Mortgage Daily, Mar. 5, 2018–Sam GarciaMortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York’s new security requirements.
Category: Top National News
Mississippi’s Thad Cochran to Resign from Senate after Four-Decade Congressional Career
Washington Post, Mar. 5, 2018–Sean Sullivan, Paul KaneCochran, 80, has been suffering from health problems in recent months. He missed several weeks in the Senate last fall while recuperating from an infection.
CRE Opinion: How to Profit During Inflation
D Magazine, Mar. 5, 2018–Ari RastegarInvesting in hard assets can protect against inflation. When an economic shift happens, investors seek to add alternative investments like commercial real estate to their traditional stock, bond and cash portfolios.
The CLO, a Financial Crisis Bogeyman, is Back
The Real Deal (N.Y.), Mar. 2, 2018–Konrad PutzierMention the term “collateralized debt obligation” and financial watchdogs immediately seize up. But now they are staging a comeback under a new name: collateralized loan obligation, or CLO.
CMBS Delinquency Rate Drops for Eighth Consecutive Month
National Mortgage Professional, Mar. 2, 2018–Phil HallThe delinquency rate has been in a free-fall for eight consecutive months, a 124 bps drop, and Trepp forecasts that “it is now possible that the rate could break the post-crisis low from February 2016 over the next few months.”
Equifax Cites ‘Ongoing Investigation’ by CFPB, Other Agencies
National Mortgage News, Mar. 2, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is among several agencies conducting an “ongoing investigation” of Equifax related to last year’s data breach, the credit reporting firm said in a securities filing Friday.
Dodd-Frank Replacement Heads to Senate Vote
HousingWire, Mar. 2, 2018–Kelsey RamirezThe bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, contains policies which would roll back or eliminate key parts from the Dodd-Frank Act.
Reverse Mortgage Volume Eases Off 7-Yr High
Mortgage Daily, Mar. 2, 2018February saw 5,201 U.S. home-equity conversion mortgages that were endorsed by the Federal Housing Administration. HECM production slowed from the preceding month, when endorsements soared to 6,313–the busiest month since March 2011.
Rising Loan Errors Spell Trouble Ahead
UExpress, Mar. 2, 2018–Lew SichelmanThe upward trend in defective home loans is not likely to impact borrowers–at least not directly, says Phil McCall, president of ACES Risk Management, which offers quality control services to lenders. But bad loans could have devastating consequences for mortgage producers, who could be forced to buy them back from investors who purchased them on the secondary market.
HMDA Compliance Among LOS Enhancements
Mortgage Daily, Mar. 2, 2018–Sam GarciaInnovations in loan origination systems include a new interview platform, compliance with changes to Home Mortgage Disclosure Act reporting requirements and lots of new integrations.