Mortgage Daily, Mar. 22, 2018To fund planned technology investments in the Federal Housing Administration, HUD Secretary Ben Carson proposed a new fee.
Category: Top National News
Freddie Lifts Refi Forecast, Cuts Purchase Outlook
Mortgage Daily, Mar. 22, 2018Economists at Freddie Mac raised the outlook for refinances and lowered expected purchase financing for this year, dragging down the overall forecast.
Senate Approves $1.3 Trillion Spending Bill, Sends to Trump
The Hill, Mar. 23, 2018–Jordain CarneySenators voted 65-32 on the measure, well over the simple majority needed to approve it, despite late drama after the bill easily cleared the House on Thursday afternoon. It now goes to the White House where Trump is expected to sign it.
CFPB to Review Rulemaking Authority Inherited from Other Agencies
National Mortgage News, Mar. 22, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is seeking comment on whether it should change any regulations it inherited from other federal agencies.
Cities Are Trying to Make Housing More Affordable-by Making Some Rents More Pricey
Slate, Mar. 22, 2018–Henry GrabarOne paradox of the housing affordability crisis in the United States is that one of the most popular ways to create affordable housing is to tax new housing.
U.S. Purchase Mortgage Applications Hit Six-Week High: MBA
Reuters, Mar. 21, 2018–Richard LeongA gauge of U.S. mortgage applications to buy a home climbed to a six-week high as 30-year home borrowing costs lingered at four-year peaks, the Mortgage Bankers Association said on Wednesday.
UBS to Pay $230M for Risky Mortgage-Backed Securities
Associated Press, Mar. 21, 2018Financial services firm UBS has agreed to pay $230 million to New York state in a legal settlement stemming from the firm’s handling of mortgage-based securities in the lead up to the 2008 financial crisis.
Critics of FHLB Membership Rule Aren’t Thrilled with Prospect of Repeal
National Mortgage News, Mar. 21, 2018–Brian Collins (subscription)The bill, sponsored by Sen. Tammy Duckworth, D-Ill., would reverse a 2016 rule by the Federal Housing Finance Agency that had expelled captive insurance companies from FHLB membership.
CFPB Handled Over 84K Debt Collection Complaints Last Year
National Mortgage News, Mar. 21, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau handled 84,500 debt collection complaints in 2017 and consumers viewed or downloaded information 838,255 times from the agency’s web site last year on how to negotiate a settlement with a debt collector.
United Wholesale Pulls Plug on 1% Down Program
HousingWire, Mar. 21, 2018-Kelsey RamirezDuring the company’s weekly sales meeting Wednesday, United Wholesale Mortgage President and CEO Mat Ishbia announced the end of its 1% down mortgage program.