Boston Globe, Dec. 19, 2017–Tim LoganUnder the massive tax bill now poised to pass Congress–and be signed by President Trump before Christmas – homeowners no longer would be able to deduct the interest on home equity loans, a relatively cheap form of borrowing based on the equity in a property.
Category: Top National News
Former Exec Sues Guaranteed Rate
Chicago Tribune, Dec. 18, 2017–Ally MarottiMortgage lender Guaranteed Rate Mortgage allegedly owes one of its former employees, who has been recognized as one of the top loan producers in the country, more than $2 million in compensation, according to a lawsuit filed by the former employee.
Wholesaler, Bank and Credit Union Fail
Mortgage Daily, Dec. 18, 2017Data from the Federal Deposit Insurance Corp. which was named receiver by the OCC, indicate that Washington Federal’s deposits were $144 million, while assets were $166 million and included $121 million in single-family assets and $25 million in commercial real estate loans.
Mortgage Banking Exec Indicted for Warehouse Fraud
Mortgage Daily, Dec. 18, 2017In an indictment unsealed Thursday in a federal court in Manhattan, New York, the Department of Justice accuses John Reimer of defrauding warehouse lenders.
The Coastal Mortgage Time Bomb
Inman, Dec. 19, 2017–Bryan WalshAnalysts worry that if insurers start to pull out of flood-prone seaside communities, it could cause a crisis worse than 2008.
Digital Mortgages Work Best with ‘Less is More’ Approach to Workflow
National Mortgage News, Dec. 18, 2017–Kyle Kamrooz (subscription)The author, with Cloudvirga, says by leveraging intelligent technology to drive the day-to-day origination workflow, lenders can manufacture loans more consistently and bring in human expertise where needed to handle exceptions.
Three Looming Worries for Bankers in Final Tax Reform Plan
National Mortgage News, Dec. 18, 2017–Ian McKendry (subscription)Congress is close to the finish line in passing a major tax overhaul, and bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill also still includes some caveats that might give certain institutions pause.
Bankrupt Toys ‘R’ Us Weighs Closing at Least 100 Stores
Bloomberg, Dec. 18, 2017–Lauren Coleman-Lochner, Matthew TownsendToys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales.
The Mortgage Bankers Association’s CIO Runs Strategy and Member Services for Good Measure
CIO Insight, Dec. 15, 2017–Peter HighPeter Grace is CIO and SVP of Strategy and Member Services with the Mortgage Bankers Association. In this role, he has the traditional CIO responsibilities, but he has leveraged his background as consultant and process expert.
Long-Term Mortgage Delinquency Back to Pre-Financial Crisis Levels
Curbed (Vox Media), Dec. 15, 2017–Jeff AndrewsHome mortgages that are in some stage of delinquency dropped from 5.2 percent a year ago to 5 percent in September, according to a new report from CoreLogic, an information intelligence company that serves the real estate and mortgage finance sectors.