Washington Post, Dec. 5, 2017–Michele LernerDespite the efforts of housing counselors, real estate agents, mortgage lenders and the Consumer Financial Protection Bureau, many Americans lack basic knowledge of mortgages and the home-buying process.
Category: Top National News
JPMorgan Chase: Mortgage Modifications Just as Effective Without Principal Reduction
HousingWire, Dec. 5, 2017–Jacob GaffneyReducing the amount a homeowner, facing default, owes on their mortgage sounds like it would be a great idea to include in a mortgage modification. But it’s likely just a feel-good factor, according to newly released research from JPMorgan Chase Institute, a think tank arm of the bank.
Want That House? You’d Better Pay in Cash
Wall Street Journal, Dec. 5, 2017–Laura Kusisto, Christina Rexrode (subscription)Investors, downsizing baby boomers and millennials with parental assistance are helping to drive surge in all-cash deals.
Senate Panel Overwhelmingly Approves Powell as Fed Chair
National Mortgage News, Dec. 5, 2017–John Heltman (subscription)A Senate panel on Tuesday morning approved Federal Reserve Gov. Jerome Powell’s nomination to chair the Fed beginning early next year, putting President Trump’s pick one step closer to assuming one of the nation’s most important executive offices.
RealPage Completes $300 Million Acquisition of Lease Rent Options
HousingWire, Dec. 5, 2017–Ben LaneRealPage, a provider of software and data analytics to the real estate industry, announced Tuesday that it completed its $300 million acquisition of Lease Rent Options and related assets from The Rainmaker Group.
Nationstar Settles Alleged Interest Overcharges
Mortgage Daily, Dec. 5, 2017Nationstar Mortgage LLC, which now does business as Mr. Cooper, agreed to a more than $9 million settlement that resolves allegations it overcharged borrowers for interest and collected illegal fees.
CIT Settles With Ocwen
Mortgage Daily, Dec. 5, 2017The banking subsidiary of CIT Group Inc. has agreed to settle claims by the servicing subsidiary of Ocwen Financial Corp. that it should have been reimbursed for servicing errors.
US Headed for Recession in 2019 as Fed Raises Rates, Economist Warns
CNBC, Dec. 5, 2017–Natasha TurakThe continuing rapid ascent of global equities combined with rising interest rates has some financial analysts predicting inevitable recession in the near future.
Senate Tax Overhaul Draws Tepid Industry Response
Scotsman Guide, Dec. 4, 2017–Victor WhitmanMBA President and CEO David Stevens said in a statement “this package will protect the ability of most Americans to obtain safe, decent shelter and affordable home mortgage credit without disruption.” MBA has previously expressed alarm at GOP proposals that would minimize housing incentives.
Mortgage Banker Profits Down in Q3 as Production Costs Continued to Rise
Mortgage Orb, Dec. 4, 2017–Patrick BarnardIt continued to get less profitable to originate mortgage loans in the third quarter, with the average net gain falling to $929 per loan, down from an average of $1,122 per loan in the second quarter, according to the Mortgage Bankers Association’s quarterly performance report.