Mortgage Daily, Nov. 28, 2017New business came in higher during the third quarter at loanDepot LLC, which also reported an increase for both its loan servicing portfolio and staffing.
Category: Top National News
Fed Sanctions Peoples Bank for Misleading Borrowers on Mortgage Fees
HousingWire, Nov. 28, 2017–Ben LaneThe Fed announced a consent order against Peoples Bank, claiming that the bank’s mortgage origination business engaged in “deceptive residential mortgage origination practices” by falsely telling borrowers that they could lower their interest rate by paying an upfront fee, ordering the Kansas-based bank to pay $2.8 million.
Wells Fargo Is Dubbed a Repeat Offender and Faces New Wrath From Its Regulator
Wall Street Journal, Nov. 29, 2017–Gretchen Morgenson, Emily Glazer (subscription)A federal regulator has advised Wells Fargo & Co.’s board of directors that it is weighing a formal enforcement action against the bank over improprieties in its auto-insurance and mortgage operations.
Trump Team to Recommend Keeping Dodd-Frank Liquidation Power
Wall Street Journal, Nov. 29, 2017–Ryan Tracy (subscription)The Trump administration doesn’t plan to recommend stripping regulators of their power to seize and unwind a failing financial firm in a crisis, according to people familiar with the matter, a development likely to make defenders of the 2010 Dodd-Frank financial law breathe a sigh of relief.
Winners and Losers of CFPB’s Leadership Showdown
National Mortgage News, Nov. 28, 2017–Kate Berry (subscription)The events even have a hashtag: #CFPBdebacle.
The End of the U.S. Housing Shortage Is Finally in Sight
Bloomberg, Nov. 29, 2017–Patrick ClarkThe shortage of listings that has defined the U.S. home sales market in recent years will begin to ease in the second half of 2018, according to a new report, but not before setting a record for consecutive months of decline.
Activism and Re-Awakened Value Hunting Sparks Private Investor Interest in Mall REITs
National Real Estate Investor, Nov. 28, 2017–Donna MitchellReal estate investment trust sector experts say the attention the retail sector is now receiving is long overdue.
Fed Chairman Nominee Powell Likely Faces Smooth Path to Confirmation
Wall Street Journal, Nov. 27, 2017–Kate Davidson, Ryan Tracy (subscription)Federal Reserve governor Jerome Powell heads to Capitol Hill on Tuesday for what could be one of the least contentious confirmation hearings for a Fed chair nominee since the financial crisis.
Senate May Vote on Tax Reform as Soon as This Week
HousingWire, Nov. 27, 2017–Jacob GaffneyWill the Mortgage Interest Deduction stay as is or go down a new road? We may know sooner than later.
Monday at CFPB: Doughnuts and Two Bureaucrats Claiming They’re in Charge
Bloomberg, Nov. 27, 2017–Elizabeth DexheimerIf there’s a question mark over who’s in charge of the Consumer Financial Protection Bureau, Mick Mulvaney is having none of it.