Mortgage Daily, July 25, 2018Mortgage servicing rights are being offered on 14,102 Ginnie Mae loans that had an aggregate unpaid principal balance of $3.607 billion as of June 29.
Category: Top National News
MISMO Sets B2C Standards for Mortgage Borrowers Using a Smartphone
National Mortgage News, July 25, 2018–Elina Tarkazikis (subscription)As the mortgage industry continues evolving digitally, MISMO is developing standards for business to consumer transactions on mobile devices, according to the Mortgage Bankers Association.
New Rule to Stop Refi Churning Creates Loan Limbo
National Mortgage News, July 25, 2018–Elina Tarkazikis (subscription)A “technical snag” stands to “orphan” a subset of VA loans by excluding them from Ginnie Mae securities, according to Dan Fichtler, director of housing finance policy at the Mortgage Bankers Association.
In a Twist, Mulvaney Now Defending CFPB Enforcement Powers
National Mortgage News, July 25, 2018–Kate Berry (subscription)During the first seven months of Mulvaney’s tenure, the CFPB had issued just one enforcement action, handing out the largest bank fine ever against Wells Fargo for failures in its auto lending and mortgage businesses. But since mid-June, the bureau has averaged about one public enforcement action a week.
CoreLogic Acquisition Spree Pushes Earnings Higher in Q2
HousingWire, July 25, 2018–Kelsey RamirezCoreLogic’s property intelligence and risk management revenues increased 4% to $183 million driven primarily by organic growth in property insights, including real estate-related and international operations, as well as contributions from insurance and spatial solutions acquisitions completed in 2017.
The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years
Bloomberg, July 26, 2018–Prashant Gopal, Sho ChandraThe U.S. housing market–particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas–appears to be headed for the broadest slowdown in years. Buyers are getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there’s only so far they can stretch.
Chinese Reversing Big U.S. Real Estate Buying Spree That Had Helped Boost Prices
Wall Street Journal, July 24, 2018–Esther Fung (subscription)Chinese investors have become net sellers of U.S. commercial real estate for the first time in a decade, reversing a years-long trend when these buyers spent tens of billions of dollars and helped boost the market for hotels and other properties.
Flagstar’s 2Q Earnings Boosted by Branch, Warehouse Deals
National Mortgage News, July 24, 2018–Chental-Song Bembry (subscription)The $18.1 billion-asset company said Tuesday that its net income in the second quarter climbed 22% from the same period last year to $50 million, thanks largely to assets it inherited when it acquired the warehouse lending portfolio of Santander Bank and eight California bank branches from East West Bank in Pasadena, Calif. Both deals closed late in the first quarter.
Ginnie Mae Nominee Deflects Questiosn over GSE Reform Proposal
American Banker, July 24, 2018–Hannah Lang (subscription)Michael Bright, President Trump’s nominee to head Ginnie Mae appeared to distance himself Tuesday from a 2016 paper he co-wrote on reforming the housing finance system, telling senators that he “hasn’t thought about that paper in two years.”
Foreclosure Metrics Improve But Delinquency Worse
Mortgage Daily, July 24, 2018Black Knight noted improvement last month in U.S. foreclosure metrics, the rate of 30-day delinquency on residential loans climbed to the highest level in four months.