Wall Street Journal, June 7, 2018–Ryan Tracy (subscription)An Office of the Comptroller of the Currency review has concluded there weren’t “systemic issues” at other banks that were similar to the Wells Fargo & Co. phony-account scandal, though it found some instances of banks opening accounts without proof of customers’ consent.
Category: Top National News
Legal Filing Confirms CFPB’s Dismissal of PHH Case
National Mortgage News, June 7, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney on Thursday dismissed the bureau’s case against PHH Corp., ending a contentious legal battle that resulted in no fines against the company and no change to the independent agency’s structure.
Study: HUD Proposal Would Raise Rents for Poor by 20 Percent
The Hill, June 7, 2018–John BowdenA plan being pushed by HUD Secretary Ben Carson would raise rents on Americans receiving federal assistance by 20 percent on average in metropolitan areas around the country, according to a new study.
Monthly Mortgage Rates Rise, Weekly Rates Fall
Mortgage Daily, June 7, 2018–Sam GarciaDuring May, prospective borrowers on loans used to finance a home purchase were offered an average 30-year fixed rate of 5.02 percent, rising 10 basis points, said LendingTree.
The Cost of Originating a Mortgage Just Got Ridiculous–Again
HousingWire, June 7, 2018–Kelsey RamirezIndependent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 per loan originated in the first quarter, according to the MBA’s Quarterly Mortgage Bankers Performance report. This is down from a gain of $237 per loan in the fourth quarter.
Trump’s Bank Regulator Flips Obama’s Script
Wall Street Journal, June 8, 2018–Ryan Tracy (subscription)The banking industry has a new partner in Washington: a top federal regulator, Joseph Otting, and he’s reversing a number of his predecessor’s biggest initiatives.
Mulvaney’s Rationale for Firing CFPB Advisory Boards Doesn’t Hold Water
American Banker, June 7, 2018–Rob Blackwell (subscription)Mick Mulvaney is fond of saying he wants to make the Consumer Financial Protection Bureau into a “gold-standard” regulator, arguing that its tone and substance should be more like the Securities and Exchange Commission. Which makes it extra tough to explain the sophomoric way the CFPB handled the decision to dismiss the members of three advisory councils earlier this week.
Small GSE MSR Offering
Mortgage Daily, June 7, 2018Mortgage servicing rights are being offered for sale on 3,249 single-family loans that had an aggregate unpaid principal balance of $0.775 billion as of April 30.
Weekly Mortgage Applications Rise 4.1% as Rates Hit Lowest Levels in 6 Weeks
CNBC, June 6, 2018–Diana OlickBorrowers took advantage of an interest rate drop by sending mortgage application volume up 4.1 percent last week, according to the Mortgage Bankers Association. Rates are expected to move steadily higher this year, despite temporary fluctuations.
Angelo Mozilo and His Doomed Mortgage Machine
CNN, June 6, 2018–Matt EganAngelo Mozilo of Countrywide Financial got rich selling the American Dream. Then he became the face of America’s mortgage nightmare.