CBS News, Apr. 12, 2018Massachusetts Democratic Sen. Elizabeth Warren grilled Office of Budget and Management Director Mick Mulvaney on Thursday over his numerous votes to abolish the Consumer Financial Protection Bureau.
Category: Top National News
MB Financial to Exit National Mortgage Banking
American Banker, Apr. 12, 2018–Paul Davis (subscription)The $20 billion-asset company disclosed in a regulatory filing Thursday that the decision was based on recent economic changes, heavy competition, “very low” margins and input from shareholders.
Non-Bank Mortgage Lenders Lead Tech Transformation
Mortgage Daily, Apr. 12, 2018The digital transformation of the mortgage process is being led by large non-bank lenders. Title and mortgage insurers could be the biggest beneficiaries of blockchain adoption.
Chase Expanding in Dozen States
Philadelphia Inquirer, Apr. 12, 2018–Joseph N. DiStefanoJPMorgan Chase Chief Executive Officer Jamie Dimon has called for adding 400 U.S. branches in a bid to put his company’s large and rising profits to work finding new customers, following the windfall of last year’s federal income tax cuts passed by Congress and signed by President Trump.
Big Data Means Small Margins in the Mortgage Industry of the Future
National Mortgage News, Apr. 12, 2018–Jeremy Sicklick (subscription)The author, CEO of HouseCanary, says more and better data will also mean more and better loans, as valuations become more accurate and faster appraisals send earlier alerts to lenders and buyers about any potential loan issues. But this trend will also mean lower rates.
Zillow Intends to Buy and Flip Homes
Wall Street Journal, Apr. 12, 2018–Laura Kusisto, Rolfe Winkler (subscription)Real-estate listings company Zillow Group is getting into the business of buying and flipping homes, a risky and untested business model for the online service that could disrupt the traditional brokerage business.
Housing Credit Availability Index
Urban Institute, Apr. 12, 2018The Urban Insitute’s latest credit availability index shows that mortgage credit availability rose, for the second quarter in a row, from 5.6 to 5.8 percent in the fourth quarter, the highest level since 2013.
Mortgage Refinances Fall to the Lowest Level in a Decade Amid Lean and Expensive Spring Housing Market
CNBC, Apr. 11, 2018–Diana OlickTotal mortgage application volume fell 1.9 percent, seasonally adjusted, from the previous week, according to the Mortgage Bankers Association. Volume was 5.5 percent lower than the same week one year ago.
MBA Observes 50th Anniversary of Fair Housing Act
National Mortgage Professional, Apr. 11, 2018–Phil HallThe Mortgage Bankers Association commemorated the 50th anniversary of the passage of Title VIII of the Civil Rights Act, also known as the Fair Housing Act.
Digital Home Buying Path Hits ‘Screeching Halt’ at Mortgage Process
National Mortgage News, Apr. 11, 2018–Elina Tarkazikis (subscription)When borrowers take their first steps toward homeownership, they preselect potential homes online, e-sign their offers and can engage in bidding wars entirely from their phones. But this almost completely digital experience comes to a “screeching halt” at the mortgage process, explained Michael Fratantoni, chief economist and SVP of research and industry technology at the Mortgage Bankers Association.