Wall Street Journal, Dec. 15, 2017–Harriet Torry (subscription)Federal Reserve Vice Chairman for Supervision Randal Quarles will recuse himself from participating in matters specific to Wells Fargo & Co., “to avoid even the potential appearance of a conflict of interest,” the central bank said Friday.
Category: Top National News
Fewer Borrowers Get HARP Refinances in October
National Mortgage News, Dec. 15, 2017–Elina Tarkazikis (subscription)The Home Affordable Refinance Program recorded a 45% drop in volume in October from the previous year as it continunes to wind down, according to the Federal Housing Finance Agency.
Consumer Optimism Dips Before the Holidays
HousingWire, Dec. 15, 2017–Kelsey RamirezConsumers grew slightly less optimistic headed into the holidays, however optimism still remains at historical highs, according to the Survey of Consumers conducted by the University of Michigan.
Major IRS Glitch Could Delay Closings by Months
Mortgage Daily, Dec. 15, 2017Mortgage industry vendors are reporting that as of midday Thursday, they have been unable to retrieve tax transcripts from the IRS at the pace needed to handle the daily volume of loans. One of the largest vendors reports that they might have to revert to manual downloads–potentially cutting production levels from tens of thousands of transcripts per day to potentially hundreds.
Mortgage Brokers Operated AMC to Influence Values
Mortgage Daily, Dec. 15, 2017The owners of Chicago-area mortgage brokerage American Financial Mortgage Services Inc. are accused of operating an appraisal management company in order to influence appraised values on fraudulent loans.
Homeowners Have Had It Good. Too Good, Says the Tax Bill
New York Times, Dec. 16, 2017–Conor DoughertyThe bill will increase many homeowners’ monthly housing costs by scaling back deductions that allow them to reduce mortgage interest and property taxes. And by roughly doubling the standard deduction, it reduces the incentive to buy homes by making far fewer homeowners eligible for preferential tax treatment.
A Home Buyer’s Nightmare: Moving to a Flood Zone Without Knowing It
Wall Street Journal, Dec. 17, 2017–Laura Kusisto (subscription)There are no federal laws requiring home sellers to disclose if their properties previously have been flooded.
TCF Bank Completes Acquisition of Rubicon Mortgage Advisors
HousingWire, Dec. 15, 2017–Ben LaneTCF National Bank, a Minnesota-based depository, announced this week that it has completed its acquisition of Rubicon Mortgage Advisors, a mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado, and California.
Discard and Donate Before Moving
UExpress, Dec. 15, 2017–Lew SichelmanFolks who are moving often hold garage sales to get rid of their unwanted stuff. But after that, they’re usually in a quandary: What do we do with the rest of the things we no longer want or need?
Bob Wilmers, Banker Who Created Regional Powerhouse, Dies at 83
Wall Street Journal, Dec. 17, 2017–Christina Rexrode (subscription)Bob Wilmers, who turned a small Buffalo, N.Y., bank, M&T Bank Corp., into one of the largest U.S. regional lenders, died on Saturday night. He was 83 years old.