American Banker, Aug. 27, 2018–Hannah Long (subscription)The Congressional Budget Office has found that restructuring the mortgage market would save the government tens of billions of dollars, but could also increase the cost of housing, presenting yet another hurdle for lawmakers looking to reform mortgage giants Fannie Mae and Freddie Mac.
Category: Top National News
Mortgage Industry Conditions Improved In Q2, But Wells Fargo Isn’t Very Optimistic About It
Forbes, Aug. 27, 2018–Trefis TeamThe U.S. mortgage industry witnessed a recovery in activity levels over the second quarter, as an upbeat economic outlook helped total mortgage originations improve from just $346 billion in Q1 2018 to $447 billion in Q2 2018. (MBA mention)
Powell Defends Fed’s Approach to Monetary Policy
HousingWire, Aug. 24, 2018–Kelsey RamirezFederal Reserve Chair Jerome Powell’s remarks come just days after President Donald Trump reportedly complained to Republican donors at a fundraiser in the Hamptons that Powell was raising interest rates.
The Markets That Have Seen the Most Construction Starts So Far in 2018
National Real Estate Investor, Aug. 24, 2018–David Bodamer Five of the top 10 markets for commercial and multifamily construction starts in the first half of 2018 showed increased activity compared to the same period in 2017.
Chase Bank Hit with Downgrade over Jumbo Mortgage Underwriting, Fintech Gaps
National Mortgage News, Aug. 24, 2018–Bonnie Sinnock (subscription)Moody’s Investors Service downgraded JPMorgan Chase’s prime jumbo mortgage originator assessment to its second-highest rating, citing the bank’s growing reliance on correspondents with delegated underwriting authority and shortcomings in its technology infrastructure.
Facebook Set to Add Millions of New Real Estate Listings as Push into Real Estate Continues
HousingWire, Aug. 24, 2018–Jeremiah JensenLast November, Facebook partnered with Zumper and Apartment List to add rental listings to Facebook Marketplace. Now, a little under a year later, Facebook is at it again, this time with Rental Beast, a software-as-a-service rental listing platform that provides millions of rental listings.
Originations, Servicing Up at Quicken Loans
Mortgage Daily, Aug. 24, 2018New quarterly business moved modestly higher at Quicken Loans Inc., as did the company’s mortgage servicing portfolio.
Regional Banks Still Need a Lending Boost
Wall Street Journal, Aug. 26, 2018–Aaron Back (subscription)A promising rebound in loan growth now appears to be fading. That could become an issue, especially for small and midsize lenders.
OCC to Take Preliminary Step in CRA Overhaul Plan
American Banker, Aug. 24, 2018–John Heltman, Rachel Witkowski (subscription)Comptroller of the Currency Joseph Otting has been a vocal proponent of the need to overhaul the rules that the OCC–along with the Federal Reserve and Federal Deposit Insurance Corp.–use to implement the decades-old law, which requires banks to extend credit and services to low- and moderate-income customers in communities they serve.
Mortgage Biz Slips, ARMS Lead Decline
Mortgage Daily, Aug. 24, 2018Mortgage Daily’s U.S. Mortgage Market Index for the week ended Aug. 24 fell 2 percent from the preceding week.