Category: Top National News

National Mortgage News, May 16, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney has overhauled the agency’s spring agenda, dropping several long-time goals of his predecessor, including a rule on overdraft programs, checking accounts and student loan servicing.

Reuters, May 16, 2018–Lucia MutikaniU.S. industrial production increased solidly in April amid an acceleration in manufacturing and mining output, the latest indication that the economy was gathering momentum early in the second quarter.

CNN Money, May 15, 2018–Christine RomansThe Federal Reserve is raising benchmark interest rates, which means more expensive auto loans and mortgages. The 30-year fixed-rate mortgage has crept to a four-year high above 4.5%. That’s still historically low, but it means borrowers can afford a little less house for their money.

HousingWire, May 15, 2018–Ben LaneNationstar Mortgage, the nonbank also known as Mr. Cooper, will pay out more than $1.5 million as part of a settlement with the state of Maryland over allegations that the nonbank illegally charged homeowners for inspection fees.

Reuters, May 15, 2018–Lucia MutikaniThe Commerce Department said retail sales rose 0.3 percent last month after surging 0.8 percent in March. April’s increase was in line with economists’ expectations. Retail sales in April advanced 4.7 percent from a year ago.

CNN, May 15, 2018–Paul La Monica Some cracks may finally be starting to show in the foundations of what has been a very strong housing market. Home Depot reported quarterly sales that missed forecasts Tuesday and the CEO specifically cited “a slow start to the spring selling season.”

Mortgage Daily, May 15, 2018Genpact Mortgage Services announced more than 100 employees at its Richardson, Texas facility on May 1 that they had been laid off.

Mortgage Daily, May 15, 2018Bids are being accepted for 11,000 non-performing Fannie Mae mortgages that have an aggregate unpaid principal balance of $1.84 billion.

American Banker, May 15, 2018–Rachel Witkowski (subscription)Consumer Financial Protection Bureau Acting Director Mick Mulvaney indicated Tuesday during a real estate convention that the rule, which took effect in 2013, painted all institutions with the same brush and needed to be reworked.

HousingWire, May 15, 2018–Ben LaneGinnie Mae has been without a permanent leader since January 2017, but that could soon change, as the Trump administration announced Tuesday that it is formally nominating Michael Bright to serve as president.