes vote this November, the ramifications will be felt on California’s affordable housing, according to the Mortgage Bankers Association.
Fed Rethinks How to Define a Big Bank
Wall Street Journal, Oct. 2, 2018–Ryan Tracy (subscription)As part of a series of rule changes still under development, the Fed is preparing to revise asset-size and other thresholds in its capital and liquidity rules, according to people familiar with the matter.
Trade Groups Call on CFPB to Update Loan Originator Compensation Rule
Mortgage Professional America, Oct. 3, 2018–Francis MonfortThe Mortgage Bankers Association and other trade associations and cooperatives in the mortgage industry have called on the Consumer Financial Protection Bureau to update its Loan Originator Compensation rule, saying changes to the rule should be prioritized to help consumers and reduce regulatory burden.
CFPB Official’s Writings Make Him ‘Unfit’ for Job, Agency Union Says
American Banker, Oct. 2, 2018–Kate Berry (subscription)The union representing employees at the Consumer Financial Protection Bureau on Tuesday called on the agency to take “swift and decisive action” in dealing with Eric Blankenstein, a political appointee at the agency whose incendiary writings posted 14 years have sparked an uproar throughout the bureau.
Waters Bill Would Reverse Mulvaney’s Deregulatory Efforts at CFPB
National Mortgage News, Oct. 2, 2018–Hannah Lang (subscription)Rep. Maxine Waters, D-Calif., unveiled a bill Tuesday to unwind Consumer Financial Protection Bureau policies instituted by acting Director Mick Mulvaney.
Cybersecurity Spending’s Way Up. Is it Overkill, or Not Enough?
American Banker, Oct. 2, 2018–Andy Peters (subscription)The cost of fighting cybercrime at banks rose 9% over a recent 12-month period, according to a new LexisNexis Risk Solutions survey of 175 executives from bank and nonbank financial services firms.
Dozens of SoCal Mortgage Hirings In Process
Mortgage Daily, Oct. 2, 2018East Coast mortgage banking firm Better Mortgage is increasing its West Coast presence with a new location in Southern California that will be staffed by dozens of new production employees.