National Mortgage News, Apr. 3, 2018–Brad Finkelstein (subscription)Carrington Mortgage Services’ decision to offer subprime mortgage loans was a natural progression from its decision four years ago to concentrate on borrowers with credit scores under 640.
Category: Top National News
New York Fed Picks John Williams as President
Wall Street Journal, Apr. 3, 2018–Michael S. Derby (subscription)The Federal Reserve Bank of New York said Tuesday that John Williams, who has helmed the San Francisco Fed since 2011, will become its next leader, assuming one of the top leadership positions at the U.S. central bank.
Home Prices Are Still Rising
National Mortgage Professional, Apr. 3, 2018–Phil HallHome prices in February rose by 6.7 percent from one year earlier and were up one percent from the previous month, according to new data from CoreLogic.
Manufactured Housing Giant Endorses HUD’s Call for Regulatory Relief
National Mortgage News, Apr. 3, 2018–Brian Collins (subscription)The dominant player in manufactured housing, Clayton Homes, is supporting HUD’s review of construction and safety standards on manufactured homes.
Freddie Mac to Offer Faster, Cheaper Financing on Affordable Rentals
HousingWire, Apr. 3, 2018–Kelsey RamirezFreddie Mac announced its program, Targeted Affordable Housing Express, a new offering designed to provide faster, simpler and cheaper financing for the preservation of smaller, affordable rental properties.
Wells Fargo Names New Retail Mortgage Chief
Mortgage Daily, Apr. 3, 2018Perry Hilzendeger started with Wells Fargo 28 years ago. While most recently he has been in servicing-related jobs, he also has worked in fulfillment, sales and sales management.
MBA Calls for Competitive Credit Score Requirements
HousingWire, Apr. 3, 2018–Kelsey Ramirez”While credit scores play only a limited role in the underwriting process for loans acquired by the Enterprises, their impact on borrower eligibility and loan pricing warrants periodic review,” MBA President and CEO David Stevens wrote.
Hey Mortgage Lenders! Do You Know Why We Have an FHA Commissioner?
HousingWire, Apr. 3, 2018–Nate ShultzThe author, with independent mortgage bank TMS, says without an FHA commissioner in place, it will be unlikely lenders will see changes to FHA policy or processes.
Mortgage Applicants Beware: Audit Says IRS ‘Tax Transcript’ Program Lacks Adequate Security Protections
Washington Post, Apr. 4, 2018–Kenneth R. HarneyFederal auditors say the popular “tax transcript” program run by the Internal Revenue Service and used by millions of mortgage applicants a year lacks adequate security protections against disclosures of tax-return details to people who shouldn’t be allowed to obtain them.
Flexible Boundaries and Exams: How Treasury Would Modernize CRA
National Mortgage News, Apr. 3, 2018–Rachel Witkowski (subscription)The Treasury Department released long-awaited recommendations Tuesday of reforms for enforcing the nearly 40-year-old Community Reinvestment Act.