Mortgage Orb, Mar. 26, 2018–Patrick BarnardShrinking refinance volume and lackluster purchase volume caused the net profit per loan to fall to $237 in the fourth quarter, down from $929 in the third quarter, according to the Mortgage Bankers Association.
Category: Top National News
New Evidence Shows that Limited English Proficiency is a Barrier to Homeownership
Urban Institute, Mar. 26, 2018–Edward Golding, Sarah Strochak, Laurie GoodmanData at the zip code level from the Urban Institute and Sloan Foundation’s Administrative Data Research Facility found a “considerable gap” in homeownership rates between neighborhoods with low levels of limited English proficient residents and those with higher levels of LEP residents.
Here’s How Blockchain Could Help the Mortgage Industry
American Banker, Mar. 26, 2018–Michael E. Reyen (subscription)Elements of blockchain technology appear to be the next step in what has been an evolution from a wet ink, paper-based system to an online, paperless (or at least paper-light) system that has already been moving toward e-filing, electronic signatures and electronic access to scanned documents.
Less Q1 Optimism on Homebuying
National Mortgage Professional, Mar. 26, 2018–Phil HallIn a poll of 2,700 households, 68 percent of homeowner respondents during the first quarter felt that now is a good time to buy a home, down from 72 percent in the fourth quarter.
Capital Rule Change Could Spur More Bank Interest in Servicing
National Mortgage News, Mar. 26, 2018–Bonnie Sinnock (subscription)A proposed regulatory change could jump-start more bank interest in mortgage servicing rights this year. The capital simplification proposal, which increases the percentage of Tier 1 capital that can be made up of MSRs to 25% from 10%, would reduce the pressure on banks to sell MSRs.
Fed’s Dudley Says Bank Executives Should Share the Cost of Fines
Bloomberg, Mar. 26, 2018–Jesse HamiltonWall Street should force banks to share the pain of regulatory penalties by docking executives’ pay, a move that would help discourage bad behavior, Federal Reserve Bank of New York President William Dudley said Monday.
Supreme Court Rejects AIG ex-CEO Greenberg’s Bailout Challenge
Reuters, Mar. 26, 2018–Andrew ChungThe U.S. Supreme Court on Monday handed a defeat to former American International Group Inc. CEO Maurice “Hank” Greenberg, refusing to hear an appeal he led arguing that the federal government illegally bailed out the insurer during the 2008 financial crisis at the expense of shareholders.
Mortgage Market Index Jumps to 4-Mth High
Mortgage Daily, Mar. 26, 2018A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months, according to the Mortgage Daily U.S. Mortgage Market Index.
Arrival of Final Bank Regulator Could Speed Up Easing of Rules
Wall Street Journal, Mar. 27, 2018–Lalita Clozel (subscription)Jelena McWilliams, the top lawyer at Cincinnati-based Fifth Third Bancorp, is set to succeed Obama-appointee Martin Gruenberg as head of the Federal Deposit Insurance Corp. as early as April.
Brookfield Strikes Deal to Buy Rest of Mall Owner GGP
Wall Street Journal, Mar. 27, 2018–Maria Armental, Miriam Gottfried (subscription)Agreement would create one of the world’s largest retail real-estate companies; Brookfield would pay $9.25 billion in cash plus stock.