HousingWire, Aug. 22, 2018–Ben LaneThe Office of Mortgage Settlement Oversight announced early Wednesday morning that all of the servicers under its oversight have completed their servicing obligations and the monitor’s work is now complete.
Category: Top National News
Freed-Up Flagstar Ponders More M&A, Other Growth Moves
American Banker, Aug. 21, 2018–John Reosti (subscription)Last week, Flagstar announced the termination of a long-running supervisory agreement with the Federal Reserve. The termination means Flagstar is operating unfettered by regulatory orders for the first time since January 2010.
Judgment Against RE Agent Impacts Mortgage Firms
Mortgage Daily, Aug. 20, 2018–Sam GarciaA recent decision in a federal lawsuit has a real estate agent liable for negligently passing on fraudulent wiring instructions. The case has implications for mortgage lenders.
Still Hope for Break-Out in Home Sales Should Inventory Improve
National Mortgage News, Aug. 20, 2018–Elina Tarkazikis (subscription)An improved economy, a healthy labor market and the large population of millennials should have accelerated home sales much higher, but all hope for more transactions this year is not yet lost.
Mortgage Bankers Cut 3-Yr Purchase Forecast
Mortgage Daily, Aug. 20, 2018The Mortgage Bankers Association trimmed its third-quarter outlook from $449 billion in last month’s report, while the first-quarter 2019 prediction was reduced from $332 billion.
MBA: Second Quarter Foreclosure Starts at Lowest Level Since 1987
Mortgage Orb, Aug. 20, 2018–Patrick BarnardThe delinquency rate on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.36% as of the end of the second quarter, down 27 basis points from the 4.63% previous quarter, but up 12 basis points from 4.24% a year ago, according to the Mortgage Bankers Association.
Mel Watt Sued by Government Employee Alleging Sexual Harassment, Retaliation
Wall Street Journal, Aug. 20, 2018–Natalie Andrews (subscription)A senior federal employee sued the director of the agency that oversees housing-finance giants Fannie Mae and Freddie Mac, accusing Mel Watt of denying her a raise and promotion after she rejected his sexual advances.
HUD Fair Housing Complaint Against Facebook Came Via a Rare Source
National Mortgage News, Aug. 20, 2018–Brad Finkelstein (subscription)HUD’s move, along with a separate statement of interest by the U.S. Attorney for the Southern District of New York in a case filed by fair housing advocates, indicated the practices allegedly continued even after Facebook reported disabling those features after their existence became common knowledge nearly two years earlier.
Judge Tosses Civil Rights Groups’ Suit against HUD over Delaying Obama Fair Housing Effort
HousingWire, Aug. 20, 2018–Ben LaneThe rule in question, the Affirmatively Furthering Fair Housing rule, requires cities and towns that receive federal funding to examine local housing patterns for racial bias and design a plan to address any measurable bias.
Can State AGs Really Serve as ‘Mini-CFPBs?’
American Banker, Aug. 20, 2018–Kate Berry (subscription)Late last year, 17 state attorneys general pledged to fill the gap if Consumer Financial Protection Bureau slowed its enforcement activity under acting Director Mick Mulvaney. But their efforts to compensate for a less aggressive CFPB have so far been a mixed bag.