Wall Street Journal, May 31, 2018–Theo Francis (subscription)The highest-paid banking and finance chief executive in the S&P 500 is no surprise. It is James Dimon ($28.3 million), head of JPMorgan Chase & Co., the biggest U.S. bank by assets and market capitalization.
Category: Top National News
MBA Seeks Mortgage Advisory Council Within CFPB
National Mortgage Professional, May 31, 2018–Phil HallThe Mortgage Bankers Association called on the Consumer Financial Protection Bureau to create an advisory council focused on the mortgage industry that would receive input from all stakeholders in the mortgage market.
Sears Will Close 72 More Stores, After Quarterly Drop In Sales Of Nearly 12 Percent
NPR, May 31, 2018–Bill ChappelSears Holdings Corp., which controls Sears and Kmart, says it has “identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future,” in the latest sign of the retailer’s struggles to stay afloat.
Top-15 Mortgage Lender to Emerge from Acquisition
Mortgage Daily, May 31, 2018Acquisition of Franklin American Mortgage Co. by Citizens Financial Group will create a mortgage banking firm that ranks among the nation’s 15 largest.
Fannie’s Book of Biz Down 1st Time in Almost 2 Yrs
Mortgage Daily, May 18, 2018Fannie Mae ended April with a total book of business of $3.2355 trillion, including an $0.2220 trillion investment portfolio and $3.0135 trillion in outstanding mortgage-backed securities and other guarantees. Its book declined from March.
Movement Mortgage Lays Off 100 Employees in Anticipation of Slower Growth
HousingWire, May 31, 2018–Kelsey RamirezMovement Mortgage announced it plans to lay off 100 of its employees across four locations as of June 1.
Wells Fargo Says Mortgage ‘Overcapacity’ Is Hurting Fee Revenue
Bloomberg, May 31, 2018–Hannah Levitt (subscription)Margins will continue to narrow as banks and new competitors fight over a smaller pie, Wells Fargo & Co. Chief Executive Officer Tim Sloan said Thursday at an investor conference.
U.S. Consumer Spending Accelerates; Job Market Strengthening
Reuters, May 31, 2018–Lucia MutikaniU.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.
Mortgage Rates Drop, But Borrowers are Not Impressed
CNBC, May 30, 2018–Diana OlickTotal mortgage application volume decreased 2.9 percent for the week, seasonally adjusted, according to the Mortgage Bankers Association.
The State of the Mortgage Industry
MReport, May 30, 2019–Radhika OjhaEffective marketing and loan fulfillment programs, coupled with a laser-sharp focus on customer service will drive the mortgage industry to generate solid revenue and profit in a tough year, according to a white paper from Veros.