National Mortgage News, Dec. 20, 2017–Kate Berry (subscription)The lawyer for Consumer Financial Protection Bureau Deputy Director Leandra English, who claims she is the rightful acting director, will face off against the Justice Department in a court hearing where key questions about the CFPB’s independence and the president’s authority to appoint an interim director are sure to be raised.
Category: Top National News
Trump to Sign Tax Reform into Law that Triggers Fannie, Freddie Treasury Draw
HousingWIre, Dec. 20, 2017–Kelsey RamirezThe new law reduces the corporate tax rate from 35% to 21%, the first reduction to the rate in 15 years. Now, due to that reduction, the GSEs will likely need to make a draw from the Treasury for two reasons: zero capital and the GSEs’ deferred tax assets.
Hirings Planned for Movement Mortgage
Mortgage Daily, Dec. 20, 2017Expansion plans for Movement Mortgage LLC’s headquarters has the fast-growing company adding hundreds of new employees in the upcoming years.
Senate Passes Tax Bill, Pushing It Closer to Trump’s Desk
The Hill, Dec. 20, 2017–Jordain CarneyThe Senate approved the Republican tax-cut bill in a 51-48 vote on Wednesday morning, inching closer to finishing off the first major legislative victory of President Trump’s tenure.
IRS Scrambles to Clear ‘Clogged Drain’ Slowing Mortgage Applications
American Banker, Dec. 19, 2017–Brian Collins, Brad Finkelstein (subscription)Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans. The IRS made an update to the system on Dec. 8 and “processing delays began almost immediately,” according to the Mortgage Bankers Association, which detailed the issue in an alert to members.
Property Tax Delinquencies Highest in Northeast, South
National Mortgage News, Dec. 19, 2017–Bonnie Sinnock (subscription)Residential and commercial property tax delinquencies are slightly higher in the Northeast and South than in the Midwest and West, but improving economic conditions are keeping the national delinquency rate in check, according to a report by Lereta.
Tax Reform Expected to Go into Effect Immediately
HousingWire, Dec. 19, 2017–Jacob GaffneyCritics of the reform package say the burden will be too great to put the plan in place by the April deadline, but “Treasury Secretary Steven Mnuchin has suggested that the IRS will be ready to process the new tax forms in February and, in any case, the cuts will be back-dated to 1st January,” said Andrew Hunter, U.S. economist at Capital Economics.
Fannie Updates Lending Requirements
Mortgage Daily, Dec. 19, 2017Fannie Mae has made changes to its policies on frozen credit reports, premium pricing and Texas home-equity loans.
Wells Fargo Names New Consumer Chief
Charlotte Observer, Dec. 19, 2017–Rick RothackerWells Fargo & Co. said Monday that Charlotte, North Carolina-based executive Mary Mack will become its new head of consumer lending, adding to her duties as head of community banking.
Mortgage Lending Services Will Change Name in New Year
HousingWire, Dec. 20, 2017–Jacob GaffneyMortgage Lending Services will change its name to TruStone Home Mortgage, beginning in the new year. This new name will better reflect its relationship to parent company, TruStone Financial Federal Credit Union.