Category: Top National News

Reuters, Sept. 14, 2018-Michelle Conlin, Robin Respaut”The markets that came roaring back are the coastal markets,” said Mark Zandi, chief economist at Moody’s Analytics. He said land restrictions and sales to international buyers have helped buoy demand in those areas. “In the middle of the country, you have more flat-lined economies. There’s no supply constraints. All of these things have weighed on prices.”

American Banker, Sept. 13, 2018–Neil Haggergy (subscription)The House Financial Services Committee advanced a dozen bills Thursday, including bipartisan measures to revise the definition of deposit brokers and to require the Consumer Financial Protection Bureau to establish a process for issuing guidance.

Mortgage Daily, Sept. 14, 2018More than $5 billion in residential loans are being moved out of the mortgage investment portfolio of Fannie Mae. The loans are nonperforming and reperforming.

CNBC, Sept. 12, 2018–Diana OlickMortgage application volume fell 1.8 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 18 percent lower compared with the same week one year ago.

Wall Street Journal, Sept. 12, 2018–Aruna Viswanatha, Kate O’Keefe (subscription)Two years before Equifax Inc. stunned the world with the announcement it had been hacked, the credit-reporting company believed it was the victim of another theft, only this time at the hands of Chinese spies, according to people familiar with the matter.

National Mortgage News, Sept. 12, 2018–Brad Finkelstein (subscription)Stearns Lending is buying large equity stakes in smaller mortgage banking companies as it looks to grow its retail loan production business. In the first of these transactions Stearns closed on its purchase of a 50.2% equity interest in Certainty Home Loans.

HousingWire, Sept. 12, 2018–Jessica GuerinMortgage technology provider FirstClose has landed funding from Cypress Growth Capital to fuel its mission to capture more market share.

New York Times, Sept. 12, 2018–Matthew Goldstein, Robert Gebeloff, Ross Mantle, Matt RubyHousing prices in North Las Vegas are rising so fast that many communities are no longer affordable. Much of the new construction is at the high end, keeping out many first-time homeowners. Some cannot come up with money for a down payment, while others are wary of getting back into a market that once burned them.

Mortgage Daily, Sept. 12, 2018–Sam GarciaDuring the Elevate Mortgage Summit held in conjunction with the NAHREP National Convention in San Diego this week, former loan originator Tony Giordano talked about social media practices.

Mortgage Daily, Sept. 12, 2018–Sam GarciaNon-bank originators took away market share from banks on a quarter-over-quarter basis, but the year-over-year trend favors banks. Credit unions lost market share, according to the Mortgage Daily U.S. Mortgage Market Index for the third quarter to date.