Wall Street Journal, Apr. 11, 2018–Aaron Back (subscription)Big Wall Street banks like Goldman Sachs and Morgan Stanley won’t get the relaxation of capital requirements that they hoped for under the Trump administration. That is the key takeaway from proposed changes to the annual stress test process announced by the Federal Reserve Tuesday.
Category: Top National News
New York Fines Nationstar $5M for Past Compliance Flaws
National Mortgage News, Apr. 11, 2018–Bonnie Sinnock (subscription)The New York Department of Financial Services is fining Nationstar Mortgage $5 million for failing to comply with servicing and origination regulations as it grew between 2012 and 2014.
Mulvaney: ‘The Bureau Is Not Designed to be Accountable’
DS News, Apr. 11, 2018–Radhika OjhaAppearing before the House Financial Services Committee, Consumer Financial Protection Bureau Acting Director Mick Mulvaney. “The bureau is not designed to be accountable and my work there is aimed towards one end goal: to make the bureau more accountable.”
Bank of America Launches Digital Mortgage Platform
HousingWire, Apr. 11, 2018–Ben LaneBank of America revealed Wednesday that it is launching a digital mortgage platform, which allows customers to complete the mortgage application process either via their mobile device or on Bank of America’s website.
Over 50 Mortgage Related Events in Q2
Mortgage Daily, Apr. 11, 2018–Sam GarciaAmong the more than 50 events on Mortgage Daily’s Mortgage Conference Calendar for the second quarter are multiple annual trade group conventions, a roundtable and several workshops.
Nearly $2 Bil in Reperforming GSE Loans Sold
Mortgage Daily, Apr. 11, 2018Winning bidders have been announced in the auction of nearly $2 billion in reperforming government-sponsored enterprise residential loans.
With Ryan Departing, It’s Now or Never for Reg Relief
National Mortgage News, Apr. 11, 2018–Victoria Finkle (subscription)Wednesday’s announcement, anticipated by some for months, could heighten pressure to move a pending regulatory relief bill as soon as possible–well ahead of the November elections that will determine which party leads the chamber next term.
Fed Leans Toward Faster Pace of Hikes as Trade War Poses Risk
Bloomberg, Apr. 11, 2018–Craig TorresFederal Reserve officials leaned toward a slightly faster pace of tightening at their March meeting as their growth outlook and confidence in hitting their inflation target strengthened, according to minutes released Wednesday.
Drop in Refinance Revenue Could Challenge Independent Mortgage Bankers
Dodd-Frank Update, Apr. 10, 2018 (subscription)MBA Vice President of Industry Analysis Marina Walsh told Dodd-Frank Update that declining refinance volume is a major reason for the drop in revenue, but she believes independent mortgage bankers are up to the challenge of finding purchase borrowers to close that gap over time.
Rising Home Prices Push Borrowers Deeper Into Debt
Wall Street Journal, Apr. 10, 2018–Laura Kusisto, Christina Rexrode (subscription)Roughly one in five conventional mortgage loans made this winter went to borrowers spending more than 45% of their monthly incomes on their mortgage payment and other debts, the highest proportion since the housing crisis, according to new data from mortgage-data tracker CoreLogic Inc.