National Mortgage News, Dec. 26, 2017–Brian Collins (subscription)”There are lots of fixes that need to be made at HUD,” said David Stevens, president and chief executive at the Mortgage Bankers Association “A lot of lenders have left the FHA program due to enforcement risk and the huge cost of servicing defaulted [FHA] mortgages.”
Category: Top National News
Dan Gilbert’s Quicken Takes On Big Tech After Beating the Banks
Bloomberg, Dec. 27, 2017–Laura J. KellerBillionaire Dan Gilbert’s Quicken Loans Inc. outgrew almost every U.S. mortgage provider by unfurling technology like its online Rocket Mortgage platform faster than big banks. Now closing in on the industry’s leader, Wells Fargo & Co., he’s picking more fights: Luring top tech talent to Detroit from Silicon Valley giants like Facebook Inc. and Google.
Tax Law Could Further Slow Down a Bank Favorite: Jumbo Mortgages
Wall Street Journal, Dec. 26, 2017–Christina Rexrode (subscription)The jumbo-mortgage market has been a bright spot for the banking industry in recent years. The tax law could take some of the shine off it.
The Disruption of the Housing Industry Has Begun
HousingWire, Dec. 27, 2017–Mike DetwilerThe author, with Accenture, says disruption is occurring as the customer realizes that traditional lenders aren’t the only–or even the best–option for financing their next home.
Homeowners Rush to Prepay 2018 Property-Tax Bills
Wall Street Journal, Dec. 26, 2017–David Harrison, Jennifer Levitz (subscription)Homeowners across the nation rushed last week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.
CFPB Launches Online Tools for HMDA Reporting
American Banker, Dec. 27, 2017–Kate Berry (subscription)The Consumer Financial Protection Bureau on Wednesday launched a rate spread calculator and validation tool for financial companies reporting Home Mortgage Disclosure Act data starting Jan. 1.
Mortgage Rates Rise Sharply During Holiday Week
Washington Post, Dec. 28, 2017–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.99 percent with an average 0.5 point. It was 3.94 percent a week ago and 4.32 percent a year ago.
Last-Minute Rush to Prepay Taxes Gives Way to Confusion and Anger
New York Times, Dec. 28, 2017–Ben Casselman, Jeffery C. MaysPeople studying the new tax law have uncovered internal conflicts and unintended consequences, as well as broad areas of uncertainty the I.R.S., the Treasury Department and, ultimately, the court system will be left to resolve.
Odd Parcels: By the Numbers
UExpress, Dec. 29, 2017–Lew SichelmanKenneth Lowman, broker/owner of Luxury Homes of Las Vegas, reports that Sin City’s luxury home market is on pace for its best year in the past decade.
RBS Reaches $125 Million Mortgage Bond Settlement with California
HousingWire, Dec. 27, 2017–Ben LaneCalifornia Attorney General Xavier Becerra announced that California reached a $125 million settlement with RBS over mortgage bond issues that took place betwen 2005 and 2007.