HousingWire, June 5, 2018–Ben LaneSunTrust is in compliance with all of the servicing requirements of the National Mortgage Settlement, the settlement’s monitor said in a report published early Tuesday.
Category: Top National News
It’s 2007 Again for Commercial Mortgage Bonds, Moody’s Says
Bloomberg, June 1, 2018–Claire Boston (subscription)Commercial mortgage bonds are getting stuffed with the lowest-quality loans since the financial crisis by one measure, according to Moody’s Investors Service, a warning sign that the $517 billion market may be headed for harder times.
Nonbank Mortgage Hiring Picks up as Lenders Prep for Homebuying Season
National Mortgage News, June 1, 2018–Bonnie Sinnock (subscription)Nondepository origination firms employed 338,100 workers during the month, according to the Bureau of Labor Statistics. That improves on an upwardly revised 337,400 jobs in March but is still below higher employment levels in February.
How Mortgage Lender Competition Stacks up Across the Country
National Mortgage News, June 1, 2018–Elina Tarkazikis (subscription)While all cities show signs of healthy mortgage competition nationwide, some areas have higher concentrations of lender activity but also face varying degrees of competitiveness based on loan type, according to LendingTree.
Ginnie Mae Boots 3 VA Lenders from Mortgage Bond Programs
HousingWire, June 1, 2018–Kelsey RamirezGinnie Mae said in the interest of providing additional clarity and transparency to its mortgage-backed securities investors, it announced it restricted VA single-family guaranteed loans pooled by three VA lenders: Freedom Mortgage, SunWest Mortgage and NewDay USA.
How One Mortgage Lender Shaved Weeks Off Average Closing Times
Forbes, June 1, 2018–Aly YaleIn April, the average mortgage loan closed in 41 days. But one lender did it in just 13.
For Some Buyers, It’s Full Speed Ahead
UExpress, June 1, 2018–Lew SichelmanDespite a lack of houses for sale, rising mortgage rates, higher prices and strong competition from other would-be owners, not to mention investors, nearly two-thirds of the people responding to Gallup’s annual housing survey still say it’s a good time to buy.
In the Pipeline: These 4 Construction Conditions are Cementing Multifamily Industry Trends
HousingWire, June 1, 2018–Jeremiah JensenAll signs point to a multifamily market that is cementing into stable growth. Rents are rising at a more sustainable rate than they have in recent years; capital is flowing into the industry; construction is tapering off to a sustainable level; and demand is strong.
How Dan Gilbert Has Made Quicken Loans Thrive in the Mortgage Industry
Detroit Free Press, May 31, 2018–JC Reindl”Every time we start to get a big head, I remind our people, ‘You know that 19 out of 20 people who wake up this morning and get a home loan aren’t coming here?’ ” Dan Gilbert, 56, Quicken’s founder and chairman, said in the firm’s bright downtown headquarters with windows facing the Renaissance Center and the Detroit River. “We’ve got a long ways to go.”
Dodd-Frank Rollback Adds Regulation on PACE
Scotsman Guide, May 31, 2018–Victor WhitmanThe Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, directs the Consumer Financial Protection Bureau to establish rules on private PACE financiers that ensure that borrowers can repay the costs of the improvements. The largest mortgage trade group, the Mortgage Bankers Association, has been lobbying for tough rules on PACE loans, saying that consumers have been left unprotected.