Bloomberg, Aug. 1, 2018After a years-long surge in global capitals, property prices are starting to head lower.
Category: Top National News
One Key Staffing Change Makes the Fed Even More Likely to Keep Raising Interest Rates
Business Insider, July 30, 2018–Pedro Nicolaci da Costa Shifts in staffing at the Federal Reserve, in particular a surprise vote to give hawkish Kansas City Fed President Esther George a vote on interest rates, make the central bank more likely to keep raising interest rates beyond what markets are expecting.
Bill to Enhance Poor Credit Scores will Backfire, Critics Say
American Banker, July 30, 2018–Neil Haggerty (subscription)Legislation to enhance credit scores by allowing consumers to include data about their monthly bills has broad bipartisan support, but some consumer advocates and others question whether the legislation may backfire on those it is meant to help.
CEO Change at Mortgage Unit of WaterStone Bank
National Mortage News, July 30, 2018–Frank Gargano (subscription)Industry veteran A.W. Pickel III became president of Waterstone Mortgage in June, and now the company has decided to promote him to succeed longtime CEO Eric Egenhoefer.
Escrow-Free Loans Raise Credit-Risk Questions
Miami Herald, July 30, 2018–Kenneth R. HarneyTraditionally, borrowers granted waivers from mandatory escrow accounts have had good to excellent credit scores and substantial down payments–often 20 percent or more. Opening the door to escrow-free status for borrowers who don’t fit this profile is raising eyebrows in the mortgage field. Michael Fratantoni, chief economist for the Mortgage Bankers Association, said it would be “a troubling development” if large numbers of new buyers with sub-par credit opted out of escrow accounts, exposing them to potential problems down the road.
Former Equifax Manager Admits to Profiting Off of Data Breach
HousingWire, July 30, 2018–Ben LaneAccording to the Department of Justice, Sudhakar Reddy Bonthu pleaded last week to a charge of insider trading that stemmed from purchasing options in advance of Equifax’s public disclosure of its data breach.
Wells Fargo Appoints Home Lending Servicing Head
Mortgage Professional America, July 30, 2018–Francis MonfortWells Fargo appointed Jeff Smith head of home lending servicing to replace Perry Hilzendger.
The New Housing Play: Helping Priced-Out Renters Become Long-Distance Landlords
MarketWatch, July 30, 2018–Andrea RiquierRather than trying to swing the purchase of an expensive home, platforms like Roofstock, HomeUnion and Investability make it possible to for people in high-cost areas to purchase, finance and manage single-family rental properties. For many investors, those investment properties are thousands of miles away, where prices are vastly cheaper, rental demand is constant, and in many cases courts and regulations tend to side with landlords, not tenants.
Mortgage Trade Volume May Increase Regardless of FHFA Reform
Bloomberg, July 27, 2018–Christopher MaloneyThe primary goal of the Federal Housing Finance Agency’s impending introduction of a Uniform MBS in June of 2019 is to boost mortgage trade liquidity, but that’s probably going to happen anyway.
Legal Industry Scores Victory over CFPB in Debt Collection Battle
National Mortgage News, July 27, 2018–Kate Berry (subscription)A recent court ruling has dealt a blow to efforts by the Consumer Financial Protection Bureau to limit law firms’ involvement in the debt collection process.