Mortgage Daily, June 13, 2018Implementation of planned changes to reporting requirements for the Nationwide Multi-State Licensing System have been delayed.
Category: Top National News
Lenders Remain Pessimistic about Demand, Profits
Mortgage News Daily, June 13, 2018–Jann SwansonLast week the Mortgage Bankers Association said that independent mortgage bankers had reported negative production revenue in the first quarter of this year. This week Fannie Mae reminded us that lenders have long expected it to happen.
OCC’s Otting in Congressional Hot Seat: 6 Takeaways
American Banker, June 13, 2018–Rachel Witkowski (subscription)Comptroller of the Currency Joseph Otting vowed he was moving ahead on major regulatory changes related to small-dollar lending and whether fintechs should be allowed to enter the banking system.
High Cost of Housing Drives up Homeless Rates, UCLA Study Indicates
Los Angeles Times, June 13, 2018–Andrew KhouriIn the latest UCLA Anderson Forecast, UCLA found that higher median rent and home prices are strongly correlated with more people living on the streets or in shelters. The research backs other studies that have found a similar relationship.
Retail Center Owners Look to Hotels to Bring New Life to Vacant Big-Box Spaces
National Real Estate Investor, June 11, 2018–Mary DudichHotels appear to be a particularly good fit for retail centers, which tend to have ample parking, prime locations and shopping, restaurants and entertainment options readily available for travelers.
Susan Stewart of SWBC Mortgage Nominated as MBA Vice Chair
National Mortgage Professional, June 12, 2018The Mortgage Bankers Association announced Susan T. Stewart, Chief Executive Officer of SWBC Mortgage, has been nominated to serve as Vice Chairman for the 2019 membership year.
Credit Availability Climbs to Three-Month High in May
Mortgage News Daily, June 12, 2018–Jann SwansonAn increase availability of high balance loans helped drive the Mortgage Bankers Association’s Mortgage Credit Availability Index to a three-month high in May. MBA said the Index rose 1.5 percent to 180.6.
SEC Charges Merril Lynch for Overcharging Customers for Mortgage-Backed Securities
MarketWatch, June 12, 2018–Andrea RiquierThe Securities and Exchange Commission on Tuesday announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers, causing them to overpay for residential mortgage-backed securities.
Senate Panel Advances Fed Nominations, Including Clarida as Vice Chairman
Wall Street Journal, June 12, 2018–Nick Timiraos (subscription)The Senate Banking Committee approved the nominations of two of President Donald Trump’s picks for the Federal Reserve’s board of governors Tuesday, including economist Richard Clarida to become its vice chairman.
Mortgage Lenders Struggle as Demand for Mainstream Loans Falter
National Mortgage News, June 12, 2018–Bonnie Sinnock (subscription)Just 41% of lenders experienced government loan growth from purchases in the second quarter, according to Fannie Mae’s Mortgage Lender Sentiment Survey.