Mortgage Daily, Dec. 7, 2017On Thursday, HUD issued Mortgagee Letter 2017-16 indicating that the FHA floor limit on forward mortgages for next year on one-unit properties will increase to $294,515 from $275,665 in 2017.
Category: Top National News
Here are Five Ways to Improve the CFPB
Orange County Register (Calif.), Dec. 7, 2017–Jeff LazersonAccording to the Mortgage Bankers Association, compliance costs have increased $1,000 per file in the 2012 through 2015 timeline. MBA cites its members’ difficulties with regulation by enforcement. It would rather have clear guidance on what the CFPB expects.
Consumer Bureau Reconsidering Fine Against Wells Fargo for Mortgage Fees
The Hill, Dec. 7, 2017–Sylvan LaneThe acting head of the Consumer Financial Protection Bureau is reportedly mulling whether to go ahead with a multimillion-dollar penalty for alleged mortgage fraud by Wells Fargo.
Farmer Mac Fires CEO for Violating Company Policies
National Mortgage News, Dec. 7, 2017–Brad Finkelstein (subscription)Farmer Mac has terminated President and CEO Timothy Buzby for violating company policies not related to its financial and business performance.
Congress Sends Trump Short-Term Spending Bill as Talks Continue
Bloomberg, Dec. 8, 2017–Erik Wasson, Laura LitvanCongress sent President Donald Trump a two-week extension of federal funding that averts a government shutdown this week but defers contentious decisions on spending on defense and domestic programs.
U.S. Jobless Claims Decline for Third Straight Week
Reuters, Dec. 7, 2017–Lucia MutikaniThe number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market that bolsters expectations the Federal Reserve will raise interest rates next week.
Mortgage Refinance Applications Surge 9 Percent as Rates Fall Back
CNBC, Dec. 6, 2017–Diana OlickInterest rates on home loans are now significantly lower than a year ago and that may be bringing more homeowners back to their lenders to refinance. “The refinance share is at its highest level since September,” Mortgage Bankers Association Chief Economist Mike Fratantoni said.
Tax Servicing an ‘Intricate Part of the Loan Servicing Industry’
Mortgage Orb, Dec. 6, 2017–Marcus Balocca, John PermejoTax servicing is a complex but important part of loan servicing. There are more than 24,000 tax agencies or taxing authorities across the country and U.S. territories, each with their own rules, processes and guidelines for providing tax information and collecting and processing tax payments.
Cuts to Homeowner Tax Breaks Could Cost Republicans in 2018 Races
Reuters, Dec. 6, 2017–Sharon Bernstein, Howard SchneiderThousands of homeowners in Republican-leaning areas could be hit by the elimination or reduction of tax breaks for homeowners, a Reuters analysis of federal mortgage and tax data shows, potentially opening those districts to a Democratic challenge in the November 2018 mid-term elections.
Loan Size Differs by Gender Among Millennials: Ellie Mae
National Mortgage News, Dec. 6, 2017–Bonnie Sinnock (subscription)Men listed as the primary borrower on a mortgage on average get approved for larger-balance loans than women, Ellie Mae finds in its latest Millennial Tracker survey.