Category: Top National News

Washingtonian, June 19, 2018–Susannah HerradaDavid Stevens, president and CEO of the Mortgage Bankers Association, says any unwinding of protections can harm the lending industry as well. “Consumer protections level the playing field for the mortgage industry,” he explains, preventing lenders from undercutting one another with lower-cost, higher-risk loans.

Bloomberg, June 19, 2018–Vincent Del Guidice, Alex TanziStorm clouds could be building for the housing industry, even with starts of new construction rising in May to the highest in more than a decade. Mortgage applications, as tallied by the Mortgage Bankers Association, have risen just once since mid-April as the Federal Reserve gradually lifts borrowing costs.

DS News, June 19, 2018–David WhartonThe Office of the Comptroller of the Currency said as of the end of the first quarter, 95.6 percent of mortgages were current and performing, holding steady year-over-year.

Mortgage Daily, June 19, 2018The Office of the Comptroller of the Currency said the non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.

Mortgage Daily, June 19, 2018A.W. Pickel III founded Leader One Financial Corp. and worked most recently at AmCap Mortgage. He will replace Eric Egenhoefer, who retains his CEO title.

GlobeSt.com, June 20, 2018–Betsy KimPanelists at a Mortgage Bankers Association of New York conference predict advantages that rising interest rates will bring to alternative lending.

HousingWire, June 19, 2018–Ben LaneWells Fargo must face a lawsuit brought against the bank by the city of Oakland, Calif., which sued the bank in 2015 for allegedly steering minority borrowers into higher-cost loans.

National Mortgage Professional, June 19, 2018–Phil HallSen. Elizabeth Warren, D-Mass., said she would put a hold on the nomination of Kathy Kraninger to become the next Director of the Consumer Financial Protection Bureau, saying Kraninger “has no track record of helping consumers.”

Wall Street Journal, June 19, 2018–Esther Fung (subscription)At a time when store closures are accelerating and struggling malls pockmark the country, county commissioners in Florida have approved a plan to build what would be the largest mall in the U.S. American Dream Miami would also be the most expensive mall ever built.

National Mortgage News, June 18, 2018–Kate Berry (subscription)President Trump’ choice of Kathy Kraninger to head the Consumer Financial Protection Bureau is already in trouble–and that may be just fine with the White House.