Category: Top National News

American Banker, Sept. 14, 2018–John Reosti (subscription)Mark W. Olson, 75, who served as a community bank CEO, president of the American Bankers Association, member of the Federal Reserve Board of Governors and chairman of the Public Company Accounting Oversight Board during a 50-year career in financial services, died Wednesday after a long illness.

Mortgage Daily Sept. 14, 2018On Thursday the House Financial Services Committee approved House Bill H.R. 5534, the Give Useful Information to Define Effective Compliance Act, by a 34-17 vote.

Mortgage Daily, Sept. 14, 2018Bradley Shuster will relinquish his CEO role at the end of this year. He’ll stay on as executive chairman, though. Claudia Merkle will take the reins from Shuster on Jan. 1, 2019. She’ll also join the board of directors.

American Banker, Sept. 14, 2018–Victoria Finkle (subscription)It’s not exactly news that banks have seen their reputation with the public tumble since the financial crisis, but what gets talked about less frequently is what’s at risk for the industry if it can’t turn public opinion around.

UExpress, Sept. 14, 2018–Lew SichelmanThese arrangements rarely work out for the wannabe owners, but they are windfalls for the seller-landlords. Granted, some rent-to-own contracts are fair and equitable. But most are just backdoor deals that often prey on people who don’t have a big enough nest egg, or a high enough credit score, to meet normal lending standards.

Washington Post, Sept. 13, 2018–Kathy OrtonFreddie Mac said the 30-year fixed-rate average climbed to 4.6 percent with an average 0.5 point. It was 4.54 percent a week ago and 3.78 percent a year ago. (MBA mention)

CNBC, Sept. 13, 2018–Kate RooneyLew announced Thursday he will chair the advisory board of consumer-lending tech company Blend. The San Francisco-based start-up handles online mortgage applications for incumbents such as Fannie Mae, Freddie Mac, U.S. Bank and Wells Fargo.

Bloomberg, Sept. 13, 2018–Emily Barrett, Christopher MaloneyA decade after the credit crisis, investors are returning to where it all began. The U.S. mortgage sector, blamed in large part for the near-collapse of the global financial system, is now seen by many as a high-quality market forged by fire. Yet along with new players, new worries are emerging.

Mortgage Daily, Sept. 14, 2018–Sam GarciaFive top-producing mortgage originators talked about their daily routines and practices at the NAHREP national convention in San Diego.

National Mortgage News, Sept. 13, 2018–Paul Centopani (subscription)The median down payment on single-family homes and condos purchased with financing reached its highest point since the data was first recorded in 2000’s opening quarter, according to Attom Data Solutions.