HousingWire, May 2, 2018–Jeremiah JensenQuicken Loans announced it originated $20.5 billion in retail home loans during Q1. This keeps the creator of “Rocket Mortgage” in the top spot of retail loan originators, $4 billion in originations ahead of second place Wells Fargo.
Category: Top National News
Retail’s Ruinous Run
National Real Estate Investor, May 2, 2018–David BodamerThe struggles the retail sector faces show no sign of abating. Analysts see retail as having the dimmest outlook of any of the major property sectors.
Appeals Court Decision a Win for Reverse Lenders
Mortgage Daily, May 2, 2018A decision handed down by a Florida appeals court bodes well for reverse mortgage lenders. At issue are the rights of non-borrowing surviving spouses.
GE Warns Its Subprime Mortgage Unit Could File for Bankruptcy
CNN Money, May 2, 2018–Matt EganThis appears to be the first time GE has said it’s exploring bankruptcy for the defunct mortgage business. WMC was reportedly the nation’s sixth-biggest subprime lender when it was acquired by GE in 2004.
Servicing Deal Payment Returns Ocwen to Profitability
National Mortgage News, May 2, 2018–Bonnie Sinnock (subscription)Ocwen Financial Corp. got back in the black during the first quarter after selling New Residential Investment Corp. $110 million in economic rights to mortgage servicing.
CFPB Investigations Lack Fairness, Trade Group Says
Scotsman Guide, May 1, 2018–Victor WhitmanThe Mortgage Bankers Association said the Consumer Financial Protection Bureau should set down a clear process for initiating an investigation under its Civil Investigative Demand (CID) process. Among the changes, CFPB investigators should be required to limit the scope to specific allegations of wrongdoing, and establish a fairer process and a reasonable timeframe for companies to respond.
30% of Homeowners are Making a Mistake that Could Cost Them Thousands
CNBC, May 1, 2018–Emmie MartinNearly a third of American homeowners may have no idea what their mortgage rate is. That’s according to new data from Bankrate, which surveyed 2,194 adults, including 1,330 homeowners. When asked, 29 percent of respondents with a mortgage either didn’t know their rate or wouldn’t say.
Residential Construction Spending Slips in March
National Mortgage News, May 1, 2018–Brad Finkelstein (subscription)March residential construction spending declined by 3.5% on a seasonally adjusted basis from February, but was virtually flat for new single-family properties, according to the U.S. Census Bureau.
Freddie Mac Q1 Earnings Increase Driven by Tax Reform
HousingWire, May 1, 2018–Kelsey RamirezThe company announced a comprehensive income of $2.2 billion for the first quarter of 2018. This was up from a loss of $3.3 billion from the fourth quarter.
The Cost of Buying a Home Near the Train Is Shrinking
Bloomberg, May 1, 2018–Katherine ChiglinskyRide-sharing services such as Uber Technologies Inc. and Lyft Inc., and the advent of electric vehicles and driverless cars, are poised to chip away at the higher prices that real estate around subways and bus stops has earned, according to a report from MetLife Inc.’s asset-management business released Tuesday.