Bloomberg Businessweek, June 28, 2018–Noah Buhayar, Patrick Clark (subscription)It’s not always easy for consumers to get a mortgage quickly, but money is abundant for companies that want to step into the homebuying process.
Category: Top National News
Bank Reputations Fall for First Time in Five Years
American Banker, June 28, 2018–Rob Garver (subscription)A broad wave of consumer distrust buffeted the banking industry’s reputation over the past year, bringing an end to a run of positive change in public perception in the years after the financial crisis, according to the annual American Banker/Reputation Institute Survey of Bank Reputations.
Commercial/Multifamily Mortgage Debt at $3.21T in Q1
Naional Mortgage Professional, June 26, 2018–Phil HallCommercial/multifamily mortgage debt outstanding rose by by $44.3 billion in the first quarter, according to new data from the Mortgage Bankers Association.
Staffing, Tech Shortfalls Plauge Mortgage Vendor Management, Survey Shows
National Mortgage News, June 26, 2018–Elina Tarkazikis (subscription)Most mortgage lenders and banks do not maintain a comprehensive vendor management strategy, exposing institutions to increased compliance risk, according to a survey by vendor oversight platform Vendorly.
Lennar Sees ‘Solid Fundamentals’ Lifting Operations, Housing Market
Wall Street Journal, June 26, 2018–Allison Prang, Bowdeya Tweh (subscription)Lennar Corp. said strong demand for new homes and higher selling prices drove earnings growth in the most recent quarter, as the nation’s largest home builder reported it has so far shaken off concerns about rising interest rates and construction costs.
Court Keeps Ocwen Records Sealed in CFPB Dispute over Escrow Accounts
National Mortgage News, June 26, 2018–Brad Finkelstein (subscription)The CFPB had argued that Ocwen’s narrative answers to how it managed escrow accounts should not be kept under seal because of the substantial public interest in the government’s enforcement action plus they did not contain trade secrets, Magistrate Judge William Matthewman noted in his ruling in a case being tried in the U.S District Court for the Southern District of Florida.
Impac Partners with Starwood Property Trust to Significantly Boost Non-QM Lending
HousingWire, June 26, 2018–Ben LaneImpac and Starwood Property Trust announced a deal that could see Starwood buying as much as $600 million in non-QM loans from Impac over the next 12 months.
U.S. Housing Will Get Even Less Affordable
Bloomberg, June 26, 2018–A. Gary Shilling (subscription)More investor-owned properties and rising construction costs are just two reasons homes are out of reach for many.
Rising Home Prices Exacerbated by Tariffs
Mortgage Daily, June 26, 2018–Sam GarciaJust as relief was in sight for rapidly escalating home prices, new tariffs from the Trump administration added more fuel to the fire.
Chaos Atop CFPB Could Get Worse After Appeals Court Ruling
American Banker, June 26, 2018–Kate Berry (subscription)The U.S. Court of Appeals for the D.C. Circuit has been deliberating since April on whether Mick Mulvaney can continue as acting CFPB director. The three-judge panel appeared skeptical of the claim by Leandra English, the chief of staff under former CFPB Director Richard Cordray, that she is the rightful acting director. But the judges also raised questions about Mulvaney’s dual role running the bureau and the Office of Management and Budget.