National Mortgage Professional, Nov. 21, 2017–Phil HallThe Mortgage Bankers Association’s (MBA) Mortgage Action Alliance called for industry professionals to lobby on behalf of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act.
Category: Top National News
Gap Widens as Housing Market Continues to Underperform
National Mortgage News, Nov. 21, 2017–Elina Tarkazikis (subscription)The housing market has been underperforming its potential since May, and October’s performance gap was the largest it’s been since November of last year, according to First American Financial Corp.
PHH vs. CFPB: Cordray Won’t Be Around to See the Outcome of the Case
HousingWire, Nov. 21, 2017–Brena SwansonThe case questions whether the structure of the CFPB is unconstitutional, with PHH arguing that the bureau’s director has too much power and that the bureau operates without supervision or oversight.
CFPB Approves Redesigned Mortgage Application
Mortgage Daily, Nov. 21, 2017The Consumer Financial Protection Bureau approved a redesigned Uniform Residential Loan Application to be used by Fannie Mae and Freddie Mac.
2018 Purchase Gain Expected to Offset Refi Drop
Mortgage Daily, Nov. 21, 2017iEmergent predicts a rise in expected home-purchase lending next year more than offsets an anticipated drop in refinances.
Flagstar Has Survived–Now It Must Reinvent Itself
National Mortgage News, Nov. 21, 2017–Jackie Stewart (subscription)Recent years have been profitable, affording Flagstar more room to reinvent itself by making more commercial-and-industrial loans and diversifying its real estate book.
MBA: Storms Helped Boost Mortgage Delinquency Rate in Q3
Mortgage Orb, Nov. 20, 2017–Patrick BarnardThe mortgage delinquency rate was about 4.88%, on a seasonally-adjusted basis, as of the end of the third quarter, an increase of 64 basis points compared with the second quarter and an increase of 36 basis points compared with the third quarter of 2016, according to data from the Mortgage Bankers Association.
MCS to Acquire Carrington Property Preservation Division
National Mortgage News, Nov. 20, 2017–Elina Tarkazikis (subscription)Mortgage Contracting Services, an REO field services, appraisal management, title and settlement services vendor, will acquire Carrington Home Solutions’ property preservation division in a deal expected to close by the end of the year.
Walter’s Bankruptcy Won’t Affect Ditech’s Servicing Ability
National Mortgage News, Nov. 20, 2017–Brad Finkelstein (subscription)The impending bankruptcy of Walter Investment Management Corp. should not affect its subsidiary Ditech Financial’s capability to service securitized mortgages, Fitch Ratings said.
Yellen to Leave Fed Board When New Central Bank Chief Takes Over
Wall Street Journal, Nov. 20, 2017–David Harrison, Harriet Torry (subscription)Federal Reserve Chairwoman Janet Yellen said Monday she would resign as a member of the Fed’s board of governors once her successor as Fed leader has been sworn in.